MORTGAGE: Fiasco all to common, alas

I read with great interest the "My Turn" column in the Jan. 22 edition of the Coeur d'Alene Press. I too have two immediate family members that were "up-ended" by their respective banks in a mortgage fiasco. One being U.S. Bank and the other was Wells Fargo. Since Wells Fargo is in the limelight, let's pursue that scenario a bit.

The homeowner was a seasonal worker, being employed in the construction industry. Sensing possible trouble in the future, he applied for a modification plan of the loan and a mortgage rate reduction. Upon conferring with the local Wells Fargo mortgage assistant, this plan of action, of course, was denied. This then turned into a game of passing the buck from one 800 number to another, with not one person having enough fortitude to take any action.

Now, after a year of haggling, more phone calls, and denials, the property is heading for foreclosure or possibly a short sale, where the bank tends to lose a sizable amount of money either way. It shouldn't take a 4.0 grade point average to figure out if a person was making $1,200 a month payments but foreseeing possible trouble, and needing help with a little modification and a reduced interest rate, $600 a month could easily be met and everyone would get their due money. All would be happy.

But no; the bank was greedy and now everyone is in the loss column. Bankers, it appears, are notoriously dense where common sense is concerned.

JAMES GABOURY

Dalton Gardens