Hope not looking hopeful

By
Real Estate Broker/Owner with Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA

Did you catch this on the news?  So, far, only 25 Hope for Homeowners loans have closed in the ENTIRE country!!???!

Read the NPR article here

Seems to me that ~banking institutions~ received government funds without a lot of accountability.  Why can't we be equally liberal when making "re-structure" loans to homeowners?  

Example:  One Hope program requirement is that homeowners prove they did not falsify any information on a previous loan application. I can't imagine what makes me think that probably no one asked AIG to prove they never fudged on any previously filed financial statements.

Just sayin'

P.S.  Here is a list of institutions that have received TARP funds

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Maureen McCabe 02/05/2009 06:55 AM
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Rainer
265,302
South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

Yep, it used to be "what is good for the goose is good for the gander", but seems no more, its more like "do as I say, not what I do".  My mom used to say those two old adages, they are still true today.

Feb 05, 2009 06:52 AM #1
Rainer
153,536
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

You're kidding.  Banks?  Accountable?  But did you hear?  Some of the banks that are going to be subject to the Executive Compensation limits are thinking about paying back the TARP money sooner.  I guess they'd rather keep the big paychecks and bonuses more than having fun with taxpayer dollars.

Feb 05, 2009 04:21 PM #2
Rainer
126,249
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

The whole thing is a cluster. Heard today that 78b was completely wasted with bad managment on the govt end

Tony

Feb 05, 2009 10:01 PM #3
Rainer
36,058
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor

Cheryl, I "Hope" that they do rework the program to make it more attractive to homeowners that really need the help. No one wants to give away or lose their equity but if the choice is that or losing your home altogether, I'd go for it. I wish the banks would be made to take it in the shorts a little more as they are partly to blame for making these loans in the first place

Feb 06, 2009 01:11 AM #4
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Rainmaker
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Cheryl Johnson

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