I've been asked a lot over the last little while what is happening with
refinancing since all of the government bailout money and programs have come out. So this week
I'm going to touch a little on that. I know it can be frustrating for people trying to get loans as well as it is with us as lenders, trust me !!!
Like most things in Government, their programs take awhile to kick in and when they do finally go into affect there are very few people they actually help.
Here is a recent report that I've seen.
It says that: "Report finds only 9 pct of homeowners getting help; 10
mortgage companies haven't helped any."
It goes on to say: "BofA modified just 4 percent of eligible loans, and
Wells Fargo 6 percent. Wachovia Corp., which was taken over by Wells Fargo in
December, modified only 2 percent.
"We think they could have ramped up better, faster, more consistently
and done a better job serving borrowers and bringing stabilization to the
broader mortgage markets and economy," said Michael Barr, the Treasury
Department's assistant secretary for financial institutions. "We expect
them to do more."
I repeat: Michael Barr said, "We expect them to do more."
REALLY ? Yah, so do we :~)
Reports do show that they are pushing banks now to make bigger strides in
helping people, which allows us as lenders more options when the banks offer
that for us.
If you have tried talking to a bank directly and have hit a wall, or know
someone else that has, we want to remind you to come talk to us and let's see
what options there are. There is always new programs coming out. We're here to help
you and your friends.
