KPHO TV Phoenix: Govt Plan Helps Few Homeowners

[davephx]

KPHO TV Phoenix: Govt Plan Helps Few Homeowners
Great TV "Telling like it is" Story 11/3/09

The video lead in is great - "Well it is not working. That is what some housing experts are saying about the program President Obama announced right here in AZ. The problem is homeowners aren't getting the help they need."

They show graphic and saying "The Promise" - Telling it Like it is - The details -

Clip of Obama in Phoenix saying program I am focusing on is rescuing families, who played by the rules"

Than show the Rezniks - part of script but video is better

"From the consumer's point, it's a failure,” said Kevin Hardin, Thomson Conant Mortgage Mediation Group Director. Since the program was announced in February, Hardin’s group has worked to secure government loan modifications through the Home Affordable Modification Program for about 100 clients. “We've not been able to secure a permanent modification for any of them,” Hardin said.

That includes Sun City residents Al and Judy Reznik, who have been waiting since May to find out if the government will give modify their loan mortgage loan. “We are in absolute limbo. We don't know what’s going to happen or what we're supposed to do,” said Judy Reznik. They said they will have to foreclose on their retirement home and rent an apartment, if they do not receive a permanent modification before the end of the year. “It's terrible,” Judy said, “Because I am sitting here and saying, ‘Should I start packing my stuff to move?

Hardin said the government program fails to give banks financial incentives to modify loans and to modify them quickly. “In the scheme of things, foreclosures are big business,” he said. “The government did not fully understand how mortgage loans are securitized. They did not understand and do a true economic analysis to find out where those incentives needed to be to motivate a servicer to say ‘No. We would rather do modification than to do a foreclosure.'”

A Treasury Department spokesperson said efforts are being made to streamline the application process for homeowners. For example, homeowners now only have to fill out one form to apply for HAMP and documents can now be submitted electronically.

However, the COP report found the problems with the program run deeper. It said without changes, “... the result for many homeowners could be that foreclosure is delayed, not avoided

Full article and good news clip at Panel: Govt Plan Helps Few Homeowners - Money News Story - KPHO Phoenix

[AZOwner]

HEY! Were they on YOUR contact list?! I have to see what I can find. . .

Thanks Dave, GREAT story.

[AZOwner]

KPHO.com - Contact

You ran a great story RE homeowners not getting the help the HAMP program intended. Huffington Post also revisited this problem this week and highlights a petition to Congress from Homeowners, here are the links: Richard Zombeck: Homeowners: "Hey Congress, Get Off Your A**"
PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |


Wrote under News Tips with the Subject Homeowners on Huffington Post

[Social Apocalypse]

GREAT catch Dave! LOVE the power of this forum with thousands of eyes snagging these threads of relevance. I consider our family here at LoanSafe.org the "loom of change" where all these threads are woven into a tapestry of truth with caring hands! Great job!

[caldwellb02]

Nice Dave, and thanks for taking this further AZ. On days when I'm a puddle, there are always many others on this forum continuing the charge. We are a real force here at loansafe and I love your analogy TB - a tapestry of truth being woven through our conviction, courage, coordination and care.