White House Crackdown: 'Name and Shame' Lenders
The Obama administration today announced a new campaign to get mortgage companies to lower mortgage payments for struggling homeowners – and part of the strategy is some old-fashioned "name and shame." Share To date over 650,000 homeowners have entered into trial modifications under the Treasury Department's housing relief plan – a ratio of about one in five eligible borrowers. But the administration – frustrated with the performance of mortgage companies thus far – will now try to ratchet up the pressure on servicers, especially with 375,000 of these trial modifications set to convert to permanent ones by year's end.
Original Article: Forum: News/Activism
Tags: Amp, Crackdown, Eligible Borrowers, Lenders, Lower Mortgage, Mortgage Companies, Mortgage Payments, Name And Shame, Treasury Department, White House, X27, X96