Super Slo-Mo Mortgage Modifications

Super Slo-Mo Mortgage Modifications
by Super J

Previous presidents wagged the dog, Obama wags the finger. Will shame from The White House save homeowners from foreclosure?

Months into The President's Making Homes Affordable Plan and lenders have been called onto the carpet, again. A recent review was posted this week, another big reveal – lenders are slacking. Completed mortgage modifications are less than 10% of eligible borrowers.

Now anywhere else in the real world of business where a company was given billions of dollars and only produced a 10% result would have the CEO slapped silly. Moreover, it would be just down right unacceptable and no one would have the nerve to consider those numbers as any type of success. It would be deemed failure, and further expected to make an immediate change in operations to correctly improve the ratios. That would be that.

Try doing 10% of your work and see how many more paychecks you get. Would things change for you at your job? The bubble that exists in this bizarre style business of operations is difficult to fathom for most American workers and business owners.

However, this is the land of molten money production and bailout bonanzas. The new sheriff in town gives a stern verbal request that doubles as a political talking point. Supposedly, a dose of The Presidential lashout and lenders will perk up to take notice of what their proper duty to the cause is...is. Dysfunctional lenders will take the lickins because... well, what else are they going to do? The volume is more than their collective coffers can handle while exercising their banking practiced terms of endearment for bewildered borrowers.

Hey, Bankers and Lenders...why not hire more people? I am sure that with the record layoffs and highest unemployment numbers that you would find people that are capable. No, they will not higher more help. Why do that when it is acceptable for them to function at this level of poor quality.

By the way, Bank of American...your tired ol' line of "our system is down" and that is why you cannot answer questions about a homeowner's mortgage loan modification in process does not fly in this decade. Or, HSBC telling their customers that "they do not do loan modifications" is ridiculous. It was no surprise to see that Litton was slacking with modifications. Even customers that pay on time, Litton loses the payments! Then, terror dials them to collect on payments that have already been paid. If the public knew the truth, I am convinced that it would move up the date of the impending revolt.

And, borrowers are delusional. Hey, the last time that they filled out this much paperwork was when they got their last mortgage loan. And, according to most homeowners – they were duped back then too. Unless a lender is willing to reduce their principle balance... well, nothing is good enough until they owe next to nothing. It is surprising the number of people that insist on keeping their credit cards and fictional fico scores while letting their mortgage payments default.

The lack of response to Hurricane Katrina stranded victims while enraging this nation. We watched as people were in extreme danger due to the rising waters. Truth be told, a new Katrina happens everyday to foreclosed homeowners. Financial waters are rising, and drowning everyone in it's path.

Lack of mortgage modifications goes beyond the lenders dropping the ball in customer service. It's the equivalent of FEMA watching and waiting for the order to go help. Right now, the current foreclosure collateral damage is like a 9/11 in every city all across the country. It's just unacceptable.

Denial has reached maximum saturation everywhere else. No matter how good of a mop job, the water is dirty. It's time to dump it all down the drain. The White House, Wall Street and Media mavens cling to the next tiny blip from The Economy's EKG. According to the administration, we are on track for 2012. Even if it's in a comatose state and lacking brain activity.

So, I ask again - Will shame from The White House save your home from foreclosure? Perhaps the only house in America that will never be in jeopardy of foreclosure is The White House. Well, not yet anyway.