Monday – more pressure on lenders?

Long awaited pressure on lenders seems to be forthcoming. It was announced on Friday that on Monday the Treasury will announce a new program to pressure banks into freeing-up the bail-out money and getting those modifications rolling. We are told that banks that are not complying will be “outed”. That will be fun!

The foreclosure rate continues to climb to record level – now nine consecutive quarters. The trial modification bubble of July-September was thought to be an encouraging sign that the money was getting to the needy instead of sticking with the greedy. However, shortly after achieving the govt’s targeted 500,000 trial mods the banks slammed on the brakes and returned to their delay tactics.

Let’s hope that the Obama administration hits a home run this time. Let’s give them more than three strikes!!! After all, we WANT them to win!

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