Posted on 10/02/2008 4:37:53 AM PDT by TenthAmendmentChampion
Quote:
The NCLR Homeownership Network (NHN), a network of nearly 50 community-based counseling providers, works with more than 30,000 families annually. Our subsidiary, the Raza Development Fund (RDF), is the nation s largest Hispanic Community Development Financial Institution (CDFI). Since 1999, RDF has provided $400 million in financing to locally-based development projects throughout the country. These relationships have increased NCLR's institutional knowledge of how Latinos interact with the mortgage market and how well the government regulates financial services markets.As foreclosure rates continue to rise in all loan categories, it is clear that current efforts are falling short of their goal to keep willing and able families in their homes. According to figures released in July 2008 by the Mortgage Bankers Association, 16% of subprime loans were more than 90 days delinquent at the end of the March 2008 double the number one year earlier. Moreover, the figures continue to point to a bleak future. According to data released this month by HOPE NOW,1 nearly 2 million loans are 60 days or more delinquent, a 4% increase from July 2007.
Here are their "recommendations":
Create a duty for servicers to provide loss mitigation services to struggling borrowers. In the current scenario, borrowers are at the mercy of their servicers, who work for the investor. To give the relationship balance, servicers must be given an incentive to provide loss mitigation services to delinquent borrowers before proceeding with a foreclosure action. Such a duty is included in the Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 (H.R. 5679).Require that loan modifications are sustainable over the long term. Most at-risk borrowers are in their current predicament because the original lender did not issue a loan that was sustainable over the long term. Servicers must use caution to ensure the same mistake does not happen again. NCLR calls for the use of rescue products, loan modifications, principal reductions, and other tools to modify the loan in a way that will remain affordable for the borrower over the long term. H.R. 5679 would require that servicers engage in an affordability analysis before granting a modification.
Require servicers to disclose the investor upon request. Borrowers have a right to know who owns their loans and to verify their rules and guidelines regarding loan servicing. Disclosing the investor will shed more light on the negotiation process and borrowers and counselors will be better informed of their rights and opportunities.
Prohibit foreclosure during loss mitigation. Due to the bottleneck of cases in the loss mitigation system, too many borrowers are slipping through the cracks. Servicers and investors should be prohibited from moving forward on a foreclosure while the case makes its way through the company's own loss mitigation system. Practically speaking, this means the servicer would be prohibited from moving a case to its internal legal department once a borrower submits a loan workout package to the loss mitigation department. This will improve the borrower's chances of understanding all its workout options before excess legal fees pile up or foreclosure proceedings begin.
Where do I go to get my tax money back?
“God’s children” ping!
Hey, no problem! You should have asked sooner. Hop on the gravy train. There are still a few seats open.
This has been a stealth wealth transfer scheme all along. It finally collapsed but they want to keep the gravy trough full. Last night you could hear the slopping from here!
Look at this, too:
http://www.responsiblelending.org/pdfs/CRAsignon-FDIC-0904.pdf
September 8, 2004
The Honorable Donald E. Powell
Chairman
Federal Deposit Insurance Corporation
550 17th St NW
Washington DC 20429
Dear Chairman Powell:
The undersigned organizations urge you to withdraw the proposal of the Federal Deposit Insurance Corporation to quadruple (to $1 billion) the minimum asset size for applying the full Community Reinvestment Act (CRA) exam to state chartered non-member banks, which would have a devastating impact on lending, housing, and access to financial services in urban and rural communities across America.
CRA has been instrumental in increasing homeownership, boosting economic development, and expanding small businesses in the nation’s minority, immigrant, and low- and moderate-income communities. The FDIC proposal would dramatically diminish banks’ obligation to reinvest in their communities. It revises the CRA rules to make the less rigorous CRA exam applicable to an additional 900 banks with assets totaling $401 billion. Adoption of the FDIC measure is likely to mean the loss of hundreds of millions of dollars in loans, investments, and services for local communities and would disproportionately impact rural areas and small cities where the market presence of these mid-sized banks is often great.
FDIC rulemaking on this matter is flawed both in terms of procedure and substance. The draft proposal was adopted on a divided vote at a board meeting that was called on unusually short notice, and that provided some board members with only limited opportunity for prior review. The board provided a minimal 30-day public comment period. This comment period is unusually and unnecessarily brief for consideration of such a controversial rule and began during a traditional summer vacation month. Haste to enact proposed changes as soon as one month after the close of the comment period could be seen by consumers as evidence of disregard for public input.
The FDIC rule, as proposed, would greatly weaken or eliminate extremely important standards necessary to ensure that CRA is effective. The proposed change would weaken the lending test and also eliminate the investment and service parts of the CRA exam for FDIC supervised banks that have assets between $250 million and $1 billion.
