Herbert Allison

Buried in the March 25th 2010 testimony given to the, House Committee on Oversight and Government Reform, by Mr. Herbert M. Allison Assistant Secretary for Financial Stability, U.S. Department of the Treasury, revealed the NEW SPIN for the FAILURE of the Making Home Affordable Program….       

Herbie Said…“The Administration has ~~~NEVER~~~ said that the program would implement 3 to 4 million permanent modifications, which take place only after the homeowner has been offered a trial modification, has performed for at least three months in a trial modification, and has met the full documentation requirements for the permanent modification. The 1.1 million homeowners who have started modifications have had their payments reduced substantially. Even for those borrowers who do not obtain a permanent modification (for example, those who do not complete a trial modification but instead pursue a foreclosure alternative such as a short sale),……… still benefit from reduced payments during the trial phase”.        

Really Herbie? The Borrower’s STILL BENEFIT from Making Trial Payments to the BANKS under the “Making Home Affordable Program” for a home loan the Banks have NO INTENTION of MODIFYING?  

Herbie here are the facts…. Only 170,000 have received a Permanent Loan Modification in 14 Months! 12,142 homes a Month out of 1,100,000 applicants!  

AND while THE BANKS  pretend to help by collecting TRIAL PAYMENTS that RARELY end in a Permanent Loan Modification, a startling 2.8 Million families have been Foreclosed and are on the Streets in 2009!  And probably MORE in 2010  

The truth is….that the “Making Home Affordable Program” IS and CONTINUES to be a Voluntary Program….. RUN BY and FOR the “THE BANKS BEST INTERESTS”.   

Please QUIT Insinuating that the Program is RUN by the U.S. Treasury! THE BANKS RUN THE SHOW….!  

President Obama and the U.S. Treasury IMPLIED on February 18th 2009 that THIS PROGRAM would be SAVING 3 to 4 Million Homeowners from Foreclosure!  

NOW You Say …. OBAMA NEVER PROMISSSED ANYTHING?  

Shame on YOU and the Treasury for GIVING FALSE HOPE to MILLIONS Losing Their Homes!  

Uppity Banker