For Immediate Release FROM Senator Bethany Moura [R-RI] Jan. 10, 2012

The Foreclosure Hamlet ^ | 1/10/2012 | Senator Beth Moura

[Chunga85]

Senator Moura goes on to question the logic behind turning down homeowners who want to repay their loans under revised terms, but are denied and foreclosed on. “Fannie and/or Freddie take an enormous loss up-front and elect to do so.” For her, the alarms went off when Freddie Mac recently asked Congress for $124 Billion dollars. Moura says, “I believe they are intentionally creating these huge losses in mortgage defaults so they can justify on paper their requests for hundreds of billions in taxpayer money. The longer they take to review modification applications, the further behind the homeowners end up, the higher the arrearage gets, the larger the investor loss appears, therefore making a modification that much harder to qualify for. The perfect storm has been created.”

Senator Moura has actively fought for this to stop. She communicates with the Department of the U.S. Treasury Office of the Comptroller of Currency and the policy advisors of the FHFA (oversees Fannie and Freddie). She has met with Senate leadership, the Governor and his policy staff, as well as fellow legislators. “In fact, I’m working on forming a bi-partisan coalition with legislators in both chambers to stop this from continuing in our state”, Moura says. “My intent is to enact change any way that I can, and am committed to being a resource for leadership in the General Assembly. I’ve seen the devastation first-hand, and had my own experience with a dishonest loan servicer and a foreclosure. It’s a battle I’m still fighting, but have turned my frustration and experience into motivation.”

Moura states, “Watching them beat families into submission, to eventually surrender their homes is something you have to see to believe. They rip families and communities apart, destroy property values, and leave in their wake a sea of emotional wreckage that cannot be measured. It is unbelievably cruel and despicable.”

[Chunga85]

This first-term Senator is so confident in her suspicions, she’s challenging the top executives of Fannie Mae and Freddie Mac to appear in Rhode Island in a public forum to defend her allegations – head on and face-to-face. Her message to them is simple. “Bring your attorneys and your staff, and I’ll have my notes, files and homeowners from Westerly to Woonsocket. Since you believe you are entitled to their money, I believe they are entitled to your answers”, declares Moura. “In this arena, I am a force to be reckoned with. Whether this fight takes a day or a decade, I will not retreat. They can bank on it (pun intended).”

[Chunga85]

Support Senator Moura [R-RI] ping.

[Mortrey]

Bookmarked for later reading.

[ExCTCitizen]

“Fannie and/or Freddie take an enormous loss up-front and elect to do so.” For her, the alarms went off when Freddie Mac recently asked Congress for $124 Billion dollars. Moura says, “I believe they are intentionally creating these huge losses in mortgage defaults so they can justify on paper their requests for hundreds of billions in taxpayer money. The longer they take to review modification applications, the further behind the homeowners end up, the higher the arrearage gets, the larger the investor loss appears, therefore making a modification that much harder to qualify for. The perfect storm has been created.”

I'm shocked... RI voters voted for someone smart...

[plenipotentiary]

Ba$tards. They will sacrifice every one else to create Communistic revolutionary conditions.

[NonValueAdded]

R-RI??? I thought that breed was extinct!

[Razzz42]

Bank of Congress is not going to like this one bit, she is threatening one of their funding sources.

[Chunga85]

She's got some nerve for sure. Senator Moura will need our support.

This IS funny!

Fannie CEO Michael Williams To Quit After 2 Years, Pockets Millions After Receiving $60 Billion In Bail Out Cash.