Perhaps you can assist me. There must be something wrong with the “picture” I am about to draw, but no one with wealth, power, status, and privileges to conspicuously consume and endlessly hoard has said anything. Their bought-and-paid-for politicians and absurdly enriched minions in the mass media are also silent.

Picture this:

A remarkably tiny group of conniving, deceitful, ostentatiously greedy, patently fraudulent financial schemers on what is left of Wall Street in the remaining investment houses and the major {stress-tested} banks that are described as “too big to fail” are at one and the same time being given hundreds of billions of dollars in taxpayer money, racking up billions of dollars in profits, and paying themselves millions of dollars in bonuses. All the while, millions of people are losing their livelihoods, homes, pensions, etc.

What is wrong with this picture?

Sincerely,

Steve

1. Lender participation in the program was voluntary. The people at FHA acted like getting approved for a loan mod was a totally foregone conclusion because this was a government program and wrote up a loan for me and told me to go out and get my home reappraised to the tune of $450 and my lender would take care of the rest! As it turned out…

2. Nobody was participating in the program, most notably Fannie Mae, who owned my loan, so all my work (and $$) was for naught.

3. My loan servicer was utterly clueless about the whole process and I ended up having to talk to supervisor after supervisor until one finally leveled with me: your lender is not participating in the HFH program, you wasted your money on a reappraisal, and there is _no_ chance your loan will be refinanced or altered unless you're deep in foreclosure and even then we'd probably just let you hang. Good day.

Thus far, my efforts to sound out a refi with my servicer based on the NEW program, which Fannie Mae _is_ supposedly participating in, has produced the following result:

Nobody, anywhere, at Fannie Mae or my loan servicer, has any idea what's in the program, whether I qualify, how I can apply, or what the hell is going on. I'm not kidding. They literally told me that have no idea whether Fannie Mae is going to be restructuring any mortgages or not. No clue. So I'm very positive about how this will work out.