Get no-obligation free mortgage quotes

Compare Mortgage Quotes

Call at 888-485-7561
and get current mortgage rates from a lender.

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Lawmaker expects mortgage aid program to end

Shared by Adonis on Mon Dec 06, 2010 2:53 am
Republican lawmaker, Darrell Issa expects that widely criticized Obama mortgage aid program designed to help struggling borrowers stay in their homes should be ended. According to him, the mortgage aid program has provided payments to those financial institutions which would have modified the loans of the borrower’s without the government's money. In Issa's opinion, the program has "outlived its usefulness". Source: http://www.reuters.com/article/idUSN0224662120101202

Community Members Opinion

jerry

Joined: 17 Oct 2005

Moderator
Posts: 2708
Location: MICHIGAN

429.63 Dollars($)

Posted: Mon Dec 06, 2010 3:32 am Post subject:

Hi Adonis, To some extent, I agree with Issa. If we take a look into statistics, we will find that the Home Affordable Modification Program has helped just under 500,000 homeowners get permanent loan modification. Compared to the number of borrowers who have underwater mortgages, this figure is quite low. However, before ending the mortgage aid program, the law makers and top brass of the administration should come up with some alternative programs to help the borrowers.