I am glad to see news of a real push by Washington on mortgage servicers to start scaling their operations to meet the need of millions of homeowners. For over two years I have blogged that we have to hold them accountable to open more offices, hire the appropriate personell and monitor their business practices to insure that homeowners are not getting the foreclosure shaft.
I still believe that not one mortgage servicer is truly staffed appropriately in America at this time. A majority are probably at 50-60% of what they need to be to truly service these bad loans and struggling homeowners. Many unnecessary foreclosures are happening because of this two year old problem/CRISIS.
No where on the internet can see actual day to day struggles of thousands of homeowners like in my forum over at www.LoanSafe.org/forum. There are over 17,000 members and hundreds that tell their hard luck mortgage stories every day. Hopefully for them and the millions of you that are struggling on Main Street, real help will come soon from Washington.
Administration will tell financial institutions they must do more to help borrowers. ‘We think we can do even more,’ official says.
NEW YORK (CNNMoney.com) — As complaints mount about President Obama’s foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers.
Financial executives will meet with Treasury Department and administration housing officials on July 28 to discuss how the loan modification and refinancing plan has been implemented. The administration plans to grill servicers that have done few modifications or have had many complaints.
