If Montgomery garners final approval, HUD Secretary Ben Carson will begin tackling key issues, including finalizing new condominium rules, dealing with reverse mortgage losses and more…
Rep. Hensarling: “This means the government needs to be in the last-loss position, with multiple layers of private capital, as diversified as possible, stacked up before it.”
A recent report from the JPMorgan Chase Institute found that payment reduction was the most effective form of post-crisis loan modification, and a 10 percent drop in the mortgage payment lowered default rates by 22 percent.