Now we know one of the reasons for record foreclosures in metro Atlanta.
The Obama administration’s foreclosure prevention program was blasted in Washington on Tuesday as “ineffective,” ACJ staffers Scott Trubey and Bob Keefe report.
The Congressional Oversight Panel over the program criticized the Treasury Department for not holding accountable the big mortgage companies and servicers.
The Home Affordable Modification Program gives mortgage companies financial incentives to modify mortgages for struggling homeowners and gives borrowers incentives to repay the reworked loans and stay in their homes, the reporters write.
But borrowers have complained of a baffling bureaucracies, botched paperwork and abuses by banks apparently ill-equipped to handle the crush of struggling homeowners seeking aid, Trubey and Keefe report.
Also in the AJC:
In other media:
- Henry Unger, The Biz Beat
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