FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

NEW YORK (Reuters) - The U.S. mortgage lending industry is hamstrung by existing contracts as it tries to dampen the current foreclosure crisis, the head of the largest industry-led homeowner assistance program said on Wednesday.

Leaders of the mortgage industry have conceived plans to freeze mortgage rates for troubled borrowers and stall foreclosure in some cases, but all those plans are bound by the original home loans, said Faith Schwartz, who heads an industry-sponsored foreclosure prevention effort called HOPE NOW.

“This is not about doing something that they can’t do otherwise and abrogating contracts,” she said at the Reuters Housing Summit in New York. “This is all related to the contracts and how they effectively service.”

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Tags: , industry, loan contracts

This entry was posted on Thursday, February 21st, 2008 at 6:45 pm and is filed under Mortgage Interest Rates, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.