The Loan Modification news site has a great article about the FTC and DOJ and explores if they are helping or in fact hurting homeowners.
There are countless stories about Obama's plan failing, and in case you have been living under a rock then let me update you. Obama's plan has failed miserably. Recently second-most powerful Democrat in the Senate called the Obama administration's mortgage modification program a "waste of time". Others are voicing their opinion at the banks for their un-willingness to help, and last but not least the FTC is going after the "pieces of shit companies" that actually might be helping these borrowers?
With banks like Bank of America only modifying up-to 7% of the loans eligible for the government's Making Home Affordable Program, what makes the FTC and attorneys think that these loan modification companies are actually scams?
To read the article click here