Nov 28, 2009

A letter froom Congress

Dear Mr. Soliman:

Thank you for contacting me regarding housing market reforms and foreclosure prevention legislation. I recognize how important this issue is, and would like to share with you what Congress and the Obama Administration have done to help.
Like you, I am very concerned about this severe economic crisis, which has been caused in part by the declining housing market. As you may know, I supported the Emergency Economic Stabilization Act of 2008 (Public Law 110-343) to help ease the flow of credit and stabilize financial markets. As part of President Obama's efforts to reduce foreclosures, the Administration is using $75 billion of economic rescue funds to implement a mortgage modification program. Specifically, the modification program would require that mortgages in cases where refinancing is more cost effective than foreclosure be modified to make monthly payments more affordable.
Additionally, President Obama is implementing a systematic program through the government sponsored enterprises Fannie Mae and Freddie Mac to refinance loans into more affordable interest rates. This program targets homeowners who have lost equity due to the housing market decline, yet have not defaulted on their payments. I am hopeful that these programs will fulfill the President's promise to help American homeowners.
For further information about efforts that the Administration is taking to assist Americans during this difficult time, please visit www.makinghomeaffordable.gov and www.financialstability.gov.
Please know that I will keep your comments and suggestions in mind should further legislation to address our country's housing crisis come before the Senate.
Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.

Sincerely yours,

Dianne Feinstein
United States Senator

1 comments:

Mortgage-Mess said...

Cash for Keys
E FANNING $25,000
AND 90 DAYS STAY FROM EVICTION
A real sad case of predatory lending practices by GMAC
Borrower never could have afforded the loan.
Counsel for the Defendant in foreclosure - None

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TRUSTEES DEED UPON SALE 1) the grantee herein was the foreclosing beneficiary. 2) The amount of the unpaid debt was..... $2,020,589.63 3) The amount paid by the grantee was ....$1,096,500.00 4) The documentary transfer tax is .......... $0 Item 1) states the parties bringing the foreclosure are in possession of the rights of a holder in due course and selling to themselves the property. We will show this not to be the case. Item 2) can they verify the balance and how the breakdown of interest and fees are distributed? It is likely the numbers do not add and constitute grounds to rescind the sale. Item 3) how can the lender, who sold the loan into a bulk pooled asset and for due consideration upon which it has lost its rights to the asset, bring a foreclosure? It cannot! Only by first repurchasing the asset is the party foreclosing in a position first. Loans sold that were securitized into a closed end fund for which many layers of stock certificates were issued is an indication foreclosure is an impossible proposition. What stands out to me most of all is a claim of bid rigging and manipulation of a trustees sale for which a borrowers right to tender is removed. Where the trustee’s deed transfers by credit bid, the tender of the full debt is not appropriate. Credit bids are distinguished from purchase money bids. California Civil Code 2924h (b) provides: (b) At the trustee’s sale the trustee shall have the right (1) to require every bidder to show evidence of the bidder’s ability to deposit with the trustee the full amount of his or her final bid in cash, a cashier’s check drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code Stay tuned