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Fed calls for loan leniency

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Senior Contributor

Fed calls for loan leniency

http://www.chicagotribune.com/business/chi-wed_fed0905sep05,0,6896157.story

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The Fed and other regulators joined in announcing a voluntary program that calls on loan-service companies that collect and otherwise service mortgages to consider offering better terms, such as lowering the size of the loan, deferring payments or extending the lives of loans.
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I'm kinda hoping the lending industry does NOT get the hint. That might bring about more stern federal action, like a much needed federal usury law.
 
Message 1 of 3
2 REPLIES 2
Moderator Emeritus

Re: Fed calls for loan leniency

I kinda think this is one of the only things they can do.

The BIGGER issue is if Johnny can't pay his mortgage so his lender lowered his rate, why didn't mine get lowered?
Message 2 of 3
Established Contributor

Re: Fed calls for loan leniency

Because you could probably pay your mortgage.
Message 3 of 3
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