Obama Administration Pushing For Banks To Modify Millions Of Mortgages To Settle Foreclosure Claims

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Obama Administration Pushing For Banks To Modify Millions Of Mortgages To Settle Foreclosure Claims

Obama Administration Pushing For Banks To Modify Millions Of Mortgages To Settle Foreclosure Claims

Shahien Nasiripour
HuffPost Reporting shahien@huffingtonpost.com

NEW YORK — The Obama administration is seeking to force the nation’s five largest mortgage firms to reduce monthly payments for as many as three million distressed homeowners in as little as six months as part of an agreement to settle accusations of improper foreclosures and violations of consumer protection laws, six people familiar with the matter said.

Described as a “shock and awe” approach, the deal would accomplish the four goals set out by state and federal policy makers and regulators as part of their multi-agency investigations into abusive mortgage practices by the nation’s largest financial firms: punish banks for violations of state law and federal regulations; provide much-needed assistance to distressed borrowers; stabilize a deteriorating housing market; and dissuade firms from abusing homeowners in the future.

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