Today is Friday the 13^th day of February, 2009.

 

The House passes the stimulus Bill and the Administration moves forward with the plan to help ailing homeowners stay in their homes while still not making mortgage payments. They are working on foreclosure relief efforts and negotiating with banks to halt foreclosures. They want to give the banks incentives to reduce the interest rates for those that cannot pay rather than foreclosure and to avoid having the government buy up the bad loans. (Remember the Bad Bank?)  They are trying to allow bankruptcy judges to change the terms of a person’s loan (is that possible) and to only work with owner occupied homes- not investor owned properties (but, what if my Mother lives there?)

 

Again I ask who will be doing the work and who is in charge? Perhaps Barney Frank will take the job, but only if the salary is less than $500,000.

 

Oh, and mortgage rates went up right after the Bill passed. Who got fooled with this one?

 

Dale Siegel