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Why are Loan Modifications FAILING?
Define 'modified'! $111 Billion in your Stimulus funds has gone to the Humongous Banks. Recently the $400 Billion cap was lifted. Our Major Banks now have an open ended blank check to draw upon!
Now get this: The HAMP and MHA guidelines apply primarily to Freddie Mac and Fannie Mae loans. Less than 50% of mortgages being funded today are Fannie or Freddie loans. So in effect, most VA, FHA, USDA and Portfolio Loans through non-TARP funded Banks, Savings & Loans and Credit Unions are not subject to the Making Home Affordable guidelines. How can this be? Loopholes, folks. It's their money and they make the rules. Since we are NOT funding them to help borrowers--unless they have very enlightened management (some do of course) then borrowers will lose their homes or be forced to sell, Meanwhile their neighbor with a Fannie or Freddie loan gets their payment cut in half. Is this fair? Of course not. I suspect this is one big reason the biggest banks are paying back their TARP funds as fast as they can so they can stop modifying loans.
What about the news of loan mod failures? We get releases from HUD and other media generated by official sources. These official sources are pretty much ... more

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