Monday, July 20, 2009

Nobody Listens To Me

But if only the administration had more actively backed legislation which would've allowed bankruptcy judges to modify home mortgage debt the way they can modify yacht and vacation home debt. It could've even been limited to "exotic" mortgages or whatever (pick-a-pay, etc.).

FedMod is but one example of how many of the same people who dispensed risky mortgages during the real estate bubble have reconstituted themselves into a new industry focused on selling loan modifications.

Despite making promises of relief to homeowners desperate to keep their homes, FedMod and other profit making loan modification firms often fail to deliver, according to a New York Times investigation based on interviews with scores of former employees and customers, more than 650 complaints filed with the Better Business Bureau, and documents filed by the Federal Trade Commission in a lawsuit against the company.

Obama really needs to start listening to people who have a clue.