The top executives of Bank of America, and Citi announced their intention to halt foreclosures under questioning from House lawmakers on Wednesday.Fine, but how will this affect credit scores? Will the people who aren't delinquent have theirs bumped up in comparison? Or would that be discriminatory and unfair? Obama says he values fairness, seems it's time to pony up before he ends up with a riot on his hands.
Jamie Dimon, JPMorgan's chief executive, detailed his plans in a letter to Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, who released it on Friday.
"We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages," Dimon wrote.
Friday, February 13, 2009
What About Credit Scores?
The rumblings about mortgage forgiveness or "adjustments" are getting louder: