Mortgage Modification and Bailouts Fail. It's time for Something New to Help the Economy.

Submitted by Jen Jones on Thu, 07/29/2010 - 4:27pm

Mortgage Modification and Bailouts Fail. It's time for Something New to Help the Economy.

People are often deterred from filing bankruptcy by a nagging sense of pride that tells them that asking for financial help is somehow admitting defeat. Well, in this type of economy, it couldn’t be further from the truth. And if you need more evidence of that, consider the state of the federal bailout effort, which, while lacking in headlines, continues to be more aggressive today then when it was initially introduced.

It is true that the big bailout, the one for Wall Street, is in view of the finish line. Yet, federal support (tax money) is still being distributed to countless organizations, according to the highest official on the subject, Neil Barofsky.

The special inspector general for the Troubled Asset Relief Program (TARP) issued a report that showed federal spending in support of private financial institutions is currently at $3.7 trillion, an increase of $7 billion from last year. A large amount of the money is coming from the Federal Reserve and FDIC. The housing sector is seeing its fair share as well.

In his report on the state of TARP, Barofsky commented on the Obama Administration’s federal mortgage modification program, citing its slow progress and the substantial gap between the current number of homeowners helped and its goal of assisting three to four million. While this fact makes for easy political debate, its relative failure hardly falls on the lap of the President. It’s simply another example of big government inefficiency.

With all of the corporate bailouts going on, where is the bailout for the taxpayer? Where is your bailout? Congressional efforts to help Americans who are flailing in the economic deep end are simply not working. The mortgage modification program has only helped a fraction of homeowners, and more homes are being lost to foreclosure every day. It's time for you to consider real economic relief- it's time to consider bankruptcy. With the power of federal law, you can stop foreclosure, stop harassing creditors, and even stop the IRS. Preserve your family's future and contact a bankruptcy attorney today!

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