banking news
Treasury To Motivate Banks To Modify By Using Carrot and Shame
November 30, 2009 by admin · Leave a Comment
New York Times / November 29, 2009
NEW YORK – The Obama administration tomorrow plans to announce a campaign to pressure mortgage companies to reduce payments for many more troubled homeowners, as evidence mounts that a $75 billion taxpayer-financed effort aimed at stemming foreclosures is foundering.
“The banks are not doing a good enough job,’’ Michael S. Barr, Treasury’s assistant secretary for financial institutions, said in an interview. “Some of the firms ought to be embarrassed, and they will be.’’
Even as lenders have in recent months accelerated the pace at which they are reducing mortgage payments for borrowers, a vast majority of loans …
