Sorry about the absence, everyone. It’s been a rough week! To refresh your memory, on Monday we talked about this article in the Wall Street Journal, New Agreement Could Mean More Help for Homeowners.
What does it mean for San Mateo County?… Despite the optimistic tone of the title, not much.
When you carefully examine the actual agreement, it amounts to very little actual help and a lot of PR.
First off, the agreement is non-binding – so there is no one that holds companies accountable if they choose not to abide by it.
Second, the agreement only amounts to a promise that essentially says lenders will respond to borrowers’ pleas. It doesn’t give them any means to resolve issues.
Third, participants are “expected to implement the new standards within 60 days.” Two months is a lot of time to implement policies that are frankly just courtesy phone calls. The fact of the matter is that people who are struggling with these issues need help *now*.
So our verdict?… Nice try guys, but you’re not fooling anyone.
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Tags: san mateo county, san mateo county information, san mateo county real estate, san mateo homeowners
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
