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Home / Government / Government increases pressure on mortgage industry (10:30 a.m. 11/30/09)

Government increases pressure on mortgage industry (10:30 a.m. 11/30/09)

By ALAN ZIBEL

AP Real Estate Writer

WASHINGTON (AP) — The Obama administration said it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure.

According to the Treasury Department, it may fine mortgage companies that aren’t doing enough to make permanent loan modifications under the government’s $75 billion Making Home Affordable relief program.

Many mortgage companies have had trouble getting borrowers to return necessary documents to complete the modifications, which allow homeowners to have their mortgage interest rate reduced to as low as 2 percent for five years.

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