Congresswoman Maxine Waters (CA) getting flack from the banks.
LOAN MODIFICATION
People are losing the modification battle with their lenders not only because of bank bureacracy, but they are failing to present a compelling case and supporting documentation. Many borrower's experience a false sense of security during the trial modification period. So often in the end, lenders foreclose because of documentation problems.
Paperwork has proved a major stumbling block for the president's foreclosure-prevention program. New guidelines will require applicants to provide all paperwork before getting a trial modification. The new policy will make it harder for troubled homeowners to start the process, but it should make it easier for them to qualify for permanent assistance under President's Obama foreclosure prevention plan reports CNN Money.
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TARP's Not Working
January 31, 2010
NEW YORK (CNNMoney.com) TARP has failed to boost bank lending as well as halt the spread of foreclosures -- two key aims of the sprawling program. Even as Treasury allocated $35.5 billion towards that foreclosure-prevention program as of the end of last year, only 66,500 homeowners have received permanent modifications, with another 787,200 homeowners in trial modifications. Under fire for the low number of people receiving long-term help, the Treasury Department in late November ramped up pressure on servicers to convert borrowers to permanent modifications.
Still, there is no sign that the rate of foreclosures is slowing down anytime soon. foreclosure filings surged to a record 3 million in 2009, up 21% from 2008.
FHA. With families turning to FHA in record numbers, the agency is on pace through its expansions to help over 500,000 families refinance into its affordable mortgages by the end of this year.
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