Word: problem
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...July, Congress tried to address the underlying problem by creating Hope for Homeowners. It's a program meant to get people behind on their payments to refinance into more affordable loans. So far, the effort has gone practically nowhere. While tens of thousands of homeowners have called to ask questions, the program has only received 451 applications and closed 25 loans. That's partly because of the program's high barriers - homeowners have to get their existing lenders to write down the value of what they're owed and then find a new lender to issue a fresh loan. Most...
...failure of Hope for Homeowners has heightened awareness of the fact that it can be incredibly difficult to shape the behavior of private companies and create an effective fix for such a complicated problem. In December, the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) issued a report showing that at national banks and federally regulated thrifts, nearly 37% of homeowners were 60 or more days behind on their payments six months after receiving a modification. That re-default problem has received much attention as the national conversation has turned toward the idea of taxpayers standing...
...prickly problem, though - as Dugan has pointed out - is that the available data from the OCC and OTS are rife with flaws. For instance, nowhere do servicers report what, exactly, they're doing when they modify a loan. And that, as it turns out, is an incredibly important detail since other data show that in many cases what they're doing is increasing a struggling borrower's monthly payment. The Maryland Office of Financial Regulation, which collects data on some 380,000 loans from 65 servicers, found that of modifications completed last August and September, 42% kept the monthly payment...
Against IMs? Don’t I love the throwback headbands, the backs-against-the-wall pep talks, and the dorm and house pride that underlies it all? The problem with intramural sports at Harvard lies not in their existence itself, but in their classification as another organization...
Maybe, but unlike Royal, Sarkozy (and copycat Obama) won their presidential bids and don't spend their time plotting revenge. "The real problem with this book is, it will horrify Sarkozy backers, thrill her own - and lead most in the middle asking what Royal could have been thinking when she wrote it," Reynié says. "If further dividing the left and uniting the right around Sarkozy is Royal's strategy for beating him, it certainly is unconventional...