Remember how everyone complained that banks weren't doing enough to help troubled borrowers?
Banks have realized that foreclosing on home after home after home may not be in anyone's best interest — least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.
Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.
But before homeowners rejoice, they should take a close look at the terms of their bank modification offers, consumer advocates say. Many may not be as good as HAMP, which lowers monthly payments to 31% of pre-tax income.
Tuesday, August 31, 2010
Banks helping more troubled homeowners than Obama
That's the claim made by CNNMoney: