more of our money wasted

[rojawe]

U.S. Loan Effort Is Seen as Adding to Housing Woes Sign in to Recommend
 LinkedinDiggFacebookMixxMySpaceYahoo! BuzzPermalink By PETER S. GOODMAN
Published: January 1, 2010
The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

 
Phillippe Diederich for The New York Times
“If they had said, ‘We can’t work with you,’ I’d have said: ‘What are my options? Short sale?’ None of this would have happened,” said Jaimie S. Smith. Her lender simultaneously modified her loan and foreclosed on her.

 
U.S. Will Push Mortgage Firms to Reduce More Loan Payments (November 29, 2009)
Times Topics: Obama Housing PlanSince President Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief. Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes.

As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their homes, which some see as wasting dollars they could have saved in preparation for moving to cheaper rental residences. Some borrowers have seen their credit tarnished while falsely assuming that loan modifications involved no negative reports to credit agencies.