The latest loan mod report card is in and it looks that B of A and Wells are heading up the rear of the class.
From Carolyn Said’s article in SFGate.
Also worth noting is that:
Rep. Barney Frank, D-Mass., chairman of the House Financial Service Committee, said he was disappointed with the program’s slow pace. According to news reports, he threatened to revive legislation that would allow bankruptcy judges to reduce principal balances on home loans, an idea fiercely opposed by the industry.
Expect to be hearing more about principal ‘cram downs’ the coming weeks & months.
