‘Real Estate Weekly’: Some doubt settlement will end navigation nightmare

Even as government officials prepare to unveil new standards this week for how banks treat millions of Americans facing foreclosure, The New York Times reports housing advocates and homeowners are skeptical the rules will be able to do something past efforts have not: provide a beleaguered borrower with one individual to help him or her navigate the mortgage maze. The entire process of seeking a mortgage modification is complicated and time-consuming, but few elements are as maddening as the inability to get through to a representative at the bank—or being asked for the same documents again and again. So the promise of a single point of contact has emerged as a crucial element in the much-ballyhooed $26 billion settlement reached earlier this month involving state attorneys general, the federal government and the five biggest mortgage servicers. These rules will apply nationwide and come with commitments of strong enforcement by federal and state authorities, but they carry a familiar ring for those experienced in the foreclosure process. Read the rest of this story and the rest of the Real Estate Weekly e-newsletter here.