Page 19 - Loss Mitigation News Today : Breaking News, Live Updates & Top Stories | Vimarsana

25 years ago, you knew your banker, you could go refinance or work it out or do some kind of loss mitigation. you might not get it, but you have a discussion. borrowers in my state can't even get their lender on the phone. and when they do, when they do and if they do, they're being told, look, do it for -- pay $900 for -- versus $1,000 for 90 days. if you do that, we'll modify your mortgage. 91st day comes along, 95th day, 100th day, the bank comes along and says, we're foreclosing. they say, wait, we have a deal. they say, what deal are you talking about? they haven't talked in-house in the ...

>> we need to get ahead of this problem. our economy ultimately cannot recover if we're still looking into the future saying, 1.5 foreclosures this year, another million next year, 800,000 the year after that. >> we're joined now by the secretary of housing and urban development, shaun donovan. secretary donovan, how do you make sure the program's more effective? >> well, first of all, let's talk about the real results. we've been able to reach 1.1 million households already. the results that we announced today, you showed them, 230,000 permanent modification. another 100,000 that have been co...

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