Re: H4H

Posted by NJD on January 31, 2009 at 07:25:29:

In Reply to: Re: H4H posted by steele in minnesota on January 31, 2009 at 07:09:51:

As recently as December 17, 2008, HUD Secretary Steve Preston told the Washington Post that the H4H program is a flop: Only 312 people have applied because it’s "too expensive and onerous for lenders and borrowers alike."

The industry also reports thousands upon thousands of loan modifications (many were done automatically for not-yet-at-risk borrowers with adjustable rate loans to help avoid reset shock).

What is not broadly reported is that most "loan mods' are little more than band-aid relief when reconstructive surgery is indicated. There are estimates and predictions of a 50% failure rate on modifications which do not lower monthly payments (the majority).


Follow Ups:

  • Re: H4H - steele in minnesota 07:32:30 01/31/09 (0) 

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