Exact(14)
"Taxpayer money was only used for successful modifications.
"Servicers get more in fees for successful modifications than for any other kind of workout, including foreclosure".
The Treasury Department announced on Thursday that it was streamlining the Making Home Affordable program in the hope of increasing the number of successful modifications.
Despite fierce criticism by regulators and political leaders that its efforts to help troubled borrowers have fallen short, Bank of America executives insist that the number of successful modifications the bank has completed is on the rise.
These could reduce a borrower's monthly payments to as little as 31% of their income, and last for up to five years.Firms that service mortgages held by investors will also receive fees for successful modifications.
It would take 100,000 successful modifications a month, starting now, to significantly counter the threat that so many foreclosures would pose to the economy, according to estimates by Moody's Economy.com.com
Similar(46)
Additional incentives for lenders include a $1,000 fee for each successful modification and a "success fee" awarded each month (up to $1,000 per year for three years) that a borrower stays current.
This indicates the successful modification obtained in this study.
Wettability and spectrum results proved the successful modification process.
This indicates the successful modification of N-vinylcarbazole onto the Si QDs.
Successful modification of electrode surface was ensured from electrochemical impedance spectroscopy.
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