The Mortgage Aid not helping many.

[flippinout]

With over $50B worth of aid available for homeowners in distress, the aid is only reaching like 9% of those with mortgage problems.

Bank of America which got a large bailout had only modified 4% of loans while Wells Fargo who had also gotten a pretty good chunk to bail them out has only modified 6&, and Wachovia which had been taken over by Wells Fargo had only modified 2%.

"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."

The guidelines for this money being given out were slow in coming and when you figure that over 500,000 are to be helped by 2012, isnt that going to be way to late to save many mortgages that are in trouble now?

Just because the money is made available to help people whose mortgages are in default, doesnt mean it will work if there arent plans made before hand on how to help them. Then, there needs to be a "watchdog" group to make sure that all goes as it should.

[Eyeofngt]

Here!! Here!!! flippinout!!! You said it all in a nut shell as they say. It is not going to what it is posed to go to. People are still losing their homes everywhere.