Project Lifeline

Project Lifeline was yet another disappointing program that was launched this week with the pretense of a temporary solution to the ever growing foreclosure crisis faced by the housing industry.

Project Lifeline consist of six of the ten major mortgage companies giving a 30 day reprieve on foreclosures to homeowners that are 90 days or more delinquent on their home payments. This 30 day grace period is intended to allow homeowners that are in default to secure refinancing. Obviously the planners of this new program have not attempted to seek financing in today’s market let alone try to shop a bad credit loan in 30 days or less.

Who is kidding who here? This is no more than an attempt to curve the bad mortgage press on the 6 o’clock evening report. This is going to help very few distressed home owners.

A popular Las Vegas real estate blog has called for the government to either come up with real solutions or be honest with the American public and tell us they intend to do nothing. I agree completely. Put up or shut up but stop pretending to care and giving homeowners’ false hope that the Calvary is on the way. To do otherwise is prolonging the anguish of countless Americans and the recovery of the real estate market.

While the Columbia Missouri real estate market has not been impacted to the extent other regions of the country have the effect is still obvious. Uncertainty in the market destabilizes home prices. Home owners are increasingly stunned as they watch their equity in their homes diminish. Before we can begin recovery we need to hit bottom. Prolonging this market inevitability is doing a disservice to those affected and is causing more of the population to suffer as the problem is exacerbated by the possibility of government intervention.

I agree completely with my Las Vegas colleague. It is time for our government to quit riding the fence. Either step in or step aside.

~Rhonda McMillan
Broker

This entry was posted on Saturday, February 16th, 2008 at 6:01 pm and is filed under Mortgages, Columbia Real Estate, Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.