Today in the Washington Post an article touched on the question ARE LOAN-MODIFICATION QUOTAS THE ANSWER TO FORECLOSURE CRISIS.
Briefly the article states that LOAN-MODIFICATION QUOTAS may be enforced as part of a settlement in the case against improperly handled foreclosures. It has not been determined yet whether the QUOTAS would be for individual companies or the mortgage servicers as a group, nor how many distressed loans would be involved.
The article stated that the 2009 voluntary Home Affordable Modification Program has not performed as hoped. HAMP has permanently modified the loans of approximately 600,000 borrowers compared to the 3-4 million projected.
In the coming weeks state and federal officials will try to determine how they will require the banks to take more steps to reduce foreclosures. The new Plan, or Program, will no longer be voluntary and will be a penalty for mortgage servicers mishandling of foreclosures.
The article by Dina ElBoghdady and Brady Dennis is entitled "For some banks, U.S. may set loan-modification quotas" was in the March 3, 2011, Wasington Post.
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What do you think ARE LOAN-MODIFICATION QUOTAS THE ANSWER TO FORECLOSURE CRISIS?