Since 10/1/08, we have been notified of so called "economic stimulous" program for our defaulting mortgage due to high payments and pink slips.

It is unfortunate however, that when we contact the lenders of mortgage institutions; we are yet again faced with harsh reality of policy vs real world. I could swear on my mother's grave that the Countrywide was bought out by Bank of America, and Indymac was under federal investigation on fraud charges. When we contacted these so called federally supported mortgagors, their participation level on the "economic stimulous" program is nowhere available and one of them out right denied the fact of its existance.

Previous attempts set out by the local officials with following federal regulatory agency's guideline were ridiculed with bad lending practices and when the Government's has opted to use our own money to help the nation as a whole, we are yet faced with those who hold the money and those who has to suffer for our loss.

This shameful display of petty self-indulgence should be noted before their own version of federal program emerges in the future to bring testment to new lenders and system makers of the future.

For the record, Hud nor FHA has not commented on any request made by RITE Properties of La Crescenta regarding any of the above Lending Institutions nor any other program guidelines. Currently, there are more than 100 homes on La Crescenta alone in foreclosures, defaults, bank liens, and desperate homeowners using credit cards as their last resort of survival.


Sincerely,


Chapel