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“Those dollars had nothing to do with residential mortgages. They weren’t directed to banks for that purpose,” Brown said. He and others note that banks are paying back billions of dollars, with interest, to the government.
In the short run, that doesn’t spell relief for James and Sandi Seeley. Their Aug. 19 letter from Wells Fargo said the investor who owns their loan balked at modifying it. The big bank suggested the Seeleys consider a short sale – in which the bank would accept less than it’s owed to avoid foreclosing. The Egans received the same option from a Wells Fargo subsidiary.
Neither couple wants to leave their houses. Both said they’re reapplying for modifications. Said Egan, in a plea to banks, “I don’t want you to bail me out. I don’t want you to make my payment for me. Can you just play ball?”
