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Bailed Out Banks Urged To Assist Homeowners

As President Obama decides on how to spend the rest of the $700 billion bailout funds, it is reported that he wants to make sure the bailed out banks do much more to boost lending.
 

FOR IMMEDIATE RELEASE

PR Log (Press Release)Feb 13, 2009 – California, USA—As President Barack Obama and his key advisors consider how to spend the rest of the bailout funds, it is reported that President Obama would like to make sure that the banks that have been bailed out do more to assist in this lending crisis. Obama and new Treasury Secretary Timothy Geithner are trying to take every measure possible to bring both consumer and investor confidence back into the economy.

Banks are being blamed for not doing anything substantial with the funds they have received thus far and many in Washington are still angry with the high bonuses and perks being distributed among the top officials and executives of these corporations.

The real estate industry and especially homeowners are hoping that President Obama will make it compulsory for banks to look at their grievances and assist homeowners with their mortgage situations. Bridget Toomey of the Loan Modification Foundation was quoted as saying “If all banks and mortgage lenders were open to working with homeowners on loan modifications, the foreclosure rates would decrease tremendously and the losses would be minimized for everyone.”

Of course she also acknowledges that in the past few months, both banks and mortgage lenders have been more than open to home loan modifications for their customers. A lot of families have been able to save their homes by submitting an application and getting their monthly payment reduced and interest rates modified with the help of a qualified consultant.

Market analysts believe if banks are genuinely pushed by President Obama to work with homeowners to modify loans as a bailout condition, it would help millions of families across the United States while also positively impacting the economy in general.

# # #

The Loan Modification Foundation is a California based company providing consulting services to homeowners. Services include helping homeowners qualify for a loan modification, providing solutions and tools to homeowners in order to refinance their mortgage loan to a more affordable payment and interest rate, and renegotiating with mortgage lenders to help save homeowners from foreclosure.


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Email Contact:Click to email (Partial email =  @gmail.com) Email Verified
Issued By:The Loan Modification Foundation
Phone:800-780-5109
Address:450 N. Brand Blvd
:Suite 600
City/Town:Glendale
State/Province:California
Zip:91203
Country:United States
Categories:Mortgage
Tags:home loan modification, loan modification, loan refinancing, Foreclosures, loans, economy
Last Updated:Feb 13, 2009
Shortcut:http://prlog.org/10182451

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