Posted on Wednesday, February 10, 2010
In a letter to Treasury Secretary Timothy Geithner, House Committee on Oversight and Government Reform Chari Ed Towns (D-NY)wrote, “… it is my understanding that Treasury has thus far refused to reveal in detail how it defines ‘net present value’, one of the key criteria for homeowner participation in the mortgage modification program.”
Towns added, “Moreover, if a homeowner is denied a permanent mortgage modification, the specific reasons for the denial are not revealed.
Finally, Treasury has not established a process for homeowners to appeal the denial of a permanent mortgage modification.”
The committee expects answers next week.