• 09 Oct 2009 at 10:10 AM

Mortgage Modification Program Will Succeed One Way Or Another

By

Mortgage Fraud.jpgThe TARP Oversight Group is a bit concerned about the degree of progress in Treasury’s mortgage modification program. While helping out 500,000 households isn’t something to be scoffed at, there’s a long way to go before hitting the administration’s target of 3 to 4 million. The report issued a word of caution and a plea to those in Treasury to rethink the program to pick up the pace.

“Rising unemployment, generally flat or even falling home prices and impending mortgage-rate resets threaten to cast millions more out of their homes,” the report said. “The panel urges Treasury to reconsider the scope, scalability and permanence of the programs designed to minimize the economic impact of foreclosures and consider whether new programs or program enhancements could be adopted.”

All true but we live in the US of A and we have the great equalizer to make problems like this go away.There is an easier, more American way to do this than going through a Treasury sponsored program. And some people are already taking advantage.

“Borrowers are looking to the legal system for help in keeping their houses,” said Gary Klein, a partner in Boston-based Roddy Klein & Ryan, which focuses on consumer law. “There are more cases pending than I’ve ever seen in my 23-year career.”
Homeowners are seeking the courts’ help either individually or as part of class action lawsuits. With foreclosures continuing to rise, borrowers are looking to force banks to modify unaffordable loans or to stop them from foreclosing on homes. Often, they also seek money.

So if you can’t get recourse to your predatory lender through the Treasury, try predatory litigation.
TARP Oversight Group Says Treasury Mortgage Plan Not Effective [Bloomberg]

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    Comments (17)

    1. 1
      Posted by guest | October 9, 2009 at 10:19 AM

      I didn’t bother to read any of the post, but just wanted to commend you on the extrodinary effort it must have taken to find a new generic public domain clip art photo of a home for sale. Way to go!

    2. 2
      Posted by guest | October 9, 2009 at 10:20 AM

      Please Greg, Please
      http://www.thebestpageintheuniverse.net/c.cgi?u=manly_suicide
      -Jr HS student

    3. 3
      Posted by guest | October 9, 2009 at 10:29 AM

      Greg,
      Would you be a doll and pick up my Vagisil at Duane Reade later? I have a date tonite with that negro gentleman I met on Craigslist.
      Love,
      Greg’s Mom

    4. 4
      Posted by guest | October 9, 2009 at 10:32 AM

      Greg, I’m concerned that the TARP won’t work but will get pushed through anyway. What is your opinion? Can you please post about it?
      -Puzzled Banker

    5. 5
      Posted by Ophelia Cox | October 9, 2009 at 10:36 AM

      Greg,
      Don’t rub your weiner in front of me. I am not yet blind.
      Grandma Michaels

    6. 6
      Posted by guest | October 9, 2009 at 10:41 AM

      I’m okay with this!
      Johnny “Ladies Man” Edwards

    7. 7
      Posted by guest | October 9, 2009 at 10:43 AM

      Greg,
      Don’t shit in a cup and tell me it’s pudding.
      Grandpa Micheals

    8. 8
      Posted by NakedShort | October 9, 2009 at 10:48 AM

      Greg,
      Don’t tell me to take out my dentures and gum fuck me then say it won’t be akward tomorrow.
      -Nanna Michaels

    9. 9
      Posted by guest | October 9, 2009 at 10:49 AM

      Greg,
      I am going to quietly replace all of your silverware with sporks.
      Jeff Macke

    10. 10
      Posted by guest | October 9, 2009 at 10:58 AM

      there are some hilarious posts here people, thanks for brightening my friday

    11. 11
      Posted by guest | October 9, 2009 at 11:01 AM

      Gregory,
      I am embarrassed to have you share my name. Change it to Elton John’s Concubine or you’ll see how the upper management of the clergy “sexually assaults.”
      Pope Gregory I

    12. 12
      Posted by guest | October 9, 2009 at 11:03 AM

      Greg-
      Don’t where that ridiculous jacket anymore. It will not help your career.
      “B”ess Levin
      http://www.facebook.com/gregster923?_fb_noscript=1

    13. 13
      Posted by guest | October 9, 2009 at 11:06 AM

      Yeah, BLANUS, quit WHEREING things.

    14. 14
      Posted by guest | October 9, 2009 at 11:14 AM

      Greg-
      Stop trying to suck your own dick while pretending its yoga.
      -Little Sis Michaels

    15. 15
      Posted by guest | October 9, 2009 at 12:14 PM

      @14 Winner!
      And welcome…

    16. 16
      Posted by guest | October 9, 2009 at 5:10 PM

      Greg, we’ll do your ass one way or another, you suck.

    17. 17
      Posted by guest | October 9, 2009 at 5:14 PM

      Gregum,
      Mommie got a date with the new Nobel peace laureate. The wet nanny will nurse you tonight.
      Your dearest mommy.

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