US251 - Foreclosure Moratorium on Owner-Occupied Homes
The people have not had a seat at the table in mortgage settlement talks. We should have a national discussion that ends with nationwide principal reduction and clean modified mortgages. The Home Affordable Modification Program makes sense, but settings should be updated to require principal reduction, to allow more modifications to qualify, and to keep it going beyond Dec 31st. I would be interested in hearing others' views of US foreclosure policy.
I've audited mortgage servicers. As they've been implementing new and improved procedures to modify mortgages, often their foreclosure processes have continued to act in parallel and there have been many cases in which a homeowner should have received a mortgage modification but due to error or bad timing they were foreclosed on first. Undoing these situations (1) might not happen if they are not caught and (2) is much more difficult than putting a moratorium on foreclosures until we can be sure that things are being handled properly.
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