Thursday, March 5, 2009

House flipper bail out program has started

The Obama administration program to bail out delinquent homeowners is underway. Lenders were given authorization to start modifying loans under the $75 billion homeowner mortgage bailout plan. A recent Quinnipiac University survey showed sixty-four percent of those questioned thought this was unfair to homeowners who were more financially responsible. Borrowers are required to prove hardship to the lenders. That will not be hard if you are a janitor with a $250 thousand mortgage. The rest of us will have to struggle on without Obama's help.

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