Contracts restrict mortgage lenders from curbing foreclosures

02/21/2008 | Reuters

Faith Schwartz, head of Hope Now, an industry-backed foreclosure-prevention effort, said the mortgage industry's plans to rein in foreclosures is still bound by existing contracts. The issue was addressed when the American Securitization Forum, an affiliate of SIFMA, drafted the plan to freeze interest rates for some subprime borrowers, but Schwartz is concerned that public expectations for the plans may be unrealistic.

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