Mortgage relief reaches fraction of homeowners

[brentspeak]

http://www.msnbc.msn.com/id/34366879/ns/business-real_estate

Mortgage relief reaches fraction of homeowners
Setback for Obama administration effort to stem growing foreclosure crisis

WASHINGTON - Just over 31,000 homeowners have received permanent loan modifications since March under the Obama administration's mortgage relief plan, spotlighting some of the program's failures.

Among big lenders, Bank of America Corp. had the worst results. The nation's largest lender had only completed 98 modifications for the 160,000 borrowers who had signed up by the end of November. GMAC Mortgage had the most of any lender, just 7,100.

The Treasury Department, which released the figures Thursday, said it will step up pressure on the industry to improve. The administration's focus is to "get as many of those eligible homeowners as possible into permanent modifications," said Phyllis Caldwell, chief of Treasury's homeownership preservation office

Which brings us back to April of this year...

http://www.huffingtonpost.com/2009/05/08/white-house-silence-may-h_n_199892.html

White House Silence May Have Doomed Mortgage Cramdown Bill

Washington Independent:

Though mortgage bankruptcy reform has been a central component of the Obama administration's foreclosure prevention strategy, the White House all but abandoned the proposal in the days leading up to last week's Senate vote, providing some Democrats with the political cover to kill the bill and leaving supporters scratching their heads in wonder why the administration didn't push harder for passage.

The proposal, sponsored by Sen. Richard Durbin (D-Ill.), would have empowered bankruptcy judges to reduce, or "cramdown," the terms of primary mortgages, allowing some struggling homeowners to avoid foreclosure. Obama supported the measure on the campaign trail last year, and endorsed it again in February as he unveiled his anti-foreclosure plan.

[aikoaiko]

1. The only "relief" I've gotten is my property taxes have gone down.

because some many houses can't sell or have been foreclosed.

[Kurt_and_Hunter]

2. You mean they don't just adjust the rates? Lucky you.

My town figures out what $$$ they need, do the annual assessments, and then set the rates to equal the desired $$$

[aikoaiko]

3. Not yet.

But my city council is not exceedingly bright. It will happen eventually.

[Better Believe It]

4. K & R Thanks for the links!