Due to the recession and a declining economy, lots of American homeowners can't afford their mortgage anymore. They need assistance fast, otherwise their home could go into foreclosure.
The "Home Affordable Modification Program" is here to help those people. It's an initiative created by president Obama and went into effect March 4, 2009.
In essence it modifies the loan they have to pay for their homes, so it becomes more affordable for them.
This is a good initiative because a lot of Americans are in financial problems today. The crisis started in America, with the banks lending money to the wrong people, and America is one of the countries that's been hit the hardest by it.
The number of people that got a Home Affordable Modification increased from 3,200 to 12,700 in just a couple of months. There are also over 14,000 loan modifications pending.
Looking at those numbers it becomes clear a lot of people need financial support.
Obama's administration also contacted the Bank of America to help the people in need through the program. But already there are a lot of complaints about it.
The major complaints are about the bad customer service and the amount of documents needed to continue with the program.
I think this gives the people mixed feelings about the initiative.
Obama's administration wants to help the people in need by offering assistance and they even contact a big bank to help out. But on the other hand, the program requires so many different documents, that most people don't even know what to do or how to initiate it.
There is also the complaint about the bad customer service.
I think Obama should pressure the Bank of America in improving that service. Since Obama is linking his program (and his name) to that bank. If that bank gets a lot of complaints about something, Obama will inevitably be mentioned there, which might affect his reputation.
We can conclude by saying it's good that Obama tries to help the people in financial needs.
But there are still a few details that need to be sorted out before the program is fully operational.
By Dieter De Smet
Source: http://americanconsumernews.com/2010/02/homeowners-frustrated-with-bank-of-american-loan-modifications.html
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There are some things that had to be changed in the USA and I think it's brilliant that Obama is the new President of the US.
BeantwoordenVerwijderenSome people are against him but he's the best thing that ever could have happened to the US.
It's hard to start something new. Things aren't going fluently. However it's important that things change because the future of the US depends on it
yorick stroobant