Hello Mr. President . . . Please send help on these mortgages !
Obama mortgage plan needs work
Many borrowers are not getting help under president’s modification or refinancing plan. Officials don’t expect problems to be fixed until the fall.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: July 8, 2009: 8:10 AM ET
NEW YORK (CNNMoney.com) — Mr. President, help us get one of your mortgage workouts now.
That’s what many borrowers are saying nearly five months after President Obama unveiled his housing rescue plan. The program is beset with problems, say borrowers, housing counselors and even the president himself.
No bankruptcy help for homeowners
No bankruptcy help for homeowners
Measure to modify delinquent loans in bankruptcy court fails in Senate. Obama administration loses big stick to prod loan servicers to aid troubled borrowers.
NEW YORK (CNNMoney.com) — The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
The defeat left many housing advocates questioning the effectiveness of the president’s loan modification plan. The so-called cramdown provision, which would have allowed judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.