hamp: TreasurySecretary Assails HAMP Servicers in Speech to Senators
- 05/04/10 02:59 AM
Treasury Secretary Timothy Geithner told lawmakers Thursday that servicers are failing in their efforts to modify loans for Americans at risk of losing their homes.“I want to be clear that we do not believe servicers are doing enough to help homeowners – not doing enough to help them navigate the difficult and often frightening process of avoiding foreclosure,” Geithner said in testimony before the Senate’s subcommittee on financial services.Geithner says he and his staff at the Treasury have received “countless frustrated phone calls” from borrowers, and are seeing distinct performance disparities across the various servicing shops operating under the Home Affordable … (0 comments)
hamp: Mortgage Investors Say Big Banks Need to Modify Second Mortgages
- 04/25/10 03:02 PM
In response to the notable first quarter profits recently reported by Bank of America, Citigroup, JPMorgan Chase & Co., and Wells Fargo, the Association of MortgageInvestors (AMI) released a statement saying these four banks need to stop shifting their mortgage losses to private investors and confront their conflicts of interest.The association said the banks remain conflicted by their massive investment in portfolios of home equity loans and lines of credit and servicing fees. According to AMI, BofA, Citi, JPMorgan, and Wells Fargo service approximately 40 percent of mortgages and held roughly $419 billion of second liens on their balance sheets as … (1 comments)
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Treasury Secretary Timothy Geithner told lawmakers Thursday that servicers are failing in their efforts to modify loans for Americans at risk of losing their homes.“I want to be clear that we do not believe servicers are doing enough to help homeowners – not doing enough to help them navigate the difficult and often frightening process of avoiding foreclosure,” Geithner said in testimony before the Senate’s subcommittee on financial services.Geithner says he and his staff at the Treasury have received “countless frustrated phone calls” from borrowers, and are seeing distinct performance disparities across the various servicing shops operating under the Home Affordable … (0 comments)
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