Administration’s Mortgage Fix Is Criticized

Mr. SubPrime here to tell you......

my mortgagor, Wells Fargo, has done nothing but extend repayment plans and offer loan mods that were/are unaffordable. They refuse to write-down anything. My home was overappraised (huge) by their appraiser, and I'm upside-down $30,000+. I didn't buy this house to stiff someone, I bought it to raise my family in. We had a budget when we purchased, but we (like many others) got bushwhacked at the closing table by the lender. They knew exactly what they were doing . Subprime borrowers are not bums, deadbeats, and rats. Many (like myself) have become strapped with food, energy, and other inflation-affected costs. Mortgage payments increasing by hundreds of dollars, combined with the aforementioned expenses, pushes borrowers to the financial breaking point. We were ill-advised by the lenders' representative, much like a salesman offers less-than-candid guidance in financing a car. They literally sold mortgages like cars. FBI investigation may or may not result in indictments, but this bubble is just another in a series engineered to steal the wealth of America's middle class; as well as adding to the burgeoning crowd of "subprime" customers.

R. Peters of WI @ Apr 10, 2008 20:39:51 PM