Borrower Notices Fail to Bring Transparency to HAMP Reviews
November 23, 2009
A new government directive requiring mortgage servicers to disclose why a homeowner failed to qualify for a trial or permanent loan modification is not making the decision-making process any clearer, according to consumer protection advocates. Issued by the Treasury Department Nov. 3, Supplemental Directive 09-08 strengthens servicer accountability by requiring written notices to borrowers who were...