Thursday, March 18, 2010
As a part of joining the Federal Government's program to modify second mortgages, the Wells Fargo & Co. has joined Bank of America as the first two banks to sign onto the program.
According to the government's plan, borrowers who have been extended loan modifications on first mortgages can now apply to reduce their second mortgages.
However, the banks have been reluctant to adopt this part of the government's loan modification program because they continue to hold most second mortgages and forgiving them would be costly, say analysts.
According to the government's plan, borrowers who have been extended loan modifications on first mortgages can now apply to reduce their second mortgages.
However, the banks have been reluctant to adopt this part of the government's loan modification program because they continue to hold most second mortgages and forgiving them would be costly, say analysts.



0 Comments:
Post a Comment
<< Real Estate Investment