Monday, March 14, 2011

Uprising In Washington

Has the time arrived for every person in the US who has or is going through the months long, excruciatingly abusive and demeaning process of attempting a loan modification... been lied to by numerous bank representatives... been passed around from one agent to the next... to the next...always getting the same treatment...even with proof of delivery is provided, has repeatedly been told that documents that have been sent were not sent... been told that the bank will not even consider a loan modification when you are current, compelling you to become delinquent, and in default, only to eventually have been rejected due to the Treasury dept. agreement with the banks, allowing them to use the mysterious Net Present Value (NPV)... thereby denying any form of mortgage relief... without which there can be no real truet economic recovery.

The "experts" state that there are some 20,000,000 plus homes underwater in the United States... "We the People" were told that the banks were "too big to fail"; and we bailed them out. These rare the very same banks which are now refusing any form of mortgage relief... without which there can be no real true recovery for the economy... it must be that our congress believes that "We the People" are too small to save...

Perhaps the time has arrived for a peoples mortgage uprising in Washington... Perhaps if a million or millions people protest on the Mall, congress might.... just might correct this massive injustice...

1 comment:

  1. Mortgage relief is the deferral of payments or the addition of debt that increases debt and puts a homeowner further underwater. This only delays the inevitable (the market isn't coming back anytime soon) and only benefits the bank.

    TARP should have gone to the homeowners in the form of principal reduction. It didn't, it went to the banks who covered their bad investments, paid bonuses and left the homeowners in the same shape that they were in before TARP.

    If there is a principal reduction package it has to be across the board. It cannot be just for those that gamed the system. Those of us that paid 20% down should be included. You cannot reward bad behavior and expect that it won't happen again.