This post is a follow up to the press release from the Treasurers Office in regards to the testimony given by David Nason, assistant secretary of Treasury for financial institutions.Apparently Mr. Nason feels that Congress needs to move swiftly to pass housing related legislation.
 
‘Congress should send legislation to the President on these bipartisan efforts as soon as possible,’ he said.

‘Homeowners not reached before their resets occur are at a much higher risk of defaulting,’ Nason said. ‘Our plan supports an increased role for housing counselors, but their efforts will be less meaningful if the appropriate tools are not available.’

Exactly Mr. Nason. There needs to be policies and guidelines for loan servicers and lender ran loss mitigation departments.

Right now, they are operating like it’s the wild, wild west. No rules, no policies, nothing! It’s has all been smoke and mirrors. It’s unbelievable that major financial institutions, that are now basically “debt collectors”, can operate they way they do and have the audacity to run these departments so poorly and inefficiently.
 
Fleecing homeowners and causing them to fall behind further because they cannot hire the necessary staff and implement the proper policies to make this all work.

A bill needs to be passed that regulates the new booming business of servicing loans and the loss mitigation of mortgages. It needs to be united under one operating umbrella. If that is not done then these lenders will continue their loan servicing anarchy. Causing our country’s housing market to tank even further and our economy.

Nason said the administration supports these specific goals, and said there is no time to waste in getting them approved.

Now we need the President to put some of his focus on the crisis here on American shores.

President Bush came out this morning and tore into Congress and said their performance this year has been poor and they are acting too slowly on vital legislation. He said it was unacceptable. Basically, he said America, it’s not me but your Congressional leaders that are bottle necking the system and causing inaction.

Nason reiterated that the Treasury Department leading the effort to ensure US capital markets are competitive. This includes efforts to audit the auditing profession, and examine US financial regulations to ensure they are efficient.

Hopefully this audit includes the policing of the loan servicing industry and lender operated loss mitigation departments. Only time will tell and unfortunately, we don’t have much time.

Get FREE foreclosure help    loan modification     loan modification     predatory lending      mobile home loans

home loans        countrywide home loans        option one mortgage     chase mortgage         FHA Secure

hardship letter   loan modification    mortgage help      foreclosure process     mortgage fraud   bank lawsuits   

Related News

• No Related Post