Are Rating Agencies Stifling Best Practices Plans for Subprime Mortgage Servicers?
April 9, 2004
Some neighborhood advocates are concerned that rating agency criteria discourage subprime mortgage servicers from pursuing loss mitigation strategies as fully as possible and make it hard for these firms to develop best practices plans. The issue arose last week during a panel on foreclosure intervention at the annual conference of the National Home Equity Mortgage Association. David Berenbaum, a senior vice president with the