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For banks, it has been a great business. They have received billions of dollars in Government bailouts and have done nothing for the American taxpayer.
The loan modifications that the Obama administration has been so vocal about have not been happening. It was supposed to be as simple as sending in a loan modification hardship letter and your bank records, and receiving the modification you need to save your home, but it hasn’t happened. So now, Secretary Paulson has scheduled another meeting with the banks on July 28th.
The following is a passage from the recent New York Times article:
the letter demanded that representatives from the top 25 mortgage servicers assemble in Washington on July 28. It is likely to be every bit as painful for them as that Paulson meeting last October was for the bank C.E.O.’s.
The subject of the meeting is going to be loan modifications. Specifically, the government is going to be asking — in none-too-friendly fashion — why the nation’s big servicers aren’t doing more to modify loans for homeowners who are in danger of defaulting on their mortgages.
