Thursday
Apr292010
Geithner: Mortgage Service Companies Failing The American People
Thursday, April 29, 2010 at 6:16PM
By Chingyu Wang-Talk Radio News Service
Treasury Secretary Timothy Geithner accused mortgage service companies of not providing adequate assistance to Americans at-risk of losing their homes.
"We do not believe that servicers are doing enough to help the homeowners, they are not doing enough to help navigate the difficult and often frightening process foreclosure," said Geithner.
To counter the mortgage service companies’ shortcomings, Geithner touted a new program developed by the Obama administration entitled Home Affordable Modification Program (HAMP).
"HAMP has now offered trial modification to more than 1.4 million Americans, this represents roughly 3 quarters of Americans estimated to be eligible for this program today. About 1.2 million homeowners have begun trial modification and seen an immediate reduction in their monthly mortgage payment by an average just more than $500 per month,” Geithner said.
The secretary stressed that the program is not designed for those who those invest in real estate or are at risk for losing vacation homes.
Treasury Secretary Timothy Geithner accused mortgage service companies of not providing adequate assistance to Americans at-risk of losing their homes.
"We do not believe that servicers are doing enough to help the homeowners, they are not doing enough to help navigate the difficult and often frightening process foreclosure," said Geithner.
To counter the mortgage service companies’ shortcomings, Geithner touted a new program developed by the Obama administration entitled Home Affordable Modification Program (HAMP).
"HAMP has now offered trial modification to more than 1.4 million Americans, this represents roughly 3 quarters of Americans estimated to be eligible for this program today. About 1.2 million homeowners have begun trial modification and seen an immediate reduction in their monthly mortgage payment by an average just more than $500 per month,” Geithner said.
The secretary stressed that the program is not designed for those who those invest in real estate or are at risk for losing vacation homes.
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