A Jan. 6, 2011, American Banker article states that members of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) has created a task force to examine the shortcomings of the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives program and why fewer than 400 successful HAFA transactions had been completed nationwide through the end of September.
The article cites a letter C.A.R. sent to Treasury Secretary Tim Geithner last month identifying servicers as being the cause for the dearth of short sales.
"Servicers are ignoring HAFA guidelines altogether," C.A.R. President Beth Peerce wrote in the letter. She said countless consumers have lost deals, primarily because servicers take so long to review and approve short sales that potential buyers gave up or walked away from the deal.
Source: American Banker
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment