I just picked this up from Reuters. The big Obama plan gets a HUGE, ummmmmmmmmm, actually just a so-so “pretty good” rating from U.S. Treasury Secretary Timothy Geithner.
NEW YORK (Reuters) – A U.S. mortgage loan modification program has “a pretty good chance” of success, though it will take a couple of months to gauge its effect, U.S. Treasury Secretary Timothy Geithner said on Wednesday.
Geithner told a gathering at the Council on Foreign Relations that plans to modify terms of mortgages in or in danger of default “has a pretty good chance of gaining traction.”
However, he said it could take up to a couple of months before policymakers can judge the success of the plan.
[...] Random Feed wrote an interesting post today onHere’s a quick excerptI just picked this up from Reuters. The big Obama big plan gets a HUGE, ummmmmmmmmm, actually just a so-so “pretty good” rating from U.S. Treasury Secretary Timothy Geithner. Reuters: NEW YORK (Reuters) – A U.S. mortgage loan modification program has “a pretty good chance” of success, though it will take a couple of months to gauge its effect, [...] [...]
[...] Geithner says US Loan Modification Plan is Only “Pretty Good … [...]
Pretty good? A few months?? As far as I can tell it has been a month since this plan was brought out and NOTHING has happened. If you go to the website for Making Homes Affordable .com you see NO servicers listed as participating in the program yet. Look at Hope for Homeowners. ONLY 1 person help so far with billions of dollars backing it up. Somebody need to get on the ball to get this plan rolling. NOW!!
OK, we went through one of the HUD approved counselors and after the counselor had all our financials, we had a conference call with someone at Countrywide.
1. Countrywide would not count unemployment as income, even though the modification guidelines say to include it. What was disturbing to me was that the COUNSELOR JUST WENT ALONG WITH IT. Not a word of argument. (I didn’t argue because I wasn’t sure and had to look it up after the call.)
Anyway, they say yet again that they won’t do it. This is the third time.
We had nearly $400K equity and it is nearly all gone. At this rate, we’ll be upside down shortly. I wonder if this is the intention…
We are meeting with an attorney this week.