I picked up the newspaper this morning and here is yet another article on how the plight of the homeowners has become a volatile political issue. On Friday (Dec 11, 2009) "the House passed a series of new financial regulations; it narrowly defeated a provision that would have allowed bankruptcy judges to modify the term of mortgages. THE MEASURE WAS STRONGLY OPPOSED BY THE BANKING INDUSTRY."
What? Did I read that correctly? I thought they were reaching out to the homeowners, sending representatives from companies like Titanium to help these homeowners get their paperwork in, working with them so they can stay in their homes, and they are lobbying to prevent loan modifications?
After a few choice words from the President that did not speak favorably about the financial institutions that got us into this mess in the first place, the article stated that the President will meet on Monday with representatives from Citigroup, JPMorgan Chase, Bank of America, Wells Fargo, and Goldman Sachs.
Good Luck Mr. President.
Any comments about the Loan Modifications?