New Guidelines Unveiled for Faster Assistance to Borrowers
June 30, 2008
The Hope Now Alliance has announced new procedures and guidelines to speed up help to homeowners in danger of losing their homes. For the first time, the new guidelines establish a timetable that Hope Now servicers will use when working with a distressed homeowner. The agreement also includes extensive procedures by which servicers will keep homeowners informed about the status of their request for...
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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