Posted on 06/17/2010 9:10:13 AM PDT by WOBBLY BOB
The U.S. Senate approved an amendment sponsored by Sen. Al Franken that would create an office to investigate complaints by homeowners who believe their mortgage handlers are breaking the law. The amendment would create an Office of the Homeowner Advocate using money from the TARP program. “This victory means help for the many Minnesotans who are in danger of losing their homes through no fault of their own,” said Franken. “These families are doing their best in a tough economy that they didn’t create. And they need to know there’s someone who has their back when they’re trying to navigate the already stressful system of avoiding foreclosure.”
(Excerpt) Read more at minnesotaindependent.com ...
The same congress voted against a 5% minimum down payment for home ownership.
What about prosecuting homewoners who are not paying ANYTHING toward the mortgage but are STILL LIVING in the house?
No fault of their own???
Can I report Fannie, Freddie and Barney?
that would be almost as racist as requiring a down payment!
What an idiot. An office to produce waste.
Not if you’re white though. All white people are required to pay their mortgages, and will get no help if they run into trouble, because we all know when white people can’t pay their mortgages, it’s always their fault.
So to recap:
If you’re white, you pay your mortgages. If you have problems, they’re YOUR problems.
Anyone else, if you can’t pay your mortgage, don’t sweat it, come to the govt and we’ll go after the nasty bank people because they must have taken advantage of you because you’re not white. Your problems aren’t your fault.
What a sick place we’ve become. I am embellishing but this is the basic gist of the mindset in operation here.
“This victory means help for the many Minnesotans who are in danger of losing their homes through no fault of their own,”
Who signed the contract ?
It does happen
It’s all about “job creation”.
How about just pay your mortgage....
This is brain dead idiodic.
A number of years ago I officated high school football. It never failed that the folks that gave you the biggest arguments and the most flak ALWAYS knew the LEAST about the rules.
The same principle will apply here. They can always complain through regulators and get good answers when the regulators demand explanations.
This wil be another form of harrassment by the government on the financial companies that will further increase costs and accomplish absolutely nothing.
5% is squat, home values in my area have dropped between 40 and 70%.
What part of 20% unemployment don’t you get?
TARP funds are supposed to be temporary loans. Who's going to pay it back, and how is this agency going to be funded when the TARP program ends?
” “This victory means help for the many Minnesotans who are in danger of losing their homes through no fault of their own,””
It’s 100% their own fault!
Pay the mortgage they signed or get out in the street!
I’m sure it’s all “deficit neutral”.
Ummm, if people were to actually save some of their money for that so-called rainy day, this wouldn’t be happening. In my personal finance class, I teach my students to put away enough money to live off of it for 6 months in case of a job loss.
I say anyone who has a mortgage and is still paying it on time should be allowed to refi for the LOWEST interest rate that is on the market regardless of their job etc.
reward those who aren’t forclosing.
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