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Treasury to Deploy 'Financial SWAT Teams' to Police Mortgages
The Treasury Department says it will try and reduce the high national rate of foreclosures by sending financial "SWAT" teams this month to police the performance of leading mortgage servicers.
The monthlong effort is part of the $75 billion Home Affordable Modification Program, which calls for permanent changes to distressed mortgages that would benefit homeowners in financial trouble, McCLatchy reported Monday. The Obama administration accuses servicers of acting too slowly to modify toxic mortgages.
A trial period of 650,000 mortgage modifications has saved borrowers an average of $576 per month on payments, according to Assistant Treasury Secretary Michael Barr. He said the government hopes to make permanent changes to about 375,000 of those mortgages.
The Mortgage Bankers Association said in early November that one in every seven mortgages was now past due.
The administration believes reversing the trends of growing mortgage delinquency and foreclosure rates is the key to national economic recovery.
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The monthlong effort is part of the $75 billion Home Affordable Modification Program, which calls for permanent changes to distressed mortgages that would benefit homeowners in financial trouble, McCLatchy reported Monday. The Obama administration accuses servicers of acting too slowly to modify toxic mortgages.
A trial period of 650,000 mortgage modifications has saved borrowers an average of $576 per month on payments, according to Assistant Treasury Secretary Michael Barr. He said the government hopes to make permanent changes to about 375,000 of those mortgages.
The Mortgage Bankers Association said in early November that one in every seven mortgages was now past due.
The administration believes reversing the trends of growing mortgage delinquency and foreclosure rates is the key to national economic recovery.
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Christopher Weber
Christopher Weber is a writer and editor in Los Angeles... moreComments (5)
dan obrien
4:25PM Dec 1st 2009
How do they think that when everyones mortgage is under water
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jspfarm
4:54PM Dec 1st 2009
I applied for one of those mortgage modifications-- took 2 months for the servicer to find the paperwork and then I was offered a trial period which only lowered my payments $50.00,they then notified me that I would have to escrow my taxes which of course would have raised my payment by $200.00 a month.Then they listed it as a "repayment plan" with the credit bureau and my score dropped 100 points. needless to say, I declined and cancelled the modification. Thanks for nothing Obama, if I take your program I'll be worse off than I was before..
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(2) JERRY
5:19PM Dec 1st 2009
Don't blame Obama because your mortgage servicer tried to pull the wool over your eyes. I also applied for a moidification and was told by my server they only did repayment plans. I told them that they were incorrect and that I could get a modification and faxed them the paperwork that I got from the government website. To make a long story short, my mortgage payments dropped $1000. But you are quick to blame the President because you were to lazy to investigate the program and believed your mortgage servicer.
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(-2) Alex
11:18AM Dec 6th 2009
I had the same experience. I had a mortgage with a local bank and was absolutely prompt in my monthly mortgage payments. When the interest rates fell, I refinanced with GATEWAY FUNDING which offered me a rate that was 1.125 % BELOW my existing rate. However, on the day I reached their office to sign the papers (AFTER I had paid them some NONREFUNDABLE commitment fees) the mortgage that was given to me was such that I am now paying just $40 less than my earlier mortgage. And this was after paying out nearly $6,000 in various fees and charges. And GATEWAY has sold my mortgage to WELLS FARGO. I wish they could all be given the DEATH PENALTY.
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(0) mrk5panzer
7:10PM Dec 1st 2009
I must see your "Papers".............."NOW"-----LOL
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