Hey, we thought the government was here to help us!
Just last month, the Obama administration had all the mortgage servicers in DC to bang their heads to do more modifications.
According to Bradley Keoun and Jody Shenn of Bloomberg, Fannie Mae wants “experts” to service the loans
Fannie Mae loans 90 days in default have tripled in the last year to a record 3.9%.
Read the whole article, Flagstar not Foreclosing Fast Enough.
Another illustration of why mortgage modification is not working.
I will keep saying it: we need judicial mortgage modification.
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