workouts: Why are Loan Modifications FAILING? - 12/28/09 09:47 AM
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 … (100 comments)

workouts: MORE Money for Loan Modification and Workouts? - 10/04/08 11:24 AM
Hopefully the promises from Capitol Hill including our Government Sponsored Agencies, Freddie Mac and Fannie Mae will be followed through. It has been reported that only $100 Billion of the $700 Billion we granted our government in the Bailout is actually needed to fully right bad mortgages. The REST? I am told by economists much closer to this than I that the remaining $600 Billion will barely touch all the mortgage backed securities and derivatives they sold, swapped, and insured to high heaven. We can expect another race to 'Mama' for more money in early 2009 if not before.
Meanwhile: Those who happen to be … (0 comments)