Friday, August 20, 2010

Nearly 50 percent leave Obama mortgage-aid program - BostonHerald.com

Nearly 50 percent leave Obama mortgage-aid program - BostonHerald.com: "A new report issued Friday by the Treasury Department said that approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the effort have been cut loose through July. That’s about 48 percent of the 1.3 million homeowners who had enrolled since March 2009. That is up from more than 40 percent through June.

The report suggests foreclosures could rise in the second half of the year and weaken the ailing housing market, analysts say."

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Borrowers say the program is "a bureaucratic nightmare." Banks lose their paperwork and then claim the borrowers never turned it in.

2 comments:

Anonymous said...

I don't think the mortgage lenders are misplacing these documents in most cases. The widespread "loss" of borrower documents is a form of corporate protest since lenders are not keen on negotiating mortgages they figured were done deals when they issued them.

Anonymous said...

The party you refer to as the "Lender" now was not the original Lender. They weren't even party to the "deal" you refer to.

Moreover, it isn't really the lenders in many cases but rather the servicers that are handling the paperwork. The modifications are contrary to the profit motives of the servicers.

Finally, because of our government's ongoing plan of taking from the many for the benefit of the few, you have plans such as the Indymac Bank now OneWest) scheme going on where the new owners (Michael Dell, George Soros, etc.) make a lot of money with each foreclosure because of the disgusting deal that the FDIC gave them.

Indymac Boys Get Sweetheart Deal