Obama To Push Banks On Modification Participation
Washington, DC (AHN) - The Obama administration is expected this week to call for more transparency on banks participating in its home loan modification program. The $75-billion program was designed to help 4 million delinquent homeowners avoid foreclosure. But recent data shows only 650,000 people have participated in the program, and only a few of those people have had their interest rates permanently lowered.The Congressional Oversight Panel reported that as of Sept. 1, only 1.26 percent of adjustments were made permanent after the three-month trial period. Under the program, participants must submit detailed paperwork to their banks to prove they...
Original Article: Forum: News/Activism
Tags: Banks, Congressional Oversight, Delinquent Homeowners, Foreclosure, Home Loan, Interest Rates, Loan Modification, Loan Program, Oversight Panel, Paperwork, Participation, Program Participants, Transparency, Trial Period, Washington Dc