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.
Dear Hon. Perlmutter,
Please consider this letter of experience in the HAMP law as the US House of Representatives considers the abject failure of the Home Affordable Mortgage Plan passed by Congress last March. I understand you sit on the House Committee on Financial Services that is currently considering the utter failure of HAMP.
I represent three successful mortgage modification firms. All are based on national attorneys that have a consistent 95% success rates in providing beneficial, affordable mortgage modifications; either under HAMP, or not.
One of these firms is bonded by the US Dept. of Justice.
Please hear this loud and clear: the failure of HAMP lies with the banks, not with the well-meaning and proficient attorneys that strive to comply with the well-intentioned HAMP provisions. Any statistical analysis of any endeavor would find that a published 1% success rate does not lie with the submission process. Any member of our United States government needs to face themselves in the mirror. Do not pass the buck. You need to honestly hold the US banking cartel accountable. The US public is watching.
There is no excuse for the ‘trial modification’ that banks are subjecting these distressed mortgage owners to. There was no ‘trial mortgage’ when they bought the property. There is almost no difference in the mortgage modification process. The trial modification exists solely as another excuse for the lenders to obfuscate the process and confuse these distressed applicants.
The lenders/banks do not lose supporting application documents for a new, purchase mortgage application. There simply is no excuse for banks losing, or blaming non-submission of supporting documents, on the distressed mortgage holder.
The proven fact is that mortgage loan servicers make more money on foreclosed loans than modifications or short sales. Do your research and you will see it.
The Federal Trade Commission will soon be holding hearings concerning the banning of ‘up-front fees’ in mortgage modification negotiations. If adopted, this will assure the utter doom of the less-than-meager accomplishments of HAMP. No attorney in this world can work for very long on a Pro-bono basis. Accomplished attorneys like the ones I represent know the rules and law. They are the only ones holding the banks accountable. The FTC needs to accept their responsibility in policing the miscreants in this should-be opportunity to help the US economy.
No attorney in this country is expected to work on an expected-outcome basis. But since no one in the United States, including the august US Congress, is holding the financial institutions accountable for their performance, there is no possible way to assess any responsibility for failure other than to recognize that a 1% success rate is attributable to other factors in administration of the law.
You are holding the distressed mortgage-holder public-at-large hostage for the US banks lack of good faith negotiation. The fact is the banks are resisting the administration of HAMP at every opportunity. Barring up-front fees and avoiding your responsibility as a federal elected representative ensures that HAMP will fail at 100 percent. The banks will laugh the federal government into humiliation.
I assured your representative in your Colorado office that I’d keep this letter to one paragraph. I just couldn’t do it. I’ve seen too much.
Mr Martin Andelman has an imminent appointment to speak to the FTC. I urge you to audit that meeting for your own edification. There just is no better unbiased expert in the failure of HAMP in the country today. You may contact Mr. Martin Andelman at 714-904-2288. http://mandelman.ml-implode.com/ email at: mandelman@mac.com.
Thank you for your time and attention.
Sincerely,
Christian Dix
