CNN: 500,000 helped by Obama mortgage rescue

[scheming daemons]

Loan servicing companies have put 500,000 troubled borrowers into trial mortgage modifications, the Obama administration said Thursday.

The administration set that target in late July after it came under fire for not helping homeowners fast enough.

Officials increased the pressure on servicers to speed up their implementation of the president's foreclosure prevention plan, which calls for reducing eligible borrowers' monthly payments to no more than 31% of their pre-tax income. Servicers had until Nov. 1 to hit the half-a-million mark.

The administration also released a related report Thursday showing that 16% of eligible troubled borrowers at least 60 days delinquent were placed into trial modifications as of the end of September. This is up from 12% a month earlier.

President Obama announced the $75 billion initiative in February and the first institutions to join began accepting applications in April.

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http://money.cnn.com/2009/10/08/news/economy/Mortgage_modifications/index.htm?postversion=2009100814




"But wait, it's been 9 months and he hasn't DONE anything!"

[BlooInBloo]

1. But *I* personally wasn't helped! Therefore he has done NOTHING!!

And that's close to the best toon ever, btw. :rofl:

[NNN0LHI]

2. Let me be the first to recommend this one

[BlooInBloo]

You weren't.

:)

[scheming daemons]

3. LOL... at people unreccing 500,000 families being helped....

[Cant trust em]

4. The banks are the ones holding up the program.

They haven't exactly been eager to modify the loans.

[scheming daemons]

6. And even so... half a million families have been helped...

[Cant trust em]

9. Don't get me wrong, I'm happy with the program.

I just know where the blame lies.

I work for a housing counseling agency.

[tridim]

8. I just applied this week and the bank said it takes 3-4 MONTHS to process

I don't believe them because right after that they suggested I sell my house while I'm waiting.

Assholes.

[Cant trust em]

10. Not exactly an honest negotiator, are they?

Are you getting any advice from a non-profit housing agency or anything like that?

[tridim]

12. Not yet, I'm just starting the process.

At least I now know the bank (which just took over WaMu) has no interest in owning my upside-down house. Hopefully that'll stave off the forclosure long enough for me to get back on my feet.

Do you have any suggestions who I should contact?

[Cant trust em]

13. Where are you from?

There must be a counseling agency out there somewhere.

If you're in the Bay Area, come see us. www.medasf.org

[tridim]

15. I'm in Colorado.

I figure these services will be helpful if and when I get the foreclosure letter. I'm going to use the "produce the note" strategy when the time comes.

[Cant trust em]

16. I'd recommend going to see someone ASAP.

If you can head a problem off at the pass, then that could save you a headache down the line. Who knows?

[tridim]

17. Thanks for the advice. I'll get on it.

[Soylent Brice]

5. excellent news! K&R

[wroberts189]

7. Point taken. knr.

[Inuca]

11. Great cartoon!

the news aren't bad either :-)

[redqueen]

14. K&R