NYC Comptroller And Unions Press Banks On Loan Mods

Posted by Orb Staff on July 14, 2010 No Comments
Categories : Mortgage Servicing

rk City Comptroller John C. Liu is working with six labor unions on a campaign to urge the nation's largest banks to do more to prevent foreclosures in the New York area. According to a report in the [link=http://www.nytimes.com/2010/07/14/business/14foreclose.html?_r=1]New York Times[/link], Liu and the unions are sending a letter to Citigroup, JPMorgan Chase, Bank of America and Wells Fargo that expresses their concern regarding their respective loan modification efforts, which specific citations of ‘unanswered phone calls, delays in the modification process and multiple requests for homeowners to resend paperwork already submitted.’ The letter will also ask each bank to name a high-level official to handle appeals from borrowers who are denied modifications. ‘The federal programs in place just aren't having a desired effect,’ Liu said. ‘People are losing their homes. It continues to be a drag on our regional economy.’ The unions involved in this campaign are the United Federation of Teachers, the 1199 health care workers union, the Transport Workers Union, the District Council 37 municipal employees union, the New York Hotel and Motel Trades Council and Local 32BJ of the service employees union. SOURCE: New Yor

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