Sentence examples for modifying loans and from inspiring English sources
The monitor can, and should, request demographic information about the "consumer relief," and also should police the banks' adherence to tough new standards for modifying loans and processing foreclosures.
But modifying loans and servicing borrowers who have fallen behind once already are both expensive endeavors.
It offers incentives for safe and sound loans and foreclosure prevention efforts, including for counseling loan recipients, modifying loans, and investing in funds that finance loan modification.
Instead, the government has tried to give banks the incentive to modify loans, and that has hardly made a dent.
(3) Congress should provide a financial incentive for servicers to act quickly to modify loans and thereby reduce foreclosures.
Servicing mortgages well means hiring and training lots of workers to help customers, modify loans, and insure that documents are in order.
The plan provides ample incentives, including payments to servicers who successfully modify loans and, in some cases, payments to mortgage investors who agree to modifications.
The Bush administration has started a program it calls Hope Now, which encourages mortgage lenders to modify loans and sometimes freeze interest rates for people who face big increases in their monthly payments.
The suit, filed in California federal court, asserts that FedMod frequently exaggerated its rates of success, advised clients to stop making their mortgage payments, did little or nothing to modify loans and failed to promptly refund fees.
Congressional Democrats wanted to change the law to permit "cramdown" — a term that meant letting bankruptcy courts cut mortgage debts — to put pressure on mortgage companies to modify loans and to provide a backup plan for borrowers who could not get the help they needed.
Says Joseph Mason, a professor of finance at Louisiana State University and fellow at Wharton Business School: "Investors are right to be skeptical of the servicing industry's capacity to walk the tightrope of modifying loans in both investors' and borrowers' joint interests".
