NEW YORK (CNNMoney.com) -- Efforts to help subprime borrowers have been disjointed and inconsistent, and a new mortgage industry alliance formed this week is trying to remedy that. But some who counsel distressed homeowners say the alliance won't resolve key issues.
The alliance, called HopeNow, was announced by Treasury Secretary Henry Paulson and counts as members some of the largest lenders and servicers that collect payments, a handful of housing counselor networks, and a group representing investors who hold mortgage debt.
It is intended to coordinate efforts between servicers and counselors to provide "workouts," which can include lowering the interest rate on a loan, spreading out past-due payments over the life of the loan or a short-term repayment plan.
Read more . . . money.cnn.com/2007/10/12/...ce/index.htm
The alliance, called HopeNow, was announced by Treasury Secretary Henry Paulson and counts as members some of the largest lenders and servicers that collect payments, a handful of housing counselor networks, and a group representing investors who hold mortgage debt.
It is intended to coordinate efforts between servicers and counselors to provide "workouts," which can include lowering the interest rate on a loan, spreading out past-due payments over the life of the loan or a short-term repayment plan.
Read more . . . money.cnn.com/2007/10/12/...ce/index.htm
