I am constantly confounded by the way Government runs and handles programs. While this is not a partisan attack of one administration or another, it is certainly an attach of the current one creating the process.
The current housing market is a “prime” (pun intended) example of just such.
The process of rewriting or reworking a mortgage for a home owner is onerous, confusing, and shrouded in mystery.
I can attest to that, as I have tried in vain to get some resemblance of help on my house in Chicago. The company I have currently- American Home Mortgage, is in receivership.
That means not only can they not attempt a modification, they have- according to the Obama scorecard- helped exactly ZERO homeowners.
Yes, there is indeed a problem.
The following article does a good job of outlining the issues and challenges.
http://www.msnbc.msn.com/id/35062033/ns/business-mortgage_mess//
Take a look at the following paragraph for the steps in sequence. I especially like the use of the word “simple” in the first sentence. If it were so simple, why is nothing getting done?
“Saving a home from foreclosure can be as simple as rewriting a costly, high-rate subprime loan to prevailing mortgage market rates. If that doesn’t bring the payment to within roughly 31 percent of a homeowners’ monthly income, HAMP guidelines require mortgage servicers to follow a step-by-step process to cut mortgage payments further. First, they can write down the interest rate to as low as 2 percent and then stretch the term of the loan to 40 years. If that doesn’t work, lenders can cut the amount of principal owed.”
My suggestion is to turn the entire program UPSIDE DOWN!
That doesn’t mean throw it out, it means start from the bottom.
If the government would “force” the mortgage companies to rewrite all the current mortgages at “current” market value, you would be able to take a fresh approach.
For instance- if a house was worth $900,000, and is now only worth $600,000- take the write down and create a new mortgage at that amount, and into a fixed interest vehicle
The lender could then look at the new payment amount and quickly determine if the current homeowner could afford the property.
Under the current program, the loan is modified at the current amount owed- which in the end, really gives little incentive to paying on a property.
The Government’s solution? Let’s give the lender $4K in a bounty to try to rework a loan? Funny?
What a disaster.
Why not find a why to really help the homeowner in a way that makes sense for them.
Is that going to happen? No, it seems the Governments next big solution to this problem is……..to give more disclosure of the guidlines…that in and of themselves aren’t working.
Ahhhh, you have to love big Government.
Thank you for the information. I have been trying to avoid foreclosure and this helps me put things in perspective
You have to express more your opinion to attract more readers, because just a video or plain text without any personal approach is not that valuable. But it is just form my point of view
I will never understand why the banks won’t just implement a loan mod plan and do it. Many people have just stopped paying and they would atleast be able to turn a profit.
I’d just like to say keep at it to all those who are trying to get a modification approved. It took me a total of 10 – exhuasting – months to complete mine.
There is obviously a hole lot more to read about this. I think you made some decisive points in Features also. Keep working ,great write up!
Fantastic article, keep up the good work.
I must say I really like your writing style it is so much better than most blogs I read.
Good post! here’s a good one for ya, an organization is like a tree of monkeys… all on different limbs,… at different levels,…some climbing up. The monkeys on the top look down and see a tree full of smiling faces. The monkeys on the bottom look up and see nothing but a%Xholes. hahahah work is too serious joke a little!
Good post! here’s a good one for ya, an organization is like a tree of monkeys… all on different limbs,… at different levels,…some climbing up. The monkeys on the top look down and see a tree full of smiling faces. The monkeys on the bottom look up and see nothing but a%Xholes. hahahah work is too serious joke a little!
[...] Trackback > Another example of a poorly run Government Program BigBamboo, LLC – http://bigbamboollc.com/2010/01/another-example-of-a-poorly-run-government-run-program/ – Soft money may be the solution to you or your clients challenge!… http://commercial-funding.org/ [...]
Very nice information.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work Look forward to reading more from you in the future.
I was just wondering if you have blogs on any other niche as i really like this blog?
Hey I came across your webpage by accident on feedburner while looking for something completely obscure but I am truly glad that I did, You have just earned yourself another subscriber.
A handy sight on this you possess, though I do not accept almost everything that have been mentioned I can see your case.
I thought it was going to be some boring old post, but I’m glad I visited. I will post a link to this site on my blog. I believe my visitors will find that very useful.
Весьма признателен за помощь в этом вопросе, может, я тоже могу Вам чем-то помочь?…
The current housing market is a “prime” (pun intended) example of just such. The process of rewriting or reworking a mortgage […….
