Maybe with the absence of any Obama Making Home Affordable loan modifications, the HUD Secretary HERE felt he needed to confirm the obvious--If a bank takes TARP money, they must also make this program available to their eligible borrowers. (This doesn't mean they must modify a loan for an individual applicant, just that they must implement this program).
Editorial Comment: The Administration would have a little more creditability on this topic if they had published all the necessary guidance before announcing the program a couple of months ago. Minor things like how to calculate Net Present Value , etc. (See my post from 5 weeks ago HERE about what was and is STILL missing). "Under promise and over deliver" is mantra that should have been adopted for this program.
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