Mortgage

How’s foreclosure recovery looking — and where are the pain points?

A new government report identifies five requirements for adequate foreclosure recovery
  • Preventing foreclosures requires: accessibility, transparency, accountability, affordability and sustainability, according to a new government white paper.

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The U.S. Treasury, HUD (Department of Housing and Urban Development) and FHFA (Federal Housing Finance Agency) have combined to write a new “white paper” on foreclosure prevention -- it was released on Monday. Much as I hope that its conclusions will not have to be used in large numbers any time soon, it is by far the best foreclosure work to come out of the government during or since the late Bubble. The report leads with five bullet points -- four of them obvious, the fifth one the source of progress. Straightforward are: “Accessibility” -- homeowners must be able to reach lenders and servicers easily. The process must meet a “transparency” standard, not lender goop and trickery. Lenders must be held to “accountability.” The fourth measure, “affordability” is at the “duh” level -- non-affordable workouts are not affordable. The fifth point -- “sustainability” -- now we’re getting somewhere. During the late Bubble the Obama A...