Dodd-Frank Wall Street Reform Act aka Financial Reform Bill

President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act today. It seems to be better known simply as the Financial Reform Bill, and HR 4173 seems a key also. We missed the first two chances. Insist on Elizabeth Warren to have a snowball’s chance this time.

Just knowing that the House version passed instead of the Senate version is great news. The House version allows attorneys to do business as they always have since the invention of jurisprudence. That is that they can, and must, charge an ‘up-front fee’ for their service for mortgage modification services. We as a country owe Martin Andelman, and Dodd and Frank, a huge appreciation and ‘thank you’ for this allowance. Indeed, we owe the entire legislative branch of our government a huge slice of gratitude for resisting the onslaught of banking cartel lobbyists that gave their level best to resist this legislation.

We know that there were/are three banking lobbyists for every US legislator in Washington. These lobbyists sign up for every single appointment available for every legislator every single day, effectively filibustering for their one-sided agenda and against this bill or whatever they deem of priority and ignoring consumer accountability. This is what TARP paid for.

Currently, the nation’s banks are being allowed to avoid negotiating in good faith with distressed homeowners for a mortgage modification or a short sale. Mortgage modification files are routinely being ignored and lost with impunity. There is no accountability for these banks.

Every one of the mortgage modification firms I represent have been shunned by every bank in their professional attempts to negotiate beneficial mortgage modifications on behalf of their clients. Currently there is effectively no such thing as a trial, or even a permanent, mortgage modification.

No attorney can afford to do business when at the mercy of an adversary that refuses to answer the phone.

One more time, how often did you get away with losing your homework or assignment in school? Or ever?

Alternately they may fall prey to the Home Affordable Foreclosure Assistance Act, or HAFA, that was written by the banks and fences that same distressed homeowner into a short sale on the terms that benefit the banks instead of the distressed mortgage owner.

Elizabeth Warren was in on the ground floor of this bill since it’s inception. Major television news reports that she is out as temporary head of the Consumer Financial Protection Agency that was established by the Dodd-Frank Act. But them, apparently so is Tim Geithner as Treasury Secretary. Sounds like a push to me.

Here’s the problem. US Treasury Secretary Geithner does not support Elizabeth Warren. AG Holder does not support her. Larry Sommers does not support her. Wthout a groundswell of support from the electorate, (that’d be you) she will assuredly be swept away by the biggies.

We know that Geithner was kidding about the Home Affordable Mortgage Plan,or HAMP. We all watched the week President Obama stood up and barked that he was going to make the banks behave, and then got told to sit down by those same banks. Elizabeth Warren was our next best hope.

We all know what happens when you enact a well-intentioned legialation with no enforcement. With Bush it was called TARP. With Obama it’s called HAMP: and when you let the fox guard the hen house, it’s called HAFA. It’s up to you, (that’d be the government) to make sure the Consumer Protection whatever doesn’t fall victim. (I already called my legislators.)

Make the call for your own benefit.

This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you?

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Originally posted 2010-07-21 15:29:31. Republished by Blog Post Promoter

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