What We're Hearing

When it comes to loan modification decisions some servicers take a few hours and some take a few weeks. According to Mark Pearce, deputy banking commissioner for North Carolina, firms that are in the "several week" category are taking too long. Last month North Carolina spent its own money trying to contact 8,000 delinquent mortgage customers. State representatives met or counseled about 2,000. "It was at a significant cost to the state," he said. Mr. Pearce spoke at SourceMedia's servicing conference in Dallas. Speaking at the same show, Tom Deutsch of the American Securitization Forum said there has been "some talk" that private label mortgages might eventually become eligible for the government's Fannie Mae/Freddie Mac refi program, but he later admitted that "there isn't a groundswell for it"...