Foreclosure Crisis

How Banks and Government Fail Homeowners

Systemic failures at the country's banks and mortgage servicers have exacerbated the most severe foreclosure crisis since the Great Depression, making it extremely difficult for struggling homeowners to win a loan modification. Government efforts to limit the damage have fallen woefully short.

Treasury Still Vague on Penalties for Loan Mod Laggards

The administration’s big mortgage modification program features $50 billion worth of carrots – but the stick part has been largely absent. Today, the Treasury Department made a vague threat of unspecified penalties against companies that don’t play by the rules of the loan-mod program.

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