Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat!

[ProSense]

Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat!

by joedemocrat

I suspect most kossacks have read about The Obama Administration's $26 billion mortgage settlement with the big banks. Under this historic settlement, many hurting homeowners will receive interest rate adjustments, or principal writedowns. There will also be cash payments to people who lost their homes and some money will go to the states to fund legal and consumer protection programs.

Well, I benefited from the Obama Administration settlement! I bought my first home in December 2007. I'm underwater, so I couldn't refinance at today's low interest rates. Under the settlement, Wells Fargo gave me an interest rate reduction to 4.25%. My payment goes down $115 a month starting May 1st!

Thank You President Obama! That's why I'm a Democrat! That's why I vote a 100% Democratic ticket. That's because I understand without a doubt no Republican would have helped me. I understand without a doubt that no Republican president would have passed the Affordable Care Act. I understand without a doubt that under any Republican Administration, Osama Bin Laden would be alive, GM would be dead, and a million more Americans unemployed. I understand without a doubt that no Republican president will increase the minimuim wage, combat climate change, or appoint people to the SCOTUS who will preserve Roe v Wade. The Republican Party has nothing to offer anybody but the top few. And if you take a long term view, they don't have anything to offer the top 5% either. That's why their entire strategy has been to prevent President Obama from passing anything and passing voter ID laws.

<...>

Then I heard under the Obama Administration's $26 billion bank settlement, people who were underwater but didn't have Fannie Mae or Freddie Mac loans could refinance at today's low rates. So in February, I went into a Wells Fargo branch and talked to a loan officer. He thought I would qualify, but told me the program started March 1st and not all the details were out yet. He said a person couldn't do this through a retail branch. He said to call the 1-800 number listed on my monthly statement anytime after March 1st.

So on March 5th I called. The loan officer or customer service rep on the phone told me I qualified for the new program, but I had to go through a special office and gave me another Wells Fargo phone number. I just had to answer a few questions (loan number, income, what I estimated my home to be worth now). I had to fax them my W-2 and my last pay stub. The loan officer I talked to told me the whole process would take 20-30 days but she would stay in touch with me through the whole process. She did exactly that contacting me to tell me she got my fax, and when I called with a question she called back within 24 hours as promised. And 2 weeks later she called me to tell me I was getting an interest rate adjustment down to 4.25%, but everything else would stay the same. My payments would go down $115. There were no fees or points or anything!

- more -

http://www.dailykos.com/story/2012/04/22/1071892/-Thank-You-President-Obama-I-was-helped-by-the-26-Billion-Settlement-That-s-why-I-m-a-Democrat-

[dkf]

1. Interesting that this program referenced is only for mortgages held by the bank, not sold to Fannie

Or Freddie or sold to investors.

[banned from Kos]

3. yeah, but the GSE's are full wards of the state and need House approval

to alter mortgages where taxpayer funds are required (in place of that $26 billion).

[banned from Kos]

2. Good stuff. Mnay more will benefit but lets not forget the AG's in this.

side note- (interesting reading the comments and the couple of people who try shit on the diarist and the President. I would be livid.)

[southernyankeebelle]

4. Gee I glad he was able to help you.

[ProSense]

5. Not me.

Still, I doubt the OP author is the only person with a similar story.

[REACTIVATED IN CT]

6. I'm happy to hear this - for you and for my friend who is

applying with BOA for modification. She is retired & is running out of money. Social Security check does not cover mortgage payment and she is underwater

[DCKit]

7. Fine 'em $26 billion and, suddenly, the banksters start answering the phone?

Who could have seen THAT coming?

[Rex]

8. It is a rediscovered artifact...currently in its fledgling stages I believe they

call it 'accountability'.

Not been used in ages from what I hear.

Now if they can just move on to oversight and more fines.

Banksters owe the American people a tab.

[FailureToCommunicate]

9. Three different Wells Fargo banksters turned us down

before we finally threatened getting our state AG in on our effort. (She had a separate investigation ongoing)

Obama's settlement was too little, and too late for so many. The banks and mortgage companies are being slightly more polite to customers faces, then laughing all the way to their accounting departments. $26 Billion (total) is chicken feed to them.
You 'joedemocrat' may be grateful and I hope you will continue vote Democratic. I will also, but on this issue I'll be holding my nose.
Too many citizens have lost their homes!

[girl gone mad]

10. The settlement was a pile of shit.

Most decent people are offended when thrown crumbs as compensation for the loss of their homes through fraud.

[ProSense]

11. Well,

"The settlement was a pile of shit."

...it was "a pile of shit" that helped the OP author.