Another one bites the O'dust

[SNAFU]

Another nail in the coffin?

http://finance.yahoo.com/news/Borrow...34101.html?x=0

[theGinsue]

But, but, I was so sure that well wishes and pixie dust was all it would take to save my home loan. I just don't understand how this could happen Mr. Bank Man.

You'll have to wait to foreclose on us, you greedy Capitalist, until we get back from our 14 day trip to Puerto Vallarta!

The nerve of some people. So greedy and uncaring. I have half a mind to drive my new BMW over to your local offices and give you a piece of my mind right now.

[Anton]

"Many borrowers complained that the banks lost their documents. The industry said borrowers weren't sending back the necessary paperwork."

My parents were rejected from this program because, according to the bank, they didn't send in the necessary information. I know for a fact they not only sent the necessary information but sent duplicates, triplicates, and more, because I helped them do the paperwork. Kind of fishy, don't you think?

[theGinsue]

"Kind of fishy, don't you think?

Nope. I never expected the program to help very many people at all. In fact, I actually expected it to cause a lot more harm than it would ever create in assistance.

It's just another "hope" scheme created by the BO administration - with a total lack of foresight and no substance to make it work. The whole deal was doomed before the first person ever applied.

[ColoEnthusiast]

I know of more than one person that tried to get the adjustment.
Of those, I only know ONE COUPLE THAT GOT IT. He just happened to be a loan officer. They did need it, but why were they the only ones that could make it through the process??
Banks don't want to modify loans. Regardless of the B.S. on tv, most homes are probably still worth more than the loan payoff. Better to get all that money right now than wait month after month for the pmts coming in at a reduced interest rate.
I read somewhere that all the money given and/or lent to the banks was enough to pay off every mortgage in America. Wouldn't surprise me. If true, that certainly would have freed up plenty of money for banks to lend for business startups and new homeowners.