May 10 2009
Obama Mortgage Modification Program
Obama mortgage modification help and do you think he is doing enough the help people save their homes. Personally I don’t think he is doing enough to help save American homes. It became evident that he was not going to step up to the plate when he let them take the bankruptcy modification bill out of the stimulus package. To me this is a out right shame I bet a lot of Americans voted for him because they thought that he was going give them some sort of mortgage modification help.
I do give him some credit on the $75 billion loan modification mortgage plan but that plan lacks teeth and is not very direct. It seems to be the same old thing coming from the politicians. It looks like another case of the Fed’s giving corporate America a bunch of our money with no stings attached. The wording in the plan asks the banks to try and work with the home owners and try to give them some mortgage modification help or refinance them. What the heck is going one here. Where is the hammer to make these guys work with the home owners?
From the financial institution’s point of view they don’t want touch a mortgage modification. They are in the game to make money and they will loose money if they give home owners mortgage modification help. This is where the plan makes no sense to me. We need to force these guys to help home owners. But again our politicians just gave them the money and said to them please do the right thing. How many times have you had a banker want to help people and not just be in it for the money. None! It is against his whole business model.
People we need to wake up and stop giving these guys money with out telling them what to do with it. We are going into debt way beyond our generation and for what to have some bankers get richer. If we get the money to the people that really need it then we have a shot at getting through this mess. It is pretty simple if we put more money in the hands of the people by lowering their mortgages and therefore giving them more disposable income then this has to be wining situation.
