Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.
Thus far, servicers have been playing by their own rules and their own game of what I like to call “predatory servicing.” They (The Countrywide’s, ASC’s and AHMSI’S) are the big sharks on main street that troll for scraps left over from the predatory lending spree by their close cousins (lenders) and cause struggling homeowners to bleed a slow and painful foreclosure death.
Chairman Frank will hold a hearing in September to monitor the progress of loan modification by mortgage servicers.
Chairman Frank cautioned industry representatives: “I would hope that no one would be foreclosed upon between now and October 1st who would have qualified for this program had the effective date been immediate. And that is within your power to do. You can show some forbearance. October 1st is coming, begin the planning, begin the talking with people, but I think it would be a shame, an embarrassment to all of us if people were to lose their homes and the neighborhood deterioration were to be advanced and the economy would suffer because to satisfy CBO and other rules, we delayed this a couple of months. I earnestly hope that we can have that kind of cooperation.”
Chairwoman Maxine Waters added, “As one who has focused on mortgage servicing from the outset of this crisis, I strongly support the Chairman’s call for forbearance until October 1st. It would be shameful for a single homeowner in California, or anywhere else hit hard by the foreclosure crisis, to lose their home if they could have been helped by this program but for this deadline.”
In addition, Chairman Frank also called for restructuring the mortgage servicing industry if servicers fail to cooperate in aggressively forbearing and preventing foreclosures, or if there are institutional roadblocks that prevent mortgage workouts or other restructuring that is needed in order to help borrowers, and thereby help the housing market and the economy overall .
“One of the things we have been told is ‘look there is this problem because the people who service the loans are not the people who own the loans.’ And there is this split between the people who have we are told the authority to make the decision to reduce and the beneficial owners on whose behalf they are acting, well you can’t expect the beneficial owners to do this, people who own pieces of pools.”
Moe’s message:
I am asking all homeowners who have been abused by their servicers or are not getting the help they deserve, to write Barney Frank and Maxine Waters to tell them how you are being treated and who your servicers are. Please include evidence and call logs in your emails and letters to them.
BARNEY FRANK
Congressman Barney Frank
2252 Rayburn Building
Washington, DC 20515-2104
(202) 225-5931
Congressman Barney Frank
29 Crafts Street
Newton, MA 02458
(617) 332-3920
Congressman Barney Frank
558 Pleasant Street
Room 309
New Bedford, MA 02740
(508) 999-6462
Congressman Barney Frank
The Jones Building
29 Broadway
Suite 310
Taunton, MA 02780
(508) 822-4796
Contact Us
House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building
Phone: (202) 225–4247
The Honorable Maxine Waters
United States House of Representatives
2344 Rayburn House Office Building
Washington, DC 20515-0535
Phone: (202) 225-2201
Fax: (202) 225-7854
Los Angeles Office
10124 South Broadway, Suite 1
Los Angeles, CA 90003
Phone: (323) 757-8900
Fax: (323) 757-9506
Westchester Office
6033 West Century Boulevard
Suite 807
Los Angeles, CA 90045
Phone: (310) 642-4610
Fax: (310) 642-9160
Read Testimony From the Experts on Servicing
Read Barney Frank’s Testimony
Read Maxine Waters Testimony
Barney Frank – i am a conservitive but I trust that he has tried to do what is right, Plus his state is not a major cause of the problems we are having. He has earned the benefit of the doubt. I disagree with him but I think he is truely trying to serve the country. Mellow out some of his policies and I will vote for him.
Maxine Waters – throw her out. California has know about the mortgage issue since 1988 when the first correction happened. Alt A / Subprime was created to solve it.
She plays ignorant but no way is it true. She has faught long and hard for the benefits of the sub prime mortgages. The main reason the were created was to help homeowners in California to be able to buy a home.
Housing prices are the cause. She has benefited thru her constituants over the years and fought to protect that industry. Only an idiot can look and not see when only 12 % of the median households in CA. can afford to buy a median priced home. Payment figured only. NATIONAL HOUSING AFFORDABILITY INDEX.
Stable states are between 40% and 75%.
THE last big property crash was in 1988 when it dropped below 20%, then it went back up to 40%. She wanted those loans so her constiuents could by homes and profit from them. No she is crying.
2007 it was 12 %, 2003 it was under 20%.
JUST ANOTHER SELF SERVING POLITIAN. Frank has earned the benefit of the doubt, Maxine has abused it. THROW HER OUT.
She knew it and if she did not she is to irresponcible to serve or to stupid. Either way she needs to be replaced. VOTE HER OUT.
I urge all Americans to search and find the 2004 Senate hearings where MAXINE WATERS AND BARNEY FRANK acted like F MAE and F MAC were indestructible and laughed at the thought of more regulation for these institutions. Now that the election is over lets concentrate on getting these politicians thrown out of office. Barney Frank and Maxine Waters should be the first to go. They have cost this Country billions of dollars and thousands of jobs. THEY NEED TO BE HELD ACOUNTABLE!!!!!!!!