A person’s eyes can only have the wool pulled over them for so long, right?
Am I right to say that a civilized society can only be asleep for a certain amount of time before they wake up and realize that they have been suckered?
I am telling you that nothing really has changed too much from when I started blogging about this problem two years ago. Loan modifications are still pretty darn hard to obtain and if you need one, you better be ready for the silliest game of run around and where’s my paperwork that you have ever experienced in your life.
No, I am not exaggerating .0001 of a percent. This is the reality of our current mortgage servicing system and what homeowners have to face daily in their struggles to save their homes.
There is no need to put lip stick on the worlds biggest pig. It is what it is.
Here are some my words and posts over the last 2 years. No one in the world has reported on this serious problem more than me:
December 2008 – Many people in the media and our government are trying to figure out why loan modifications are not working and it is really quite simple to figure out. Yet, here we are almost two years into this foreclosure mess and it’s as if we are all stuck on stupid.
One doesn’t have to look further than the mortgage servicing industry to get their answer.
Mortgage servicers left to their own device will do what is best for their bottom line and loan modifications cost money, time and headaches when done right. Especially due to the fact that not one servicer was or is adequately prepared to handle this foreclosure crisis.
- Predatory Servicing – October 2007
- Schumer decried the lenders’ tactics as amounting to “death by a thousand fees.” - May 2008
- The #1 Reason Why Loan Modifications Are Not Working: Mortgage Servicers Suck! – December 2008
- The Mortgage Servicing Sector Has Failed & Is In Complete Chaos (0)-September 2008
Here is the Wall Street Journal today, yawn…
The Obama administration is pressing mortgage-servicing companies to step up their efforts to modify troubled loans under its housing-rescue program, the latest sign of frustration with the pace at which mortgage companies are reworking troubled loans.
“We believe there is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share,” Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan said in a letter to 25 mortgage-servicing firms.
Maybe I should start a knitting blog?
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