There are still 200,000+ homes entering foreclosure each month. The Panel feels that there are ten homes that will be lost for every home that will be "saved". "Saved" is a relative term as some of those who are in the program will, in fact, very likely, default when the five-year modification period ends.
The Panel is also concerned with the changing playing field that has arisen because of the Treasury's introduction of new programs. It's confusing plus it may induce lenders to wait for a better program.
Warren expands upon the report in this video.
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