Loan mods not faring well

[Deleted]

Maybe it might work if Obama just buys the poor folks houses for them.

www.bloomberg.com/apps/news?pid=20601087&sid=aVYxPZ56vjys

[Deleted]

And pays their taxes.

[Deleted]

And pays their utilities.

[Oscar Knight]

AND.........Furnish them with Free Cable TV.. and...Have the Public Works Crew Change Their Light Bulbs once a week.

Do you we left anything uncovered ?

[Oscar Knight]

Obama Administration Announces Effort to Slash Mortgages for Unemployed Borrowers

The Obama administration announced new ways Friday to tackle the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed.

In addition to mortgage relief for unemployed borrowers, the program features four other key elements. The first key is that the government will provide financial incentives to lenders who cut the balance of a borrower's mortgage. Banks and other lenders will be asked to reduce the principal owed on a loan if the amount is 15 percent more than their home is worth. The reduced amount would be set aside and forgiven by the lender over three years, as long as the homeowner remained current on the loan.

Second, the government will double the amount it pays to lenders who help modify second mortgages, such as piggyback loans, which enabled home buyers to put little or no money down, and home equity lines of credit.

Only homeowners who are refinancing their main residence, have a credit score above 500 and can document their income are eligible.

www.washingtonpost.com/wp-dyn/content/article/2010/03/26/AR2010032602031.html?hpid=topnews

[Oscar Knight]

When did people start depending on the Government to make ends meet ?

[Deleted]

The November before last.