Federal mortgage relief program a bust

To the editor:

While reading Ted Rall's commentary, "The Banksters strike again," in Sunday's Review-Journal, I couldn't help but feel that I could have written the article myself.

After losing half my household income, I too applied for the so-called "Make Home Affordable" modification program -- not once, but twice in a year's time. To add insult to injury, I had contracted with a California company to negotiate the loan modifications. Needless to say, this was a scam also.

I, plus hundreds of others, maybe thousands, had fallen victim to these scam artists who prey upon those in need.

The modification process played out in the same manner as Mr. Rall indicates, in so much as my mortgage company would acknowledge receipt of documents and then repeatedly ask for them over and over again before finally rejecting the application, not on the grounds that my income hadn't been reduced, but because I didn't have enough money left over at the end of the month to pay my mortgage if they modified the loan.

In other words, I didn't qualify under President Obama's guidelines.

On one hand, President Obama urges homeowners who owe less than $750,000 on their home to refinance or seek relief. He says you will probably qualify. But just like the word "may," "probably" means "won't." When you say you owe more than your house is worth, forget it.

I can't help but wonder just how many other programs Mr. Obama and Congress have passed that are just paper thin.

In the meantime -- and maybe as a last gesture of his so-called devotion to Nevada -- Sen. Harry Reid should step up to the plate and make these programs work. Or, for once, tell the truth why they don't.

Joe Schaerer

Las Vegas