After multiple enforcement actions, lawsuits and multibillion-dollar settlements, state and federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers.
But they apparently still have a lot of work to do. Just ask Craig Tate.
Like tens of thousands of homeowners trying to lower their monthly payments, Tate, 43, and his wife were thrilled when they got a letter from Bank of America in January confirming that their loan modification had been approved. The new mortgage payment on the Tate’s Plano, Texas, home would save them about $250 a month.