Discussion on “Mish” Shedlock: California’s 90-Day Fo

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 50043

http://mandelman.ml-implode.co.....-disagree/

Cherry Bomb Joined: 09 Oct 2008 Posts: 178

autopost wrote:

http://mandelman.ml-implode.com/2009/06/%e2%80%9cmish%e2%80%9d-shedlock-california%e2%80%99s-90-day-foreclosure-moratorium-won%e2%80%99t-accomplish-anything-supporters-disagree/

Oh come on... Not a single comment? Not even from the Californians? Oh, maybe there's swell in.

Dud? Joined: 16 Jun 2009 Posts: 2 Location: California

I am concerned about your article; I have read California’s 90 Day Foreclosure Moratorium, Bill ABX2 7 several times and do not see where it indicates "lenders are prohibited from foreclosing on a property unless they can prove that they tried to modify the delinquent loan before foreclosing".

I did read the following: “SEC. 4. Section 2923.53 is added to the Civil Code, to read:
2923.53. (a) A mortgage loan servicer that has implemented a
comprehensive loan modification program that meets the requirements
of this section shall have the loans that it services exempted from
the provisions of Section 2923.52, upon order of the commissioner. A
comprehensive loan modification program shall include all of the
following features:”

The guidelines adapted for this bill are similar to but less stringent than those of the Making Home Affordable Modification program.
This bill also indicates that government secured loans are exempt (Freddie Fannie GSE), this is only one example of the many exemptions included I this bill.

This indicates that any lender with a modification program in place has met the requirements of this bill and will be exempt from the moratorium requirements.
I am concerned that either you or I could be providing erroneous information not in our client’s best interest.

Cherry Bomb Joined: 09 Oct 2008 Posts: 178

gbosy wrote:

I am concerned about your article; I have read California’s 90 Day Foreclosure Moratorium, Bill ABX2 7 several times and do not see where it indicates "lenders are prohibited from foreclosing on a property unless they can prove that they tried to modify the delinquent loan before foreclosing".

I did read the following: “SEC. 4. Section 2923.53 is added to the Civil Code, to read:
2923.53. (a) A mortgage loan servicer that has implemented a
comprehensive loan modification program that meets the requirements
of this section shall have the loans that it services exempted from
the provisions of Section 2923.52, upon order of the commissioner. A
comprehensive loan modification program shall include all of the
following features:”

The guidelines adapted for this bill are similar to but less stringent than those of the Making Home Affordable Modification program.
This bill also indicates that government secured loans are exempt (Freddie Fannie GSE), this is only one example of the many exemptions included I this bill.

This indicates that any lender with a modification program in place has met the requirements of this bill and will be exempt from the moratorium requirements.
I am concerned that either you or I could be providing erroneous information not in our client’s best interest.

Oh Geeze... now I'm going to have to go read this obviously well written piece of legislation. Yikes... just kidding, happy to do it. Will get back to you...

Dud? Joined: 16 Jun 2009 Posts: 2 Location: California

While your reading I am going to Oak Street and wait on the south swell. Let me know what you find out, Thanks

Dud? Joined: 21 Jun 2009 Posts: 16

the real deal is the 90 day moratorium is only lip service & not the GOOD kind either - boooooooo.
all [well not all but most -like 90%] of the foreclosing parties already have an exemption to the rule [ so it changes nothing] . they [ foreclosing banks & sevicers] dont have to modify or prove they did or even tried to modify a single loan [to get the exemption] wtf??!!
btw-they have had the [exemption] before the bill passed....hahahahaha were fukt .

mandelman [im a fan] !!!

here is the list of exempt lenders & servicers
it reads like a who's who of dirty $$$.

http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf

Cherry Bomb Joined: 09 Oct 2008 Posts: 178

freak wrote:

the real deal is the 90 day moratorium is only lip service & not the GOOD kind either - boooooooo.
all [well not all but most -like 90%] of the foreclosing parties already have an exemption to the rule [ so it changes nothing] . they [ foreclosing banks & sevicers] dont have to modify or prove they did or even tried to modify a single loan [to get the exemption] wtf??!!
btw-they have had the [exemption] before the bill passed....hahahahaha were fukt .

mandelman [im a fan] !!!

here is the list of exempt lenders & servicers
it reads like a who's who of dirty $$$.

http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf

Freak...
Other than THANK YOU for sending me this... I don't know what to say at the moment... speechless is what I think they call this. Is it wrong for me to want to punch a hole in the wall? I'm just asking... just thinking out loud... can you email me or call me and fill me in. How did these companies get the exemption? Who knew about this? Help! I'm going to go public with this in a big way... please get in touch and fill in the blanks so can lead with this on Monday. It's Father's Day and I promised my daughter I wouldn't work all day, but she's going to a friend's house this evening so I'll be on it after dinner sometime. You can email me at mandelman@mac.com and I'll call you back or whatever you want. Again Thanks! And let's expose these dirtbags. I've had about enough, how about you?
Mandelman

Dud? Joined: 21 Jun 2009 Posts: 16

hey mandelman
i'm all for tearing em a new 1 then driving my car thru that hole.
tanks dude!
freak4u at comcast .net

Cherry Bomb Joined: 09 Oct 2008 Posts: 178

freak wrote:

hey mandelman
i'm all for tearing em a new 1 then driving my car thru that hole.
tanks dude!
freak4u at comcast .net

I'm sooo with you on that. I've started a group: People in Favor of Hitting Politicians With Sticks. You in? It might cost $5, but you get an official stick.

And I keep threatening to write "Mandelman's Guide to Destroying Your Home Before You're Forced to Leave It". Boy, does that seem to make people nervous... so I started it tonight. Enough of Mr. Nice Guy.

Dud? Joined: 21 Jun 2009 Posts: 16

yea i'm with you sign me up..
i'm in a foreclosure now..
the only way i'll be taken out of MY house is in a fukin body-bag.
they picked the wrong guy to think they can just roll over me.