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Loan Modification
: Mortgage Lender Implode-o-MeterFew borrowers getting permanent mortgage relief
By Implode-Explode Heavy Industries
Executives at two of the nation's largest banks say they are struggling to get homeowners to complete the necessary paperwork for the Obama administration's mortgage relief plan, and only a fraction of homeowners have finished the process.
A Bank of America executive said only about 15,000 homeowners, or a quarter of the 65,000 borrowers in trial modifications that are set to expire by year-end have sent back their paperwork, according to prepared testimony for a Tuesday hearing on Capitol Hill.
Full post as published by Mortgage Lender Implode-o-Meter on December 08, 2009 (boomark / email).
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