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How To Get A Countrywide Loan Modification With President Obama's Plan

"Connie Skalski" (2019-10-14)

Trying to get a Countrywide loan modification and wondering how to apply and qualify under Obama's federal plan? The lender is accepting applications from borrowers who are facing a financial hardship situation and need to lower their mortgage payment to avoid foreclosure. Here is what you need to know so you can get the help you need and deserve. When you apply for a Countrywide loan modification under Obama's plan you will be asked to provide certain paperwork. The lender will review this to decide if you qualify for a loan workout. The goal of the federal loan modification plan is to offer a standardized workout that results in a new mortgage payment that equals just 31% of your gross income. This target payment will include your principal, interest, taxes, insurance and homeowners dues. The 31% ratio is just for your first trust deed, if you have a second loan, there is a separate loan modification plan for that loan. President Obama's plan calls for both loans to be modified and will offer cash incentives for the bank to lower the payments on all loans that qualify. You must also be able to prove that you will be able to afford to pay and maintain the new modified payment by providing proof of your income and expenses on a financial statement. As long as you can meet the basic approval criteria and know how to complete your paperwork correctly you will have a good chance of getting a Countrywide loan modification. Don't be intimidated or frustrated, just take it one step at a time and use a good loan modification guide to help you prepare your application. This is a one-time chance, so you want to do it right!

Silicon Valley was the alternative. Its financing, its management practices, its geography, and most of all its ideology of invention and meritocracy made it appear—to its promoters—the opposite of the slow-moving bureaucratic corporations of the Northeast and Midwest. Celebrating Silicon Valley became a way of bridging political differences. Ronald Reagan—once a General Electric employee, after all—touted the wonders of technology as just one more American marvel, speaking to students at Moscow State University in 1988 about the computer revolution. But the ideal of tech was bipartisan, as "Atari Democrats" such as Paul Tsongas of Massachusetts and Al Gore of Tennessee praised the promise of technology to change the world. No more need for politics, with all its mess and conflict. By the end of 1984, Apple executives celebrated their triumph over the mainframe with 19 holiday parties, one featuring a Dickensian village peopled by performers in period garb. The company that most successfully harnessed the ethos of the libertarian counterculture to a new vision of ’80s-style consumer capitalism was Apple.

Apple’s vision of liberation, though, always meant the freedom to become fantastically wealthy. When the company went public in December 1980, its valuation quickly climbed above that of those staples of the old economy, Ford and Bethlehem Steel. By the end of 1984, Apple executives celebrated their triumph over the mainframe with 19 holiday parties, one featuring a Dickensian village peopled by performers in period garb. The last chapters of The Code trace the emergence of the internet. AOL and Netscape and the start-ups of the dot-com boom all make their appearances and are quickly replaced by Amazon, PayPal, Facebook, and Google. O’Mara notes the connections between the new Valley and the old: Facebook, for example, had its early offices in a part of the Stanford Research Park that had once been home to Hewlett-Packard. Despite the rapid pace of technical development, it has been hard—even for the earliest of adopters—to sustain the old utopianism. Doubts about the meaning of this new world have proliferated throughout society, even in the Valley itself.

In the epilogue to The Code, O’Mara suggests that Silicon Valley as we have known it is in decline. New programmers will go to different and less pricey locales (San Diego?). But the crisis extends beyond Silicon Valley as a place. The very confidence in technological entrepreneurship it once embodied may prove to have been a product of the late twentieth century more than an enduring feature of our political landscape. O’Mara’s version of the Valley remains one dominated by the entrepreneurs who led its development. At times, this means that its social history is less present than it could be. One is hard-pressed to find machine-breakers today; the writers chronicling their agonized efforts to quit the iPhone and the tech moguls panicking about the effects of screen time on their kids’ brains are the closest we’ve come so far. Still, The Code brings to mind Hobsbawm’s arguments about the politics of technology.

For it suggests that the widespread discomfort with the technological regime is not only about the machines themselves. We live in a moment when the political consensus of the ’80s and ’90s is being called into question. Faith in unregulated free markets has led to the dominion of the rich; the disinvestment in the public sector has led to the hollowing out of the institutions upon which democratic society rests. The tech industry seemed at one point to make material many dreams of the free market. It provided an image of a highly competitive economy that rewarded intelligence and daring, funded by venture capitalists with an ownership stake in the companies they built. As people challenge the social certitudes that rose in the ’80s, the slicker, brighter future that machines promised looks shakier too. This deepening unease about technology—and the spaces that have nurtured it, like Silicon Valley—is testament to the shifting politics of our time. Inchoate and uncertain though this discomfort may be, it is an expression of desire for a new order.

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