Stop PHH Mortgage

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July 28th Meeting with Mortgage Executives

Posted by CM on August 5, 2009


{Dear readers, I apologize for missing this HUGE bit of information last week and the weeks leading up to the event.  I am finding a wealth of articles and information about the meeting and I will continue to post the article links to this post.  I believe that the government officials have been listening to us and they have recognized our complaints.  Keep up the good work and keep putting pressure on your mortgage servicer and elected officials until you get the outcome you desire. Use these articles as guidelines and directives for your complaints.  For example, If PHH or any other mortgage servicer declines your application, then refer to Mr. Geithner’s letter and ask PHH when your application will be submitted to Freddie Mac for review.}

1. Treasury Secretary Tim Geithner sent a letter to the top 25 mortgage servicers who are participating in the Making Home Affordable (MHA) program.  “There appears to be substantial variation among servicers in performance and borrower experience...”  As you can see, our experiences as a borrower or our complaints as a borrower have been gaining the attention of the Obama administration. 

3 steps to the program: 1. “Beginning August 4th 2009, the Treasury will issue public monthly reports with servicer-specific performance measures.”  2. “Set exacting operational metrics such as borrower inquiry wait time, completeness and accuracy of information to borrowers, document handling, and response time for completed applications.”  3.  “Freddie Mac will review declined applications.” 

“…..providing an escalation path for borrowers dissatisfied with the service they have received…”

Letter from Treasury Secretary Tim Geithner to the top 25 mortgage servicers.  Found on the NYTimes from the following article by Joe Nocero 7/10/09: From Treasury to Banks, an Ultimatum on Mortgage Relief excerpts from article are below.

Loan modifications take time because they have to be underwritten, hence  they were not underwritten the first time.

“…mortgage modifications hurt the balance sheet….” 

“…banks aren’t willing to conduct short sales anymore…”

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