I guess it depends on how it is spent. One thing I like seems to be something The Ohio Assn. of Mortgage Brokers likes too. That is the provision that calls for Federal monies to be available to lenders so lenders can renegotiate loans with clients and give them better interest rates. That all sounds positive, and straightforward. Well, except the part about how some people are upside down on their mortgage (couldn’t sell for what they paid) and how this plan gets to the crux of that issue.
What I’m not sure I understand is the number of banks now calling for a moratorium. Not that I question the viability of a moratorium but what can a two or three week moratorium do? Is the goal to stop foreclosing on homes for three weeks while a new plan is put into place? I swear there is never enough info for me. Anyway, the latest bank to add to the short moratorium list is Charter One. PD article here.
If that isn’t fuzzy enough, you can read Bill Callahan on the moratorium issue because apparently the banks who claimed to be doing this last week still filed a significant number of them in Cuyahoga County. Does this mean ‘stopping’ is limited to declaring new foreclosures and not stopping them when they are already in progress?
Either I’m missing valuable info, or this makes no sense. If any of you can shed light, I’d love it.
Here is The White House website summarizing the Plan and if you scroll down there are other links that include things like executive summaries. Peace Out – 3C
2 responses so far ↓
1 Americaneer // Feb 23, 2009 at 9:48 am
I think its a easy band aid treatment in lieu of a hard but right surgical procedure to remove one or more problems such as excessive consumption.
Americaneers last blog post..Wisconsin Dells in 1870
2 Linda Davis // Mar 15, 2009 at 1:42 pm
No.
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