The White House recently released an announcement that they are displeased with the slow progress in the foreclosure crisis through lack of using home loan modifications. This news came out in the last week of June and wasn’t met with surprise considering all the negative press in regards to the economy as of late. President Obama is beginning to realize that many of his big reform bills are not working when it comes to repairing the economy and it’s time to more forcefully back the policies he enacted.
President Obama’s Foreclosure Prevention Program was endowed with $75 billion dollars, but so far not much progress has been made with it as mortgage companies and loan providers stall and try to avoid giving mortgage modifications.
People ARE trying to get home loan modifications. Many banks and loan providers are flooded with inquiries about qualifications for home loan modification, but little assistance is being provided to the homeowners. It can be hoped that as the economic situation grows worse and job losses continue to accelerate, President Obama and his administration will become more involved and start enacting tougher laws to force of these banks to comply.
Currently the global economy is in a state of disorder. Large corporations need to convert their bad debt into good equity; until then the global economy will continue to stagnate. This economic crisis will end, but it is going to take time and effort on both the part of the citizens and the lending institutions. Selfishness and greed on either’s part is only going to slow the recovery down, both sides made the problem, now both sides need to fix it.
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