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Bernanke: Servicers Slow to Add Mod Capacity.
Byline: Paul Muolo
Washington-Federal Reserve chairman Ben Bernanke criticized residential mortgage servicers for being slow to add "capacity" to their loan modification programs.
Speaking at a Fed conference on housing, Mr. Bernanke said he also backed the idea of giving cash incentives to servicers that engage in loan restructurings.
At press time, new delinquency figures showed that 6.99% of all mortgagors were late on their loans with another 2.97% in foreclosure.
Mr. Bernanke also supports a reduction in the rate being charged to consumers who try to restructure their loans through the Federal Housing Administration's Hope for ...
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Source: HighBeam Research, Bernanke: Servicers Slow to Add Mod Capacity.