Category: Loan servicing

Won’t or can’t? Part 2, how fast a fix?

28 July, 2009 (09:14) | Affordability, Foreclosure, Loan servicing, Subprime, US News, Workouts | No comments

[Continued from yesterday’s Part 1.]
 
Yesterday we saw that even with strong Administration and Congressional pressure for lenders to modify loans, and modest financial incentives to loan servicers achieving successful workouts (we’ll return to those below), as chronicled in this Wall Street Journal, many people – at least, the Journal had no trouble finding plenty – [...]

Won’t or can’t? Part 1, who should be relieved?

27 July, 2009 (11:23) | Affordability, Foreclosure, Loan servicing, Subprime, US News, Workouts | No comments

With loan modifications on everyone’s lips, how easy is it to do?
 
When you’re denied something, a chasm separates being told I won’t help you from I can’t help you.
 
It ought to be easy, oughtn’t it?  Hard-working people who suffer temporary setbacks deserve mercy from their lender.  For the lender, mercy will be good business, as [...]