I wasn’t going to post today, but I just can’t help it. From today’s Kansas City Star…
“In general, a borrower must be at least 60 days delinquent to qualify for help, although the Fed has leeway to make some exceptions. A 2008 law that set up the $700 billion bailout fund instructed the Fed to take such foreclosure relief action.
“The goal of the policy is to avoid preventable foreclosures on residential mortgage assets that are held, owned or controlled by a Federal Reserve Bank,” Fed Chairman Ben Bernanke wrote in a letter Tuesday to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.”
So, if you struggle to keep your commitments and barely keep your head and credit rating above water you are NOT eligible for some relief. Once again it pays to be a victim. I understand how letting every house go to foreclosure isn’t a good idea. But why is it that only the delinquent banks and homeowners are being rewarded here? Am I missing something?