modif

modif

Most people that are experiencing financial difficulty have no doubt heard of loan modifications. They are talked about on the nightly news and although once shrouded in secrecy, they are now common knowledge. Those also in the know, realize that the government solutions to the financial crisis we're experiencing will hardly solve the problem. The first round of government intervention after TARP 1 created "Hope For Homeowners" which was the federal government's attempt at loan modifications.

Well, here are the facts on that one. Of the supposed 400,000 families that were to be shielded from foreclosure, as of this report, approximately 400 loans (that's right 400 total) have been refinanced. Industry executives correctly called the program "useless" because of its onerous details.