http://www.azcentral.com/community/phoenix/articles/2010/04/09/20100409arizona-foreclosure-aid-plan.html
The setting was a lobby turned into a meeting room with rows of plastic chairs at the Carnegie Center next to the state Capitol. The occasion was a public meeting hosted Wednesday by the Arizona Housing Department to share and receive feedback on how it plans to spend $125 million in new federal funds to fight the foreclosure crisis.
Amid the numbers and bureaucratic terminology, the meeting provided a visceral glimpse of the wrenching downward spiral everyone involved in the foreclosure crisis feels and how this latest financial package is more triage than bailout.
Trailor recapped the grim trajectory. "We are on track for 50,000 foreclosures in the Valley this year," he said. "We are hoping we can use this $125 million to help 4,000 homeowners."
That the new federal aid would only help less than 10 percent of the households sent a new ripple through the crowd
One person asked how many lenders the Housing Department had been able to persuade to reduce borrowers' mortgage amounts through loan modifications.
Trailor and Givens did not have a number. Both said they were frustrated at how few lenders had made the modifications. They hoped more pressure from the federal government would help.
Why won't the lenders modify? Watch this and then you'll understand that it behooves them NOT to.
http://www.thinkbigworksmall.com/mypage/archive/1/32275
