The volatility of the mortgage industry has brought a sour taste to the mouths of many Americans. After big lenders took over headlines, not much is left to be desired in terms of home ownership. However, there have been a few positive points worth mentioning in recent months.
Rays Of Hope
First, the Federal Trade Commission is continuing to work mortgage fraud cases. After numerous investigations and several convictions, the FTC hasn’t slowed down on their efforts to police and better regulate the mortgage lending industry. Mortgage modification and foreclosure scams are at the top of their list and any remaining fraudulent companies are likely to be found and closed in the coming months.
Next, the big players in the mortgage game Fannie and Freddie have made some concessions in recent months. Now following the persistent suggestions of the government, these two agencies are more flexible in their lending options with homeowners struggling with mortgage debt. Principal reduction write downs are underway in many cases, helping alleviate the increasing problem with underwater mortgages.
Last, the Consumer Finance Protection Bureau is up and running, policing mortgage loan servicers, ensuring that more good faith efforts are being made on the part of the lender. The CFPB is designed to increase consumer awareness and education, as well as ensure lenders are offering foreclosure alternatives and debt relief options to those in need.