Financial Reform Amendment Would Address Loan Mod Problems with ‘Homeowner Advocate’
by Paul Kiel , ProPublica – May 7, 2010 11:37 am EDT An amendment to the financial reform bill filed yesterday by Sen. Al Franken, D-Minn., and Sen. Olympia Snowe, R-Maine, would create a special office to assist homeowners who are facing problems with the administration’s mortgage modification program. The measure has White House support , but is opposed by the financial services industry. As we’ve reported, homeowners and housing counselors frequently complain that mortgage servicers frequently lose financial documents and make mistakes —mistakes that can result in foreclosure . Homeowners regularly wait several months for an answer on their application. Comments Email Story…(read more)
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