Congresswoman Maxine Waters on hold with Bank Hotline for Loan Modification

Maxine Waters a California Congresswoman recently attempted to help a few of her constituents get a hold of their banks in order to re-negotiate the terms of their loan. What she thought would be a simple telephone call turned in to hours of being placed on hold and speaking mainly to automated voices.

After hours of trying to help Congresswoman Waters said, The average American trying to negotiate a loan modification will not be able to get it done,"

While the federal government and banks say they're trying to help homeowners avoid foreclosure through various help lines and more, an ABC News investigation has found that the process of reaching out for help can be disorganized and frustrating, hardly consumer friendly, even when a prominent member of Congress is on the line.

Category:

People & Blogs

Tags:

• Maxine
• Waters
• Loan
• Modification

[4thandinches]

The most shocking thing about this video is that Maxine Waters knows how to use a telephone.

[kurtscash]

yeah shadowcaster111, this was during the Bush Admin, nice try...blame Obama for 8 years of serving the rich.

[jmdelan99]

she's going to help them modify a loan? what happens to the investor who purchases that loan? does magic maxine bail him out too? they should not have a loan after 35 years in that house. Maxine is too stupid to be a representative of anyone. is this the best her district can find to represent them? have you seen her interview Treasury Ben? it looks like a Saturday NIght Live spoof.

[Ms2ndamendment]

She probiable has never worked so hard before.... and I'm sure she only is because there's a TV camera on her

[distantreplaydotorg]

My parents had a 30 year home loan and paid it off in 30 years. How can these people be in their home for 35 years and still have a mortgage ? Did they take money out of their house and refinance ? My parents wouldn't do that. They did w/out a lot of goodies and paid their mortgage off promptly. It's all about choices in life. Sadly for the taxpayer, it's "heads they win and tails we (taxpayer) loses".

[CMDCM1893]

why do you still have a house loan after 30 years? people that use their home as an ATM are playing with fire.

[Mariobus1]

I praise Maxine for taking a stand! She obviously has a heart unlike many fellow Americans who are spewing things like, "let them be kicked out onto the streets!" This sounds like immature rotten mindedness. Almost like what you would here a bunch a spoiled children saying to each other, "mommy, why does he get the right to get ice cream, when I'm the one who didn't get sick and lag behind in the yard work? Mommy, I will throw a tantrum, if you let him have ice cream, too!"

[Mariobus1]

They will end up being subsidized by government ala taxes, regardless. The best bet is to allow them to get a modification, so that they can continue to stay in their 'homes'. Many of them were lured into getting a second and third mortgage, which was advertised termendously by the banks as "get one for your grandchildren's college" etc. If the people aren't allowed to get a modification, then the banks should not have been allowed to get bailout money! Besides, this is not a competition!

[Mariobus1]

They will end up being subsidized by government ala taxes, regardless. The best bet is to allow them to get a modification, so that they can continue to stay in their 'homes'. Many of them were lured into getting a second and third mortgage, which was advertised termendously by the banks as "get one for your grandchildren's college" etc. If the people aren't allowed to get a modification, then the banks should not have been allowed to get bailout money! Besides, this is not a competition!

[Mariobus1]

This is very upsetting that we are somehow doing a "humanitarian" coalition attack on Libya, but we can't help people here who are facing one of the foremost basic neccessities called, housing. It doesn't matter if some of you posters are stating that these people are dumb and don't deserve their homes and should be kicked out on the streets, that is not the point. The point is, they deserve a home. If they do get pushed out on the streets, then how do you think they will be able to function?