NPR today- Hope for Homeowners Act hasn't refinanced a SINGLE mortgage- but I smell a mystery

[Phoebe Loosinhouse]

http://www.npr.org/templates/story/story.php?storyId=98409330

Despite Program, No Hope For Homeowners
by Tamara Keith

Listen Now <3 min 57 sec> add to playlist

All Things Considered, December 17, 2008 · Two months after a federal program called Hope for Homeowners went into effect, it is coming up short. Created by Congress in July as part of the same bill that led to the takeover of Fannie Mae and Freddie Mac, the program was expected to be able to help up to 400,000 people.

I hope that you will listen to the very brief clip. You will hear a gentleman who says he has purchased "dozens and dozens" of "securitized" mortgage bonds who says that he has sent a letter to the mortgage servicers FORBIDDING them to renegotiate securitized mortgages or he will sue them and he seems to be quite happy that he has "chilled" the chance for any renegotiating with the homeowners.

Here is my question - why exactly would someone who owned securitized mortgages in the form of bonds almost seem like he is hoping that they will fail and is denying any chance of a workout? The question the reporter did not ask the gentleman but that I would have liked to ask given the opportunity, is "Did you purchase credit default swaps concerning these bonds and do you stand to make MORE money if the homeowners default?"

[barbtries]

1. i think that's an excellent question

maybe there's a way to learn the answer.

these greedmeisters sicken me.

[Phoebe Loosinhouse]

2. Kick. C'mon guys - why does someone want his own bonds to go into default? nt.

[nebenaube]

3. mortgage insurance!.... (pays now, in full!) n/t

[mopinko]

4. the giant pool of money.

the whole story of this whole mess. worth a listen.

http://www.thislife.org/radio_episode.aspx?episode=355

[qwlauren35]

5. Help = Refinance? Is that the only kind of help?

I don't know enough about the program. What was it supposed to do?

[Phoebe Loosinhouse]

6. Kick for late crowd. Other ideas about why someone would embrace failure? nt