The FDIC’s plan to add a weak or trivial community development criterion in lieu of the investment and service tests applicable today (that collectively count for 50 percent of a bank’s CRA grade) is a wholly inadequate substitute for the present exam standards. The new factor permits these banks to satisfy the community development criterion by choosing whether to provide community development loans, investments or services instead of assessing their performances for all three categories, as is currently required. This change is likely to result in a significant drop-off of lending, investments and services for affordable housing development, Low Income Housing Tax Credits, community service facilities, such as clinics, and economic development projects.
Another harmful element in the proposal is the dramatic weakening of the lending test for midsize banks which could decrease access to credit for many Americans. Under the proposal banks with assets between $250 million and $1 billion will no longer be subject to the rigorous examination of their mortgage, small business, small farm, and consumer lending. Further, these banks would no longer be required to collect and report essential lending information such as small business lending by census tracts or revenue size of the small business borrowers. Without data on lending to small businesses and small farms, it is impossible for the public to know how well these midsize banks help to meet the credit needs of their local communities.
We also fear that the elimination of the service test will have harmful consequences for low- and moderate-income consumers. It takes away the regulatory incentive for midsize banks to maintain and open new branches and ATM machines serving low-and moderate-income geographies. It is also likely to undercut the extent to which these banks provide affordable banking services and checking and savings accounts necessary for bringing unbanked households into the financial mainstream or money transfer and remittance services, which are particularly important to new immigrants and ethnically diverse communities.
According to the FDIC data, the rule change would mean that only 223 of 5,291 (about 4% ) of all FDIC-supervised banks would continue to receive the full CRA exam. It would affect some parts of the U.S. more drastically than others. Ninety-nine percent of rural FDIC-supervised banks would be
exempted from full coverage. We calculate that no FDIC-supervised banks in eight states (Alaska, Arizona, Idaho, Minnesota, Montana, New Mexico, West Virginia and Wyoming) would be fully covered by CRA. Thirty-six other states would have five or fewer banks facing full CRA scrutiny.
In addition, this proposal would broaden the definition of community development in rural areas so that banks could receive CRA “credit” even if these activities are not particularly directed at serving the needs of low- and moderate-income households, as is presently required. The proposal would be particularly harmful to rural counties, which already have fewer banks. Rural counties have 4.3 banks compared to 10.9 banks in urban counties, on average.
The FDIC proposal and the rule recently adopted by the OTS diminish the CRA requirements for midsize banks and work at cross purposes with the Act’s statutory mandate. As you know, this mandate requires that banks, regardless of their asset size, have a continuing and affirmative obligation to serve the credit and deposit services needs of their local communities, including lowand moderate-income areas.
We urge you to withdraw this proposal.
Sincerely,
AARP
ACORN
AFL-CIO
American Corn Growers Association
Center for Community Change
Center for Rural Strategies
Coalition for Responsible Lending
Coalition of Community Development Financial Institutions
Consumer Federation of America
Consumers Union
Enterprise Foundation
Federation of Southern Cooperatives
Housing Assistance Council
Leadership Conference on Civil Rights
Local Initiatives Support Corporation
NAACP
NAAHL
National Association of Consumer Advocates
National Association of Counties
National Association of Housing and Redevelopment Officials
National Catholic Rural Life Conference
National Community Action Foundation
National Community Capital Association
National Community Development Association
National Community Reinvestment Coalition
National Congress of American Indians
National Consumer Law Center
National Council of La Raza
National Fair Housing Alliance
National Family Farm Coalition
National League of Cities
National Low Income Housing Coalition
National People’s Action (NPA)
National Training and Information Center (NTIC)
National Tribal Development Association
National Urban League
Rural Coalition/Coalición Rural
Stand Up for Rural America
United Auto Workers
U.S. Conference of Mayors
U.S. Public Interest Research Group
The next thing they’ll demand is for their credit card debt to be forgiven, and while we’re at it we may as well pay off their car loan too.
"Three-quarters of white America owns their homes. Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does."
President George W. Bush, right?
I guess the stuffing 20 unrelated people in the house thing is not working out.
Dang, that was easy.
How about this:
We are now one of the largest Spanish-speaking nations in the world. We're a major source of Latin music, journalism and culture.
Just go to Miami, or San Antonio, Los Angeles, Chicago or West New York, New Jersey ... and close your eyes and listen. You could just as easily be in Santo Domingo or Santiago, or San Miguel de Allende.
For years our nation has debated this change -- some have praised it and others have resented it. By nominating me, my party has made a choice to welcome the new America.
