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No surprise: fed mortgage program a dud…

…I am here to tell you, from first-hand experience, the problem is not homeowners who are unwilling or unable to make payments, the problem is the banks giving homeowners the run around. They don’t call back, they lie, they give you bad information, they make promises they can’t back or won’t back up, and one hand is not talking to the other. I believe this is all by design, with one intent: soak the debtor and the government for every dollar they can.

Now. I actually agree with the independent banking analyst quoted in the article. Foreclosure and/or short sale is the free market answer. But…the banks have to stop jerking people around.

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