I have been blogging, stressing and ranting about loan modifications long before it became hip and cool to talk about helping struggling homeowners and taking the consumerist approach to the crisis.
Even before Sheila Bair of the FDIC and most of the non-profit advocates piped in on loan modifications, I was telling it like it is here on Loan Workout and Loan Safe well before it became hip to do so. This blog is going on over 16 months, over 700 articles on the subject of loan modifications and has had millions of visitors. We are the real deal!
So with that said, I have seen, read and researched it all and I am telling the media and the public, DO NOT BELIEVE THE LENDER LOAN MODIFICATION HYPE! AKA PROPAGANDA…
Until these lenders and mortgage servicers hire the appropriate personnel and have the proper amount of office space, all these statements about modifying billions in home mortgages is 100% lip service.
This past year has shown that anyone can garner a press release and make foreclosure prevention claims. But, until these claims are backed up by real action, NONE of these lenders and mortgage servicers are telling the truth and or truly “helping” in an adequate and sufficient fashion.
From Countrywide Home Loans who is now Bank of America, from Fannie to Freddie, from Chase and now to Citi. It has now become hip to announce billion dollar loan modification efforts without the right muscle to back up the foreclosure fighting claims.
It’s like in 1989 when the Exxon Valdez spilled millions of gallons just off the coast of Alaska. Imagine Exxon executives coming to the cleanup effort and media press releases with a row boat and hand broom saying we have it under control, because that is exactly what these lenders and mortgage servicers are doing.
Can anyone say propaganda? – Progoganda is aimed at influencing the opinions or behaviors of large numbers of people. As opposed to impartially providing information, propaganda in its most basic sense presents information in order to influence its audience. Propaganda often presents facts selectively (thus lying by omission) to encourage a particular synthesis, or gives loaded messages in order to produce an emotional rather than rational response to the information presented. The desired result is a change of the cognitive narrative of the subject in the target audience to further a political agenda.
Propaganda is the deliberate, systematic attempt to shape perceptions, manipulate cognitions, and direct behavior to achieve a response that furthers the desired intent of the propagandist.
Bottom line America, in order for lenders and mortgage servicers to back up these loan modification claims, they need to go on a MASSIVE hiring and expansion spree and I mean massive!!!!!!!!!!!!
Come on lenders, you know what Moe is talking about!
You know, ALL those loan officers and mortgage brokers who helped make ALL these bad loans over the past 3-5 years, you lenders and mortgage servicers REALLY HAVE to hire that number of people back in order to “truly” help ALL the borrowers / homeowners who are NOW suffering as a result of these toxic mortgages.
This is common sense right America?
Think about this folks. If 90% of these loan officers and brokers are out of business or laid off that helped make these loans that are now going bad (even these laid off mortgage professionals are in foreclosure), how do these lenders expect to fix these same mortgages when they are operating at 5-10% capacity? Especially in a much, much more labor intensive process known as loss mitigation and foreclosure prevention outreach?
DUH, BECAUSE YOU CAN’T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
{ 1 comment… read it below or add one }
You are 100% correct I just dont know why it doesnt get more exposure and attention it is crazy what is going on in the loss mitigation departments at these lenders/servicers do they get an employee handbook on how to handle this or is there an incentive for them to politely undermine the modification process do they get a bonus for every loan that does not modify and ends up as a foreclosure, short sale or deed in lieu? What the H***? There used to be a show on TV or maybe its still on that did investigative undercover stories where they would send in a reporter undercover to expose the truth. It is going on in all of these companies not just a few all of them how can they get away with this. I applaude your work and statements regarding this deceit I sense the same frustration from you that I feel hearing about what is being done and said by employees of these lenders that claim to be doing so much to help this foreclosure crisis. If the problem is understaffing which I could understand and is a big part of the problem but it still would not justify the games that are being played with the borrowers by representatives of these organizations. There is even extortion tactics being used by some of them like pay us this much money in good faith before we will tell you what we might do to help your situation. Come on where is Geraldo or some ghost buster that can get the story of their career I think it is bigger than Watergate. It is so widespread it has to a conspiracy.