Let me relate to you a story of a responsible person that I know. She is 60 years old, her husband 69 years old. He worked for 33 years before retiring from one of our automobile companies. She did not work outside the home, but elected to stay home and raise four beautiful children. They did not buy their first home until 1995, 25 years after their marriage. Until then they lived in a two bedroom mobile home, with the four children. They saved what they could, which wasn't much. Contrary to public opinion about the auto industry, not everyone earns $30-$40 an hour. They were poor. They still are.

Their credit, although it had a few bumps along the way, was reasonably good when they went to purchase their first home. Between what they had been able to save, and the large profit sharing checks of the 90's they were able to come up with 15% for a downpayment on a $130,000 mortgage. So were they irresponsible? I don't think so..they put four children through college on little or no college aid. The husband worked 12-14 hours a day, sometimes 7 days a week, so they wouldn't have to borrow for college.

They were besieged with offers for credit cards, student loans, car loans, home loans...they took none of them. They didn't have the money to pay them back. So that is not irresponsible. It is good.common sense!

I give you this background so that hopefully you can understand that they did not purchase above their means as some in the news media would like you to think. A few years back she had landed a job where she was earning $16.50 an hour as an office manager for a very small company. She worked and saved during this time, as her husband had since retired. She was then let go because she was told the company was restructuring. Which in essence means they want to hire someone younger and less pay.

Little did they realize how that would hurt them financially. They had over $20000 in savings in 2003, now in 2007 they have $10.00. The reason is not overspending, but life. Prices have skyrocketed, his pension and social security have not kept up. They had to dip into our savings. Their credit started to downslide. They kept up with our mortgage payments, but they had car payments, insurance payments, life insurance payments, utilities, food, gas and the list could go on. None of these items are luxuries but necessities. They had learned to scrimp and save during their early years, but even this was beyond them.

Along came some unscrupulous mortgage lenders offering promises. They were not savvy enough to realize these lenders were not doing them any favors. They took one of their offers. This company convinced them that because of their "low" credit score they could only get them into a 28/2mortgage. They now know what that means,they didn't then. Two years at a fixed rate, then adjustable every six months there after for 28 years. Those were the terms of the loan. Two years to get their credit back on track again. It seemed they could do it, with the promise that after two years, they would be able to refinance them at a "lower" rate and a fixed 30 mortgage. They missed no payments, always on time, and still at the end of that two year period they was unable to get a fixed rate. Why? Now it was income ratio. Of course with social security and a pension their income is not high.

They called Countrywide, the nations leading lender! What a joke. Let me tell you about this experience. They said they could only put them on a 27/3 years adjustable. They didn't want it....they went to five other companies and as each company pulled their credit, their score went down. They were told by a "loan counselor" at the bank they had been dealing with that they had no choice if they wanted a lower payment, and that 3 years should be enough time to get their score back up. Of course, they couldn't purchase anything during that three years. Little did they know the transmission went on their only car, and they had to purchase a used vehicle at an ungodly interest rate, because of their credit score. They took the Countrywide offer. Countrywide came with a very good reputation for treating its customers right.

Well, as all things have come about, they missed one payment due to a pension check being automatically deposited late, and this was at the end of the three year arm, the last month to be exact! So they immediately called and told them they would make the payment good the following week. They were told by the Countrywide Mortgage that they could restructure the loan with a fixed rate, if they were three months behind, and that they could not accept the payment because by the time the payment reached them,they would then be two months behind and they would have to start foreclosure proceedings. But they could help them only if they were three months behind. This couple asked how this would affect their credit and would all foreclosure proceeding be stopped, and were told by the workout department that it would not affect their credit at all and there would be no foreclosure action taken. They really had had no problem with Countrywide at all in the three years they had been with them, so why wouldn't they believe them?

This retired couple is not gullible, only uneducated when it comes to mortgage loans. As many Americans are. They did do one smart thing through this entire process, they contacted a credit counselor recommended by their credit union. To continue with the saga.

This conversation took place in early June, 2007. In order for them to restructure their loan to a fixed rate they would have to call back on July 2, 2007. They did so, with the credit counselor on the line. They were told the process could then start and that it would take approximately 30 days until completion. They were to receive a call within 7 days from a loan counselor regarding the terms. They were to write a hardship letter, send proof of income. They did all of this, and never received a call back. The end of July, the credit counselor and the wife called them back, to be told that they tried contacting and wrote a letter stating the terms. The couple never received either. Of course, it is their word against Countrywide, we all know how that goes. But they did have the recordings. The credit counselor was nice enough to play back the recordings to the mortgage company. They were then assigned another loan counselor and told to call back in 7 days. They called back in 7 days, now it is into August and they are four months behind. The loan counselor had not even received the information that was faxed over to them in June! Remember the hardship letter and the proof of income. So they had to start at the beginning. Another loan counselor, another 7 days of waiting. And still no call from them. The couple called them on the seventh day, to be put through to a voice mail. The same the next day, and the next. Finally, after 15 days of waiting someone calls them back to tell them they would have to send in a hardship letter and proof of income (again!). It is now at the end of August, and another payment is due. The required information was faxed over the to the new loan officer, and the couple had to sit back to wait and worry. This loan counselor calls them back within the 7 days and tells them everything is looking good and they would need only one month payment to bring them up to date and for the restructing to proceed. No problem, they had 4 months sitting in the bank. They asked when and where they should send payment, only to be told he would get back with them as soon as the papers came back from the underwriter. Again they expressed concern about their credit rating going further down. His response was that the credit rating was already so low, that it wouldn't hurt.

This response from the loan officer in charge of the "restructuring" got them angry. First off, their credit had improved significantly over the course of the three year loan, They followed the advice of the person they first contacted in June in not sending in May's payment, because they reassured the couple that at the end they would have a fixed 30 loan.

It took 7 months and $4000 to complete the loan. At the end, they had no choice but to sign on the dotted line. Their credit shows 7 months delinquent on a mortgage something they were told repeatedly would not happen. The bottom line on the loan was $15,000 more than what had originally been borrowed. There was over $7000 in back payments for the 7 months they took to complete the loan process, an additional $8000 for taxes they were suppose to be paying that were never paid. And after all this did they have security and a fixed 30 rate...NO! What they had was a 28/2 adjustable rate mortgage.

They are right back where they started. Only now they have two more years to worry about whether or not they will have their home at age 62 and 72. What mortgage company will finance them on a pension and social security. They owe more on the house than market value, thanks to the slump in mortgages. So in two years do they just walk away? I don't know the answer.

President Bush's mortgage help will not help these hard working people. They don't qualify. They missed a payment. Their credit is in the dust. Who helps hard working people like this?