munny

Has President Obama's Mortgage Modification Plan Failed?

The program relies upon lenders doing something. I entered the process for fun and my lender was so unresponsive that I finally wrote and simply withdrew my application. Two days later the lender (Taylor Bean) was reported as having its own financial problems and had laid off many employees. It was a huge lender and its problems certainly meant that it couldn't sell paper, so my process was apparently doomed anyway. Hard to pin that on Obama.

Of course, why refinance a loan for a borrower who has never missed a payment and had enough of a down payment that the mortgage is apparently not "upside down"?