by Moe Bedard
Hope Now, the mortgage industry’s alliance intended to help struggling homeowners, announced Monday it’s helped almost one-million home-owners get loan modifications this year. But, advocates for homeowners say the group is inflating its success.
Homeowners who’ve tried, say it can be trying – and time consuming – to get a bank to agree to change the [...]
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by Moe Bedard
Voluntary modifications by mortgage lenders are “too little, too late,” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. As mounting job losses cause foreclosure rates to rise, “we clearly need a more activist government intervention,” he said.
Hope Now projects 950,000 loan modifications for 2008, including 208,000 for [...]
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