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Banks Rushing to Foreclosure 99% of the Time

Sheila Bair, former chairwoman of the Federal Deposit Insurance Corporation (FDIC) revealed some interesting information and opinions during her exit interview with The New York Times.

Bair called upon mortgage servicers to reset adjustable-rate mortgages, which would help homeowners avoid foreclosure, protect neighboring properties and in all speed up recovery. Though mortgage servicers "promised" to modify mortgages, they instead foreclosed on the majority and modified only 1%. In discussing this during the interview, Bair said, ""I think some of it was that they didn't think borrowers were worth helping. There was some disdain for borrowers."

Bair's description of the foreclosure process and the apparent haste with which mortgage servicers approach it may paint a frightening picture for homeowners across the U.S.

You can read the entire exit interview here.

If you are seeking information about foreclosure or would like to discuss loan modification as a potential alternative, a skilled professional at Jacoby & Jacoby may be able to assist you. The firm represents homeowners and borrowers throughout Long Island who are facing foreclosure, are considering mortgage modification or who are weighing their options in filing for bankruptcy.

To discuss your concerns, contact a Long Island loan modification lawyer at the firm.

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