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If you want a reason to grab a pitchfork, a torch and storm Wall Street, read Chairman Waxman's letter to the lenders first to receive Billions of the bailout! http://oversight.house.gov/story.asp?id=2265

The caller Carolyn? The woman with a brother 'abusing the system' by converting his mortgage to 6%? Sounds like a refinance to me. Many lenders are presenting solutions as part of the $700 B package. In reality they are simple refinances designed to stimulate a homeowner's desire to get their share of the bailout.

According to Inman News 27% of California homes have negative equity, not 50% as quoted by Mr. Blackwell.

Most of the solutions offered to homeowners have been preposterous and provide little or not benefit with some (Wachovia) resulting in a worse situation than the original details of the loan!

posted 4 years, 7 months ago
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