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...