Word: mortgagees
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Private groups have been helping this process. In partnership with the Overseas Private Investment Corporation and the Palestine Investment Fund, the Aspen Institute created the Middle East Investment Initiative, which uses loan guarantees to provide financing for medium-size Palestinian businesses. In two years it has facilitated 210 loans totaling...
Elsewhere, such programs do exist. For example, under the auspices of the Homeowners' Emergency Mortgage Assistance Program, Pennsylvania will loan its residents up to $60,000 over the course of two years in the wake of life events such as losing a job or falling severely ill. While a homeowner...
Another is the changing behavior of people who owe more on their mortgage than their house is worth. According to a recent analysis by the credit bureau Experian and the consultancy Oliver Wyman, nearly 600,000 borrowers might have intentionally defaulted on their mortgages in 2008, twice as many as...
And yet the part of HAMP that would most work to help these people has been incredibly slow to get off the ground. Back in May, the Treasury Department announced that it would issue guidelines on how lenders might speed up dealing with borrowers who simply want to hand back...
Is there harm done in the government's leaning on mortgage companies to make trial modifications permanent? Probably not. But there are plenty of other foreclosure-related problems out there that could use some attention too.