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Topic: Freddie Mac
HUD pledges faster loan modifications for struggling homeowners
July 29, 2009 | 
Administration, Servicers Commit to Faster Relief for Struggling Homeowners through Loan Modifications
Washington, D.C. – Senior Obama Administration officials met today with top executives from servicers participating in the Making Home Affordable loan modification program to discuss ways to improve effectiveness and efficiency of the program. The meeting – led by Treasury Assistant Secretary for Financial Institutions Michael S. Barr, Treasury Assistant Secretary for Financial Stability Herb Allison, FHA Commissioner David Stevens and HUD Senior Advisor to the Secretary William Apgar – addressed challenges to modifications, strategies for improvement, and collective goals that the servicers and Administration are committed to reaching.
“With over 200,000 trial loan modifications already under way, we are on track to meet our goals,” said Treasury Secretary Tim Geithner. “Still, too many homeowners are at risk of foreclosure right now. Today’s meeting was an opportunity to identify ways to accelerate the program and bring relief faster.”
Servicers in attendance committed to significantly increasing the rate at which they are performing loan modifications. The Administration has established a goal of reaching half a million trial modifications begun by November 1, 2009.
“I am confident that the best practices shared today, combined with more transparent reporting methods, better communication among all parties, and a strong commitment from servicers, will ensure that we can ramp up the MHA program’s pace to meet these ambitious goals,” said HUD Secretary Shaun Donovan. «Read the rest of this article»
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