Relevant:
- Slow Start to U.S. Plan for Modifying Mortgages
- Lawmakers slam top mortgage firms on loan mods
- After One Year, Obama Plan to Help Modify Second Mortgages Modifies NONE… Nada, Ziperino!
- Better Late Than Never? Gov't Finally Penalizes Major Banks for Mortgage Mod Failures
- New Housing Program Is Aimed at the Unemployed
2013-05-30 — businessweek.com
If at first you don't succeed, get a two-year extension. That's the approach the Obama administration is taking as it bravely stretches until December 2015 its deeply troubled program, launched in 2009, to modify millions of mortgages, help homeowners, and start healing the housing sector.
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Part of the problem, according to the study, is that the government relied on mortgage servicers to administer the program, and those same banks have had a hard enough time keeping up with mortgages that don't need tinkering with.
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