Many homeowners here have found themselves faced with the inability to repay loans, but these same people want to stay in their homes. According to Secretary of Treasury Henry Paulson, the need for mortgage lenders to pick up the pace in implementing these mortgage restructuring programs is essential.
The Treasury is to release reports on Thursday that would outline specific details, but the overall need is for those lenders who have already agreed to work with homeowners through restructuring mortgages to begin qualifying candidates for them.
The mood throughout the nation is that the foreclosure markets here are pulling the economy down considerably. Investors on a global scale, from European Union banks to those in Australia, are affected heavily by the cost of the foreclosure mess as well.
The US agency should be receiving information on January's mortgage servicers on performance soon, which will give the department more of an idea which direction to move in, in their effort to work to offer options to homeowners.
According to a statement made by Paulson, as reported in Forbes, "Homeowners who gambled in the housing market and viewed their purchase as a short term investment may choose to walk away." He then added that those who did do this, "are nothing more than speculators, and they are not the focus of our efforts."
