Geithner Claims Mortgage Modifications a Success Despite House Probe

All I can say after Treasury Secretary Tim Geithner claimed the Mortgage Modification Program HAMP a SUCCESS is Thank GOD he didn’t become a Civil Engineer or a Bridge Builder!

Timmy Sez…

 “Millions more Americans are facing financial security as a result of stabilizing home prices”, Treasury Secretary Tim Geithner said Sunday, even though only about 66,000 people have benefited from permanent mortgage loan modifications aimed to prevent foreclosure, a figure that has resulted in a House panel investigation.

While Timmy was handing out a STAGGERING 66,000 Permanent Loan Modifications in 2009 the Banks were recording a record 2.82 Million Home Foreclosures! It is anticipated that at least 3 million more homes will enter foreclosure in 2010. Well what on earth Constitutes Failure?

 
Geithner said the mortgage modification program has helped 750,000 Americans so far to lower their monthly payments substantially even though he tacitly acknowledged that many of the temporary, verbal agreements have not been made permanent.

What Timmy doesn’t tell you is that the 750,00 Americans he claims as being helped are being subjected to Continual Abuses form the Servicers, such as:

• Continual Harassment Calls from the Collection Department.
• Continuation of the Foreclosure Process.
• A (3) Three Month Trial Mortgage Payment that turns into a NEVER ENDING Trial Payment Plan.
• And there is NO GUARNTEE the Borrower ever gets a Permanent Modification! 

“This program is providing very, very substantial cash flow relief right now to more than 750,000 Americans. And we believe we’re still on a path to be able to reach many, many more American households. And of course, we’re going to make sure that those temporary modifications translate into permanent modifications,” he told ABC’s “This Week.”

750,000 is a BIG Number….But Somebody Please tell Timmy that 3.5 Million Households that are in Foreclosure are NOT getting HELP!

“We’re absolutely committed to make sure that translates into what we said it would, which is for eligible Americans, they’re getting permanent modifications that substantially lower their monthly payment,” he added.

That’s GREAT Timmy that YOU are Committed….. The problem is the Banks aren’t COMMITTED! Their ACTIONS Prove they are COMMITTED only to Foreclosure!.

But Geithner said the temporary deals have translated into “hundreds and hundreds of dollars every month” in real benefits to struggling homeowners, and claimed the program has resulted in stopping house prices from “falling off the cliff” they were tumbling down a year ago.

“People thought house prices might fall another 20 percent, 30 percent. And we’ve had six months now of early signs of stability in house prices. So what that means is, millions and millions of Americans, middle-class families across the country, are now seeing more stability in what is a basic source of financial security for all Americans.

Those programs were enormously effective in helping, again, pull a housing market that was in near collapse back to the point now where you’re seeing the signs of stability,” he said.

Timmy Claims the HAMP program stopped a Housing Meltdown? Really? In actuality the housing markets downfall has been stalled due to lack of inventory as lenders forestall foreclosure on many homes in fear of glutting the market. There is a substantial SHADOW MARKET of FORECLOSED HOMES that haven’t hit the market yet. Beware of proclaiming victory too soon. 

Geithner added that the administration’s efforts to stabilize the big banks — many who participated in taking big risks on housing loans — have brought America back from the brink of collapse.

Timmy…Giving the BANKS Trillions in TARP Money has helped ONLY the Banks! You paid off or covered your friends risky Mortgage Derivative bets. The little guy received nothing to save their homes!

“This was like nothing anybody in public office today, or in the last few decades, have ever faced.  It was the gravest, most dangerous moment since the Great Depression of the United States. Again, remember, we had a — we were in a situation where people were no longer sure they could safely keep their money in the strongest American banks. It was catastrophic. 

“And we were very, very effective — because of the leadership of the president — moving very quickly with enormous care and force to bring stability. And those policies have got this economy growing again.  And as I said, we’ve been able to put out this financial fire at much, much lower cost than anybody anticipated.”

Before you proclaim some miracle Soft Landing of the Housing Market and Economy sparked by the leadership of Barack Obama you might want to talk to someone  other than one of your staff or administration about how wonderful things are going…

In Conclusion I’m  simply afraid to ask Timmy Geithner WHAT in the HELL does he think a failure is….

Uppitybanker

full article from…http://www.foxnews.com/politics/2010/02/07/geithner-claims-mortgage-modifications-success-despite-house-probe/