Somewhere in Washington there's a lot of grocery stores short of little brown bags (that can hold a lot of cash). What other conclusion could a thinking man conclude? Mark my words. This is a policy you will see implemented all around the country, very soon.
The government obviously does not want anyone with knowledge helping out homeowners in distress. The government and banks are much better equipped to shear these sheeples! You...Yeah you! Your a sheeple too, if you're a supporter of this assinine policy.
This housing bust is the biggest game of musical chairs ever played. Millions of players and only thousands of chairs. How does that Don McLean American Pie song go? "The day.........the music died."
As a citizen, I want to know where my f***ing chair is? I'm tired and I want to sit down!
With leadership like this, it's no wonder why people are fleeing California in unprecedented numbers. Book your flight today! I hear there's a new airline in town called Government Airways (GA) and they're running an exodus special. You don't have to pay for the ticket until you reach your destination. And only if your giddy upon arrival.
Last edited by lotzahomes on Wed Jun 03, 2009 4:39 pm; edited 1 time in total
The mortgage companies and the government are in cahoots -- knowingly or not -- to prevent borrowers from getting assistance. I understand the need and the desire to address the fraudulent activities that are going on in this industry, but this is not the way.
There are lenders that practice obstructionist methods to keep third party specialists from providing effective help to borrowers. There is a lender that indiscriminately puts a 30 day hold on any file that doesn't come directly from the borrower. So if a homeowner hires an attorney to help them with their file, and the attorney faxes or e-mails the documents in, the lender doesn't touch the file for 30 days, just because. How is that good business?
Now, this mandate by the attorney general's office is nothing more than a stunt to make everyone think that the state is on their side, to make people scared to work with third parties, and to send them running into the hands of the lender (who gets paid per file by the federal government to modify loans -- something that they should be doing in the first place). This is in addition to the billions of TARP money that these financial institutions have taken.
So you want a valid business to put up a $100k bond with the state -- in addition to the tax money that they've taken in the stimulus -- to prove that they are a valid business? Why not just go after the fraudulent companies, make examples out of a few of them, which will scare people straight, and concentrate on the state's $20 billion+ deficit?
Again, I understand what's going on out there, but this is an inordinate mandate by the state that is going to hurt homeowners more than help them.
MFI-Miami Dud?
Joined: 10 May 2009
Posts: 10
Location: West Palm Beach
I like how the first reaction by people in the mortgage industry everytime the government (state or federal) cracks down on unscrupulous activity, "The consumer will be hurt if I go out of business!" Sorry, I've heard that line before from hundreds of brokers and LOs. Sorry to burst your bubble but the consumer will benefit from your demise. The reason for this problem was the rise of former LOs and brokers (who should have never been in the industry in the first place) that didn't want to part with their McMansions and BMWs so they jumped into the mod business thinking it was easy money. When they found out it was hard work, they abandoned the homeowner after taking their money.
I don't see what the big deal is...if you're a "foreclosure consultant" or a loan mod company, get a bond. Register with the state. Do your work. Save a home. Move on, people. The problems we face are MUCH, MUCH bigger than this. If Fred the Loan Mod King can't afford to post a $100k bond, Fred is in the wrong business, because he sure can't afford to put in the necessary time, energy and resources to successfuly modify a loan and make sure that homeowner can stay with it for the long haul.
Super-d-fly, the reason a bank takes 30 days to review a file from a lawyer or laon mod company is that the macaroon at the front line dealing directly with the customer can only offer them basic modification guidelines. If the client accepts the first offer the bank gives them, "yippie", says the bank, one less file to work on and a $1000 from Uncle Sam. Many businesses are required to psot bonds...the state doesn't get that money.
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