Legislation Tries to Open Door for Second Lien Mods, Servicers Point to Probability of 2MP Success
April 15, 2010
House Democrats frustrated with the roadblocks to loan modification caused by second mort-gages have introduced a bill that would prohibit lenders from owning subordinate debt on a home that also secures a first mortgage they service. Representatives said at a hearing in the House Financial Services Committee that two-thirds of all distressed mortgages are now serviced by the four largest...