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Mortgage Modification
Reid and the other Senators need to be made to answer to the question of why the taxpayer should foot the bill for paying about $4500 per loan modification to each lender/servicers, plus $1000 per year that each loan is not in default, payments authorized under the March 4th U.S. Treasury/Obama Loan Modification Plan. Under bankruptcy legislation there would be no such payment, saving billions (or trillions) of dollars, and result in quicker, more standardized loan modifications with findings of value and verified financials in support of the debtor's ability to service the modified loans. The further result would be better loans for further securitization and sale in the distressed debt marketplace.
This is not rocket science, but leaving loan modifications to the lenders/servicers is like leaving the fox (not Steve) in charge of the hen house. How evident is the lobbyists' dollar over the taxpayers' and country's best interest!!
Just my First Amendment Opinion. Lou Esbin
>
> ABI 4/9/09 update
>
>
>
> M. Erik Clark
> Borowitz, Lozano & Clark, LLP
> 100 N. Barranca Avenue, Suite 250
> West Covina, CA 91791
>
> www.blclaw.com
> Office: (626) 332-8600
> Fax: (626) 332-8644
> Board Certified in Consumer Bankruptcy
> American Board of Certification
>
> ________________________________
>
> Of Jon Hayes
> Sent: Friday, April 10, 2009 9:02 AM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Mortgage Modification
>
>
>
>
>
>
>
>
> Eric, where did this quote come from? I want to post it on my blog. Jon
>
> --- In cdcbaa@yahoogroups.com , "Erik
> Clark" wrote:
> >
> > MORTGAGE MODIFICATION, EXECUTIVE COMPENSATION LIKELY TO BE DROPPED
> FROM
> > SENATE AGENDA
> >
> > Senate Democratic leaders appear likely to drop several high-profile
> > legislative issues from their agenda, including efforts to tax bonuses
> > paid to corporate executives and giving bankruptcy judges the ability
> > reduce mortgage payments on the primary mortgages of chapter 13
> debtors,
> > according to a CongressDaily report today. Senate aides said that the
> > legislative agenda this year might increasingly focus on revamping
> > financial regulations -- which could reach the Senate floor in late
> > summer -- and on health care reform. The chamber will reconvene April
> 20
> > by taking up a fraud-enforcement bill that authorizes increasing
> Justice
> > Department funding and authority to crack down on mortgage fraud and
> > other crimes related to federal assistance programs. Those efforts
> come
> > as more high-profile legislation sits on the back burner in the face
> of
> > opposition from Republicans and moderate Democrats. Senate Majority
> > Leader Harry Reid (D-Nev.) and Senate Finance Chairman Max Baucus
> > (D-Mont.) have said that they have not dropped efforts to craft a bill
> > slapping heavy taxes on bonuses for firms such as American
> International
> > Group that received bailout money, but Democrats have no immediate
> plans
> > to move an AIG bill in the face of White House concerns and strong
> > opposition from the banking industry. Also faltering is mortgage
> > cramdown legislation that lobbyists and some senators say lacks the
> > votes to pass. Reid has said previously that he is prepared to drop
> the
> > cramdown language provision from a broader housing bill if the votes
> are
> > not there.
> >
> >
> >
> >
> >
> > M. Erik Clark
> > Borowitz, Lozano & Clark, LLP
> > 100 N. Barranca Avenue, Suite 250
> > West Covina, CA 91791 >
> >
> > www.blclaw.com
> > Office: (626) 332-8600
> > Fax: (626) 332-8644
> > Board Certified in Consumer Bankruptcy
> > American Board of Certification
> >
>
The post was migrated from Yahoo.
ABI 4/9/09 update
M. Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.blclaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
________________________________
The post was migrated from Yahoo.
