Leading Dem Says Obama Housing Plan 'Has Failed Miserably'

Leading Dem Says Obama Housing Plan 'Has Failed Miserably'
Senate Majority Whip Dick Durbin Deals Blow to Obama Mortgage Modification Program
AS YOU ARE READING THE FOLLOWING ARTICLE FOUND ABC’S WEB SITE, PLEASE KEEP IN MIND A COUPLE OF VERY BIG POINTS:
1-LOAN MODIFICATONS ARE ILLEGAL. THE BANKS/SERVICERS CANNOT NEGOTIATE ON YOUR LOAN, BECAUSE THY DO NOT OWN THE NOTE. ONLY THE OWNERS OF THE NOTE HAVE THE RIGHT TO NEGOTIATE. THERE COULD BE MANY OWNERS OF YOUR NOTE AND COULD BE ALL OVER THE WORLD. DO NOT BE FOOLED WHEN THEY TELL YOU THAT THE TERMS THEY ARE OFFERING YOU ARE SET BY THE OWNERS OF THE NOTE. INSIST ON KNOWING WHOM THE OWNERS OF THE NOTE ARE AND ASK HOW YOU CAN GET IN TOUCH WITH THEM. SEE WHAT THEY HAVE TO SAY ABOUT THAT.
2-THE ARTICLE SAYS THAT ONLY 360,165 HOMEOWNERS HAVE HAD LOAN MODIFICATIONS STARTED. THE KEY WORD HERE IS STARTED. YOU CAN START ANYTHING YOU WANT, BUT IT DOES NOT MEAN THAT IT IS DOABLE OR THAT THERE IS AN INTENT ON FINISHING IT. ANYONE CAN FILE SOMETHING, BUT IT DOES NOT MEAN IT WILL GET DONE!
3-MOST OF THE LOANS GIVEN OUT IN THE LAST DECADE WERE NEVER MEANT TO PERFORM. THEY WERE NEVER MEANT TO BE REPAID. THE LENDERS INSURED THEM MULTIPLE TIMES AGAINST DEFAULT AS WELL AS THE TIME THAT THE DEFAULT WOULD ACCURE. AND THEN THEY SOLD THEM AS AAA RATING LOANS TO MULTIPLE INVESTORS. NOW THEY ARE TRYING TO FORECLOSE ON SOMETHING THEY DO NOT OWN. THEY COULD CARELESS IF THEY MODIFY THE LOANS OR NOT. THEY ALREADY GOT PAID. THE ATTEMPT TO MODIFY LOANS AND THE FEW HERE AND THERE THAT WERE DOWN IS A SMOKE AND MIRROR TACTIC TO KEEP THE HOMEOWNER BUSY AND NOT ASK THE REAL QUESTIONS ON ALL THE FRAUD THAT HAS BEEN GOING ON BY THE BANKING SYSTEM. BUT THERE ARE LAWS IN PLACE TO PROTECT THE HOMEOWNER.
THEY ARE LIEING WITH A STRAIGHT FACE OVER AND OVER AGAIN AND THE AMERICAN PEOPLE KEEP BELIEVING THEM AND HANGING ALL THEIR HOPES ON EMPTY PROMICES!




By MATTHEW JAFFESept. 9, 2009

The second-most powerful Democrat in the Senate called the Obama administration's program” a waste of time" Wednesday, hours after the White House released disappointing new data about the program's effectiveness.
This morning, the Treasury Department announced that the program had helped 360,165 homeowners reduce their mortgage payments. However, that is only 16 more homes than received new foreclosure filings during the month of July, according to RealtyTrac.
In response to the new data, Senate Majority Whip Dick Durbin said, "Waiting for banks to 'volunteer' to end this foreclosure crisis is a waste of time. Treasury's latest report shows this approach has failed miserably."

Other high-profile servicers have produced better results, with JP Morgan Chase helping 25 percent of eligible borrowers and CitiMortgage 23 percent. Saxon Mortgage Services had the highest help rate of 39 percent.
Overall, out of 2,965,980 homeowners that are eligible for help under the plan, Treasury said that 572,354 have been offered loan modifications, a rate of 19 percent, but only 360,165 have had modifications started at a rate of only 12 percent.
The new numbers demonstrate that the program -- initiated last spring -- is now gaining traction, but much work remains to be done if the administration is going to meet its goal of helping 500,000 homeowners before Nov. 1, as well as an eventual total of 3 to 4 million homeowners