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For those who commented on forwarding this, I actually got a response from the president......
Quote:
Originally Posted by Modification Specialist
Programs HAMP, HARP, HAFA, the government say are helping up to 4 to 6 million people, there are 30 million homes in default, and the number is growing!!!
I have a different approach -
The main problem with this country concerning mortgages - people are looking for relief from the payments. While investors are looking for a return on their investment. Mortgage banks are caught in the middle of this because they are serving the loans between the home owner and investors
Noting that value is different in every state, city, and neighborhood. What they should do to allow people to continue living in their homes by refinancing the existing loan to 80% or 90% LTV regardless of the current value, with a silent lien attached to the title. Payable when they sell the property, noting the value will rise in the future.
This will allow two things - promote people living in their homes longer with a lower payment, this will also promote sensitization of financial MBS's, CMO's, and ABS's to existing investors by leaving the full amount of their investments on the books (SPE's). - it can not be any more simpler than that..
Compared to the existing government programs that only helped a portion of American's having hardships with their mortgage. The program I am suggesting would help out at larger amount. Keeping people in their homes, making payments smaller to be able to pay offer necessities. Freeing up money to spend
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Quote:
Originally Posted by Modification Specialist
]January 17, 2012
Dear Friend:
Thank you for writing. I have heard from Americans who are unemployed, burdened by high medical bills, having difficulty paying their mortgage, or dealing with the loss of their home, and I understand the daunting challenges faced across our country.
Today, even as our economy recovers, many individuals and families are still struggling to stay in their homes, or to find and move into affordable homes. As part of my Administration’s comprehensive plan to stabilize the housing market, the Making Home Affordable Program is helping responsible families avoid foreclosure by making payments more affordable and sustainable. While many Americans have received help, far too many still cannot refinance their mortgages or obtain loan modifications.
Along with these changes, we have strengthened the program with a simpler, faster application process so borrowers can modify their payments and avoid foreclosure. For Americans whose homes have lost value, my Administration’s plan improves refinancing opportunities. We are also requiring more accountability and transparency from participating mortgage servicers, and have published servicers’ monthly progress reports. The financial reforms I signed into law build on these policies by putting in place the strongest consumer financial protections in history, curbing abuses by mortgage companies, and giving customers the information they need to make financial decisions.
For assistance with a home foreclosure or to find a local housing counselor, I encourage you to call your mortgage servicer directly, speak with a housing specialist at 1-888-995-HOPE, or contact the Department of Housing and Urban Development at 1-800-569-4287. You can also visit: www.HUD.gov/foreclosure or www.MakingHomeAffordable.gov. If you are having trouble paying your mortgage, the Consumer Finanical Protection Bureau (CFPB) has new resources available at www.ConsumerFinance.gov or at 1-855-411-CFPB. If you have lost your home and are looking for housing assistance, please visit: www.HUD.gov. For resources regarding the First-Time Homebuyer Credit, visit: go.usa.gov/aS9. Information on jobs, health benefits, and other public assistance available can be found by calling 1-800-FEDINFO or visiting: www.USA.gov.
The road ahead will be difficult, but as a Nation, we can once again secure the American dream for ourselves and future generations.
Nice, but seems to just be a form letter promoting his Making Home Affordable program, probably sent in response to any type of housing/mortgage concern. I don't think he was directly responding to your specific suggestion.
I think your suggestion was excellent but I also feel you just got form-lettered. I hope someone in government that can understand what you are saying actually does read your letter.
I felt that too!!! A form letter response........lol!!!
In many parts of our Government - the left hand doesn't know what the right hand is doing......
....
hmmm...wonder if the same applies to the financial-real estate system that got us in the mess in the 1st place, and now can't seem how to figure out how to move forward except...
rubber stamp the FC's, delay delay delay all other possibilities
then again, this is exactly the system that a large part of our country wants. Corporate, private sector control with little to no regulatory oversight because (drumroll)...the private sector regulates itself.
wonder how all those hardworking americans felt when the robber barons ruled all...
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