Word: permanente
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That's not to say there aren't real issues with how trial modifications are (or aren't) being converted into permanent ones. Housing counselors report that while loan servicers have made progress in certain areas - phone-wait times that used to run up to an hour now might last...
The problem the Administration is out to tackle is related to the structure of the Home Affordable Modification Program (HAMP). The first three months of a mortgage rewrite are something of a probation period- and very few homeowners are making it out of that trial. More than 650,000 borrowers...
On Nov. 30, the departments of Treasury and Housing and Urban Development announced that they would no longer take kindly to mortgage firms that don't make modifications lasting. Teams of officials are headed to the nation's largest lenders for a closer look at what's going on, and...
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...
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.