Eric, where did this quote come from? I want to post it on my blog. Jon
>
> MORTGAGE MODIFICATION, EXECUTIVE COMPENSATION LIKELY TO BE DROPPED FROM
> SENATE AGENDA
>
> Senate Democratic leaders appear likely to drop several high-profile
> legislative issues from their agenda, including efforts to tax bonuses
> paid to corporate executives and giving bankruptcy judges the ability
> reduce mortgage payments on the primary mortgages of chapter 13 debtors,
> according to a CongressDaily report today. Senate aides said that the
> legislative agenda this year might increasingly focus on revamping
> financial regulations -- which could reach the Senate floor in late
> summer -- and on health care reform. The chamber will reconvene April 20
> by taking up a fraud-enforcement bill that authorizes increasing Justice
> Department funding and authority to crack down on mortgage fraud and
> other crimes related to federal assistance programs. Those efforts come
> as more high-profile legislation sits on the back burner in the face of
> opposition from Republicans and moderate Democrats. Senate Majority
> Leader Harry Reid (D-Nev.) and Senate Finance Chairman Max Baucus
> (D-Mont.) have said that they have not dropped efforts to craft a bill
> slapping heavy taxes on bonuses for firms such as American International
> Group that received bailout money, but Democrats have no immediate plans
> to move an AIG bill in the face of White House concerns and strong
> opposition from the banking industry. Also faltering is mortgage
> cramdown legislation that lobbyists and some senators say lacks the
> votes to pass. Reid has said previously that he is prepared to drop the
> cramdown language provision from a broader housing bill if the votes are
> not there.
>
>
>
>
>
> M. Erik Clark
> Borowitz, Lozano & Clark, LLP
> 100 N. Barranca Avenue, Suite 250
> West Covina, CA 91791
>
> www.blclaw.com
> Office: (626) 332-8600
> Fax: (626) 332-8644
> Board Certified in Consumer Bankruptcy
> American Board of Certification
>
The post was migrated from Yahoo.
My office has set up procedures to facilitate loan modifications, but we are doing them only in the context of Chapter 13's. Did some test runs with IndyMac loans.
But, interestingly, we have affiliated with a group that does short refinancings that are actually new loans based upon the actual value of properties, where the old lender takes less than the amount due. The borrowers must qualify under FNMA/US Treasury Guidelines as to income/payment ratios, LTV ratios, and credit scores. It's an interesting alternative to a short sale or BK.
Lou
>
> Steve:
>
> I am in the process of affiliating with (and investigating) a company which
> claims to be very proficient. If you want to send them to me, I will be
> glad to forward them on. Unfortunately there is no substitute for a few
> guinea pigs.
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
> Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
>
> Steven B Lever
> Sent: Thursday, March 19, 2009 3:02 PM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Mortgage Modification
>
>
>
>
>
>
> I'm getting inundated with requests for mortgage modification, which I have
> no interest in doing. Do you know of anyone that you can recommend with a
> good degree of confidence to the people asking me for this service? Thank
> you Steve
>
> Law Offices of Steven B. Lever
>
> >
>
> > Steven B. Lever
>
> >( Tel. (562) 436-5456
>
> >( Fax (562) 684-0202
>
> >* sblever@...
>
> > www.leverlaw.com
>
> > ******************************************************
>
> > This Internet e-mail contains confidential information
>
> > which is intended only for the addressee and which may
>
> > be privileged under applicable law. Do not read, copy
>
> > or disseminate it if you are not the addressee. If you
>
> > have received this message in error, please notify the
>
> > sender immediately and delete it. Thank you.
>
> > ******************************************************
>
The post was migrated from Yahoo.
Steve:
I am in the process of affiliating with (and investigating) a company which
claims to be very proficient. If you want to send them to me, I will be
glad to forward them on. Unfortunately there is no substitute for a few
guinea pigs.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
The post was migrated from Yahoo.
I'm getting inundated with requests for mortgage modification, which I have
no interest in doing. Do you know of anyone that you can recommend with a
good degree of confidence to the people asking me for this service? Thank
you Steve
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456
>( Fax (562) 684-0202
>* sblever@leverlaw.com
> www.leverlaw.com
> ******************************************************
> This Internet e-mail contains confidential information
> which is intended only for the addressee and which may
> be privileged under applicable law. Do not read, copy
> or disseminate it if you are not the addressee. If you
> have received this message in error, please notify the
> sender immediately and delete it. Thank you.
> ******************************************************
The post was migrated from Yahoo.