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Attendees at the Mortgage Bankers Association's National Servicing Conference in Tampa generally were taking a wait-and-see attitude on President Obama's plan to help stem the avalanche of foreclosures overwhelming servicers currently.
Participants in a roundtable we ran at the meeting had numerous questions about the specifics of the plan and if it was designed by people who had any feeling for the servicing specialty.
The MBA, however, had a generally good reaction to the plan, which would cost $75 billion to modify mortgages and include $200 billion for the balance sheets of Freddie Mac and Fannie Mae to help them refinance current customers by lowering their interest rates.
MBA's John Denney, associate vice president, public policy, told us the plan "will enhance servicers' ability to help borrowers in trouble and those who may be on the edge of trouble." He questioned, though, whether $75 billion will be enough to do the job.
MBA is pleased, though, with incentives to servicers contained in the plan and ...