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Gov't watchdogs: mortgage program is not working - Yahoo! Finance (http://finance.yahoo.com/news/Bailout-watchdog-calls-apf-1527849934.html?x=0 - broken link)
Quote:
WASHINGTON (AP) -- Government watchdogs told a Senate panel Wednesday that the Obama administration's effort to help homeowners avoid foreclosure isn't working and that the Treasury Department has failed to fix the program.
Special inspector general for the financial bailouts Neil Barofsky said the program has not "put an appreciable dent in foreclosure filings," during a Senate Finance Committee hearing on the $700 billion bank bailout. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.
This program was destined to fail, due to the fact that many of those losing their homes shouldn't have been homeowners in the first place. They were granted a mortgage based on inadequate income and poor credit history and the fact they couldn't afford the home from the outset, but why should those little details get in the way of giving everyone a home of their own?
It's also the case that many on HAMP are being denied. Banks took the bailout money but are refusing to play nice. Even though my HAMP was approved, there's a class action lawsuit against Wells Fargo concerning cases like mine seeking compensation for punitive damages. I expect those who were in real trouble (I was never in real danger of being foreclosed) will receive huge sums of money due to the deceit of denying qualified folks and 2 weeks later putting them on foreclosure notice.
I was never a proponent of HAMP, but got my mortgage modified simply due to a technicality. If you can scam the system, I say go for it.
This program was destined to fail, due to the fact that many of those losing their homes shouldn't have been homeowners in the first place. They were granted a mortgage based on inadequate income and poor credit history and the fact they couldn't afford the home from the outset, but why should those little details get in the way of giving everyone a home of their own?
You do know all those predatory loans were given out during the bush admin after W took the reigns off of big banks,..
You do know all those predatory loans were given out during the bush admin after W took the reigns off of big banks,..
I guess whomever actually signed the loan shares not responsibility huh? They were just duped into buying something that was clearly too good to be true.
Say hi to Tattoo for me if you happen to bump into him on Fantasy Island.
This program was destined to fail, due to the fact that many of those losing their homes shouldn't have been homeowners in the first place. They were granted a mortgage based on inadequate income and poor credit history and the fact they couldn't afford the home from the outset, but why should those little details get in the way of giving everyone a home of their own?
In addition, many of them arent making enough on unemployment to cover their day to day living expenses.. ITS JOBS needed, not gimmick programs.. Why dont they get it?
You do know all those predatory loans were given out during the bush admin after W took the reigns off of big banks,..
It was AAA credit mortgages that defaulted first.. Are you aware of that, or was this yet another reason to bash Bush for something he had nothing to do with?
It's also the case that many on HAMP are being denied. Banks took the bailout money but are refusing to play nice. Even though my HAMP was approved, there's a class action lawsuit against Wells Fargo concerning cases like mine seeking compensation for punitive damages. I expect those who were in real trouble (I was never in real danger of being foreclosed) will receive huge sums of money due to the deceit of denying qualified folks and 2 weeks later putting them on foreclosure notice.
I was never a proponent of HAMP, but got my mortgage modified simply due to a technicality. If you can scam the system, I say go for it.
The problem with the HAMP program, is it negatively affects your credit rating.
You do know all those predatory loans were given out during the bush admin after W took the reigns off of big banks,..
Explain how Bush caused the sub prime lending crisis. I don't see his ranch in foreclosure. Or maybe in frustration the brain keeps going back to the good old days of having Bush to blame when the boogieman comes out of the closet.
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