ABC Evening News Rocks

[myhouseNH]

They just did another great segment on the struggles of the middle class and the joke that is the loan modification program. It's great to see the news programs giving this issue a voice.

[kmdane]

GREAT - I E-Mailed them last week - too late -

[goldie]

They just did another great segment on the struggles of the middle class and the joke that is the loan modification program. It's great to see the news programs giving this issue a voice.

Thanks for the tip. I'm West Coast, so still have time to see it.

[msndrstood]

The more media the better, I always say.

[foldem]

Check it out

Saving the Middle Class: Whistle-Blower Says Banks Not Helping Americans Modify Mortgages - ABC News

[whatsinaname]

DRAT! I wish I had seen this program!!!!! I missed it.

[trailpayment]

Whistle-Blower: Banks Give Homeowners the Runaround


800-Numbers Lead to Runaround as Banks Refuse to Modify Mortgages


By DAVID MUIR
March 23, 2010

56 comments

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A vice president for one of the nation's biggest banks claims customers looking for help in lowering their mortgage payments are often told to call an 800 number -- where he says representatives then give homeowners the runaround.

"World News" has an exclusive look at how banks avoid modifying mortgages.


The bank executive spoke to ABC News on the condition that ABC News not show his face or name him, because he feared coming forward would cost him his job.
Of the 1.1 million homeowners who've signed up for the federal program aimed at avoiding foreclosures, only 168,000, or 15 percent, of homeowners have had their mortgages permanently modified.
"In our managers meeting, which can last eight or nine hours, we probably addressed mortgage modifications five minutes or less," the banker said.


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Americans Frustrated by Banks

Jay and LeeAnn Givan are two of those frustrated Americans who reached out to ABC News about their banks. They say they've run out of time and money. Both lost their jobs in the recession, and they have been begging their bank since last September to modify or refinance their mortgage. Six months later, all the paperwork and phone calls have amounted to nothing.
"The bank's not interested in helping us," LeAnn said. "Just a couple of weeks ago, Jay was on the phone for two hours being transferred from department to another department until finally somebody told him, 'Look, we can't help you until you stop paying on your house.'"

The couple made its last mortgage payment last week.
"I have heard that," the banker said. "That will affect their credit card, their insurance, [have] a big effect on their credit history."
The banker described homeowners pleading to him for help, but he said his bank is not interested in modifying mortgages, even after taxpayers helped bail out the nation's biggest banks.
"It's just not happening," said the banker.
The banker said there is significant pressure on bank employees to get customers to take on more accounts than they need because of the late fees and penalty fees that will then come from those accounts.

[whatsinaname]

We should invite ABC to Loansafe!

[msndrstood]

Its only an eye opening experience for the rest of America. We've been living the life here folks. Most of us haven't told close family or friends and even then they have no idea what it is like going through this crap.

I agree whatsinaname, we should invite all the media to this site.

[keneke]

msndrstood

I couldnt agree with you more!!!

[pandabear10]

I would like to know which bank they were talking about. they need to show more and more of this because i don't beleive people are really getting modified like they say.

[Marie T]

I would like to know which bank they were talking about. they need to show more and more of this because i don't beleive people are really getting modified like they say.

I saw the show and was wondering what bank it was as well. Not CHASE as CHASE has given permanent mods, mine is one of them. I do think it is an eye opener for some people but of course all of us are very aware of the loan mod world. I have only told a couple of very close friends and only then because I thought I could help them or in one case, a friend's sister.

[pandabear10]

glad to know it was not chase no use explaining it to people who don't understand. i tried explaining to my friend and she got frustrated just listening to me.

[myhouseNH]

I agree with msndrstood I haven't told many people and those I have told don't really understand what we are going through. I swear my own sister thinks I'm making it all up. I have posted the segment on my facebook page so I'm "outing" myself.

I was glad my husband watched it because he thinks I'm "being negative" that everything will work out. I like to prepare myself for the worse and hope for the best.