Industry Groups Say HAMP Doesn’t Fix Problems Facing IOs, Option ARM Loans
October 23, 2009
Servicers are urging the Treasury Department to adjust the Home Affordable Modification Program so it can better accommodate borrowers with interest-only mortgages and option ARMs, whose biggest problem may be negative equity in the home, and to provide more flexible modification structures such as interest-only payments. Bank of America, JPMorgan Chase, Wells Fargo, and Litton...