Webmaster Forum

Go Back   Webmaster Forum > The Webmaster Forums > Forum Lobby > Controversial Social Issues

Controversial Social Issues Discussions concerning controversial social issues. Topics include politics, religion, culture, social and economic issues, etc. Respect required at all times.


Reply
 
LinkBack Thread Tools Display Modes
Share |
  #1 (permalink)  
Old 12-05-2009, 10:28 PM
Contributing Member
Latest Blog:
None

 
Join Date: 08-15-06
Posts: 10,109
iTrader: 11 / 100%
Quarter in U.S. foreclosure plan late on payments

By Lisa Richwine

More than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments, a Treasury Department survey has found.

Some 650,000 borrowers are participating in the trial phase of the Obama administration's Home Affordable Modification Program, a $75 billion taxpayer-financed program launched this year.

Most home loan modifications result in lower monthly payments, although some lead to reduced principal on mortgages.

Trial modifications were initially for three months, but the Treasury added 60 days, effectively making them last five months.

Homeowners must submit more detailed documentation before they can have their loan modifications made permanent.

A Treasury Department survey of large mortgage servicers found "over 73 percent of borrowers are current in their trial plan payments," Assistant Treasury Secretary Herbert Allison told a congressional oversight panel.

That leaves about 27 percent who are delinquent on the payments.

Allison provided written answers to questions raised at an October hearing before the Congressional Oversight Panel, which monitors the government's foreclosure prevention plan and other financial rescue efforts.

Allison said that "while not all eligible borrowers will convert to permanent modifications, it is too early to estimate a failure rate, diagnose causes and predict future success rates."

Experts say the conversion rate to permanent loans is the key to determining the program's ultimate success or failure.

The Treasury has not published figures on how many trial loan modifications have been made permanent, but it said it will start doing so this month.

The next monthly report on the program will be released next week, Treasury Department spokeswoman Meg Reilly said.

This week Treasury officials threatened to fine mortgage lenders unless they speed efforts to give hard-pressed homeowners a permanent break on monthly payments.

According to a report from the congressional oversight panel, only 1,711 permanent mortgage modifications had been offered as of September 1, an indication of how reluctant banks seemed to move beyond trial offers.

http://www.reuters.com/article/idUSTRE5B41ME20091205

650,000 borrowers are participating and only 1,711 permanent mortgage modifications has been offered? What kind of propaganda is that?

Either you help or you don't!
__________________
"The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."

Robespierre
 
Reply With Quote

Advertisement

Advertisement

Go Back   Webmaster Forum > The Webmaster Forums > Forum Lobby > Controversial Social Issues

Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Article Directory Software + Quarter Million Database kevin_rider Content 7 03-27-2010 08:05 PM


V7N Network
Get exposure! V7N I Love Photography V7N SEO Blog V7N Directory


All times are GMT -7. The time now is 06:23 PM.
Powered by vBulletin
Copyright 2000-2014 Jelsoft Enterprises Limited.
Copyright © 2003 - 2014 Escalate Media




Search Engine Optimization by vBSEO 3.6.0 RC 2 ©2011, Crawlability, Inc.