The Foreclosure Rescue Mirage
How the government’s flagship homeowner relief program hangs borrowers out to dry.
The problem is that the Obama administration gave mortgage servicers little more than a heads-up before rolling out its program, leaving companies to play catch-up once HAMP was announced. A vice president at Wells Fargo Home Mortgage, Mary Coffin, told the Senate banking committee in July that the percentage of loan workout inquiries from borrowers who are current increased from, on average, 5 to 10 percent a month to 40 percent since HAMP was implemented. Full Story »
Posted by Kaizar Campwala
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