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Obama’s Mortgage Assistance Program Excludes Millions Of Homeowners

Written by News One on June 3, 2009 2:22 pm

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From NYTimes.com:

She had seen the advertisements for the new government program offering relief. She had heard President Obama promise that help was on the way for homeowners like her, people who had lost jobs and could no longer make their mortgage payments.

But when Eileen Ulery called her mortgage company — Countrywide, now part of Bank of America — the bank did not offer to alter her mortgage. Rather, the bank tried to sell her a new loan with a slightly lower monthly payment while asking her to pay $13,000 toward the principal and a fresh $5,000 in fees.

Her problem was that she did not yet present a big enough problem to merit aid.

Click here for full story.

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Tags: Financial Crisis, Foreclosure, mortgage crisis, President Obama
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  • http://www.blackplanet.com/let_mee_licc2/ let_mee_licc2

    WOW AINT THAT SOMETHING BECAUSE COUNTRYWIDE SAID THE SAME THING TO ME… YOU HAVE TO BE PAST DUE WHICH HURTS YOUR CREDIT FOR THEM TO EVEN GIVE YOU AN APPLICATION. THAN AFTER YOU ARE 6 MONTHS PAST DUE.. THEY DENY YOU… THIS WHOLE BAIL OUT MADE THE BANKS RICHER… NOBODY I KNOW HAS RECEIVE HELP IN MILWAUKEE WI THAT I KNOW OF AND ALOT OF MY FRIENDS HAVE TRIED..BUT THIS IS FUNNY..

  • http://www.blackplanet.com/_A_/ _A_

    I just hope everyone who finds themselves in this unfortunate predicament, didn’t vote for Obama, thinking he would actually solve this issue..People, listen up, when Obama talks about changing the system, it has nothing to do with the common man and woman out here..these guys are changing the way Wall st works..but you best believe, it will still work in THEIR favor!!

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