US Government Beefs Up Crackdown on Mortgage Firms
The US government has now beefed up crackdown on mortgage firms that will fail to complete paperwork of the homeowners that would allow them to modify their payment scheme.
This program is designed to help borrowers to have an easier payment terms.
In an effort to curb the sluggish recovery process in the housing industry, the United States government has warned non-performing or lagging mortgage firms that they names will be posted in various websites and publications if they fail to convince homeowners to reduce their mortgage loans by at least two percent in the next five years.
In a statement, the US Treasury Department said that they will start to monitor some 71 mortgage companies, which are included in the $75 billion stimulus program that it designed to boost economic activity in the housing sector.
The department said that starting this week, they will put more pressure to the companies by sending a three-person team that would keep an eye on the eight largest mortgage firms and will monitor development through progress reports that would be sent twice a day.
The government’s move stemmed from problems caused by lags in the payment systems of the mortgage companies. It will be recalled that majority of the mortgage firms said that they are having a hard time convincing borrowers to complete the paperwork needed for the government’s loan modification program.
Based on records, around 60 percent of the 375, 000 loan owners will qualify to such modifications, the department said, adding that borrowers must understand the urgency of the situation and should immediately complete their paperwork to take advantage of the more affordable payment schemes.
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