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White House plans crackdown in foreclosure crisis
Quick ReadFeds plan to monitor and withhold payments to lenders who are not doing enough to help at-risk borrowers. Coming soon a Laggard List of Shame
Photo credit: AP | A padlock and chain are part of a foreclosure in the Bronx. To prevent more foreclosures the Obama administration is cracking down on lenders who are slow to use the $75 billion appropriated to prevent foreclosures. (March 2009)
The Obama administration said Monday it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to ramp up participation in its $75 billion mortgage assistance program.
The Treasury Department said it will withhold payments from mortgage companies that aren't doing enough to make the changes permanent. Officials...
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