by Moe Bedard
For those of us that pay attention to the world of home loan workouts there was a great deal of anticipation leading up to President Obama’s speech today.
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by Moe Bedard
The Obama Administration is floating a proposal that would allow the government to directly buy more loans from servicers of mortgage-backed securities
With the financial crisis quickly becoming President Obama’s primary burden, his Administration has intensified its efforts to stem the rising tide of foreclosures in order to solve the root cause of the difficulties. On Feb. 11, Treasury Secretary Timothy Geithner and Shaun Donovan, Secretary of the Housing & Urban Development Dept., met with community groups and key stakeholders in the banking industry to gauge support for a potential program that would allow the government to directly buy whole loans from servicers of mortgage-backed securities (MBS) in order to modify them—and keep more borrowers in their homes.
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