Comments on: Week in review…. http://blownmortgage.com/2008/01/19/week-in-review/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 14 Nov 2009 14:41:57 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: mikew http://blownmortgage.com/2008/01/19/week-in-review/comment-page-1/#comment-9192 mikew Mon, 21 Jan 2008 16:02:45 +0000 http://blownmortgage.com/2008/01/19/week-in-review/#comment-9192 It would be more beneficial if the government regulated Wall Street than adopting HR3915. HR3915 is riddled with payoffs to big banks and wall street. None of the excesses of the 2005 and 2006 would have happened if banks and wall street had been more responsible. HR 3915 looks good for political payoffs but its a typical overeaction from Democrats. Nothing is happening in the mortgage industry at the moment that creates an urgent need for HR3915 to pass right now. Congress needs to take more time to figure out who the real culprits of this mess are. Otherwise they will make things worse. I am not suggesting that the mortgage industry doesn't need updated regulations. It sure does. But its 100% apparent to me that Walls Street created this mess and they are trying to pass the blame onto the mortgage brokers. It would be more beneficial if the government regulated Wall Street than adopting HR3915. HR3915 is riddled with payoffs to big banks and wall street. None of the excesses of the 2005 and 2006 would have happened if banks and wall street had been more responsible.

HR 3915 looks good for political payoffs but its a typical overeaction from Democrats. Nothing is happening in the mortgage industry at the moment that creates an urgent need for HR3915 to pass right now. Congress needs to take more time to figure out who the real culprits of this mess are. Otherwise they will make things worse.

I am not suggesting that the mortgage industry doesn’t need updated regulations. It sure does. But its 100% apparent to me that Walls Street created this mess and they are trying to pass the blame onto the mortgage brokers.

]]> By: C. Perez http://blownmortgage.com/2008/01/19/week-in-review/comment-page-1/#comment-9168 C. Perez Sun, 20 Jan 2008 19:25:43 +0000 http://blownmortgage.com/2008/01/19/week-in-review/#comment-9168 When the President and Treasury Secretary Bernanke announce their economic stimulus plan, it should include some provision to bring more than 9 percent of the delinquent loans to the changing table by lowering or freezing rates, not just short term changes. The brokers and lenders have already made their money when the loans were first structured--It is no surprise they are hesitant to cut back on the profits now. The President's plan should include provisions that hold the lender's feet to the fire in their promise to help struggling borrowers--The long term stability of our economy relies on it, and struggling homeowners deserve it. When the President and Treasury Secretary Bernanke announce their economic stimulus plan, it should include some provision to bring more than 9 percent of the delinquent loans to the changing table by lowering or freezing rates, not just short term changes. The brokers and lenders have already made their money when the loans were first structured–It is no surprise they are hesitant to cut back on the profits now. The President’s plan should include provisions that hold the lender’s feet to the fire in their promise to help struggling borrowers–The long term stability of our economy relies on it, and struggling homeowners deserve it.

]]> By: Don http://blownmortgage.com/2008/01/19/week-in-review/comment-page-1/#comment-9164 Don Sun, 20 Jan 2008 18:36:03 +0000 http://blownmortgage.com/2008/01/19/week-in-review/#comment-9164 Everyone came back to Washington this last week. I think Congress goes back into full session on Tuesday. Hang on, things should be happening fast. Reports say we could have a stimulus package as quickly as 30 days. Everyone came back to Washington this last week. I think Congress goes back into full session on Tuesday. Hang on, things should be happening fast. Reports say we could have a stimulus package as quickly as 30 days.

]]> By: Fielding Mellish http://blownmortgage.com/2008/01/19/week-in-review/comment-page-1/#comment-9146 Fielding Mellish Sun, 20 Jan 2008 03:30:28 +0000 http://blownmortgage.com/2008/01/19/week-in-review/#comment-9146 When is congress back in session? Will the Senate pass something like HR3915? Will the federal government require writtendocumentation of borrowers' reasonable ability to pay - meaning the end of Fast & Easy, SISA's, SIVA's, No Ratio, etc... Even LP Accept Plus's would be illegal to the extent that they're SIVA's... These are major unanswered questions. We're hearing othing about these issues. When is congress back in session? Will the Senate pass something like HR3915? Will the federal government require writtendocumentation of borrowers’ reasonable ability to pay – meaning the end of Fast & Easy, SISA’s, SIVA’s, No Ratio, etc… Even LP Accept Plus’s would be illegal to the extent that they’re SIVA’s…

These are major unanswered questions. We’re hearing othing about these issues.

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