President Obama told his Loan Policy is NOT Working by AZ Attorney General Terry Goddard

This past Sunday, President Obama and his family came to AZ for a brief vacation. They stayed at the Phoenician Resort, which was built by the Savings & Loan Crisis Poster-Boy, Charlie Keating. He took the family to the Grand Canyon, and then spoke to the Veteran's of Foreign Wars Convention attendees. All of this was closely watched by the world-wide press. There was one thing that they missed, though...

Yesterday, Realty Executives held an educational event that was attended by nearly 500 real estate agents in the Phoenix area. The featured speaker was AZ Attorney General, Terry Goddard. According to Mr. Goddard, he had just a few moments with President Obama when he was in town, and took the opportunity to get some choice words to him just as he boarded Airforce One to head back to D.C. The Attorney General revealed yesterday that he was able to make one statement: "Your Loan Modification Policy is NOT working."

The audience's response was applause and cheers! What Goddard told the President was old news to everyone in the audience, and they were pleased that this important and critical message was delivered directly to Obama from someone with some clout. Let's hope that the President heard the assessment and does something to fix it. Even though the President's policies are aimed to help keep families in their homes instead of facing foreclosure, it is obvious to real estate practitioners that more must be done. I applaud AZ Attorney General Goddard for representing the real estate industry's sentiments by directly informing President Obama about where he may need to reassess his policies and programs.

Do you have a loan modification horror-story? Please share it with me, so I can continue the dialogue with Attorney General Goddard and the President.