NEW YORK (CNNMoney.com) - Loan servicers are overwhelmed by the flood of applications. Mortgage investors are angry about a congressional bill prohibiting them from suing servicers that modify loans. Foreclosures are rising as unemployment soars.
Nearly three months after President Obama first announced his $75 billion mortgage rescue effort, his administration is still refining the program in hopes of reaching its goal to save 9 million homeowners from foreclosure.
So far, more than 55,000 borrowers have been put into trial modifications, which become permanent if they keep up with payments for three months. Hundreds of thousands more have applied.
However, the initiative must still get over several hurdles before its chances for success can be determined.
This just in...Chris Dodd and Barney Frank will be heading the rescue efforts. LOL
Make your payments and you keep your home. What is so hard about that? You run into financial hardship, you take in roommates to help pay the bills. It isn't up to the government to take care of you. Can't you take care of yourself? If not, you go to family and friends for help.
Yet another Obama program that is failing.
And if there weren't hurdles King, Blitzer and the gang would be crying and complaining about that as well!!. The 24 hour news cycle is NOT keeping people informed as everything is based on speculation, one page summaries and always an eye to ratings. It is actually doing harm to this country by stoking the seeds of
Never once does CNN admit when they are wrong, worry about actually doing research or background and continually stoke controversy by selectively covering certain personalities and storylines while ignoring anything that would clear up controversy.
This could be soooooo simple and it could save so many people from losing their homes. Just lower the monthly payments. The banks are being total greedheads and in the end they are still going to lose money. People are losing their homes, communities are losing good neighborhoods, and cities are losing tax revenues.
Greed will kill this country... compassion could save it.
And it has only just begun.....people are feeling very cushioned because they hear the government is offering assistance...yet lots are not qualifying......there will be a mass shortage of transitional housing and lots of empty homes coming up in the next year. Where will the people go?
any plan is better than none.
I overspent on everything: cars, boats, RVs, vacations, schools....
So now I want a bailout for my overextended mortgage.
And I need your tax dollars to make it happen.
Is there anything the government can do with HSBC? This giant company refuses to help Main street. President Obama, please Help. Also, what happened to the bancruptcy bill that died in the Senate? Is it history? The Banking industry has too much power in Washington. Unless, the President signs an Executive Order mandating that interest rates for all mortages to stand at 1.5%, these mortgage companies and their loan servicers will do nothing to help the average Americans who are losing their jobs with every passing second.
Obama's plan, like all his "recovery efforts," is short sided. It reflects his view homeowners started this whole recession by signing on to the Dream as augmented by the Community Redevelopment Act as amended and amended and amended to make sure a completely unregulated shadow industry could steal hundreds of billions in dollars and real estate. It's our fault. We deserve to be left twisting in the wind while huge corporations, criminals and politicians keep themselves "well capitalized." Besides, in a "boom and bust" economy sometimes you just run critically short of poor people. And he is going to need more soldiers for the next season of "Who's The Enemy?"
Not soon enough for me...had to file Chapter 13 to save my house!!!!