President Obama Calling Lenders to the Carpet Today
Let it be written, let it be done
This morning, President Obama will be giving a speech directed at the banking industry and many predict banks will be embarrassed as many lenders are excrutiatingly slow to work with troubled homeowners, allowing loans to default before taking calls in some cases. The Treasury Departments told news outlets that the White House wants lenders and monthly mortgage payment processors to step it up. Measures will be announced this morning in achieving that goal
The Treasury has noted that steps will be taken to increase servicer transparency and accountability as well as amending policy for improvement of the loan modification processes, but will not be announcing said steps until this morning.
Miami Realtor Kevin Tomlinson said, “I think offering more resources with the goal of transparency can only be great for the consumer, considering that the mortgage industry was mired in smoke and mirrors. Since the government is now a partner in most banks, they have every right to demand this from banks who received TARP monies.”
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This article published on Monday, November 30th, 2009 at 1:17 am | Contact the editor
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AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- RealEstate Babble:
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- Real Estate Feeds:
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This morning, President Obam… http://bit.ly/6WeiRT - Short Sales ASAP:
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- Ken Brand:
President Obama Calling Lenders to the Carpet Today http://bit.ly/4OLERI / Come on lenders, rise up and pitch in, people are hurting hard.
- Paula Williams:
http://agentgenius.com/real-estate-news-events/president-obama-calling-lenders-to-the-carpet-today/
This morning,… http://bit.ly/6qOjnU - Hodgkins and O'Hara:
Our bank is totally dragging out our mortgage refi: RT @agentgenius President Obama Calling Lenders to the Carpet Today http://bit.ly/7l4Vfd
- Obama Sends SWAT Teams Into Mortgage Servicing Offices:
[...] morning, we talked about President Obama’s plan to call lenders to the carpet and he along with the Treasury Department [...]
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I expect nothing more than a dog and pony show out of this one.
While I am glad to see the President trying to motivate the banks, nothing can be said that will embarrass the banks. Frankly, the banks do not care what is said, only what laws they have to obey.
Did y’all see what happened today? Seriously, it’s game changing and it doesn’t matter if banks are embarrassed or not, they don’t have a choice but to change now.
I think this is great. I saw excerpts on TV on this but have been reading all night about it. Can’t be that bad of an idea
Interesting comment from Facebook:
What do you guys think about that?