DISTRESSED HOMEOWNERS IGNORED BY MORTGAGE COMPANIES, BANKS

July 28, 2009

On February 18, 2009, President Obama announced a $75 billion program "The Homeowner Stability Initiative" to assist distressed homeowners and help rescue their homes from foreclosure. The intent was right on target, but implementation has been ignored by holders of residential mortgages. It has to be apparent that the holders of these notes are going to do everything possible to profit even more from the fraud that they have engaged in and greed they have continued to show throughout this crisis.

This well-intentioned program has not only been under promoted, it has barely been implemented. To date, the program has been used on a "trial basis only" according to Administration sources. You have to ask yourself why, when 1.5 million homeowners have lost their homes to foreclosure already this year and it is estimated that 5 to 6 million may suffer the same fate before this situation stabilizes, aren't the Program's funds being utilized with the same speed as "rescue funds" given to insurance companies, banks, automakers, etc.?

There can only be one answer. Lobbyists for the banking/mortgage company crooks and personal relationships between their CEOs and politicians on Capital Hill are preventing these committed funds from being used to ease the rate of foreclosures. These people have no conscience and have only one goal: Squeeze every dollar they can from this scheme because it's unlikely they can pull off a beauty like this one again right away.

Homeowners facing foreclosure and those who continue to be ignored by their mortgage companies must insist that this program be instituted completely and immediately! The Administration must also insist that all pending foreclosures be reviewed by an unbiased Program panel prior to a sale being scheduled. Additional sanctions should also be levied upon these unresponsive financial institutions to stop further abuses of homeowners by these greed-driven individuals.

An MSNBC article from February 18th that announced the Program is linked below:

http://www.msnbc.msn.com/id/29256639#storyContinued