The House Financial Services Committee on Tuesday approved what I call, “The Throw Brokers Under he Bus Bill” a bill that would impose big changes on the mortgage industry, including minimum standards for approving loans and some new liabilities on those who securitize risky mortgages.
Yeah, imagine that.
Minimum standards, licensing and even new liabilities. That’s great, but what the hell are they going to do to police these sweeping changes when they can’t even police the laws that were in place for the last 10 years? Time will tell if this new bill has any teeth and or it’s just fluff and puff.
Actually, Mr. Bauchus, the subprime loans you are talking about are sending our whole country into a massive recession. All as the result of reckless lending. I think that is what your were trying to convey in the above comment.
Awe, too bad boys. the MBA will have to sit back, cry and watch as the industry make some much needed changes. Whether they like it or not. Hell, what do they care anyway, half the damn brokers and loan officers disregard federal and state laws anyway.
Frank said he expects to see some changes to the bill before it’s passed
Makes sense, but I want to know, and Countrywide nor their attorney’s will answer me, is what if your “investor” filed BK? When there is a ligit offer on the table, seems to me that you would jump on it just to cut your losses. After reading this post, I am not so sure anymore.
Moe,
If a homeowner gets behind on their mortgage how long do you think it will take the lender to actually begin the foreclosure procedure. Based on the fact that lenders are overwhelmed with defaults it could take a long time. If the lender refuses to modify the loan then the owner could delay it longer through BK. If lenders are smart they would change these ARMs to fixed rates that the owner can afford. Its better to have a performing loan at a lower rate then a non performing loan where the house could be vacant and vandalized thus decreasing the value of the collateral even more. Seems pretty simple to me. You’d think these Wall Street geniuses could figure it out. Don’t hold your breath.
The problem is that the investor probably does not even know about this offer. So, its all hearsay.
It is usually 90 days of delinquent payments before the foreclosure process in initiated. Simple, yes, very simple. But they do not like simple. They like it complicated and screwed up. That way they can stall and profit at the expense of homeowners.
If the bank forecloses through the judicual process, they usually end up buying the home at the court house steps for some rediculous low ball price. Isn’t that new low ball price recorded on thier books? After all, the property title has changed hands. Usually there is no equity in these properties either so thier newly aquired asset is worth much less.
So what do we do about our clients?….tell them to stay in the house and wait it out until the government comes up with a plan and maybe the attorneys can wipe out all the late fees by proving that CW would not work with their clients?
Cathy Gellatly
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