Mortgage Servicers Pledge to Accelerate Modifications
July 28 2009 - Mortgage servicers meeting with Obama administration officials pledged to step up the pace of loan modifications to keep more struggling homeowners from sliding into foreclosure, according to the U.S. Treasury.
“Too many homeowners are at risk of foreclosure right now,” Treasury Secretary Timothy Geithner said in a statement today after talks with mortgage-industry executives in Washington. “Today’s meeting was an opportunity to identify ways to accelerate the program and bring relief faster.”
The administration said more than 200,000 trial loan modifications have begun, and is setting a goal of starting at least 500,000 by Nov. 1. The Making Home Affordable loan modification program was crafted this year to help as many as 4 million struggling borrowers save their homes.
Industry executives and government officials agreed today to streamline the process and bring consistency to the rules used to handle applications by Fannie Mae and Freddie Mac, said John Mechem, a spokesman for the Mortgage Bankers Association.
Mortgage Servicers Pledge to Accelerate Modifications
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