Treasury Will Increase Pressure on Lenders To Modify Mortgages

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News Link • Economy - Economics USA Treasury Will Increase Pressure on Lenders To Modify Mortgages 12-01-2009 • Slate Increasingly frustrated by the failure of mortgage servicers to permanently modify distressed mortgages, the Obama administration said it would be increasing pressure on the lenders to make sure they're appropriately implementing the $75 billion government program that is supposed to reduce the number of foreclosures. The Treasury Department says that while mortgage servicers have extended trial modifications to more than 650,000, they've been moving too slowly in turning them into new permanent mortgages. In order to improve the numbers, the Obama administration will be sending financial "SWAT" teams to keep a watch over the six largest mortgage servicers, which handle about 85 percent of outstanding mortgages. The servicers will have to issue two reports daily on their efforts to turn trial modifications into permanent mortgages. The Washington Post details that the Treasury will be using "a combination of public shame and monetary penalties" to pressure lenders. Read Full Story
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