The Office of the Comptroller of the Currency, represented by acting Comptroller, John Walsh, has also broken rank with the Administration on the subject of the payouts being levied on the lenders caught in the robo-signing scandal.
JP Morgan Chase has added 8,000 loan officers and other staff to help process loan modifications more quickly with the intention of significantly reducing the number of its loans that go into foreclosure.
Many homeowners feel they must make a decision between two evils—foreclosure or bankruptcy. More often than not, the decision is bankruptcy because it is seen as a way to avoid losing the house.
Many states have already squashed up front fees for companies doing loan modifications. Now the FTC is seeking a rule change to ban the practice nationwide in an effort to curb fraud in that industry.
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