“Nevermind the fact that we never asked to be in the Federal program,”
You asked by applying for a loan modification.
All loan modifications are a federal program, no bank would consider talking to you on their own!
Good point!
Why would they?
AIG had ‘em covered with an interesting product called a “Credit Default Swap”
(AIG was bailed out to the tune of $170 Billion)
Another ignorant statement.
When we were denied a mod the first time, we called WF to say "WTF" and their so-called "advisor" said to us "well, now that I look more closely into your case, we should have put you into our own program, rather than the Federal, which would have allowed us (WF) to modify your loan with more lenient terms and conditions. But, since you haven't paid your FULL mortgage payments all this time, we can't do it now...sorry!"
Just there, I can count 2 WTF statements, and the only reason we're still working with them (and PAYING our loan, TYVM) is that we signed the mortgage when we bought, and we WILL continue to provide for the kids.
Yep. Such a stellar illustration of how the banks get blamed for problems the government caused. Also a stellar illustration of how government programs and regulations create artificial sways on the markets, as loan modifications conducted by government fiat will certainly have huge influence on real estate prices.
REAGAN WAS RIGHT! "Government doesn't have the solutions to our problems, government is the problem."