Shaun Donovan: Holding the Banks' Feet to the Fire

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Shaun Donovan: Holding the Banks’ Feet to the Fire

Shaun Donovan: Holding the Banks’ Feet to the Fire

Regardless, the American people continue to get demolished by the Banks with the help of the regulators.

Enough is enough. If the Government had the homeowners back, none of these articles would have been written!

HuffPO-

A recent article by the Huffington Post’s Peter S. Goodman showed how one homeowner from the Bronx has continued to struggle to save her home because of the outrageous treatment she’s received at the hands of the bank that services her loan. Reporting with painstaking detail the obstacles Bank of America has thrown up as Katie Diaz spent months trying to secure a mortgage modification that lowered her monthly costs, Goodman’s piece highlights the reality too many homeowners have faced during this crisis — the dropped calls, lost paperwork and poor customer service that leaves them frustrated, confused and unsure whether they will be able to save their home.

Unfortunately, the author assigned much of the blame for these failures not to Bank of America, Ms. Diaz’s servicer — but rather to the $25 billion mortgage servicing settlement that Bank of America and four other servicers agreed to this spring. The largest mortgage relief effort in history, the settlement provides $17 billion in consumer relief and billions more to states that can be used for proven anti-foreclosure efforts like housing counseling. It also creates tough new customer service standards that require servicers to put an end to the kind of behavior faced by Ms. Diaz.

However, from Goodman’s piece, the reader is left to believe that the settlement has failed before it has even fully taken effect.

[HUFFINGTON POST]

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2 Responses to “Shaun Donovan: Holding the Banks’ Feet to the Fire”

  1. Sarah says:

    1. The “settlement” was a bailout.
    2. Little money is going to homeowners.
    3. Housing “counseling” does little to stop loss of the house
    4. New “tough” servicing standards are being ignored
    5. Cramdown, principle production would solve problems the banks and Government will never consider.

  2. The banks are going to blame it on anything. I was put through a hell ten months of lost paperwork, dropped calls,never getting to the same person no matter how I tried, then I was approved sent modification coupons for five payments only three neccessary ti qualify for the final paperwork, due to all my paperwork had finally miraculously arrived after ten months and three faxes on the last day stating here out of three continuous faxes you should be able to piece all the paperwork together. After five payments I was unapproved they said due to the Obama changes which was a crock of you know what. This was all before the settlement. It was in 2008 through October of 2009. Who are they kidding. This is ongoin after the settlement.

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