It is very unfortunate that this was shot down by the Senate. This was a spectacular solution for Homeowners.
I think it was spectacular in two ways. One, is that I would probably get a lot of business … lol… but the other one, is that in my personal view, it is the only real solution to confront the crisis.
Outside of Bankruptcy, the power of the Federal Laws, there is no real incentive for lenders to adjust principal balance on the loans. I would venture to say that in Miami-Dade and Broward Counties, most homes are upside down. Being upside down, most borrowers are not incentivized into paying their mortgages. Lenders are being very selective in giving assistance such as decreasing the principal balance.
I urge all to call your Senators and voice your displeasure. President Obama was left alone. It is inconceivable that the Senate rejected this measure. If you think that we are coming out of the tunnel, I don’t agree. I believe that there will be another wave of foreclosures coming; we have only seen the tip of the Iceberg.
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