Eye on Loan Modifications: Homeowners Say Banks Not Following Rules for Loan Modifications

Kiel, Paul
January 2010
Pro Publica;1/10/2010, p9
Blog Entry
The article reports that the home loan servicers in the U.S. have violated the U.S. government's foreclosure prevention program rules by citing reference to the cases of JPMorgan Chase & Co. vs. Nathan Reynolds. As stated, the government set a goal of helping up to 4 million homeowners through the 75 billion dollars mortgage modification program. It states that after Reynolds made trial loan payments for seven months Chase told him that his mortgage would not be permanently modified.


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