[mEDITate-OR:
think you see some progress being made...
This is almost as worthless as BoA's recently announced "plan", bcuz it does almost nothing for the vast majority of U.S. who DO need help, and it does almost nothing for the few who will receive it.
What Goldman's ex-employees and BoA are trying to do is "buy off" the worst of the worst RE loans, so that 1) they keep making some payments & nobody has to write of anything for a long, long time, and 2) by keeping them on the hook and in the home, they will delay, and pray to whomever's God that it works to eliminate, the lawsuits that WILL be filed, sooner or later.
BoA is only addressed to "sand states" - Cal, Nev, Fla & AZ; "dead zone" = underwater RE loans from 2002-06; and ARMs that should never been written = liar, neg amp and 5 yr re-set loans, ALL made by Countrywide.
The Administration's -aka, Goldman- plan is NOT intended to actually DO anything, only to delay the discovery of their own personal and former employer's culpability.
Almost as deceitful as their "packaged securitized" phony RE loans.
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A series of changes to the Obama administration's year-old foreclosure relief plan do little to attack fundamental logjams that have plagued the program.
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U.S. unveils plan to shrink some home loans
New effort would also help jobless keep paying their mortgages
After months of criticism that it hasn't done enough to prevent foreclosures, the Obama administration has a plan to cut the amount some troubled borrowers owe on their home loans.
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Q&A: Obama’s new mortgage aid plan
Program designed to help underwater or jobless homeowners
The Obama administration on Friday announced a major reworking of its troubled $75 billion plan to prevent foreclosures. The revamped program is now designed to aid jobless homeowners and people who owe more on their mortgages than their homes are worth.
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