We want your feedback about partisan lawmakers attacking someone else's programs to help working families while they either do nothing, have no plans of their own, or advocate to let people default their homes so they can buy or rent something else they can afford per the article to follow.
Is it just me or do these lawmakers seem out of touch? When your credit is bad due to defaulting payments on a mortgage isn't it next to impossible to rent an apartment or qualify for a loan?
Question for these well paid lawmakers? How can you make arrangements for a cheaper home when you default on the loan of your current home, have reduced income from the previous year either due to unemployment, underemployment, or reduced hours?
Please review the Washington Post article below:
Republican lawmakers say foreclosure aid 'has failed' Thursday, February 25, 2010
The Obama administration's chief foreclosure-prevention program "has failed" and may hurt more homeowners than it helps, according to a report by two Republican members of the House Committee on Oversight and Government Reform. The report will be presented at a subcommittee hearing Thursday.
The Making Home Affordable program lowers borrowers' payments to 31 percent of their income, but it has struggled to move many borrowers from temporary loan modifications to permanent ones. Many homeowners in the program are expected to default again. "These homeowners would have been better off if they had defaulted earlier and spent the payments on more affordable housing options," according to the report, by Reps. Darrell Issa (R-Calif.) and Jim Jordan (R-Ohio).
Obama administration officials have defended the program's performance, arguing that it will still reach its goal of helping up to 4 million homeowners by 2012. Tweaks to the program may be necessary, officials have said.
-- Renae Merle, Washington Post
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