Will the Moratorium last or is it an election Ploy?

Are we at the beginning of the end for the banks, or IS THIS JUST another game being played on the US citizens?  Do we vote people into office who say they are going to help, only to be scammed again? 

What choice do we have?  What are they really planning? 

Government to Deploy Broader Mortgage Aid

THEY SAY....

The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.
 underwater loans could be  modified through the program,

(REALLY IF IT COULD BE THEN IT COULD NOT BE  Right?)

 the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.

REALLY COULD DO SO AGAIN?  YOU MEAN THE BANKS COULD TIE THINGS up, THE LOAN MODS DIDN'T TIE THEMSELVES UP. 

Under the new "short refinance" program, banks and other creditors that write down mortgages to less than the value of the property ( can) essentially hand off the reduced loan to the government.


 The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
While the program puts taxpayers at risk—officials estimate one in five loans in the program could default—

THIS PART IS IMPORTANT.

(THE LOANS THAT RE-DEFAULTED WERE THE ONES GIVEN IN HOUSE MODIFICATIONS THAT WERE NOT MODIFIED ENOUGH TO HELP THE HOMEOWNER)  LETS CALL IT WHAT IT IS. THE IMPLICATION IS THAT THESE PEOPLE ARE DEADBEATS AND WILL DEFAULT NO MATTER HOW MUCH HELP IS GIVEN THEM, WHEN IT IS the banks that are stealing from the poor.  Like of like the opposite of Robin Hood.  Steal from the poor and give to the rich.
the government has set aside $14 billion previously earmarked for housing aid from the Troubled Asset Relief Program to cover losses.

  WHOSE LOSSES ARE BEING COVERED?  THE BANKS?  THE GOVERNMENT?  HOW ABOUT THE HOMEOWNERS?  ARE THEIR LOSSES BEING CONSIDERED?

"The new program, which was announced in March, is starting as the housing market shows signs of renewed trouble and as the Obama administration's signature Home Affordable Modification Program, or HAMP, falls short of its goals of helping three million homeowners. Half of the 1.3 million borrowers that enrolled in temporary loan modifications have fallen out of HAMP because they didn't qualify.


THIS PART IS INFURIATING TO SAY THE LEAST.  BORROWERS FELL OUT OF LOANS BECAUSE THEY DIDN'T QUALIFY???????

Only one-third has received permanent modifications.

 NOT BECAUSE THEY DIDN'T QUALIFY...............BUT BECAUSE THE BANKS COULD MAKE MORE MONEY FORECLOSING THAN DOING A MODIFICATION they were put into temporary mods to trick then into paying less than their original payment so the bank could then steal their home.


The initiative also comes as mortgage rates fall to their lowest levels in more than 50 years. Average rates on 30-year fixed-rate loans dropped to 4.43% last week, down from 4.55% during the previous week, according to a survey published Wednesday by the Mortgage Bankers Association."

"But not every homeowner who is underwater can participate. The bank or investors that own the loan must be willing to write down its value"  CAN'T PARTICIPATE?   WHAT?  YOU MEAN IS NOT GIVEN A MODIFICATION. PERIOD.  THEY CAN PARTICIPATE BUT ARE NOT OFFERED THE OPTION... FOR GOD'S SAKE CALL IT WHAT IT IS.