| Can You Get Banks to Move Quicker? |
The Los Angeles Times reported that banks are moving extremely slow in modifying people’s home loans. There are many reasons why the banks are moving so slow, and while many people might believe that banks are simply being greedy, the truth is more complex.
Banks understand that loan modifications are actually good for their bottom lines, especially in comparison to the damage a foreclosure can do. However, various financial, governmental and circumstantial challenges have interfered with banks’ ability to perform loan modifications.
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| Are Loan Modification Attorneys More Democratic? |
In the midst of the ongoing financial crisis, homeowners are looking for any way to ease their burdens, and the government has implemented several programs to help make it possible for borrowers to get the loan modifications they need from banks in order to keep their homes. However, statistics have recently emerged that indicate that the federal economic recovery plans currently in place in the United States are not doing enough to help minority populations cope with the myriad problems the financial crisis has created.
One member of House Committee on Oversight and Government Reform stated that for many racial and ethnic minority groups throughout America, the current recession is in fact a new Great Depression. For African-Americans, Hispanics and American Indian populations, for example, the jobless rate ranges from 13 to 22 percent, which is well above the national average of 9.7 percent. The current foreclosure crisis has also disproportionately affected minority groups. For instance: in the state of Maryland, two districts populated predominantly by minority groups account for 26 percent of the state’s population but 42 percent of its foreclosures over the past year and a half. |
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