About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

See these quotes from a recent LA Times article:

In its first report on the Obama administration’s efforts to prod lenders to help as many as 4 million homeowners by reducing their mortgage payments, the Treasury Department said just 9% of eligible loans had been changed.

Loans were modified even less often by the two mega-banks that dominate the mortgage market: Wells Fargo & Co. reduced payments for only 6% of its eligible home loans under the government’s program, and Bank of America Corp. modified just 4%.

Sooner or later the federal government is going to have to use stronger tactics with banks than the pretty please approach if the pace of loan modifications is ever going to pick up significantly. However that kind of government intervention is a potentially dangerous precedent to set so who knows how this will pan out.

Comments (1) Posted by G.R.A. Admin on Wednesday, August 5th, 2009

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