Rx for Fed Loan Mod Program


Today's big news from Congress – the House passage of major financial reform legislation – shouldn't overshadow an important hearing Rep. Barney Frank's Financial Services Committee held earlier this week on how to minimize the damage wrought by the failures of the old order. In the face of evidence that Treasury's Making Home Affordable loan modification program is aiding only a fraction of borrowers in trouble on their mortgages, several experts who testified told federal regulators what they're going to need to do now to stop the foreclosure disaster from getting uglier. Read on for the prescription: