Since the economic recession began, mortgage modification has been critical in answering the problems of Americans across the country—they’ve been a major focus of the most recent Occupy protest that have been going on across the nation. The Obama administration offered a program that fell short of helping homeowners due to its flaw in effective design. Recently, however, conservatives fought the idea, arguing that taxpayers should not be obligated and forced to pay for people’s bad judgments and that lenders actions should not be pressured by the government.
On the whole, politicians alike agree that the economy isn’t going to get better on its own, and not any time soon. Until the United States fixes the major housing debt—homeowner’s wealth will continue to fall and the economic upturn will fall short. The collapse in house prices is not only affecting peoples wealth but it correlates with consumer spending, forcing the economy to plummet. An economy cannot function when the majority of its consumers are jobless, in over their head with debt and have no way out.
So what’s next? While mortgage modifications remain to be widely politically unpopular, conservatives are starting to recognize that the modifications are in fact necessary for our economy to get back on track.
Of course, right and left are not on the same page, and it might be hard to believe that a Republican would favor a mortgage modification proposal from the Obama administration. But conservatives are beginning to recognize and agree that mortgage debt is holding up the path to recovery for our economy. So if we can get the government, right and left to move past this buildup, then the free market can go back to work.
For loan modification help, call The Mortgage Law Group now: 888-591-655