Mortgage servicers meeting with officials on loan modifications

Representatives from mortgage servicing companies will be meeting with senior officials from the Treasury and Housing and Urban Development departments today to discuss the results thus far of the government’s Home Affordable Modification Program. Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan told the mortgage servicers in a letter that there have not been enough mortgage modifications completed to date. There were 160,000 trial mortgage modifications made by servicing companies as of mid-July, according to the Center for American Progress, with 165,000 more outstanding offers. More than 1.5 million homes have gone into default or received foreclosure notices in the first half of 2009. TRD