TARP Audit: Housing Recipients Re-Defaulting in Alarming Numbers

Full story: News Max
Nearly one-third of the homeowners who got help through the government's main foreclosure prevention program are defaulting again on their mortgages, according to a government watchdog's report. Full Story
FailedFlippersCr y

Bryn Mawr, PA

#1 Aug 17, 2013
Have a NYC immigrant neighbor from Haiti who is crying he can't get a home loan modification and yet owns at least 2 properties in different states. His credit apparently already shakey having his girl friend on the mortgage and her name on the deed. He bought/over payed at the peak of the housing bubble. Also discovered years of liens on the home. He's blaming it on a recent layoff.

Now he's upset because apparently one of the mortgage companies didn't like the condition of HIS handyman house(or lack there of) AND some common property which he is blaming us for. Says we have to spend what it takes NOW - in the THOUSANDs of dollars. The area is fine with code enforcement and was worse when he bought the house because of work I did over the last several years-on COMMON property that he hasn't done a darn thing with.

I digress. He feels persecuted and left out because he can't refinance. Probably because he owns other property and his girlfriends income.

Who's to blame?

Those evil greedy banks? Greedy home buyers? Financially inept buyers? An immigrant feeling entitled to the American Dream? Whats going on here.

This program should be for one home owners who can't afford squat. They should have no other assets and/or should be forced to sell them off if they want the particular house they are in. But these programs should not be funding failed flippers, dreamers, the ignorant or stupid.

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