Official: Mortgage industry must address "trust deficit"

10/27/2010 | Wall Street Journal, The

David Stevens, commissioner at the Federal Housing Administration, said that the mortgage industry needs to start rebuilding trust with consumers amid fallout from the foreclosure documentation woes. Stevens reiterated the Obama administration's concerns that the banking industry has not made a wholehearted effort to refinance struggling homeowners, modify mortgages and support other government-led initiatives to help the housing market. "We aren't holding ourselves accountable," Stevens said. "There's clearly a trust deficit that occurs."

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