I wrote about loan modifications not too long ago to get feed back from my fellow agents to see if they are aware of any clients, friends etc, who have reported successful loan modifications. Like me, they were disappointed with the results in achieving any REAL relief for homeowners who have been caught in this economic quagmire that we are in.
I am posting a link http://tinyurl.com/ygyh7ms by Alan Zibel. on a follow up article that I read today regarding the foreclosure-prevention effort
We have seen an inordinate amount of money and protection toward the banks and wall street at the expense of tax-payers (you amd me) and I might add bonus after bonus going to wall street because wall street needs to 'keep these exceptional people.' This is after a near fatal collapse of our financial system through these 'exceptionally talented people' on wall street. Funny, I don't know a lot of people who get rewarded for such POOR JUDGMENT. DO you?
OF course it would be helpful if Larry Sumners and Tim Geithner (both from wall street) listen to people like Sheila Bair, chairman of the U.S. Federal Deposit Insurance Corporation (FDIC) who was fighting for the taxpayer last year. She wanted some of the billions of tax payer money to be used for loan modification programs to protect homeowners from foreclosure. Kudos to Sheila Bair for standing up and fighting for the average person. A great role model for woman today.
ISN'T CAPITALISM SUPPOSED TO WORK TOWARDS A DEMOCRATIC SYSTEM?
What we have now is a democratic system serving the interests of finacial capital!
It would be simplier and more effective to have federal housing agencies refinanace qualified mortgages directly as was done in the great depression.