Tuesday, December 1, 2009
We're on a mission from POTUS
By RUTH SIMON
The Treasury Department announced plans Monday to beef up its foreclosure-prevention effort by pressuring mortgage companies to complete more loan modifications.
But the new initiatives don't address significant shortcomings of the program, which often provides little relief to borrowers who have lost their jobs or who owe far more than their homes are worth.
The program provides financial incentives for mortgage companies and investors to reduce loan payments to affordable levels for financially troubled borrowers. The Treasury said Monday that it would send "SWAT teams" to the largest mortgage servicing companies.
(The sound of one Hand hamping.-AM)