Inefficiency of Banks Modifying Loans
What a nightmare! Evidently nobody prepared for actually implementing the funds for helping out those mortgages in arrears.
I note a couple of things.
The big mortgages make the headlines. What about the many smaller mortgages that are having the same paperwork problems?
It's been several months & these banks are still floundering around without a sound procedure in place. Our tax money is going to waste.
Short sales can take months to go to closing ... thus increasing the losses for these banks because the cash flow that would result from getting at least partial payment of the loans is being delayed.
Failing to plan is equal to planning to fail. All this money spent with so little thought put into how to effectively implement its use.
Every new administration enjoys an initial "honeymoon" with the media and the populace. I believe this is why the administration is trying to push through so much legislation on so many fronts so quickly. It looks like this "honeymoon" will not last much longer.