“Less than 10% of the $50 Billion Obama promised the people has been spent”
The US’ housing bubble burst nearly six years ago, but the worst may be yet to come. After a landmark settlement, the major banks have lifted a freeze on foreclosures and government relief has been too small to make a difference.
.image: ramseyshilling.com
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I can get back all the VA & FHA loans that were pooled with Ginnie Mae and administratively foreclosed. We just need to look deeper into Fannie & Freddie to see if we were having blank Notes without purchasing the loans!
The government needs to become the servicers of these loans or find investors willing to take over that role. The big banks need to get out the business as their own self interest and profits is all they are care about. There are many investors willing to become servicers of many mortgages in foreclosure. As a condition of becoming the servicer, these investors must offer mortgage loan modifications and refinancing of these debts to a lower and affordable amount. Arrears should be placed as a 2nd mortgage due to due for pay back at the end of the 1st mortgage..30 or 40 years down the road.
We are humans, families, Americans….let’s all help each other!