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EYE ON LOAN MODIFICATION

Lawsuit Reveals How a Middleman Is Blocking Mortgage

Modifications for Homeowners

by Paul Kiel
ProPublica

.Pamela Jeter of Atlanta, Ga., is currently facing foreclosure. (Photo courtesy of Pamela Jeter)

Pamela Jeter of Atlanta, Ga., has been trying to get a mortgage modification for more than two years. She seems like an ideal candidate. She has shown she can stay current with a reduction in her monthly mortgage payments. Everybody would seem to win. Even the investors who ultimately own her loan think she should be able to get one. So, why is Jeter facing foreclosure? (mais…)

EYE ON LOAN MODIFICATIONS

BofA Blames Investors for Lack of Loan Modifications, But

Evidence Points Elsewhere

 

by Karen Weise
ProPublica

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Bank of America’s top mortgage official Barbara Desoer testifies before the Senate Committee on Banking, Housing ad Urban Affairs. (Photo courtesy of the Senate banking committee)

In prepared Congressional testimony coming today, Bank of America’s top mortgage official, Barbara Desoer, says it’s Wall Street investors, not the bank, that are making it hard to help homeowners. “Bank of America is constrained by our duties to investors,” she says [1]. “Many investors limit Bank of America’s discretion to take certain actions.” (mais…)

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