Right for a Credit Score
23/3/10 00:50![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
merig00.livejournal.com posting in ![[community profile]](https://www.dreamwidth.org/img/silk/identity/community.png){kind=small}
talkpoliticsJackals of capitalism come up with new ways how to put down the hard working americans every day! Here for example AP is reporting that
Some homeowners who sign up for the government's mortgage assistance program are getting a nasty surprise: Lower credit scores.
For borrowers who are making their payments on time but are on the verge of default, the Obama administration's loan modification program can reduce their credit score as much as 100 points.
/.../
Housing counselors say it's unfair, especially because the news often comes as a surprise to homeowners.
"Why should people's credit be hurt even worse when they're trying to do the right thing?" said Eileen Anderson, senior vice president at Community Development Corp. of Long Island, a housing counseling group in New York.
Think about it: people on the brink of bankruptcy are turning to government for help, and get an unpleasant surprise - the rating agencies consider in their credit rating calculations, that these people are on the brink of bankruptcy, and they will now be harder to get into debt even deeper! Every day - new horrors!
It's not fair, isn't it? Frankly, it would be much better and fair if to everyone the government gave out a fair credit rating - no less than 750. And if you are a minority - no less than 780, I mean minorities got it hard as it is. That would be fair and truly american!
Thank you for attention.
Some homeowners who sign up for the government's mortgage assistance program are getting a nasty surprise: Lower credit scores.
For borrowers who are making their payments on time but are on the verge of default, the Obama administration's loan modification program can reduce their credit score as much as 100 points.
/.../
Housing counselors say it's unfair, especially because the news often comes as a surprise to homeowners.
"Why should people's credit be hurt even worse when they're trying to do the right thing?" said Eileen Anderson, senior vice president at Community Development Corp. of Long Island, a housing counseling group in New York.
Think about it: people on the brink of bankruptcy are turning to government for help, and get an unpleasant surprise - the rating agencies consider in their credit rating calculations, that these people are on the brink of bankruptcy, and they will now be harder to get into debt even deeper! Every day - new horrors!
It's not fair, isn't it? Frankly, it would be much better and fair if to everyone the government gave out a fair credit rating - no less than 750. And if you are a minority - no less than 780, I mean minorities got it hard as it is. That would be fair and truly american!
Thank you for attention.
