Busted: Bankers and The Global Economy

April 25, 2008

Seduction of Investor Profits Continues

The new Home Ownership and Equity Protection Act was recently discussed by Federal Reserve Governor Randall Krozsner. Naturally, he mentioned the Hope Now Alliance, what he calls a broad-based coalition of government-sponsored enterprises, industry trade associations, counseling agencies and mortgage servicers. This alliance is working to find ways to help borrowers through the lengthy loan modification process.

The alliance is working on ways to standardize the loan modification process for sub-prime and alt-a loans to provide the relief needed for distressed borrowers. Unfortunately, each modification is done in a slow case-by-case basis at this time. They have not figured out a way to automate the process. (more…)

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