Appraiser News
FREE PREVIEW
|
LOGIN OR SUBSCRIBE NOW TO READ THIS ARTICLE
|
Treasury calls out certain banks to help curb foreclosures
|
Thursday, December 12, 2013
|
|
The Obama administration has called out several U.S. banks for not participating fully in a government anti-foreclosure program aimed at helping individuals keep their homes, Reuters reported on Dec. 9.
The amount of homeowners underwater (who owe more on their mortgages than their homes are worth) is down more than 40 percent from its high point. And even though foreclosures are down from recent years, figures are still historically elevated and more work needs to be done to continue to stabilize the market.
Because of this, the U.S. Treasury has challenged some banks who have not embraced the government-driven Home Affordable Modification Program (HAMP), which provides financial incentives to mortgage servicers who restructure struggling homeowners’ loan payments to make them more affordable, and thus, allow more homeowners keep their property.
TO READ THE FULL STORY
|
|
Already a subscriber?
Problems logging in?
Please call 330-659-6101 x 805 or email us for assistance.
|
|
Today's other top stories