Barbara Corcoran explains the Making Home Affordable program
June 09, 2009 06:30PMBarbara Corcoran, founder of the Corcoran Group, appeared on the Today show today to explain the Making Home Affordable program. Corcoran said communication from the government about the program is lacking, and that the first step is making sure homeowners qualify for either a loan modification or refinancing by going to the Making Home Affordable Web site. Then, homeowners must get in touch with lenders' loan mitigation department. "The real problem is that people are calling the wrong people at the bank," Corcoran said, adding that when she tested some banks, many lenders did not know about the program. Corcoran said once the homeowner is able to navigate through the process, the loan modification or refinancing could significantly reduce monthly mortgage payments.
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Comments
Anonymous
Oh boy. This is going to be good from the comments department. Where does one begin??
Comment #1 Posted By: Anonymous 06/10/09
Anonymous
"The real problem is that people are calling the wrong people at the bank." Thank goodness that we now know why the Making Home Affordable program is failing miserably- it's NOT because their loan balances exceed current market conditions, it's not because banks don't want to offer modifications because those calling aren't in a position to repay the loan (losing a job will do that)- it's ALL BECAUSE THEY'RE CALLING THE WRONG PERSON! Thank goodness we now know- I was wondering.
Comment #2 Posted By: Anonymous 06/10/09
Anonymous
Maybe Barbara & Sarah Palin should team up & open a firm!
Comment #3 Posted By: Anonymous 06/10/09
Anonymous
Maybe Barbara should take some heat for helping cause this crisis. How is it that she is now the authority on this?
Comment #4 Posted By: Anonymous 06/10/09
Anonymous
She's endemic of what's wrong with this industry: Idiots are doling out advice.
Comment #5 Posted By: Anonymous 06/10/09
Anonymous
what can I say? #5 said it all
Comment #6 Posted By: Anonymous 06/10/09
Angry China Man
Her only concern is to keep money flowing in the real estate market. Anyone in their right mind SHOULD know if you are spending 50% of your income on mortgage, you are in DEEP sh... trouble.
Comment #7 Posted By: Angry China Man 06/10/09
Anonymous
Nah, nobody knows that unless BC tells them...
Comment #8 Posted By: Anonymous 06/10/09