Wednesday, June 26, 2013

Great idea...

"Last year's $25-billion national mortgage settlement required five giant banks to assign a single employee to each borrower seeking a loan modification — a personal guide who could cut through the bureaucracy.

The so-called single-point-of-contact rule sought to address the biggest complaint of borrowers trying to save their homes: Getting bounced around among random employees with conflicting answers.

Great idea. Too bad it hasn't worked much. According to a report this week from the settlement's official monitor, Joseph A. Smith Jr., a third of the 60,000 serious complaints about the banks' handling of distressed loans from last October through March involved single points of contact. The contacts were either not provided, not helpful or hard to reach."

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