Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

President Obama Calling Lenders to the Carpet Today

Let it be written, let it be done

department of treasury to crack down on lendersThis morning, President Obama will be giving a speech directed at the banking industry and many predict banks will be embarrassed as many lenders are excrutiatingly slow to work with troubled homeowners, allowing loans to default before taking calls in some cases. The Treasury Departments told news outlets that the White House wants lenders and monthly mortgage payment processors to step it up. Measures will be announced this morning in achieving that goal

The Treasury has noted that steps will be taken to increase servicer transparency and accountability as well as amending policy for improvement of the loan modification processes, but will not be announcing said steps until this morning.

Miami Realtor Kevin Tomlinson said, “I think offering more resources with the goal of transparency can only be great for the consumer, considering that the mortgage industry was mired in smoke and mirrors. Since the government is now a partner in most banks, they have every right to demand this from banks who received TARP monies.”

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

12 Comments

12 Comments

  1. Matt Heaton

    November 30, 2009 at 3:16 am

    I expect nothing more than a dog and pony show out of this one.

  2. Mark Brian

    November 30, 2009 at 12:56 pm

    While I am glad to see the President trying to motivate the banks, nothing can be said that will embarrass the banks. Frankly, the banks do not care what is said, only what laws they have to obey.

  3. Lani Rosales

    November 30, 2009 at 11:56 pm

    Did y’all see what happened today? Seriously, it’s game changing and it doesn’t matter if banks are embarrassed or not, they don’t have a choice but to change now.

  4. Brandon Marchand

    December 1, 2009 at 12:03 am

    I think this is great. I saw excerpts on TV on this but have been reading all night about it. Can’t be that bad of an idea 🙂

  5. Lani Rosales

    December 2, 2009 at 12:39 am

    Interesting comment from Facebook:

    “Let it also be written that many lenders are now working with skeleton crews and that their workload has doubled many times over with all the short sales and loan remodifications. Lenders did a lot to mess up the mortgage market, but let us not forget the chain of events started in the 90’s out of Congress, where it was viewed that every American had a God-given right to own a home. Ownership is a privilege for the responsible.” –John Angell

    What do you guys think about that?

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business Finance

Another large spike in the consumer price index isn't good news for the economy, and the context of the data is more complicated this...

Business Finance

With a second consecutive quarter of declining GDP data, we are officially in a recession - are we?

Business News

(BUSINESS NEWS) Heads up! Your beloved adult beverage of choice may be getting pricier now that COVID inflation abounds.

Business Finance

(BUSINESS FINANCE) India is potentially planning to ban cryptocurrency — and instead, they're planning to introduce their own version of it for purchase.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.