They Need some Help!

After much consideration and many many days following this bailout and that bailout; I have come to the conclusion that the bailouts need to be bailed out.

I am not sure, they know what they are doing. Point in fact, my client called the bank to try and do a modification so that his interest rate wouldn't go up 3% and then he would be able to continue to pay his mortgage on time. You would think the bank would jump all over that; however, they responded that they haven't heard about how their bank will handle the money from the government. My client proceeds to ask, "has your bank received its TARP money." She exclaims, tarp, what are you talking about. I don't know tarp.

They need our help!!! I think they are realizing they need our help because in a cnbc statement about the $700 billion TARP money, Cohn states, "You can only stabilize prices by stemming the foreclosure rate." It also states that the systematic Foreclosure Prevention and Mortgage Modification Act of 2008, to be paid for with TARP money, would commit 24.4 million to modify half of the 4.4 million non GSE loans expected to become problems in 2009.

If this is not a cry for our help, then what is. I can help them; it is a simple formula. If the owner of the house can afford to pay $1000 per month and be on time for the next 20 years instead of the $1200 per month for the next 20 years; then I would as a bank representative would choose to make a little less on a current mortgage or I could choose to backload the minute loss. Unfortunately for the banks, they are allowing the owner of the home to not pay for up to 12 months at $1000 per month. So when an offer to purchase finally comes in, they decline it because it isn't enough to cover the principal of the loan; oh so lets just let it sit another 12 months at $1000 plus upkeep, until it is vandalized or until it becomes unlivable...... I on the other hand; (not a professional, just my opinion) as a bank rep would take the offer since my bank is loosing $1000 per month and the upkeep on a vacant home. I am not sure, but my dad always taught me that a little bit of something is better than NOTHING.

They need some help.
There are over 55 million mortgages in foreclosures. I guess there won't be any lay offs in that department. Hey, maybe if you are looking for a job.... apply at the mortgage dept and become a loss mit person or just answer the phone, and maybe you CAN HELP.... PLEASE!