The Federal Reserve Bank will sponsor a second workshop aimed at preventing foreclosures by bringing borrowers and lenders together to find alternatives.
The workshop, scheduled for February 14 at the Connecticut Convention Center in Hartford, is modeled after a successful event held at Gillette Stadium in Foxborough in August. More than 2,200 borrowers met face-to-face with lender representatives, and about 35 percent of borrowers received loan modifications or workout offers, according to the Boston Fed.
Remember the Gillette workshop? I remember hearing that people were walking away feeling a bit disgruntled. One client told me that he saw people waiting for hours and never spoke with their lender. I also remember hearing later on that mortgages were not getting modified in any meaningful way.
There’s more about this upcoming event here.
If you’re thinking about going to this event, contact us. We have access to tools that may lead you to a more affordable housing payment, and we might be able to save you the trip to Hartford.
In related news from Bloomberg:
The Federal Reserve will ease terms on residential mortgages acquired in the rescues of Bear Stearns Cos. and American International Group Inc., seeking to stem foreclosures.
The Fed policy is targeting borrowers who are 60 days or more overdue on loan payments and covers modifications of interest rates and payment plans. The program uses the Fed’s authority in the $700 billion Troubled Asset Relief Program and was released today by the House Financial Services Committee.
“It reflects the understandable desire of the Federal Reserve to have some cooperation” with the Obama administration, House Financial Services Committee Chairman Barney Frank told reporters today in Washington. “This is a very big deal.”
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