Each week, the problems with the Obama administration’s foreclosure prevention program are being exposed in more detail. A recent ProPublica examination by Paul Kiel, Olga Pierce and Karen Weise found banks violating the government’s rules during a slow, arduous process in which paperwork is requested more than once and homeowners are given erroneous information. Media outlets from MSNBC’s “Rachel Maddow Show,” to KPCC’s “Patt Morrison” to The New York Times have all described the program’s failure to help more people stay in their homes.
In this interview, Kiel, Pierce and Weise examine the program, talk about the findings from their survey and discuss the experiences of three people in varying stages of the loan modification process. The interview provides insight into why the loan modification program has not been successful for many homeowners.
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