White House, lenders, lawyers and borrowers: Nobody can agree on mortgage relief

Filed under: JPMorgan Chase (JPM), Economic data, Politics, Housing, Recession, Financial Crisis

If mortgage companies start to feel like they're losing elbow room, it's probably because they're starting to get nudged by the Obama administration. The folks in the White House are planning to kick off a campaign to squeeze mortgage companies to lower payments for even more borrowers who are in trouble. The $75 billion program, financed by taxpayers, to keep homeowners from falling into default appears to be in trouble.

Mortgage lenders have increased their efforts to modify borrowers' mortgages, but most of them are still in a trial stage, which will last up to five months. Only a handful have been made permanent, which isn't good enough for Washington. The Treasury Department's assistant secretary for financial institutions, Michael S. Barr, told the New York Times, "The banks are not doing a good enough job," continuing, "Some of the firms ought to be embarrassed, and they will be."

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White House, lenders, lawyers and borrowers: Nobody can agree on mortgage relief originally appeared on BloggingStocks on Sun, 29 Nov 2009 15:10:00 EST. Please see our terms for use of feeds.

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