The Obama administration is calling for yet another big meeting at Treasury with representatives from the top 25 mortgage servicers on July 28th in Washington…The subject of the meeting is going to be loan modifications and why the nation’s big servicers aren’t doing more to modify loans for homeowners who are in danger of defaulting on their mortgages. Back in the spring, after all, they all signed onto the administration’s new Making Home Affordable program…And yet, five months later — and two years into the housing bust — the rising tide of foreclosures remains the single biggest threat to economic recovery. In 2005, at the height of the bubble, there were some 800,000 foreclosures. This year, sadly, we are on pace to see 3.5 million foreclosures, with no end in sight.
By Joe Nocera, July 11, 2009 New York Times