Wall Street Journal (05/06/08) P. A4; Paletta, Damian
The Treasury Department has announced plans to meet with at least 10 big lenders, including Bank of America and Countrywide Financial Corp., as part of an effort to pressure them into hastening the time it takes to modify mortgages for financially distressed borrowers. Treasury officials are also pressing to make the modification process more consistent across institutions. Also attending at least part of the meeting will be officials from Fannie Mae and Freddie Mac. This turn of events comes less than a month after Treasury Secretary Henry Paulson convened privately with mortgage counselors and lenders to explore ways to expedite the process of helping qualified borrowers.
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