|
"Don’t Stop with Harvard"
"Does the Biden Cover-Up Have Two Layers?"
"Pete Rose, 'Shoeless' Joe Reinstated by MLB, Eligible for HOF"
"'Major Breakthrough': Here Are the Details on the China Trade Deal"
Freepers Still Love war
Parody ... Jump / Trump --- van Halen jump
"The Democrat Meltdown Continues"
"Yes, We Need Deportations Without Due Process"
"Trump's Tariff Play Smart, Strategic, Working"
"Leftists Make Desperate Attempt to Discredit Photo of Abrego Garcia's MS-13 Tattoos. Here Are Receipts"
"Trump Administration Freezes $2 Billion After Harvard Refuses to Meet Demands"on After Harvard Refuses to Meet Demands
"Doctors Committing Insurance Fraud to Conceal Trans Procedures, Texas Children’s Whistleblower Testifies"
"Left Using '8647' Symbol for Violence Against Trump, Musk"
KawasakiÂ’s new rideable robohorse is straight out of a sci-fi novel
"Trade should work for America, not rule it"
"The Stakes Couldn’t Be Higher in Wisconsin’s Supreme Court Race – What’s at Risk for the GOP"
"How Trump caught big-government fans in their own trap"
‘Are You Prepared for Violence?’
Greek Orthodox Archbishop gives President Trump a Cross, tells him "Make America Invincible"
"Trump signs executive order eliminating the Department of Education!!!"
"If AOC Is the Democratic Future, the Party Is Even Worse Off Than We Think"
"Ending EPA Overreach"
Closest Look Ever at How Pyramids Were Built
Moment the SpaceX crew Meets Stranded ISS Crew
The Exodus Pharaoh EXPLAINED!
Did the Israelites Really Cross the Red Sea? Stunning Evidence of the Location of Red Sea Crossing!
Are we experiencing a Triumph of Orthodoxy?
Judge Napolitano with Konstantin Malofeev (Moscow, Russia)
"Trump Administration Cancels Most USAID Programs, Folds Others into State Department"
Introducing Manus: The General AI Agent
"Chinese Spies in Our Military? Straight to Jail"
Any suggestion that the USA and NATO are "Helping" or have ever helped Ukraine needs to be shot down instantly
"Real problem with the Palestinians: Nobody wants them"
ACDC & The Rolling Stones - Rock Me Baby
Magnus Carlsen gives a London System lesson!
"The Democrats Are Suffering Through a Drought of Generational Talent"
7 Tactics Of The Enemy To Weaken Your Faith
Strange And Biblical Events Are Happening
Every year ... BusiesT casino gambling day -- in Las Vegas
Trump’s DOGE Plan Is Legally Untouchable—Elon Musk Holds the Scalpel
Palestinians: What do you think of the Trump plan for Gaza?
What Happens Inside Gaza’s Secret Tunnels? | Unpacked
Hamas Torture Bodycam Footage: "These Monsters Filmed it All" | IDF Warfighter Doron Keidar, Ep. 225
EXPOSED: The Dark Truth About the Hostages in Gaza
New Task Force Ready To Expose Dark Secrets
Egypt Amasses Forces on Israel’s Southern Border | World War 3 About to Start?
"Trump wants to dismantle the Education Department. Here’s how it would work"
test
"Federal Workers Concerned That Returning To Office Will Interfere With Them Not Working"
"Yes, the Democrats Have a Governing Problem – They Blame America First, Then Govern Accordingly"
|
Status: Not Logged In; Sign In
Economy
See other Economy Articles Title: Treasury slams big banks' mortgage modifications
Source:
USA TODAY
URL Source: http://www.usatoday.com/money/econo ... odifications-obama-banks_n.htm
Published: Jun 10, 2011
Author: Julie Schmit
Post Date: 2011-06-10 01:30:26 by lucysmom
Keywords: Banks Behaving Badly
Views: 3087
Comments: 4
The nation's largest mortgage loan servicers have done a poor job in modifying distressed home loans through the government's foreclosure prevention program and need "substantial improvement," the Obama administration said Thursday. Based on a recent audit, Bank of America, Wells Fargo and JPMorgan Chase will lose government financial incentives — which reach at least $1,000 for a permanent loan modification — until they improve, the Treasury Department said. They received $24 million in such incentives last month. snip The audits checked performance areas such as how well servicers dealt with homeowners and evaluated them for modifications, which could include lower interest rates. snip The government's auditor found that BofA, JPMorgan Chase and Wells Fargo all calculated incomes incorrectly on more than 22% of audited loans. Click for Full Text!
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
Begin Trace Mode for Comment # 4.
#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)
"It's about time," the government took action to penalize bad servicer behavior, he says.
#4. To: lucysmom (#1)
""Charles and Jill Segal have not made a mortgage payment in nearly five years -- but they continue to live in their five-bedroom West Palm Beach, Fla. home....Lynn, from St. Petersburg, Fla., has been living without paying for three years....In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home...." In other words, what were once isolated incidents are becoming an epidemic, and like it or not, are creating a massive capital shortfall in bank balance sheets (after all "assets" are supposed to generate cash in most cases), which will likely involve yet another broad taxpayer bailout of these same banks that now have no recourse to do much if anything to evict these same squatters who instead of paying their mortgage (or rent), prefer to purchase trinkets and gizmos. "Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years."
Replies to Comment # 4.
There are no replies to Comment # 4.
End Trace Mode for Comment # 4.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
|
