Servicers Get Deserved Hit for Bungling Loan Modifications
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The Home Affordable Modification Program that is designed to get homeowners out of their troubled mortgages is moving at a snail’s pace—and the servicers’ strategies are riddled with conflicts.
As a result, executives from 25 mortgage service companies were summoned to spend the day in Washington to brianstorm with Treasury and the Department of Housing and Urban Development to figure out how to solve the log jam and other problems.