A Third Chance to make the Nations Banks Ours
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act today. It seems to be better known simply as the Financial Reform Bill, and HR 4173 seems a key also. We missed the first two chances. Insist on Elizabeth Warren to have a snowball’s chance this time.
The Federal Trade Commission wants no more Mortgage Modifications
The Federal Trade Commission, or FTC, is still rattling the threat of imposing restrictions on how and when fees for mortgage modifications can be collected. Basically, the mortgage modification will have to be complete and permanent before any fees can be collected. That will certainly eliminate any legal assistance available to a distressed mortgage owner.
FTC forbidding up front mortgage modification fees will ensure the end of beneficial and affordable mortgage modifications
The Federal Trade Commission, or FTC, is nearing the end of their hearings on proposing regulations on how prfessional mortgage modification firms get paid for their service. Mandelman and I both published articles about the misguided direction of the FTC at the start of these hearings. Now, Mandelman writes an even more in-depth criticism of these hearings.
San Francisco Chronicle recognizes mistake of mortgage modification up-front fee prohibition
Those of us trying to get distressed mortgage modifications to those deserving them have been dismayed for months at the various state and federal government efforts to regulate those of us trying to negotiate those same beneficial and affordable mortgage modifications. We watched as the California Legislature passed their ill-advised SB94. It was and is a bad idea and has proved itself a hindrance to any success that the Home Affordable Mortgage Plan, or HAMP, might have had. Today, the San Francisco Chronicle published an article, linked below, that advises the same conclusion.
Canary in the Short Sale Mine
You read it here first: The new HAFA, or Home Affordable Foreclosure Assistance program just rolled out by our illustrious Federal government will be a spectacular failure. Within months it will prove to be an incredible boondoggle resembling the funniest rabbit chase anyone ever witnessed.
US House Of Representatives to hold hearings on the failure of HAMP
This is a copy of a letter I mailed to The Honorable Ed Perlmutter who is the only US House of Representives rep from Colorado sitting on the House Committee on Financial Services. They will hold hearings on the abject failure of the Home Affordable Mortgage Plan.
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. The FTC simply must be stopped before they do this profoundly ill-conceived action.
The FTC is a patsy of the US Banking Cartel
The news has been awash with reports of scammers promising distressed homeowners a mortgage modification, taking payments, and then not performing. Everyone should notice that no facts and figures about scammers vs. successful negotiators are ever forthcoming. Why? Because it is in the banks’ best interest to scuttle the Home Affordable Mortgage Plan (HAMP) and turn public opinion against it. The FTC is playing into the hands of the bankers. They are doing exactly what the bankers want.
FTC doesn’t get it – Mortgage Modifications and Short Sales demand attorney assistance
Increasing pressure on the Federal Government to control mortgage modification firms has encouraged the Federal Trade Commission to recommend not allowing up-front fees for professional mortgage modification negotiations. Because of the highly publicized failure of many companies to perform promised mortgage modifications, this would seem to be a great idea. As ususal, hasty and knee-jerk reactions to those few ill-prepared companies, or just plain crooks, will further hamper what is an overall well-intentioned industry.
The Better Business Bureau knows less than you do about Mortgage Modifications
Here then is a primer on why the Better Business Bureau is NOT the place to do your research if you are a distressed homeowner.
