Sample Essay
The article by Vivian Toy published in the New York Times titled ‘Penetrating the Maze of Mortgage Relief’ focuses on the mortgage modification program provided by President Obama and how it promises benefits to the consumers. The article is based on a consumer centric theme and therefore provides how the consumers are affected by the mortgage modification program when acquiring and modifying their mortgages.
The Article provides that while the mortgage modification program provides numerous benefits to the mortgage industry as well as the consumers in the market, the program has yet to prove whether it can be successful. Some of the issues that have been provided pertaining to the program relate to the lack of access that consumers have to the system for the 2 percent mortgages. The program itself is providing to be a very slow operator as it takes administration a significant amount of time to access the applicants and provide them with news regarding the modification of their old mortgages to 2 percent mortgages. Additionally the consumers who apply for the 2 percent mortgages under the modification program find it hard to get their mortgages modified as opposed to those whose applications are prepared and support by the HUD counselors. Aside from this the article also provides that the approval rate for these mortgages is significantly low, leading to high number of disappointed customers. The article also presents the eligibility criteria for the appliers under the modification program and what requirements have to be met by them in order to expect approval on their applications.
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