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mortgage news
by Dan Rafter on July 28, 2009

That's why administration officials have called together the executives of 25 mortgage-servicing companies to meet at the White House tonight. According to a story in the Wall Street Journal, the meeting will cover ways in which mortgage companies can help homeowners who are already late in their payments or at risk of becoming late.
Homeowners can certainly use the help. With unemployment near 10 percent across the nation, many are finding it difficult, it not impossible, to pay their mortgage loans. Loan-modification efforts were supposed to help some of these people keep their homes. The goal was to have mortgage companies work out new payment schedules that homeowners would be able to meet.
This hasn't happened often enough. Many loan companies, for instance, won't work with homeowners until they have already fallen behind in their mortgage payments. I think you'll agree, this kind of defeats the purpose.
Let's hope today's meeting results in a renewed resolve to help keep homeowners in their homes. Foreclosures help no one, and they are a blight on neighborhoods.
Tags:
foreclosures
Obama
loan
mofidification
mortgage
loan+modification
meeting+goals
program+meeting
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