August 6, 2009
It's beginning to look like the Homeowner's Stability Initiative program and the $75 billion that was to fund it, is being used to further line the pockets of everyone but homeowners. Months have passed with no action to even formally implement the program, instead Congress allows lenders to continue to foreclose on homes that could have been saved under the program.
We're calling on the House Banking Committee and Chairman Barney Frank and the Senate Finance Committee and Chairman Max Baucus to immediately investigate why this program is apparently being blocked and why the money to fund the program is being used for other purposes.
Why is Congress refusing to help homeowners? It's estimated that nearly 50% of all homes with mortgages will be "underwater" in the next 2 years. Does Congress and lenders really think Americans are so stupid that they will continue to pay on these loans? And, just because "existing" home sales have risen recently, does Washington think we don't realize it's because foreclosed houses are being sold at greatly reduced prices? This is the real estate recovery they're predicting? I guess the economy will really spring to life when greedy lenders have foreclosed on half of all homes with a loan!
Mr. Frank, Mr. Baucus, you must immediately require ALL lenders to contact homeowners and offer them a new, low interest, fixed-rate mortgage AND a reduction of principal inline with current market values. The new mortgage must include paying all outstanding State property taxes and insurance payments and adding that amount to the new principal. The new fixed-rate mortgage must also require the mortgage company to escrow money from monthly payments to cover paying annual property tax and insurance payments in the future.
Showing posts with label Homeowner Stability Initiative. Show all posts
Showing posts with label Homeowner Stability Initiative. Show all posts
Thursday, August 6, 2009
Tuesday, July 28, 2009
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
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
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