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It seems like there was a lot of talk of the government helping consumers out of their debt problems. The premise was that this would jump start the teetering economy. Did it happen?
I’m kinda asking the question out loud and hoping for your input. I am not really seeing it.
Loan Modifications
It seems that President Obama is having to twist the loan servicers’ arms into executing on the loan modification plan that doled out $75 billion in tax payer money. Meanwhile, foreclosures are starting to accelerate again and the home values are still deeply depressed.
It seems like the government actions have had plenty of time deliver an impact. Yet, I am not seeing it. What about you? Are your clients getting relief?
Government Regulation on Debt Relief
To the contrary, it seems like in an effort to clean up the debt and mortgage industry they are choking off potential help to consumers. I am certainly a loud advocate for ethical standards in lending and debt relief, but could stiffer regulatory action be hurting?
Again, I am not on the street working out consumers’ debt problems or modifying mortgages so it is hard to register an opinion.
Government Help to Consumer Debt Relief
Are the government’s efforts to help consumers get out of debt and save their homes helping or hurting? Let me know with your comments from the field.
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- Falling behind (economist.com)
- Mortgage Relief Plan Shows Weak Results (nytimes.com)
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