U.S.,Treasury,Secretary,blasts business, insurance U.S. Treasury Secretary blasts Banks at Senate Hearing Forec
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Treasury Secretary Geithner blastsbalking banks Theyre just not trying hardenough, he tells Senate Appropriations Panel While banks plead innocence, moreAmericans feel foreclosure pain Treasury Secretary TimothyGeithner advised a Senate Panel yesterday that banks were still notdoing nearly enough to help American households out of foreclosure.He added that some distressed borrowers who were entitled to federalaid were continuing to lose their homes.This is bad news for millions ofdistressed American families who didnt cause the problem, and whoare already facing the prospect of being put out on the street.While Geithner conceded that somelenders were doing better than others, he advised that all banksparticipating in the foreclosure program would be subjected toTreasury Departments targeted, in depth compliance reviews, addingthat some lenders could even lose out on future incentive payments ifthey did not improve the way they were towing the Treasury line.None of this is acceptable, hetold the Senate Appropriations Sub-Committee. We are committed tomaking sure that servicers [lenders] hold up their end of thebargain, Geithner added during his hard-hitting speech.The Appropriations Sub-Committee wouldhave been only too aware yestarday that, thus far, HAMP has helpedjust 200,000 borrowers with permanent loan modifications. This ismiserably short of the 3 million plus American households who weresupposed to benefit. Moreover, millions more homeowners are expectedto fall victims to foreclosure in the next two or three years. I want to be clear that we do notbelieve servicers are doing enough to help homeowners, not doingenough to help them navigate the difficult and often frighteningprocess of avoiding foreclosure, Geithner emphasised. They arenot responding to the needs of responsible and increasingly desperatehomeowners. Banks and other lenders would likeAmerica to believe that they have already bailed millions ofdistressed borrowers out, often without input from HAMP. While we share the Secretaryscontinued frustration with anecdotes about lost paperwork andmistaken foreclosures, I dont think blanket indictments of anentire industry are helpful, responded Mortgage BankersAssociation President John A. Courson. Nevertheless, the industryis continuing to try and streamline and improve the loan modificationprocess. In March 2010 Treasury announcedincentives to persuade lenders to forgive short-sale under-runs byunderwater sellers, and also require them to offer temporary reliefto unemployed borrowers. Unfortunately this participation is stilllargely voluntary, and many banks are still dubious about theprincipal of forgiveness that would reduce their equitiessignificantly. Moreover, many observers believe that a three monthperiod of grace is still far too short to be of much use.These changes wont be implementeduntil the fall, maybe too little, too late, said Senate MajorityWhip Richard J. Durbin.
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