Regulators Find Flaws in Foreclosure Program

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Washington Post 
January 21, 2010
Merle, Renae
P. A16;

The Making Home Affordable initiative is not providing mortgage help fast enough to keep up with the number of distressed borrowers, concludes a new report from the State Foreclosure Prevention Working Group. While the federal mortgage relief program has slowed the pace of foreclosures, the panel -- consisting of a dozen state attorneys general and three banking regulators -- said internal problems have prevented it from reaching "its full potential." The report suggests that onerous documentation criteria and other implementation failures have slowed down the process. Using data from 13 large servicers, the group found that it can take up to six months for some servicers to complete a loan modification.

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