Lender reward plan suggested

Companies that collect mortgage payments could earn $500 for every loan they modify to avoid default under a plan developed by the federal regulator of the nation's savings and loans.

As millions of adjustable-rate loans approach reset dates on which mortgage payments will soar, John Reich, director of the Office of Thrift Supervision, says the plan, which would be funded from surpluses in mortgage-backed securities, could lower the default rate for homeowners. If the plan is adopted, it could help offset a worsening credit crisis.

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About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, OH  and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 425 employees.  Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.