Paul Chase

I've been reading with great interest about the various government sponsored mortgage foreclosure programs at all levels, local state and federal. I can't seem to find one that is actually working. TARP is the worst case of corporate welfare in recorded history and by Barney Frank's own admission is a complete failure. Connecticut's programs have helped a whopping 5 families out of the hundreds that applied. What a waste of tax payer money.

So my question to y'all is there a government sponsored program out there that is actually working? If so, I'd love to see it.

Please, please, please contact your senators and congress reps to stop the CRAM Down Mortgages. These legislation would allow a home owner who is default on their mortgage to file for Chapter 13 Bankruptcy and then the judge would have the authority to dictate new terms for the mortgage. The principle and interest rate could be set by the judge.

While on the surface, that sounds like a good deal, but think about it. What's that going to do to mortgage rates? Investors would have to really tighten who they lend money to in order to make up for the loses they would incur from all the BK filings and mortgage changes that would forced upon them.

36% of all morgage loan modifications are already in default again. What makes Congress think that statistic would change? People will begin to default on purpose just so that they can qualify for the new mortgage. The only people who will come out ahead with this will be the attorneys who work the BK market.

Has anybody looked at Dick Durban's plan for the so called "Cram Down" mortgages? From what I understand they'll drive the current market further into the ground. The only ones making a profit from this legislation are the BK attorneys and homeowners with no scruples. It'll punish the homeowners who are struggling to make their payments on time.