Charles Blumenkehl of Blumenkehl Properties and Blue Asset Management LLC, predicts the "Make Home Affordable" program will fall

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Charles Blumenkehl CEO of Blumenkehl Properties and managing partner of Blue Asset Management LLC predicts the Obama administrations "Make Home Affordable" program will fall well short of its target to provide relief to 9 million homeowners who have been making their mortgage payments throughout the mortgage crisis by reducing their monthly payments.

Charles Blumenkehl CEO of Blumenkehl Properties and managing partner of Blue Asset Management LLC predicts the Obama administrations "Make Home Affordable" program will fall well short of its target to provide relief to 9 million homeowners who have been making their mortgage payments throughout the mortgage crisis by reducing their monthly payments.

According to Blumenkehl, " the persons who can qualify under this initiative do not include good payers who have more than four mortgages, or any type of non FNMA or Freddy Mac loan. As a result, the program is not available to a large portion of homeowners who took advantage of funding availble to them during the pre-meltdown years, and now cannot obtain any type of conventional financing becasue they either own too many loans or their values no longer satisfy collateral requirements." Blumenkehl pointed to the low participation in the program, estimated by the government to be only 55.000 borrowers in May of 2010, as evidence that the program isn't having anywhere near the widespread impact it could. Blumenkehl suggested, "By creating a mortgage instrument at current rates, and allowing mortgagees who have consistently made their mortgage payments without becoming non-performing at any point, the government could provide a much needed and well deserved benefit to the 9 million mortgages loans that remained current throughtout the mortgage meltdown, many of which fall into this category. "

Consequently, says Blumenkehl, the property owners who will be helped, many of whom are small investors who have faced many challenges in maintaining their mortgages and properties during these difficult economic times will be able to bring the properties back to profitability, creating tax revenue and leading to home improvements which may have been deferred in favor of keeping their mortgage payments current.

Blumenkehl Properties and Blue Asset Management maintain a portfolio of residential and comercial properties in New Jersey, and are buyers of performing and non performing mortgages. For more information about Charles Blumenkehl, Blumenkehl Properties or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com oir call the company directly at 973 835-1400.


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