Crucial Help for Homeowners Could Never See the Light of Day

[Capt. Jack]

Source: $hame the Banks


Monday, 17 May 2010 09:56
Written by Richard Zombeck
11 Comments
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Senator Al Franken (D-Minnesota), who in my opinion should be wearing a cape to work every day, introduced an amendment to the Financial Reform Bill that would create an Office of Homeowner Advocate to assist homeowners who have been denied a loan modification through HAMP.

The Franken Homeowner Advocate Amendment,according to the press release, would be funded from existing sources and its focus would be to assist homeowners who believe their mortgage servicer is breaking the rules.

Prominent homeowner and consumer advocates from sites like Givemebackmycredit.com, MFI-Miami, 4closurefraud.com, and ShametheBanks.org, to name a few, have shown support for this amendment because it would add an obvious and much needed appeals process to a program that has been abused by lenders and loan servicers since its introduction early last year.

There is, however, a possibility that because of a push to move the Financial Reform Bill along before lobbyists manage to gut the thing with their toxic amendments that crucial amendments, like this one, may not make it into the bill.

In addition, since Franken's amendment on credit rating agencies was up for debate last week, it's unlikely that this amendment will make it to the floor in time. It could however make the cut for the Manager's package - particularly since it already has bi-partisan support.

Bloggers and consumer advocates are hoping to see this one make it. Most notably, White House communications director Dan Pfeiffer, who praised the amendment in his White House Blog post listing it as one of ten amendments that would strengthen the bill. "Simple, straightforward improvements that would further strengthen an already strong bill and really help American families. We'll call them the "Good Guys". Let's hope they prevail over the "Lobbyist Loopholes" as the debate moves forward," Pfeiffer wrote.

Read more: http://www.shamethebanks.org/richard/crucial-help-forhomeowners-could-never-see-the-light-of-day

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Hello,

For the first time, the federal government is attempting to take some of the solutions to the foreclosure crisis out of the hands of the bankers whose conniving actions caused the near demise of our country.

While my own position on loan modifications is to call them a continuation of Wall Street's mortgage scheme, the issue at hand here is that there will FINALLY be some place to go when the modification is denied or fails. Will it help? Maybe. But what this amendment does accomplish is CHANGE THE LANDSCAPE where the patients have been given the keys and are running the asylum.

It's a change which will start the ball rolling in ways we can not anticipate.

Call, email, fax Senator Christopher Dodd to let him know that Franken Homeowner Advocate Amendment is critically important to start loosening the stranglehold felt by homeowners and tenets across America, helpless in the grip of the arrogant and disdainful national banks. Let's all demand this formal independent review process when we are dragged through hell and back by our mortgage servicers that is NOT controlled by the worst offenders. My favorite part of this amendment are these: To identify areas (both individual and systemic) where homeowners, housing counselors, and housing lawyers are having problems in dealing with the HAMP program & To identify possible administrative and legislative changes to HAMP.

Senator Christopher Dodd
Phone [phone]
Fax [phone]
http://dodd.senate.gov/index.php?q=node/3128

[Oregone]

1. Thats ok. Just send the money straight to the banks

[Capt. Jack]

2. How Main Street has Destroyed Wall Street....

How Main Street has Destroyed Wall Street

Posted by Capt. Jack

I guess now would be a good time to shoot the greedy homeowners.

It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.

Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process….going so far as to force the “lenders” into forging
documents.

Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.

On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.

Having successfully pulled the wool over everyone’s eyes – these irresponsible homeowners showered themselves with well deserved bonuses.

Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.

The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.

Savings drained – check, 401ks all gone – check. Kicked out of their homes – check. “Lenders” made whole many times over via Credit Default Swaps – check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar – check.

Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.

Good call. The websites below are sponsored by a well-healed, politically connected, PR machine of greedy volunteers…and contain detailed information on how the collusion on Main Street has ripped off Wall Street.

Don’t look though…it’s just spam.

http://www.foreclosurehamlet.org

http://www.4closurefraud.org

[Missy Vixen]

3. K&R

Here's a question: When will anyone hold President Obama responsible for the abject failure of Making Home Affordable and every other "loan modification" program?

Who does he work for, anyway?

[Iowa]

4. Grayson/Franken 2012

[Riley18]

5. It would be nice if someone in Washington helped people keep their homes.