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Between Homeowners and Banks

Posted by CM on November 18, 2009


The NY Times has an article online today about Philadelphia’s “conciliation conferences.”(1)  Basically when you are about to be foreclosed on, you and your bank meet at the courthouse and work out a solution.  The article did not say whether principal amounts are reduced or how many homeowners redefault.  The article did say that monthly payments are reduced in most cases.  Well, as we know, reducing monthly payments means nothing if your principal is increased and if there is some hidden trigger that will balloon your payments all over again.  This is just more of the same bank/mortgage servicer game playing.  Until I hear that principals have been reduced, I’m not buying what their selling. 

On a related note, The Justice Department has created a “Financial Fraud Task Force.”(2)  The Treasury Dept is involved and they are going to investigate mortgage fraud among other things.  How do we sign up? 

Sources:
1. Philadelphia Gives Homeowners a Way to Stay Put. Peter Goodman. NY Times. 11/18/09.
URL: http://www.nytimes.com/2009/11/18/business/18philly.html

2. Administration Widening Pursuit of Financial Fraud. AP. 11/18/09
URL: http://hosted.ap.org/dynamic/stories/U/US_FINANCIAL_FRAUD?SITE=NCAGW&SECTION=HOME&TEMPLATE=DEFAULT

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