Homeowner Rescue Alliance

Analysts at JP Morgan Chase & Co. predict that between March 2009 and mid year 2011, we could see as many as 6.4 Million new foreclosures!!

Here’s the “good” news:

That number is 2.5 million less than what would have been expected if no mortgage assistance was being provided

(I have it in small print for a reason)

Folks, I don’t know about you – but I’m tired of the “not so bad news”. Press releases like this serve as notice to let us know that leaders would rather desensitize us to the sheer number of jobs lost or foreclosures than try and take a more proactive approach to cutting these estimates.

Just as they sometimes do “lock in”, closed sessions of congress to get important legislative initiatives passed; they need to do the same here.  Let's take the Administration, investor reps, GSEs, insurance companies and mortgage servicing companies....lock em in there...hide the key...and don’t let them out until they’ve got a workable plan...and keep them in the area while we watch it work!!!

(okay, now back to reality)

Even as the banks work to implement the plan announced by the President on March 4^th, many have openly admitted that the plan will only affect a small percentage of loans. The key thing to understand is that most of what the President has been talking about mainly applies to loans that were purchased or guaranteed by Fannie Mae or Freddie Mac.

If you haven’t done so yet,

Go to http://loanlookup.fanniemae.com/loanlookup/ to check to see if your loan is owned by Fannie Mae.

Go to https://ww3.freddiemac.com/corporate/ to check to see if your loan is owned by Freddie Mac.

Don’t try to wrap your head around who, what and why your loan is connected to them, just type in your information and find out.

In the meantime, we’ve got to brace ourselves for what’s coming down the pipe.

Gods Speed,

HRA Blogger