Gretchen Morgenson: A Slack Lifeline for Drowning Homeowners

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Gretchen Morgenson: A Slack Lifeline for Drowning Homeowners

Gretchen Morgenson: A Slack Lifeline for Drowning Homeowners

New York Times-

After Lucy Circe became disabled and could no longer work, she applied to Bank of America for a mortgage loan modification on her Vermont home. Over more than two years, starting in 2012, the bank repeatedly requested copies of documents that had already been provided, asked for proof that she was no longer married to a man she did not even know, and made other errors, like asking why Ms. Circe had indicated that she didn’t want to keep her property when she had actually told the bank she did.

None of it made sense. But a disturbing report on the federal government’s Home Affordable Modification Program issued on Wednesday suggests that Ms. Circe’s experience was anything but unique.
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Advertised in 2009 as a lifeline for as many as four million troubled borrowers, the program was one of the Obama administration’s signature efforts to help homeowners. But the report, by Christy L. Romero, the government official with authority to monitor the program, shows that six years later, just 887,001 borrowers are participating in loan modifications — deals that reduce the costs of mortgages.

It appears that the program has allowed big banks to run roughshod over borrowers again and again.

[NEW YORK TIMES]

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One Response to “Gretchen Morgenson: A Slack Lifeline for Drowning Homeowners”

  1. Charles Reed says:

    I been trying to tell Gretchen for the last few year, however like many its the white father would not or could not be this to people. Fun thing about all of this is 100% of the Troops/Veterans were denied without the applications being reviewed. The deal is the Dept of VA loans in Ginnie Mae pools could not be modified or foreclosed upon! The entire program for the Troops is and was a fraud!

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