ASF Says Servicers Could Be Liable for HAMP Principal Forbearance as Losses
January 8, 2010
The American Securitization Forum requested that the Treasury Department tweak the guidance governing the Obama administration’s Home Affordable Modification Program to ensure servicers aren’t on the hook for any forborne principal used to lower borrowers’ payments. Historically, long-term, non-interest bearing principal forbearance has not been used by mortgage servicers...