New Mortgage Modification Rules offer only HOPE
Impotence… Bulls, Banks, Beggars seek Loan Modifications.
HOPE, an inactive verb. HOPE is some you need in an absence of ACTION and RESULTS.
Tonight there are thousands of call center employees fielding phone calls from home owners. The home owners are begging for loan modifications, fully expecting that the new Obama Modification Regulations will save them money, save their homes from foreclosure. But for many of these home owners, foreclosure isn’t really a risk, they simply want to improve their rate, or extend an ARM loan that might be about to adjust.
Home owners are hearing rumors about 125,000 home owners who got loan mods, and about banks who are just ‘writing off the balance of mortgages’. I’ve heard the rumors too. I’ve even seen it happen in a couple instances, but its amazing how few home owners have actually been ‘assisted’.
Instead, the rooms full of bank employees who are fielding these calls are trained to placate and comfort, and delay home owners. “Tell them it takes 60, 90, 120 days. Tell them to send in more paperwork. Tell them to check back with the bank weekly.” Yes, banks are finally answering their help hotlines, but help is not what they offer to home owners, it is HOPE, an inactive verb. HOPE is some you need in an absence of ACTION and RESULTS.
The bank bulls have become impotent. Replaced by lazy, lost cows, afraid of the electrical fences being erected by the Government at the new Animal Farm.