Obama Plan To Modify Second Mortgages Has Yet To Help One Homeowner

[bananas]

Obama Plan To Modify Second Mortgages Has Yet To Help One Homeowner

http://www.huffingtonpost.com/2010/03/05/obama-plan-to-modify-seco_n_487474.html

Nearly a year after the Obama administration announced a plan to help up to 1.5 million struggling homeowners modify their second mortgages, not a single homeowner has gotten any assistance.

The program, a part of the administration's $75 billion anti-foreclosure initiative, was supposed to induce mortgage servicers to coordinate payment reductions on additional mortgages when the first mortgage is modified under the administration's Home Affordable Modification Program.

But it's never gotten off the ground.

Housing experts say addressing second mortgages is essential in tackling the foreclosure crisis. For many homeowners, particularly those who owe more than their house is worth, modifying only one of the two mortgages is not enough to prevent foreclosure.

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[saigon68]

1. Sure helped the banks and the criminals that run them tho----

[sinkingfeeling]

2. How? How has it helped the banks since they're only just now signing up for the program and none

have received any government money for this? Or are you talking about the millions of people who took out second mortgages on their homes to buy new cars or put their kids through college?

[OnlinePoker]

3. Was this supposed to be in economy? n/t