Thursday, February 25, 2010

Three Mortgage Modification News Items

I have always understood the federal mortgage modification fiasco to be a bipartisan effort -- it was started by Bush's FDIC and expanded by Obama's Treasury. But Bloomberg reports today that Republicans are quite critical of Obama's plan.

The article says that 2.82 million homeowners lost properties to foreclosure in 2009.

The other thing I learned from the article is that Treasury may soon make the federal modification plan mandatory before any mortgage collateral can be foreclosed. That's too bad, because I thought the only hope for the program was that it was so bad as to be ultimately ignored (see the my "Foreclosures, Enforcement, and Collections under the Federal Mortgage Modification Guidelines").

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