Professor Eggert Quoted on Foreclosure Plan
February 28, 2009
Professor Eggert was quoted in the OC Register’s Mortgage Blog (http://mortgage.freedomblogging.com/) and the Dayton Business Journal, where he addressed the Obama foreclosure plan. He said “Obama needs to make sure the effort helps the housing market and just does not result in lenders reworking a limited number of mortgages and then collecting federal incentives….“There is a real danger in the plan that lenders and servicers will cherry-pick borrowers who need the least amount of modifications to stay in their houses, and will collect incentives for loans they might have modified anyway. The plan also does not seem to encourage principal reduction for modified loans, which often is necessary to encourage an underwater borrower to fight to save a home.” To read more, click here.