Fannie & Freddie - Come Get Your Loan Modification & Pay For Life

Mr. Mortgage’s Guide to the TRUTH! has a great article about the Fannie Mae / Freddie Mac loan modification program: A real eye-opener, this is a must read if you are considering something similar.

The fed is making things worse by continuing to meddle in the mortgage markets: What the heck are thinking? Some of the 'solutions' they are pushing involve more exotic products: as the old saying goes, the cure is worse than the disease! No program they have 'implemented' has shown even a modicum of success. Mr. Mortgage’s Guide to the TRUTH! has a great article about the Fannie Mae / Freddie Mac loan modification program: a must-read - and scary.

What is the incentive for a borrower to sign onto such a program? There doesn't seem to be any upside to this program that I can see.