Several weeks ago I watched Treasury Secretary Geithner dodge questions about the mortgage modification mess that is HAMP (Home Affordable Mortgage Plan). The week before I watched Press Secretary Robert Gibbs do the same thing. It is that the mortgage modification law exists, but the federal government, and the US Congress, are going to do nothing to enforce it. This past week it was made clear that the nation’s Judicial Branch was moving to pick up the slack.
Mandelman posts an article today that confirms all of that. Now since everything Mandelman does and writes about the mortgage modification mess is non-profit and political commentary, he does his typical rant and rave about the situation. If you’re as angry as Mandelman is, then you should follow the link below and read his article.
I on the other hand, more than Mandelman, am concerned with any practical solution to an individual distressed mortgage owner solving their mortgage dilemma. The answer, as Mandelman will tell you, is the REST Report. Every post I’ve written since the end of June advises the REST Report. Why? Because it is proving itself as the one, single, effective method to reconcile a distressed mortgage: either through a beneficial mortgage modification, or an effectice short sale of your property.
Two weeks ago, Mandelamn interviewed a homeowner who had struggled for 14 months to get his loan modified. He finally did in a few short weeks after sending in a REST Report. This is huge. If you have a distressed mortgage, read on only if you have time. When you decide you come first, your next call should be to me. I sell the REST Report.
No one knows more about the mortgage modification mess than Mandelman, as will become apparent at reading any article he posts. Among other credentials, he was an advisor to the US Congress and the Federal Trade Commission on the recently enacted Financial Reform Bill.
To condense Mandelman today:
It all started this past August 16th and 18th, when the Treasury Department invited some bloggers to come hear what Tim Geithner and other nameless Treasury officials had to say on a range of topics, including the foreclosure crisis and the Home Affordable Modification Program, HAMP.
Treasury Department officials said, in no uncertain terms that they knew HAMP wouldn’t save homeowners from foreclosure. The administration knew they’d only reach a fraction of those needing help, the official claimed, and that millions of homeowners would ultimately lose their homes to foreclosures that the administration chose not to prevent. Nevertheless, HAMP remains the best option — even though it’s reaching fewer borrowers than forecast. HAMP prevented an outbreak of foreclosures exactly when the system could have handled it least.
The big idea was; pass a law, look good, and then ignore enforcement.
The reader needs to understand the term, “shadow inventory,” those with severely delinquent mortgages, in foreclosure or already repossessed that have not yet been put on the market — has significantly grown since the administration took office and is estimated to range from 5 to 7 million homes. Through June, borrowers in foreclosure have been delinquent for an average of 461 days before being evicted from their homes, according to Jacksonville, Fla.-based data provider Lender Processing Services.
Cherry-picking from Mandelman’s observations:
1. President Obama appointed Timothy Geithner to be Treasury Secretary. As president of the Federal Reserve Bank of New York, Geithner served under a board of directors headed by JP Morgan Chase CEO Jamie Dimon. Geithner had been partly responsible for the decision to let Lehman Brothers go under, for TARP (Troubled Asset Recovery Program), and for American International Group (AIG) paying its creditors with taxpayer money. As his chief of staff, Geithner chose a former lobbyist for Goldman Sachs.
2. President Obama: “The recession was caused by a perfect storm of irresponsibility and poor decision-making that stretched from Wall Street to Washington to Main Street.”
3. On February 10, 2010 Obama said that he didn’t “begrudge” the $17 million bonus awarded to Dimon and the $9 million to Goldman Sachs CEO Lloyd Blankfein. “I know both guys. They are very savvy businessmen.”
4. A group within the White House that began calling themselves the “pitchfork gang,” said their attempts to persuade Obama take a tougher stance on Wall Street were undermined by Geithner and by National Economic Council head Larry Summers. Geithner and Summers were apparently worried about upsetting business confidence.
5. In the stimulus’s first year, the administration spent only $17 billion of the $139 billion allocated for infrastructure spending.
6. Geithner and Summers repeatedly blocked attempts to get tough on Wall Street on the grounds that doing so would threaten the recovery itself by upsetting the bankers.
Just on one day I’d like to see Obama come out in favor of cream in coffee, just so I could watch some knucklehead Republican oppose it on Face the Nation. “No, I say there should not be cream in coffee.”
Back to the distressed mortgage owner that Mandelman interviewed: At the end of the interview Mandelman asked him if he had anyone to talk to through the experience and he explained that he didn’t. Not the sort of thing you talk about, he explained. Through 14 months of being put through hell by his bank, through 13 SCHEDULED SALE DATES THAT WERE EACH POSTPONED AT THE LAST MINUTE… and he never told his wife until it was over and his got his modification. And again, he got it two weeks after purchasing the REST Report.
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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 Mortgage Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read it here
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Originally posted 2010-08-31 12:46:10. Republished by Blog Post Promoter
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