The massive effort, more than a year in the making, is the most recent government attempt to boost the limping housing market and help people whose homes lost significant value in the housing crash.
But even such a sizable settlement pales against the scope of the housing problem. According to Federal Reserve Chairman Ben S. Bernanke, for instance, U.S. homeowners owe about $700 billion more than their homes are worth.
It would seem a relatively easy task to get to the bottom of this. Then at least any action would be based on truth, reality, and getting to the root cause of the collapse, then massive fines, incarceration, financial collapse, and rebuild. Get out of jail free or states attorney generals bidding for certain select homeowners, insuring perhaps there reelection would be the last resort anyone would sign on too.
When it comes to taxpayer cash, which is anything in the hands of government, they are not to be trusted. It will be poorly spent as far as the people are concerned, but will always benefit “government”.
It’s not a ‘government’. It’s a GIVErnment.
This past week we came face to face with a bank’s incompetence. Our son heard of a home that was supposedly in foreclosure. A sign said the home was in foreclosure and gave a phone number to call with BOA.
He contacted his realtor, and the realtor said he didn’t see how BOA could even be trying to “sell” the home as it is still in the homeowner’s name (she passed away 4 years ago...no family, no estate, and the house has been sitting vacant ever since.) They evidently contacted BOA but noone has any info.
My son and his wife really want to buy the house but it seems they’ve hit a dead end...I wonder if BOA even has title to the house. So it sits empty, BOA is paying for yard upkeep we learned from the neighbors and they changed the locks, but here is a prospective buyer wanting to purchase it, and no means to do so and noone they’ve been able to contact at BOA seems to be able to tell them how to proceed.
Strange goings on.