Nothing but Hype!

By
Real Estate Agent with Yes Homes Realty, Ltd.

I am so tired of the political whitewashing that's going on regarding dispensing mortgage help to the ever increasing list of homeowners who will lose their homes in foreclosure due to the subprime mortgage mess and other mortagees with burgeoning mortgage payments resulting from balooning rate adjustments.

The President has signed another bill that won't even make a dent in the numbers (1.6 million affected in 2007, and at least that amount expected again this year).  The legislation adds 30 days of foreclosure freezing, while loan modification assistance is sought; however, lenders are not required to restructure the loans, and borrowers would be hard pressed to even get the lender's attention within 30 days.  It's simply not enough!  He did include the FHA loan limit increase, which will make these government-backed conventional loans available to more individuals living in high-priced/metro areas (thank heaven for small wonders).  

But I am afraid that even the best legislative efforts are much ado about not much of anything, and nothing more than an effort to appear to be doing something so that the President's name, which is already soiled due to the Iraq debacle, can have something good said about it when his reign is viewed historically.  Frankly, it's too little, too late.  When I hear the trillions of dollars that it would take to rectify this situation, I cringe because the government would have had the money had they not used it on a totally meaningless war!

So thanks President Bush -- for not much of anything.

Thank you all for letting me vent.  This situation really gets my goat!

Signed:  A frustrated Realtor in Brooklyn... 

 

 

 

Comments (2)

Stefan Scholl
Buyer's Broker of Northern Michigan, LLC - Petoskey, MI
Northern Michigan Real Estate

Monique,

What do they say, an ounce of prevention is worth a pound of cure?  I'm not sure what, if anything, could get us out of this mess.  Where were all the watchdogs when this whole subprime mess was going down?

Feb 15, 2008 05:00 PM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor

Monique I talked to a mortgage broker this week that confirmed what I suspected all along. If you are in trouble, the 'solutions' out there will not help you. In particular, if you have been late on any credit card debt you won't qualify for the program. However, they allow one or two latenesses on the mortgage. But haven't we all been taught that you should NEVER be late on your mortgage? I know I would pay my mortgage before I paid my Visa.

So, I feel sorry for the millions of people that are still not getting the help they need. It is up to each and every 'professional' to save as many as we can through guidance and education. This is a sorry mess our industry is in.

Feb 16, 2008 12:09 AM