More evidence that mortgage relief laws are not working

5 giant ¬†banks agreed to keep folks in their homes so they would not get sued. Surprise!!! It ain’t working. Ca. attorney general, Kamala Harris set a preference for debt forgiveness which is the most effective way to keep people in their homes.That did not happen.

Only 20 % of aid went to principal paydown. Most of the money went to short sales (which banks make money on) and forgiveness of 2nd loans.

Bruce Marks,founder of Neighborhood assistance Corp of America says, “It just shows you that the banks are running the country”.

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