Our future cannot be separated from the future of Latin America.
Hey, La Raza, get Juan and Obama on the phone. It’s not too late to get some pork thrown into the bailout sausage for you.
This is a ping list promoting Immigration Enforcement and Congressional Reform.
If you wish to be added or removed from this ping list, please contact me.
Report: Houston not doing its part to stop Latino gangs
CITI AND THE CITI FOUNDATION AWARD $1,000,000 TO THE NATIONAL COUNCIL OF LA RAZA
Muslims have 6 Flags ask Employees not to Wear Shorts on Muslim Day
Latest Immigration Wave: Retreat
Immigration Raids Must Respect and Protect Fundamental Rights
Blount (TN) Marine's widow granted visa to have baby in U.S.
(TN) Police: (Illegal alien) Suspect used master key to enter Jennifer Lee Hampton's room
The New Citizenship Test: Can Americans Pass It?
Study: Immigration Law Enforcement Helps Check Criminal Street Gangs
Smuggling ring had help from Mexican official
Money sent home by Mexicans in US drops 12 percent
Suspect strangled former homecoming queen(Illegal In Tn senseless murder)
Taking Back the Streets: ICE and Local Law Enforcement Target Immigrant Gangs
Illegal aliens from Somalia and other terrorist sponsoring countries enter US
Lawmaker: In-state college tuition for illegal immigrants violates federal law
A hunt is over for a 22-year-old New Jersey man accused of killing his girlfriend's 8-month-old
Gardasil Requirement for Immigrants Stirs Backlash
(1993) Assault on the mortgage lenders: in the name of racial justice, the Clintonites...
And Citi Bank which is also Mexibank (Mexico) just gave LaRaza a million dollars!
Forclose NOW!
John McCain?
Not Juan McCain. It was GW again. Part of the reason La Raza and other hispanic subversive organizations have so much power now is because of the friend they have in the White House.
Sad that it could have been either one.
So the post office will take mortgage applications now? They can’t even deliver the mail properly!
Is it me or are the hispanics completely over represented by McCain and Bush? I am at a lost as to why these two are so enamored of the hispanic lobby.
“I am at a lost as to why these two are so enamored of the hispanic lobby.”
easy, just follow the $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Businesses LOVE cheap labor, and Mexico provides MILLIONS of folks who’ll work for cheap wages and won’t complain.
And businesses contribute MILLIONS to the GOP & Republicans.
It aint’ rocket science. LOL
But the Bill got zero co-sponsors and went to committee to die a slow death. Last subcommittee hearings held on 4/16/2008
Politicians' gonads are being squeezed by propaganda emanating from south of the border. Vote-crazed pols are mesmerized by the (fraudulent) voting numbers being tossed around.
Juan Hernandez, McC's Hispanic Outreach man told Cong Tancredo: " By populating the United States with millions of Hispanics who are tied economically, politically and linguistically to Mexico, we are able to exert enormous influence and pressure on U.S. policy and its dealings with Mexico."
Third World hellholes are salivating, lying in wait to corrupt US justice and undermine US national security. They are moving reconquista forward inch by inch. Third World peasants are marched over the border to begin the process-----subsidized by US taxpayers.
Once they squat here, the illiterates cop an arrogant sense of entitlement---like America owes them a living. They violate our borders, invade our cities, towns and suburbs, establish multiple identities with several stolen SS nos, and ride the US gravy train for all its worth.
As Freeper raybbr insightfully posted: the invaders feel entitled to participate in our government, our security, our prosperity, our legislative process, and our thriving society.
About time to show these Third World Wonders the way to go home.
Mexico issued over 5 million Matricula Consular cards-- the M/C card allows illegals on US soil to get bank accounts and mortgages. NOW GET THIS Mexican banks DO NOT accept Matricula Consular cards. Mexico also rigidly enforces their punishing immigration laws. Mexico jealously guards its sovereignty.......but it screams bloody murder when the US attempts to deal with criminal Mexicans on US soil.
=================================
La Raza and the latino crowd already have their 2008 "victory speeches" written. Doesn't matter who wins in Nov, Third Worlders will trumpet their "victory."
No matter who wins ----Juan Hernandez leeching off the McCain camp and Third World opportunists in the Obama camp will claim total victory.
This cunning Banana Republic political strategy is called "Keeping One Foot in Each Political Camp." ALSO KNOWN AS "Latinos Undermine US Democracy."
Watch the leeches scrounging around for federal jobs; jobs that jumpstart the massive transfer of US wealth into Third World hellholes. Latinos will read their dogeared "victory" speeches while federales in downtown Tiajuana salivate over the thought of massive transfers of US wealth South of the border.
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