Home Foreclosure News of the Day: New Requirements Imposed on Mortgage Services to Help More Homeowners Prevent Foreclosure?
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Senator Jack Reed, (D, RI) got it right when he stated that regulators and officials at the Office of the Comptroller of the Currency (OCC) have done nothing more than proffer solutions that are “vague and toothless” and “a slap on the wrist” punishing the banking industry for how it’s handled the whole foreclosure crisis.
In the article, Senate Lawmakers Want Tough Approach in Foreclosure Talks, it seems that some of our elected officials are trying to give the government’s prevent foreclosure program some teeth, by introducing “. . . legislation to impose new requirements on the [mortgage servicing] industry, including a mandate that banks use a third party to review a delinquent borrower’s case before it goes to foreclosure.”
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One Major Problem with HAMP & Other Government “Stop Foreclosure” Programs
They’d better make whatever they propose mandatory because the problem with HAMP and other government prevent foreclosure programs, was that banks didn’t have to comply. It was voluntary that mortgage servicers participate in programs to assist homeowners who were trying to stop foreclosure.
For the other, we continued to bail them out with TARP (Troubled Asset Relief Program) funds. Hence, they’ve never had a true incentive to work with homeowners to stop foreclosure.
They got the bailout funds – and promptly held on to them. They didn’t redistribute them in the form of home loan modifications and assistances to help with relocation efforts for struggling families.
No wonder they’ve come through the home foreclosure crisis just fine. Many are already profitable again. And yet, the home foreclosure crisis for homeowners rages on.
What’s wrong with this picture?
The money the government gave banks for them to ostensibly help struggling homeowners got distributed to the banks – and they recovered. But, the Average Joe is still struggling; still close to losing his home to foreclosure.
Ok, somewhere along the lines the buck stopped . . . but not at the doorstep of the Average Joe.
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Copyright © 2011 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.