President Obama Calling Lenders to the Carpet Today

Let it be written, let it be done

This 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.”