Thursday, August 06, 2009
This article worries me..and yet is not so shocking, I live in a hood full of foreclosed homes and empty houses....I have seen no one bailed out. And at night a new phenomena, people sleeping in cars down near the park.....
Click the title to read the Wapo article, here is a Snippet::
"Less than 10 percent of delinquent borrowers eligible for the Obama administration's foreclosure prevention program have received help so far, according to Treasury Department estimates released Tuesday, which also illustrated how unevenly the effort has been carried out.Of the 2.7 million borrowers who have missed at least two mortgage payments, only 235,247 have received loan modifications since the $75 billion program was launched in March. Most of those modifications have been completed by just a few banks; other lenders have modified far fewer loans under the program.
"We're encouraged by the way the program is ramping up," said Michael Barr, Treasury's assistant secretary for financial institutions. But "we're disappointed in the performance of some of the servicers -- we think they could have ramped up faster . . . and we expect them to do more."Under the program, J.P. Morgan Chase has modified 20 percent, or 79,304, of its borrowers who have missed at least two payments. Saxon Mortgage Services, which is owned by Morgan Stanley, has modified 25 percent of its eligible delinquent borrowers. Citigroup has modified 15 percent, or 27,571, of its delinquent borrowers.
But other large banks are lagging. Bank of America has modified 4 percent, or 27,985, of its delinquent borrowers. Wells Fargo has modified 6 percent, or 20,219."
It bothers me to walk by all of these empty homes and then at the end of my street to see people sleeping in cars....there is something very wrong with this picture...