Page 9 - Loan Modification News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The home when in fact she did and she happened to have the foreclosure papers served on her in the home that the bank said she didn't live in. another example, a married couple in their 50s trying to make the best of everything, they asked for a loan modification of west bank, and then -- which they were eligible for, and instead, they were foreclosed on. explain to the committee, if you would, and i think you're an earnest, well-intentioned person, but you're sitting there as a ceo, and this stuff is happening that is very unfair to little people. why? >> first of all, senator, again, thank y...

These legacy loans were included in the purchase. the responsibility landed on me to clean up the mess others made but we inherited. we worked very hard to help homeowners remain in their homes through modifications wherever possible. ultimately, one west extended over 100,000 loan modifications to delinquent borrowers to try to help them out of a bad situation. i am proud of the fact that loan modifications started at indy mac under the leadership of the fdic. however, the fdic loan modification program did not work for everyone. when the fdic took over indy mac, they estimated that more than...

The home when, in fact, she did and she happened to have the foreclosure papers served on her in the home that the bank said she didn't live in. another example, a married couple in their 50s trying to make the best of everything, they asked for a loan modification of west bank and then -- which they were eligible for and instead they were foreclosed on. explain to the committee, if you would, and i think you earnest, well-intentioned person but you're sitting there as this stuff is happening, which is very unfair to little people. why? >> senator, again, thank you for taking the opportunity t...

Crisis. >> i was committed to loan modification, intended to stop foreclosures. i ran a loan modification machine. independent government reviews routinely showed that we had the most effective loan modifications of any bank. >> democrats are going after mnuchin about his vast wealth. they're also telling some sad stories about constituents who lost their homes during the financial crisis. march that? >> mike in terms of governor rick perry, former governor of texas, how did it go today he was introduced by a democrat, west virginia senator joe manchin spoke positively of his leadership and hi...

Providing a loan modification. and to the extent that the net present value was higher on foreclosing, we unfortunately had to follow the hamp rules, or we would have been severely penalized if we had not proceeded with foreclosures. >> these were not your rules. >> no, they were not our rules, senator, these were rules that were driven by the administration under hamp. >> which administration? >> the obama administration. >> let me ask one more question. there is a wide agreement that the tax law has become much too complicated. and stories of people getting their tax liability incorrectly ca...