August 01, 2010

Moving Forward: Barriers to Federal Home Mortgage Modification Efforts During the Financial Crisis

Patricia A. McCoy

MF10-6: Since mid-2007, the federal government has devoted enormous sums of money and effort to foreclosure prevention. Washington’s approach to rising foreclosures has evolved over time. In the first iteration, the government confined its efforts to coordinating loss mitigation by private industry. In the second iteration, starting with President Obama, the government supplemented that approach with subsidies for loan modifications. To a lesser degree, the Obama Administration has also attempted to increase the costs to servicers of rushing to foreclosure...

Category: Working Papers

Read More About: Housing Markets & Conditions, Homeownership, Affordability