Treasury Pressures Lenders To Do More
12-01-2009 | Source: Total Securitization
The Department of the Treasury plans to pressure mortgage lenders to do more to prevent foreclosures on homes of defaulted borrowers. Treasury said it would begin monitoring the largest of the 71 mortgage companies participating in the departments mortgage-assistance program. If it determines that the lender has not done enough to make loan modifications permanent, it will withhold payments from those institutions. Treasury expects to publish next month a list of those mortgage services that are lagging in their modification efforts.
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