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with more information? It is extremely helpful for me.
Protandim May Serve As Cancer Protection…
I saw this really good post today and related content i think…
A thoughtful insight and ideas I will use on my blog. You’ve obviously spent a lot of time on this. Congratulations!
Someone I work with visits your blog regularly and recommended it to me to read as well. The writing style is excellent and the content is relevant. Thanks for the insight you provide the readers!
Great stuff you might have in here!I’ll visit this great site once more.Love http://bigbamboollc.com/2010/01/another-example-of-a-poorly-run-government-run-program
I’ll return here once again.When i like this blog
Love http://bigbamboollc.com/2010/01/another-example-of-a-poorly-run-government-run-program/
I thought it was going to be some boring old post, but I’m glad I visited. I will post a link to this site on my blog. I believe my visitors will find that very useful.
I’ll return here once again.When i like this blog
Love http://bigbamboollc.com/2010/01/another-example-of-a-poorly-run-government-run-program/
Someone I work with visits your blog regularly and recommended it to me to read as well. The writing style is excellent and the content is relevant. Thanks for the insight you provide the readers!
Someone I work with visits your blog regularly and recommended it to me to read as well. The writing style is excellent and the content is relevant. Thanks for the insight you provide the readers!
A handy sight on this you possess, though I do not accept almost everything that have been mentioned I can see your case.
Hello, I have been reading your sites content for a while now, actually, probably since you started. It consists of very intriguing and informative content. I love to start my day off at times just by browsing through and seeing if there is anything new up on the site. Good work, I really hope you can get in touch with me and we can possibly have a chat together. Would love that.
It was an total pleasure to read through your piece with all the interesting themes you write about. My imagination went wild with all the detailed words you used. Please remain to grace us with your work as it is sincerely enjoyed.
Thanks for keeping it real. Your information is good and happy I found it while searching google for a car part. I bookmarked your site on my delicious account so I can check back with ya. Peace out from Blaine, Ky.
I was’nt sure I would like this site since it was about Another example of a poorly run Government Program BigBamboo, LLC but I was wrong and thought it was cool and found it on AOL . Thanks and I’ll be back as you update.
nice post!
I’m pleased I discovered this website, I couldnt locate any info on this subject before. Also run a niche site and if you are ever serious in a little bit of guest writing for me please feel free to let me know, im always look for people to check out my blog page. Please stop by and leave a comment sometime!
Decent article. I just discovered your blog and wished to say which I have really enjoyed reading your opinions. In whatever way I’ll be subscribing for your feed and Lets hope you post again soon.
This was novel. I wished I could analyze every post, but i have to go back to work now… But I’ll be back.
Hi there could I use some of the content from this entry if I link back to you?
Thanks For This Post, was added to my bookmarks.
I think this post was probably a solid beginning to a potential series of posts about this topic. So many bloggers pretend to understand what they are preaching about when it comes to this topic and generally, hardly anyone actually get it. You seem to really dominate it however, so I think you ought to start writing more. Thanks!
I really enjoy what you blog about here, very fresh and intelligent. One problem though, I’m running Firefox on Debian and some of your content are a little broken. I know it’s not a popular setup, but it’s still something to to keep in mind. Just tossing you a heads up.
Very informative post. Thanks for taking the time to share your view with us.
Hello, this is my first time i visit here. I found so many interesting in your blog especially on how to determine the topic. keep up the good work.
You certainly have some agreeable opinions and views. Your blog provides a fresh look at the subject.
Your feeds are fed into other blogger’s RSS feeders, making it syndicated or putting in another way, people out there will subscribe to them and receive online copies of your text.
Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I’ll be subscribing to your feed and I hope you post again soon.
This is a really good read for me. Must admit that you are one of the coolest bloggers I ever saw. Thanks for posting this informative article.
I agree with the author that we need to share the knowledge we gain!. . . . . .
Pretty insightful post. Never thought that it was this simple after all. I had spent a good deal of my time looking for someone to explain this subject clearly and you’re the only one that ever did that. Kudos to you! Keep it up
I have been surfing online more than three hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my opinion, if all webmasters and bloggers made good content as you did, the internet will be much more useful than ever before.
Resources like the one you mentioned here will be very useful to me! I will post a link to this page on my blog. I am sure my visitors will find that very useful.