Primary tabs
New York Times: Lew Unveils Small Steps to Augment Loan Modification Program
The Obama administration will take further steps to ease foreclosures, rising rents and scarce mortgages, Jacob J. Lew, the Treasurysecretary, said on Thursday at a conference observing the fifth anniversary of Making Home Affordable, a suite of federal programs aimed at helping homeowners after the financial crisis.
Mr. Lew’s announcement came on the heels of a new wave of criticism — occasioned by the publication of a memoir by his predecessor, Timothy F. Geithner — that Treasury’s efforts to help homeowners were inadequate. (Salon’s take: “This man made millions suffer: Tim Geithner’s sorry legacy on housing.”)
Of the $46 billion in federal bailout money reserved for homeowners after the crisis, about $38 billion has been obligated but only $12.4 billion has been paid out.
The administration has defended its cornerstone program, a loan modification program known as HAMP, which has resulted in more than 1.3 million loan restructurings.
Click here to read the full article on the New York Times website.
