Mortgage Modifications – The latest chapter in the “Great Deception”

Joe Nocera’s article in Saturday’s New York Times demonstrates the futility of the Obama Mortgage Modification program, Home Affordable Modification Plan. It simply has no teeth. It dangles a pitiful carrot at the lenders - a measly $1000 per loan modification - and no stick if the banks don’t take it. Without court ordered modifications of mortgage in chapter 13 - the “dreaded cram-down” that the banks spent another $50,000,000 to defeat in Congress - the banks have no incentive to modify