Politics
New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure. Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards [...]
Read Full Post | Make a Comment ( None so far )Marcy Kaptur to Banks: “Produce The Note”
Fight Club entered popular culture in 1999 when director David Fincher adapted Chuck Palahniuk’s novel into a film that reflected the zeitgeist of modern America with its empty culture, obsession with aesthetic beauty, and slavish under and middle classes. Warning: Decade-old spoiler coming up. The film ends with the agents of “Project Mayhem,” protagonist Tyler [...]
Read Full Post | Make a Comment ( 1 so far )US Senate: STOP BEING STUPID
The legislation, introduced today by Senator Jack Reed of Rhode Island, would require lenders to evaluate all borrowers for affordable loan modifications before initiating foreclosure. It would also require banks to offer and approve a loan modification if the restructured mortgage returns more money, the so-called net-present value, to investors than would foreclosure. The proposal [...]
Read Full Post | Make a Comment ( None so far )Why banks want you all alone when negotiating a loan modification
They are telling you to run away from loan modification companies who charge a fee. They are paying the politicians to introduce laws making it difficult for you to hire an attorney when negotiating a loan workout. They want you to contact them directly and without the assistance of an advocate. They are scaring you [...]
Read Full Post | Make a Comment ( 1 so far )A Case for Economic Democracy
This lecture was delivered on March 25, 2009, at Union Theological Seminary in a public forum, “Christianity and the U.S. Crisis,” associated with a class co-taught by Cornel West, Serene Jones, and Gary Dorrien. It is an abridged version of a chapter in Dorrien’s forthcoming book, Social Justice in Question: Economy, Difference, Empire, and Progressive [...]
Read Full Post | Make a Comment ( None so far )American Consumer & Predatory Lending
Today President Obama is conducting a town hall meeting in New Mexico focusing on the issue of credit card debt. This is a welcome turn in the national economic conversation from the plight of big institutions and the financial system to what is perhaps the most important part of the story of the Great Recession [...]
Read Full Post | Make a Comment ( None so far )Loan Mod Firms NEED to Be SCARED STRAIGHT
I’m starting to think that what we have here is a failure to communicate. And just in case it’s my fault, I’m writing this to correct any misperceptions that may or may not be out there. I’m usually not one for drama, but this isn’t a usual situation by any means. THIS IS AN EMERGENCY, [...]
Read Full Post | Make a Comment ( None so far )Upfront Fees on Loan Modifications NOW ILLEGAL in Los Angeles
The Los Angeles City Council has made it illegal for mortgage and real estate brokers to charge an upfront fee when offering to help distressed homeowners obtain loan modifications. This effectively puts the loan modification business for real estate and mortgage brokers out of business. Gone. Bye-bye… In case anyone thinks that’s not the case, [...]
Read Full Post | Make a Comment ( None so far )Obama’s Campaign Against Mortgage Modifications
President Obama has apparently embarked upon a campaign to put all private sector loan modification firms out of business because some are apparently scams. It’s a curious approach when you consider that there have been and continue to be countless stock market related scams in this country, but I can’t remember a president telling me [...]
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