Mandelman’s blog post today concerns the headline from last April that the Federal Reserve Bank made $47.4 billion by helping the distressed mortgage market in the country. Great for them, huh?
Most of the article goes past me. I don’t know enough about macro-economics to digest the whole article. Mandelman is a trusted source on the entire mortgage mess. If he says it, talks about it; I pay attention.
What I come away with is insight as to why Treasury Secretary Tim Geithner and Press Secretary Robert Gibbs ignored questions on two successive Meet The Press shows recently. Bottom line, between The Fed and The Treasury, and lack of anger by the electorate, individual distressed mortgage and property owners will be ignored. It’s up to them to get the banks to pay attention to them. HAMP, or the Home Affordable Mortgage Plan will not be enforced. It can’t be ignored forever, but it can be put off indefinitely.
If you want a mortgage modification or principal mortgage reduction, or protect your future with a short sale, you have the power of law, as well as the REST Report, behind you. But you are on your own looking for legal assistance. For the foreseeable future, no attorney can afford to help you. This is the age of the Do-it-yourself mortgage modification.
If you have a decent economics education, you need to read Mandelman’s linked article. If not (like me) you just take a different, longer road.
Patience is the new economy.
Quoting Mandelman:
“The Fed doesn’t need or deserve $47.4 billion for anything it did in 2009. They’re the people who make money out of thin air, right? So, give it back and we’ll forget the whole thing ever happened, okay?
The Federal Reserve, by the way, doesn’t exist to make a profit like the commercial banks. Until 2009, the Fed paid no interest on the bank reserves and other monies it holds, and it earns interest on the Treasury securities it holds. According to the story in the Times, the “Fed’s profitability increased as an incidental result of the financial turmoil that began in 2007.”
Once again, if you want a mortgage modification, or even a short sale, you need to run the REST Report for your own edification and asset protection.
I am a proud vendor of the REST Report. The results are spectacular. I also have the guaranteed best Hardship letter template anywhere. It is proven to melt the heart of the most cold-blooded mortgage underwriter to ever live.
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The internet being what it is, certain search terms need to be empahasized so that you can find the best information. The REST Report is best classified as loan modification software, or mortgage modification software. It’s claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using the same software. It is best used as a do it yourself loan modification or do it yourself mortgage modification. For some reason, loan modification 2010 and mortgage relief 2010 are popular search terms.
This YouTube video says it all. Go here: How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read Mandelman here
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Originally posted 2010-07-28 14:02:22. Republished by Blog Post Promoter
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Federal Reserve and Federal Treasury don’t care about your Distressed Mortgage – http://t.co/LtjDXQi