Very little of the 75 billion dollars the banks received from the stimulus package has been used to help borrowers who are in trouble with their mortgages. The government has decided to try to pressure the banks to approve more loan modifications to provide foreclosure relief to borrowers. It’s about time they did something, but is it possibly too little, too late?

Only about 1,700 homeowners have succeeded in getting permanent loan modifications through the program since it began in February. According to the banks, people are not turning in their forms so they cannot process the applications. If I was losing my home, I’m sure I would find time to fill out some paperwork to try to save it. That must be one huge stack of forms.

More than sixty percent of the people who are believed to qualify for modified loans have not completed all of the necessary paperwork. However, this is only part of the problem. Very few of the people who have turned in their paperwork in full have gotten approved either.

If over 225,000 people didn’t complete their forms, there were a bit fewer than 150,000 who did. About 50,000 of the people who completed their applications have not heard anything yet. Of the 100,000 who have, roughly 1. 7% actually got permanent modifications to their loans. That’s a pretty pathetic figure.

The government is sending SWAT teams from the Treasury Department to visit lenders next week in an effort to get them to cooperate with the loan modification program. The plan is to embarrass the banks that are not doing their part by publishing a list of the companies for the American public to see. Somehow I don’t see that working.

It looks like the much needed foreclosure relief that was promised by the government is moving slowly. Making the program voluntary was a huge mistake that government officials really should have seen coming. Is it any big surprise that mortgage companies don’t want to reduce the amount of money they are owed and take a smaller profit on those mortgages? Everyone looks out for their own bottom line, and that especially includes mortgage companies.

To learn more information about loan modification services contact Janian and Associates for a free consultation.

• Print Title: Storm Clouds Over Ministry of Finance and Economy Building, Yerevan, Armenia
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Storm Clouds Over Ministry of Finance and Economy Building, Yerevan, Armenia Framed Art Poster Print by Stephane Victor, 31×25

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Storm Clouds Over Ministry of Finance and Economy Building, Yerevan, Armenia Framed Art Poster Print by Stephane Victor, 31×25

Africa Business Report 7 – Botswana Investment – Recorded from BBC World News on 25.11.2009 A monthly look at business across the continent. We talk to the people and businesses who are changing the economic face of Africa. BBC correspondents within each country will report on the growing trends and latest business developments in this region. Recorded from BBC News.

New CLIPSER Channel www.clipser.com Obama seeks fiscal responsibility mantle www.reuters.com The “pay-as-you-go” budget formula plan is A joke finance.yahoo.com Whitacre Vows to Learn About Cars as Chairman of New GM Board www.bloomberg.com Russia May Swap Some US Treasuries for IMF Debt www.bloomberg.com Fed Would Be Shut Down If It Were Audited, Expert Says www.cnbc.com 10 Things You Must Do To Survive The Coming Economic Crisis: nationalresistance.info 1)Stop listening to those who claim that The Market is telling you the recession is ending/over. Baloney. 2)Get out of debt – NOW. 3)Stop spending more than you make – in fact, do the opposite – start saving. NOW. You need to be saving 10% of your gross income. 4)Ive said it before but it bears repeating: have the ability to make it even if you lose your job. Most people say three months of reserves are necessary. Ive said six months to two years, and Ill reiterate it. 5)Pull ALL of your business from ANY bank that has received federal assistance. 6)If you have assets in the stock market, and have thus enjoyed the rally off SPX 666, either sell or hedge that exposure RIGHT NOW. 7)Figure out what youre going to do if we suffer a sudden stop and be prepared to execute that plan. 8)Dont count on metals. 9)Acquire lawful means of self-defense. 10)Figure out who your friends are – and arent.

Charles Munger, Warren Buffet’s business partner, said that the US economy will never bounce back because of the national debt and poor planning. Paul Craig Roberts has been saying “it’s over” for a while, he agrees that the United States is a failed state/economy/empire, etc.