HAMP and the Mortgage Modification Mess
Anyone who is involved in the foreclosure problem or who is feeling a bit pinched financially is probably aware that our good ‘ole federal government is out there to help us all through these tough times….right? I mean the auto makers received bajillion dollar bailouts from taxpayer money. Wall Street received bajillion dollar bailouts in taxpayer money. The mortgage lenders who are in such trouble received bajillion dollars in taxpayer money. The servicers who collect the money for the mortgage lenders received bajillions of dollars in taxpayer money.
So what about the taxpayer…whose money was used to provide all the bailouts above. Of the millions of people across this country who are hurting and who generously opened their checkbooks to bailout all the poor businesses above….how much help are they getting?
Well, while you and I have committed to pay $50 Billion dollars…that commitment has gotten us
A GRAND TOTAL OF 296,000 PERMANENT MORTGAGE MODIFICATIONS!
That’s right….the total number of modifications across the US is 295,000…out of the millions of people who are hurting…all that were deemed worthy of help is that small number. Read the entire report here. Of the millions of people in Florida who need help, only 115,000 got any assistance at all..of the hundreds of thousands of people in the Tampa bay area who need help, only 4,678 got any assistance at all.
Read the report carefully…there’s not anything good at all in it….it just supports my basic understanding that those at the top are becoming wildly rich on all this while the normal people just wallow along with no real hope for them…..