Stop the FTC before they do something stupid
I have written twice already about the incredibly ill-advised notion of the Federal Trade Commission (FTC) to consider the elimination of ‘Up-front fees’ of mortgage modification firms. If there is a question in any reader’s mind as to why this is a candidate for ‘Worst Idea of the Century,’ please refer to my earlier post.
Today, I had the opportunity to speak with Martin Andelman personally about this development. Again, nobody, but nobody knows more about the totality of this mortgage and economic travesty than Mr. Andelman. The FTC simply must be stopped before they do this profoundly ill-conceived action.
The Home Affordable Mortgage Plan has been spectaculary badly managed. But at least the legislation provided a path for the distressed mortgage owner to salvation. This FTC consideration will be the death-knell for HAMP, and Washington doesn’t see it coming. This is incredible insight into how such a well-meaning president can sabotage his good-will without knowing it. These people must be saved from their own stupidity. Do it today.
Here is Mandelman’s quoted email to me, followed by his blog and email address:
“I’m going to Washington D.C. to meet with the FTC and rules committee. Or in other words, I’m going to Washington. And Hell’s coming with me. I’m also producing a documentary-style 22 minute program to show the committee and post on my new Loan Law Channel on YouTube. If you know attorneys that might be willing to help support those initiatives I am actively looking for supporters and have thus far received support from roughly 20 lawyers. That, however, puts me only half way there. Martin Andelman, Mandelman Matters.”
Contact Mandelman at: mandelman@mac.com
Read Mandelman here
