The Federal Reserve has caught up with non-enforcement of their own policies and is now doing something about it. Martin Andelman relates the History of Regulation B and the result on his blog today. I’ll start at the end and go backwards so as to take away the suspense.
The nation’s lenders and servicers have an abysmal record of complying with Regulation B. The long-acknowledged statutory fine for this egregious oversight is $10,000, plus attorney fees. If you have been ignored by your lender/servicer in your personal attempts to negotiate a mortgage modification, pull out your wallet and make room.
Assuming you’re an attorney or a homeowner who has applied for a mortgage modification (or maybe a short sale) and didn’t receive a letter from your lender or servicer explaining why you were declined, within thirty days of being declined, The appropriate response would be: “Woohoo!”
Regressing through Mandelman’s chronology:
This past week, the U. S. Treasury Department sent out what it’s referring to as “Foreclosure SWAT Teams” into banks to take a closer look at their operations. The SWAT team examiners had questions were about ECOA. ECOA is Equal Credit Opportunity Act from 1974.
The Federal Reserve Board issued a directive to its examiners on December 4, stating that if a distressed homeowner has an extension of credit (read: mortgage), then there is an obligation to provide an adverse action notice to the borrower who is declined for a loan modification. That means that lenders or servicers have thirty days to provide notice of refusal to homeowners.
Today, ECOA prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act (read: punitive recrimination).
Bottom Line: The noose tightens on lenders and servicers who have ignored good faith mortgage modification applicants. As I understand it, this opportunity should be pursued AFTER a permanent mortgage modification is secured.
How may I help?
Powered by Fast Secure Contact Form
I read every comment. Please use the Comment box below and tell me what you think.
The internet being what it is, certain search terms need to be empahasized so that you can find the best information. The REST Report is best classified as loan modification software, or mortgage modification software. It’s claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using the same software. It is best used as a do it yourself loan modification or do it yourself mortgage modification. For some reason, loan modification 2010 and mortgage relief 2010 are popular search terms.
This YouTube video says it all. Go here: target="_blank">How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
Read Mandelman and go chronologically for suspensehere
tags: do it yourself mortgage modification,do it yourself loan modification,loan modification software,mortgage modification software,foreclosure alternatives,loan modification hardship letter,calculate net present value, mortgage relief act, rest report,mortgage loss mitigation, loan modification 2010, mortgage relief 2010, foreclosure alternatives, loan modification process,loan modification services,
Originally posted 2009-12-18 02:29:05. Republished by Blog Post Promoter
{ 5 comments… read them below or add one }
Hello all,
I just wanted to introduce myself since I am new to these forums…
I am a newbie to the internet but I am learning alot real fast!
I’m a Hair Stylist and devoted father.
The things I like most in life are family, friends and racing.
On week days you’ll usually find me being lazy. On the weekends I like to party and watch football.
My idea of the perfect day would start with breakfast. And then I’d go to the park. Later I’d eat a great dinner from Dinosaur Bar-B-Que. And I’d top it all off by snuggling with my GF.
I also love rap videos.
Anyways it’s great to be a part of your site!
Thanks
http://i47.tinypic.com/m08wn.jpg
How To View Private Myspace Profiles
The fallout from the financial crisis has yet to be contained. Governments have taken steps to relaunch economic growth and stabilize the financial sector, but they must balance these goals against the needs to reflect public sentiment about banks and to control government deficits.
This conference will examine the impact of the proposed regulatory measures on the financial markets and consider the outlook for the global economy.
* What is necessary to create a new, more stable global financial order and how far will global cooperation extend?
* Will new financial regulatory rules contain excessive risk-taking? If so, what are the downsides? Will more rule-making invite more gaming?
* What are the implications of government intervention and guarantees for future economic growth?
* To what extent is it possible to prevent future financial crises, or are crises too deeply rooted in human behaviour?
These and other topics can be found at the Financial Forum.
http://www.fastloanoffice.com
Hello
You don’t know how to settle your debts?
Please check this url: [URL=http://www.settleyourdebts.info – Settle your Debts[/URL –
Check Now!
Hello
You don’t know how to settle your debts?
Please check this url: [URL=http://www.simpledebtrelief.info – Really Simple Debt Relief[/URL –
Check Now!
Mortgage Modification SiteCumming GA 30041ph 404-824-4224 LOAN MODIFICATION In today s economic climate millions of hard-working Americans find themselves behind in their mortgage and facing potential loss of their home. This can result from many causes including crushing medical bills loss of job or sharp upward adjustment in their loan rate. Loan modification can restructure your mortgage provide you with necessary breathing room and allow you to save your home without busting your budget. Thousands have already found relief. Why not you? What Are The Benefits of a Loan Modification Lawyer? Loan companies are increasingly swamped and over-whelmed by the sheer volume of applicants seeking mortgage relief. How to get to the front of the line? Many times the credibility and power of an attorney can open doors you can t open yourself. Some examples Better Settlements Lenders not only respect the knowledge and training of modification attorneys they know that we have legal research ability and tools which we will use if necessary and appropriate to force a reasonable modification. Many times legal necessities have not been followed leaving the lender in a bad position. Modification attorneys review this to see if your rights have been protected. Better Preparation A modification attorney understands that the loss mitigators at your mortgage company are overwhelmed by volume. He knows to ask the right questions of his clients to gather the necessary documents and to package them in the best way to catch the attention of the decision makers for a quicker and better result. Better Connections We know where to call and who to call to get you a faster and better result. Lenders respect us resulting in lower rates and better terms for you. SERVICE THOROUGH LOAN REVIEW AND REPORTWhy do we do this?To insure that your lender did not violate any of the following federal or state laws After a full review of your transaction documents we will provide you with a full report containing any suspected violations we have uncovered. Using our resources we can discover if you have been a victim of predatory lending or violations of federal state or local statutes. If violations have occurred you may be eligible for an entire loan recission which means that the lender has to actually take back your loan if predatory and give back to you all interest made on payments thus far your loan origination fees and all lender fees other penalties and attorney s fees. We then can accomplish this in one of two ways a loan modification or a completely new affordable loan with lower rates and possibly smaller principle. Sound good? Give us a call. Nothing within this website shall be considered to establish an attorney-client relationship nor be conveyed as a guarantee. Mortgage Modification SiteCumming GA 30041ph 404-824-4224 .