• 28 Jul 2009 at 4:58 PM

Government Rewarded For Loan Modification Program By Being Sued

By Greg Michaels

Foreclosure.jpgThis is probably not the type of response the Obama administration was aiming for when it set up the Home Affordable Modification Program. While the program aims to keep risky borrowers in their homes, a loan modification advocacy group, the Foreclosure Law Relief Project, is less than pleased that lenders are still rejecting modification applicants and going after everybody involved in the process. The current list of defendants in their lawsuit includes the Treasury Department, the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac. It seems the real culprit that Tim Geithner may have to answer for is why modification decisions are made “under a cloak of secrecy”. If the government hadn’t been so slow working out an agreement with CNBC to provide constant coverage from inside the credit committee room of each lender so they could break headlines like ‘Jones family just misses keeping their house’, this never would have been a problem.

Comments (10)

  1. 1
    Posted by guest | July 28, 2009 at 5:07 PM

    hopefully, they cancel the program

  2. 2
    Posted by guest | July 28, 2009 at 5:17 PM

    “I don’t always drink beer, but when I do, I prefer O’Douls.”
    -Greg Michaels, the least interesting man in the world

  3. 3
    Posted by guest | July 28, 2009 at 5:26 PM

    @2 Best Greg comment I’ve heard in awhile.

  4. 4
    Posted by guest | July 28, 2009 at 5:26 PM

    The Government “acted stupidly” with the loan modification program.

  5. 5
    Posted by guest | July 28, 2009 at 5:30 PM

    I don’t even read Greg’s posts any more. Straight to comments. @2 is precisely why. well played good sir.

  6. 6
    Posted by guest | July 28, 2009 at 5:38 PM

    I think this is pretty funny. Greg you are getting better

  7. 7
    Posted by guest | July 28, 2009 at 5:39 PM

    my only complaint:
    a “culprit” is not something you “answer for”

  8. 8
    Posted by guest | July 28, 2009 at 8:15 PM

    @2 is the best post I have ever read on this site

  9. 9
    Posted by guest | July 29, 2009 at 11:56 AM

    “If the government hadn’t been so slow working out an agreement with CNBC to provide constant coverage from inside the credit committee room of each lender so they could break headlines like ‘Jones family just misses keeping their house’, this never would have been a problem.”
    haha, nice Greg.

  10. 10
    Posted by Fresno Real Estate | January 4, 2011 at 10:29 AM

    The loan modification system is handled very secretively, and it’s no surprise someone finally sued.

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