I can't remember how many times I heard the bozo's testifying before the House today say that many people have been helped and many more will be helped in months to come by the measures already taken by the GSE's (GOE's--government owned enterprises) and HUD.  Those that have been helped include...people in ARMS that refinanced and weren't subject to possible foreclosure; those people whose LTV's were low enough to actually refi; and those folks who have had their loan modified by servicers but 40% of whom are back in trouble because the modification was inadequate.  

I would pay money to see at least one person testify that this is a fuster-cluck beyond imagination and that most people who need help can't get it, and people who don't need help right now, will be needing help 3 months from now.    One person testify that the bailout has done nothing more than stave off the inevitable for another 3 months, and that it would have been just as effective to give every household in the U.S. $50k.

These people are either in massive denial, mentally ill, studid, OR pathological liars.

I believe that they would do very well in the 1800's, selling Lydia Pinkham's Miracle Tonic...cure all for feminine complaints, frigidity, nervousness, gout, digestion, and bubonic plague. 

 
Post is included in group: All About Mortgages/Mortgage Networking
Post is included in group: Mortgages

4 Comments on Snake Oil Salesmen..."Many people have been helped out of bad mortgages."

NOV
18
2008

While not quite as pessimistic as you, I am seeing much of the same thing.

12:25pm • #1
1 Featured Post

I'm not pessimistic...just Det. Joe Friday, (Dragnet)...Just the facts. 

2:15pm • #2
JAN
18
156,550 Points Localism Sponsor Outside Blog

Snake oil cures bubonice plague???  Good to know!  Yes, it is all one big mess :(

4:50pm • #3
128,411 Points

Rich: Thanks for the post! In some cases, things are going to run their course. Blame who you want but the waitress who got a no-doc. loan may have to pay a heavy price if they cannot afford what they purchased. This will be the year where it all finally shakes out!

8:42pm • #4

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Rich Sweum

Everett, WA

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