Loan Modification

The federal government requires banks participating in HAMP not to foreclose on homeowners while they?re being considered for a loan modification.

Now, why that would even need to be a rule is beyond me. What?s next? How about this one: A new law prohibits car mechanics from selling someone?s car while they?re repairing it. Whatever.

Banks, however, could give a rat?s petute about what the federal government wants them to do because the rule is voluntary and has no enforcement mechanism. A voluntary rule with no enforcement mechanism? Wow. I don?t think I can remember seeing one of those before. Actually, it makes total sense that there?d be no enforcement mechanism? since it?s a voluntary rule. See, I?m starting to think like them.