A Bridge Over Troubled Waters

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A Bridge Over Troubled Waters

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Summary

Distressed mortgages that initiated the financial crisis in the U.S. continue to plague homeowners and ultimately the rest of the economy. This week the big eight lenders were called to Washington, D.C. to defend their foreclosure prevention efforts. In the meantime, help from the public and private sectors emerges in local communities. GoodB reports...

Wednesday, December 9, 2009 - 2:00pm

CONTENT: Blog

New York State of Mind

A new law on the books since last year in New York helps protect subprime mortgage holders from foreclosure. A similar bill protecting prime borrowers recently was passed by the State Legislature. The bill requires lenders to give 90 days' warning and forces lenders into settlement conferences with borrowers before proceeding with foreclosure.

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Love Thy Neighbor

The "City of Brotherly Love" lives up to its name these days with a foreclosure prevention program that is inspiring other struggling communities to follow. Not one to wait for Washington to come through, the city made famous by America's revolutionary founders has created a program for distressed homeowners like no other.

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Upping the Ante

The Treasury Department ordered Bank of America, Citigroup, Wells Fargo, and big and small lenders to Washington D.C. this week to inject a little gratitude into their blood money veins. Of the 71 participating lenders, few have accomplished significant mortgage modifications for troubled homeowners. To insure a patriotic zeal from "take the money and run" lenders, the Treasury is installing "three person SWAT teams to monitor the eight largest companies' work and requesting twice-daily reports on their progress."

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Keywords: Good Business | HAMP | Philadelphia | TARP | conciliation conference | foreclosure | goodb | loan modification | prime mortgage | subprime mortgage

CONTENT: Blog

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