I have written two posts about how most loan modifications programs will not work and the other. Even if they did work, they would be extremely unfair as the “help” would more likely go to people who made NO cash down payment at purchase as opposed to people who actually used their own cash to buy a house. I have been especailly critical of government efforts to get involved in loan modifications which in my opinion are best left to the borrower and the lender to work out.
Tom Royce of Real estate Bloggers indicates the federal Hope for Homeowners program has taken 312 applications - 312 - that’s like 3.5 applications a day in the entire country since the program was first instituted. Our brilliant Washington DC leaders have allocated $300 BILLION dollars for this program - are you kidding me? This is a total boondoggle. Tom contrasts this government program with a private program Hope Now that has helped 2.2 MILLION homeowners.
Does anybody in Washington pay attention?
I hope Obama comes up with a better plan but I fear the Washington DC culture is so corrupt - our elected representatives care more for looking good in front of the TVs and spreading taxpayer cash around to their cronies - that I have my doubts.
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