Loan Modification Forum - LoanSafe.org - View Single Post - Final Housing Bill Passes House, Bush to Sign into Law

Moe Bedard · 07-26-2008, 07:48 AM

I wrote about this on my blog and I'll cut and paste some highlights here. The facts are that this will not do any good for 95% of the people who are struggling with their exploding mortgages because in order to get relief, lenders and servicers will have to comply and participate in making this work for you all.

It is 100% voluntary for the lenders and servicers to do this. Meaning to participate and help.

Many of you know that many of these same lenders and servicers are far from cooperative and NOT willing to help. So, what makes me think they will now? I don't think they will do more than they have been doing now.

This bill is nothing more than a tax payer supported bail out of Fannie Mae and Freddie Mac with a little sprinkling of good for a very few select group of people who this bill will help.

07-26-2008, 07:48 AM	#26 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Final Housing Bill Passes House, Bush to Sign into Law I wrote about this on my blog and I'll cut and paste some highlights here. The facts are that this will not do any good for 95% of the people who are struggling with their exploding mortgages because in order to get relief, lenders and servicers will have to comply and participate in making this work for you all. It is 100% voluntary for the lenders and servicers to do this. Meaning to participate and help. Many of you know that many of these same lenders and servicers are far from cooperative and NOT willing to help. So, what makes me think they will now? I don't think they will do more than they have been doing now. This bill is nothing more than a tax payer supported bail out of Fannie Mae and Freddie Mac with a little sprinkling of good for a very few select group of people who this bill will help. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.