US mortgage company urges plan for principal cuts


US mortgage company urges plan for principal cuts

US mortgage company urges plan for principal cuts


American Home Mortgage Servicing, one of the largest subprime mortgage servicers, is urging the U.S. Treasury to organize a plan to boost principal reductions for up to 1 million homeowners by unlocking loans from securities.

The servicer is asking for amendments to contracts that govern treatment of delinquent loans in mortgage securities. Currently, most contracts don’t allow sales of loans prior to foreclosure, and in many cases don’t permit a servicer to lower principal when a loan is modified.

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2 Responses to “US mortgage company urges plan for principal cuts”

  1. indio007 says:

    Don’t do it they are trying to sucker you into reaffirming a debt they can’t prove they have.

  2. Keith says:

    This attempt is bullshit. Sure they want the mortgages released from the securities, but it isn’t because they want to cut principles, it’s because those securities currently have mortgage servicers’ balls in a vise, to the homeowners’ advantage.

    Criminal bankster weasels deserve nothing but being tried by firing squads.


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