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Gov't increases pressure on mortgage industry

by Associated Press

KING5.com

Posted on November 30, 2009 at 8:16 AM

WASHINGTON, D.C. – The Obama administration says it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure.

The Treasury Department says it may fine mortgage companies that aren't doing enough to make permanent loan modifications under the government's $75 billion "Making Home Affordable" relief program.

Many mortgage companies have had trouble getting borrowers to return necessary documents to complete the modifications, which allow homeowners to have their mortgage interest rate reduced to as low as 2 percent for five years.
 

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Comments: Displaying 1 - 1 of 1

homeowner said on December 12, 2009 at 10:18 PM

While I'm sure there are mortgage companies waiting to get borrowers' documents, there are surely lots more borrows who can't get their bank to send the forms to them in the first place to fill out. I am one such person, and there are many more in my neighborhood who are having the same problem. I've been waiting months, and the bank still won't respond. Who do I call to report this? I'm about to lose my home. Can't somebody hold the banks accountable?

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