Federal Testimony that the Mortgage Servicers want your Home for Free

Those of us who offer professional mortgage modifications and/or short sale negotiations are well aware of the influence that banks currently inflict on our US Congress. The very short story is that the Home Affordable Mortgage Plan as legislation would work as a tool to assist the US mortgage crisis. The fault is in the enforcement. The banks, through a crushing lobby effort in Washington, have our legislators hog-tied. This post illustrates that in a crystal-clear manner.

Even now, a year after the passage of HAMP, and the press that proves beyond all doubt that mortgage servicers will do anything to avoid mortgage modification or short sales, because they profit more on foreclosing on your home. I still talk to people who think their bank is going to help them negotiate a beneficial, affordable mortgage modification. If Ms. Warren can’t convince the distressed mortgage owner otherwise, then you just aren’t paying attention.

Elizabeth Warren is the chair of the Congressional Oversight Panel created to investigate the U.S. banking bailout, known as the Troubled Assets Relief Program, or TARP. While this pre-cursor to the Home Affordable Mortgage Plan, or HAMP; receives a great deal of qualified criticism as doomed from the start, the fact remains that the banks have insinuated themselves like a virus on the powers that be in Washington, thereby ensuring a complete failure of any redeeming features that TARP might have had (and if it continues, HAMP also).

Elizabeth Warren is also the Leo Gottlieb Professor of Law at Harvard Law School.  She teaches contract law, bankruptcy, and commercial law, and has devoted much of the past three decades to studying the economics of middle class families. Bottom line, Ms. Warren has devoted her career to the plight of the typical mortgage holder. The banks are in it for themselves, not you, the distressed homeowner.

She is a leading advocate for accountability and transparency. In 2007, she also advocated the policy of creating a new Consumer Financial Protection Agency, which President Barack Obama has supported, against the wishes of the banking lobby who is against it in a big way. The more I read, I see the faceless ‘Moderate Democrats’ as being the cheif resistors of banking reform that got us in theis mess to begin with. This comment from a dyed-in-the-wool Democrat. One almost never hears names associated with this group. You have to pay close attention.

Ms. Warren starts out: “It’s Bank Lobbyists vs. American Families.” Warren then went on to say: “Six months ago, I really thought that we were on the brink of financial reform.” There is some sort of battle being waged between a well-funded special interest group representing the financial services industry… and American families. A Harvard professor who was placed in charge of overseeing a $700 billion bailout of our financial institutions and a handful of miscellaneous others, just said that the problems couldn’t be more obvious and the solutions the same.

Warren said, “The reason that we’re not changing things in Washington is that the banks have lobbyists in Washington in numbers I’ve never seen.  They’re coming not just once a month or once a week, or even once a day.  These guys are coming in two, three, four times a day.  They’ve got their position papers, and they just keep slamming in the same direction over and over and over.  And people that want to advocate for American families, that want some changes, or want to level the playing field just don’t have that kind of lobbying power.  And so what we’re really watching here is a David and Goliath story of monumental proportions.”

On the subject of the new Credit Card Reform Act Warren closed out the show making a couple of comments about the legislation, which was passed by Congress and signed by the President last year, and went into affect on Monday of this very week.

The Center for Responsible Lending published a report about a week ago saying that of the ten bad credit card practices that have been outlawed by Congress, the banks have already figured out eight new devices for getting around them.

Here are the immortal words of Simon Johnson, who was the Chief Economist at the International Monetary Fund (“IMF”), and now teaches at M.I.T.

“The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.”

I’m sure almost anyone would agree that a mortgage modification should be free. But it almost assuredly is not. If you don’t have legal representation in saving your home from foreclosure, be it mortgage modification or short sale, odss are you are doomed. If you view it as an investment in your own financial well-being, it’s the safest investment you can make.

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Originally posted 2010-02-28 12:23:40. Republished by Blog Post Promoter

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