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Frank Warns Firms On Need for Mods.(Brief article)
Washington -- House Financial Services Committee chairman Barney Frank, D-Mass., is warning mortgage servicers that they could face very restrictive regulation next year if they don't cooperate in modifying loans for distressed borrowers.
The chairman said he is picking up antidotal evidence that servicers, not the investors, are the reason so few mortgages are being restructured.
"I want to put the servicers on notice. If we see a widespread refusal on the part of servicers to cooperate, they can expect much tougher regulation in the future," Rep. Frank said.
The Hope Now alliance reported that servicers are providing loan modifications to nearly 50% of subprime borrowers seeking a workout in January and February.
The latest Hope Now update shows servicers modified ...
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Source: HighBeam Research, Frank Warns Firms On Need for Mods.(Brief article)