Page 39 - Loan Modifications News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Or could more have been done by the administration? >> senator, thank you very much for that question. that is a very important issue. when we did the indy mac deal with the fdic, we committed to the fdic that we would continue the fdic loan modification program. it was after that that the obama administration came up with hamp. and we had no obligation to do hamp. we could have continued to do fdic loan modifications. but we felt it was the appropriate thing to voluntary go into the u.s. treasury hamp program as were other major banks. so we voluntarily went into that program. the hamp loan m...

Included at this time. >> without objection if they pertain to the record. >> they certainly pertain to the record to having been fore closed on and trying to seek loan modifications unsuccessfully even though they should have qualified for them and more than eligible for the record. i see this as privatizing profits and -- losses. it seems to me you and your friends were looking for stores to raid and with the government subsidizing the risk you engineered a highly lucrative equation that made billions of homeowners, seniors, military men and women and so i have a problem understanding how do...

Borrowers by establish iing reasonable payments to borrowers, and stabilize housing markets. my group had to adhere to servicing agreements that limited our ability to make loan modifications that could have helped more borrowers. in the press, it has been said that i ran a foreclosure machine. this is not an accurate description of my role at one west bank. on the contrary, i was committed to loan modifications intended to stop foreclosures. i ran a loan modification machine. when we could do loan modifications, we did them. but many times the fdic, fannie m mae, freddie mac, and bank trustee...

So we believed in loan modifications and were financially incented to offer them when we could. >> mr. chairman, i look forward to a second round. >> senator menendez. >> thank you, mr. chairman. mr. mnuchin, congratulations on your nomination. i have to be honest, the information that came to us this morning makes me concerned. you've addressed some of it but not all of it. on december 19th of last year you signed a notarized affidavit on your questionnaire to the finance committee certifying that it was true, accurate, and complete. question 11 asked nominees to list all, all, positions held...

For them they should not have had. so i'm not sure which one is to be proud of. do you know a woman named sylvia oliver? >> i do not. >> i didn't think so, she received a loan from mack in 2008. after her company cut her position, she tried eight times for loan modifications to which i believe she would have qualified, your bank denied each and every one, she's been fighting for her home, she has a 30 day reprieve but there's no guarantee she will have her home next week. i would like to have the testimony of several individuals who face this reality be