He is evidently going to work on our case and try to get something done. We, however, do not hold much hope that anything that is done will make a difference as it will probably be the bare minimum, driving the loan principal up to the moon with not principal reductiona at all and the interest rate will not be 2% for the life of the loan, but the ascending rate modification that is in effect now. This is why we feel that people should patronize the local community banks, where they have a stake in your community, whereas, the big banks don't know about your community, per say, and really don't care as long as their banks are generating money from checking and savings accounts. Bottom line mentality is too prevalent in all big bank decisions, nothing to do with grassroots America.
Band-aid solutions by the banks and government will not solve the problem for make it go away, they must take a major portion of the blame for the meltdown of the housing sector, stand up like human beings and do something very constructive about it to REALLY HELP HOMEOWNERS.
The Natioanl Mortgage Bankers Association plays a a part in this scenario, as they would rather see the band-aid affect be administered rather than trying their best to save the patient (homeowner).
No comments:
Post a Comment