U.S. Treasury Threatens Banks with SHAME and EMBARASSMENT!…;-)~
Geez What a Surprise…The White House and the Treasury Department are Aghast that more loan modifications aren’t being made!
And NOW before ALL is lost and millions more lose their homes, the Obama administration has decided to threaten the Lenders with EMBARASSMENT and SHAME! According to Michael S. Barr, Treasury’s assistant secretary for financial institutions. Read the complete story by Peter S. Goodman of the New Your Times.
“Some of the firms ought to be EMBARASSED, and they will be.”
And Mr.Barr went even further…
“The government would try to use SHAME as a corrective, publicly naming those institutions that move too slowly to permanently lower mortgage payments”
OMG the dreaded EMBARASSMENT WEAPON! Followed up with SHAME….
Didn’t know it was that easy? Just point your SHAKING FINGER at the Banks and they will wither IN SHAME!…. begging you to let them go so they can do more Loan Modifications.
The Only Embarassment should be on an Administration that believed that a VOLUNTARY PROGRAM would be Instituted by the Servicer’s and Banks!
The reality of the Loan Modification process, as pointed out before on this Blog, in my August 24th article “Banks Find Foreclosure More Efficient Than A Loan Modification” is that the BANKS DON’T WANT OR INTEND TO DO LOAN MOFIFICATIONS!
Fannie Mae and Freddie Mac can approve a loan in seconds with their Desktop Underwriter and Loan Prospector Super Computer Programs. SO WHY CAN’T the Banks use the same programs to approve Loan Modifications in Seconds? Answer: The Banks make more Money dragging their feet!
Uppitybanker
