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us treasury loan modification

Video: US Treasury Loan Modification Program Debated on CNBC

by Moe Bedard

The Treasury Dept. is out with its loan modification status report. Officials claim the rescue program is on track, but is there something they’re holding back? Susan Wachter, of Wharton; Howard Glaser, a mortgage industry consultant; and CNBC’s Diana Olick discuss.

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Geithner’s Mortgage Shame Game

by Moe Bedard

Faced with a sluggish start to the Obama administration’s $75 billion effort to stem foreclosures by reworking loans, Treasury Secretary Timothy Geithner told lawmakers Thursday that the threat of a public backlash would eventually force more firms to rework troubled loans.

“Institutions do not want to live with the consequences of being so far behind the [...]

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Treasury sees millions more foreclosures

by Moe Bedard

“The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn,” Michael Barr, assistant Treasury secretary for financial institutions, told a House Financial Services subcommittee.

Treasury has begun releasing monthly reports on the loan modification program, called the Home Affordable [...]

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U.S. Treasury eyeing more help for homeowners

by Moe Bedard

“We’re seeing significant buildup in the foreclosure process,” said Michael Barr, assistant secretary for financial institutions in an interview with Reuters. “We’re seeing a number of people, given the state of the economy, who are having trouble staying in their homes,” said Barr, the Treasury’s assistant secretary for financial institutions.
Barr, who met here with U.S. [...]

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Banks balk at US Treasury mortgage loss guidance

by Moe Bedard

Some of the biggest mortgage companies are balking at the U.S. Treasury’s guidance to recognize losses after making certain loan modifications.
Mortgage servicing companies, including Bank of America Corp (BAC.N) and JPMorgan Chase & Co (JPM.N), said in a survey by investors they do not plan to mete out losses when forbearing principal for homeowners, as [...]

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Democrats Press Treasury to Use its Leverage to Help Struggling Homeowners

by Moe Bedard

WASHINGTON, DC – In an effort to help stabilize the housing market and ensure that banks and loan servicers are held accountable to requests for needed assistance, U.S. Senators Jack Reed (D-RI), Chris Dodd (D-CT) and 18 of their Senate colleagues sent a letter to U.S. Treasury Secretary Timothy Geithner urging him to develop and [...]

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Geithner says US Loan Modification Plan is Only “Pretty Good.”

by Moe Bedard

I just picked this up from Reuters. The big Obama plan gets a HUGE, ummmmmmmmmm, actually just a so-so “pretty good” rating from U.S. Treasury Secretary Timothy Geithner.
Reuters:
NEW YORK (Reuters) – A U.S. mortgage loan modification program has “a pretty good chance” of success, though it will take a couple of months to gauge its effect, U.S. [...]

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