Michael Cacciotti is the Mayor of South Pasadena and is a State Prosecutor with the Attorney General's office. He is very interested in the plight of homeowners facing abuses by mortgage lenders during this foreclosure crisis.
The Obama Program, whether it works or not, is solely for the modification or refinance of primary residences. Many families took the opportunity to acquire a second home during the housing market boom.
We predict that Loan Modifications and short sales will increase exponentially in the next year or two. We are already seeing lenders overwhelmed with requests for help; they are hiring new (hopefully knowledgeable and trained) staff almost daily.
The Consumer Federation of America has been one of our foremost and fiercest allies for consumers. I would like to thank everyone here for your leadership and extraordinary work on behalf of all Americans.