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Loan Modification

: Mortgage Lender Implode-o-Meter

Levitin Addresses Elephant in the Room: Regulators Don?t Want to Fix the Foreclosure Crisis

By Implode-Explode Heavy Industries

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``Levitin said, essentially, ?The federal regulators don?t want to get info from servicers, because then they?d have to do something about it.? They don?t want to recognize the scope of the problem because it would require them to act. And Levitin in particular singled out the Treasury Department. ?The prime directive coming out of Treasury is ?protect the banks? and don?t force them to recognize their losses.? That says it in a nutshell, and it was said in open testimony in Congress.''

Full post as published by Mortgage Lender Implode-o-Meter on November 18, 2010 (boomark / email).

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