AMI has consistently supported federal remedial programs to offer eligible, distressed, homeowners relief from foreclosure through modifications through HAMP and 2MP. Additionally, we support principal forgiveness and total debt realignment. No first lien modification will be sustainable without properly addressing a borrower’s total mortgage debt. Regrettably, these programs have often proven unsuccessful due to the servicers, who invariably are the second lien holders, and who continue to inhibit sustainable modifications. Mortgage investors have no control over the modification process, and therefore share many of the frustrations that homeowners and state Attorneys General are experiencing when dealing with mortgage servicers.
“All too often, homeowners are being victimized by the servicers’ past and ongoing actions. The time is now for a permanent solution to America’s housing crisis,” continued Katopis.
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