Senate Nears Accord on its Version of Housing Rescue Bill

RE:Senate Nears Accord on its Version of Housing Rescue Bill

Douglas M. Thomson Sr. — Thu, 22 May 2008 11:00:00 GMT

Linda I am not an attorney but I do think that you need to hire one. This person who refinanced your mortgage. Is this person related to or is in some type of business relationship with the person you gave the money to? You may wish to take an add out in your local news paper to see if any other victims have given thier money or was asked to do the same type activities. I would also contact the District Attorney and inform them of this activity. It may be bigger then you think and this person may be part of a larger group taking advantage of mis informed people such as yourselfs.

RE:Senate Nears Accord on its Version of Housing Rescue Bill

Anonymous — Tue, 20 May 2008 11:00:00 GMT

Wow - it's great that the cost to taxpayers for this remediation plan is EXPECTED TO BE ELIMINATED - but come on, we know that's not going to happen. Why should taxpayers pay anything for the profiteering of unscrupulous mortgage brokers AND mortgage companies AND mortgage lender banks ???? How about prosecuting and fining the people and corporations who profited from this mess? Do they get away scott free? Aren't taxpayers being strained enough with high oil prices, high food prices and high unemployment? As a former loan officer who took a lot of abuse because I was too honest with my clients, I've heard the lies and seen the scams first hand - and it's not only the little guys, the big guys set the stage and made it all possible.

RE:Senate Nears Accord on its Version of Housing Rescue Bill

Linda — Tue, 20 May 2008 11:00:00 GMT

I beleive many people are in financial trouble for foreclosure because of not so honest brokers or realestate people. I had a so called friend for 14 years I knew his family too He had us refi our home (Senior citizens) my daughers too ( a single mom) took the money was to invest it Showed us all types of Documents backing us his supposed financial statements Documents showing he would pay us back in case of death or default All was a lie he took the money and it is gone We are about to lose our home and my daughter too Trust was the key here We thought he would never hurt two old people and a single mom but he took us through the cleaners Perhaps this has happened to other trusting people too The news is filled with people being caught for fraud

RE:Senate Nears Accord on its Version of Housing Rescue Bill

Mike — Tue, 20 May 2008 11:00:00 GMT

Little to little and a little to late? Seems that $500m is "a drop in the bucket" when you consider that Bernake and Paulson are trying to chart a course to allow the lenders to write off $300b in bad mortgage loans. Sounds a little Bearish (as in Bear Stearns) and this course of action while at the same time the OCC is re-writing all the regulation guidelines for the national banks? Ex-CEO of fnma pays 24.7m in penalty to stop OFEO investigation during his leadership at fnma a few weeks ago? Asked myself "how much is still misssing"? Have to believe it is worse than we are being told that it is and we will not get the truth to avoid a "run" on the banks?

RE:Senate Nears Accord on its Version of Housing Rescue Bill

Douglas M. Thomson Sr. — Tue, 20 May 2008 11:00:00 GMT

Well this is just a bunch of BS. Countrywide and other lenders have allready informed me that they would not agree to take less upfront to refinance anyones loan. The lenders said that they would force me into FORCLOSURE instead of redusing the principle amount. Countrywide did after 4 months of constant calling and submitting several documents agree to modify my existing loan balance to 4.25% for the remainder of the loan. NO ONE I have spoken with has received as good a modification as I have and NO ONE I KNOW has had their loan amount lowered. If the FEDS think that the lenders will agree to accept less return for their existing loans they are dead wronge. If they think they will lower rates or mortgage loan balances just because the FEDS are asking them to. Well think again. Thousands of HOME OWNERS LOST THEIR HOMES before the lenders starting negotiating when they were in the final stages of forclosure. Of course the loan amount was very high and it was in the lenders best interest to keep the home owner in a loan that was way higher then the value of the property. Many home owners did not get to negotiate as their lenders went out of business or sold their loans to lenders that refused to modify their loans. The only way I see the lenders accepting this proposal is if the FEDS refused to lend them any more money and did not allow them to collect insurance checks. Another way to make them agree to this plan would be to stop the lenders from funding new Mortgage Loans. This is to important to leave up to the lenders. The FEDS must make this a mandatory plan and those lenders that refuse to cooperate would have to sell their loans to the FEDS and close their doors to Motgage Lending. This is going to cost our tax payers billions over the next few years in many other ways. So this is not a free ride for anyone. Don't forget that the top leaders of these lenders allready were paid millions at our expense. We need to look very closely at the commisions and bonus money they received to see if some of it can be recaptured to cover our losses.