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Mortgage modifications to get push
The Obama administration on Monday announced a renewed push to get mortgage companies to convert thousands of temporarily restructured home loans into permanent ones by the year’s end to help keep struggling homeowners from falling into foreclosure.
As part of its action, the administration is summoning executives from top mortgage servicers to Washington next week to prod them to speed up their efforts.
It also is sending what administration officials described as three-person “SWAT teams” to those firms’ offices to help them obtain the necessary documents from borrowers and troubleshoot problems.
“In our judgment, servicers to date have not done a good enough job in bringing people a permanent modification solution,” Assistant Treasury Secretary Michael Barr said.
The administration is hoping to push mortgage-servicing companies into doing more to make trial modifications permanent by highlighting those that are not performing well. But officials also said they could levy penalties, including fines against laggards.
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