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Barney Frank, Democrat of Massachusetts and chairman of the committee, said he was hearing evidence that servicers were having trouble modifying loans that had been securitized.
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Millions of families have been affected by the mortgage and lending crisis and many have had trouble converting or modifying their loans.
[B5.] PLAN TO REDUCE FORECLOSURES The administration sought to expand its plan to reduce home foreclosures, with a new program to help troubled homeowners modify second mortgages.
Rather, by advocating bailouts, the lending industry is trying to head off a possible change in the law that would let troubled borrowers modify their mortgages in bankruptcy court — where lenders, not taxpayers, would be stuck with the losses.
As the Obama administration steps up efforts to help troubled homeowners modify their mortgages, it might consider the experiences of these two South Florida borrowers and their mortgage companies, one small, one large.
WASHINGTON — The Obama administration sought to expand its $50 billion plan to reduce home foreclosures, announcing a new program on Tuesday to help troubled homeowners modify second mortgages or piggyback loans.
And Congress and the White House have yet to figure out that the economy will not recover until housing recovers — and that won't happen without a robust effort to curb foreclosures by modifying troubled mortgage loans.
And so legislators have put together the Helping Families Save Their Homes Act of 2009, a bill that aims, among other things, to prod financial companies into modifying more troubled home loans.
Sometimes it has errors modifying file systems, trouble recognizing File systems, and reading file systems as corrupted.
Mr. Obama supports amending the bankruptcy code so courts can modify troubled mortgages.
Incentives for lenders to modify troubled mortgages have helped far fewer people than Mr. Obama predicted.
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