Well the Obama administration has taken the cake and eaten it and left the dishes dirty. Home loan mods or mortgage mods call them what you will but the taxpayer is getting screwed BIG time.
1) Lets consider SAXON mortgage services. This was the number 1 bad boy on the list that Obama was going to shame into complying with the contract they signed with the government. As of December 10th these criminals has issued 42 permanent loan mods out of 35,608 trial home loan mods. Do you know how much money Obama offered these crooks to do 42 loan mods? $886,400,000.00. That’s right $886.4 million dollars of your cash.
2) Now lets consider the number 2 offender. That would be Indymac Bank / One West Bank. This is a lender that was once close to the number one subprime lender in America. Right behind Countrywide. OK they did 19,623 trial mods. And lets see just how many permanent home loan modifications did they do? ZERO that’s right ZERO, none nada zip. Now I’ll just bet you are dying to know just how much money Obama paid these guys to do loan mods, right? Well it was $814,200,000.00. Are you thinking like me that maybe I am in the wrong business?
So what do we have here. We have $1,690,600,000 in YOUR TAX DOLLARS. And what did you get (that’s right not even kissed) well the number is kind of hard to calculate- Oh that’s right 42 loan mods. I will let you do the math. PS how is that Hope and Change working out for you now?
So that’s the way Everett’s mortgage market is going.
Jim Johnson and comments are always welcome.
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