Federal Government to Shame Banks into Modifying Mortgages Faster

U.S. Will Push Mortgage Firms to Reduce More Loan Payments The Obama administration on Monday plans to announce a campaign to pressure mortgage companies to reduce payments for many more troubled homeowners, as evidence mounts that a $75 billion taxpayer-financed effort aimed at stemming foreclosures is foundering. Mr. Barr said the government would try to use shame as a corrective, publicly... [more]

U.S. Will Push Mortgage Firms to Reduce More Loan Payments The Obama administration on Monday plans to announce a campaign to pressure mortgage companies to reduce payments for many more troubled homeowners, as evidence mounts that a $75 billion taxpayer-financed effort aimed at stemming foreclosures is foundering. Mr. Barr said the government would try to use shame as a corrective, publicly naming those institutions that move too slowly to permanently lower mortgage payments. The Treasury Department also will wait until reductions are permanent before paying cash incentives that it promised to mortgage companies that lower loan payments. “They’re not getting a penny from the federal government until they move forward,” Mr. Barr said. http://www.nytimes.com/2009/11/29/business/economy/29modify.html?_r=1&hp So what "shame" methods will the govt. likely use? I know, how about posting the adress of every bank executive and then e-mailing them to the local ACORN/ SEIU office. Find out where the executives send their kids to school too. I can just see protests outside the schools. [less]