On August 29th, the Office of Mortgage Settlement released a report on the progress five national banks have made in fulfilling their obligations under the national foreclosure settlement. The banks have committed to providing relief to beleaguered homeowners through principal reduction loan modifications, refinancing, short sales, and more.
To date, banks have done an excellent job in moving forward on short sales while there has been scant progress on principal reduction loan modifications. While this report only covers the first few months since the settlement and does not cover loan modifications that are in progress or in a trial period, the number of homeowners receiving meaningful principal reductions is still a cause for concern.
Read MCRC's short analysis and policy recommendations here: http://www.marylandconsumers.org/LinkClick.aspx?fileticket=nkJ02aij4n4%3d&tabid=38
Marceline WhiteMaryland Consumer Rights Coalition