Comments on: Barack Obama’s Mortgage Reform Policy http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Mon, 09 Nov 2009 22:42:54 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Natalie http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-34570 Natalie Thu, 19 Mar 2009 11:20:22 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-34570 Excellent comments, right on the money!!! Why should our tax dollars pay for someone's lack of responsibility? Why are responsible borrowers being punished for paying their bills on time? There is a gaping hole in Mr. Obama's plan and it is filled with responsible middle class homeowners taxed and mortgaged to their teeth. Excellent comments, right on the money!!! Why should our tax dollars pay for someone's lack of responsibility? Why are responsible borrowers being punished for paying their bills on time? There is a gaping hole in Mr. Obama's plan and it is filled with responsible middle class homeowners taxed and mortgaged to their teeth.

]]> By: Natalie http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-69721 Natalie Thu, 19 Mar 2009 11:20:22 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-69721 Excellent comments, right on the money!!! Why should our tax dollars pay for someone's lack of responsibility? Why are responsible borrowers being punished for paying their bills on time? There is a gaping hole in Mr. Obama's plan and it is filled with responsible middle class homeowners taxed and mortgaged to their teeth. Excellent comments, right on the money!!! Why should our tax dollars pay for someone's lack of responsibility? Why are responsible borrowers being punished for paying their bills on time? There is a gaping hole in Mr. Obama's plan and it is filled with responsible middle class homeowners taxed and mortgaged to their teeth.

]]> By: Dave http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-14384 Dave Wed, 04 Feb 2009 04:01:35 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-14384 Hey, I'm one of those home owners who needs a little help. Our small business bit the big one last October after a declining year /increasing taxes, we were forced to close the doors / we dropped our health insurance because we couldn't make the payments, I had a stroke, and my wife's income of a whopping 21K/yr does not cover existing 15k business debt plus our mortgage payment on 104K. I have been unable to find employment as yet / I don't qualify for disability because I was self-employed, and yes, we are a family on the verge of loosing the roof over our heads unless we can somehow secure a lower interest rate. Go Obama. Hey, I'm one of those home owners who needs a little help. Our small business bit the big one last October after a declining year /increasing taxes, we were forced to close the doors / we dropped our health insurance because we couldn't make the payments, I had a stroke, and my wife's income of a whopping 21K/yr does not cover existing 15k business debt plus our mortgage payment on 104K. I have been unable to find employment as yet / I don't qualify for disability because I was self-employed, and yes, we are a family on the verge of loosing the roof over our heads unless we can somehow secure a lower interest rate. Go Obama.

]]> By: Dave http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-69720 Dave Wed, 04 Feb 2009 04:01:35 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-69720 Hey, I'm one of those home owners who needs a little help. Our small business bit the big one last October after a declining year /increasing taxes, we were forced to close the doors / we dropped our health insurance because we couldn't make the payments, I had a stroke, and my wife's income of a whopping 21K/yr does not cover existing 15k business debt plus our mortgage payment on 104K. I have been unable to find employment as yet / I don't qualify for disability because I was self-employed, and yes, we are a family on the verge of loosing the roof over our heads unless we can somehow secure a lower interest rate. Go Obama. Hey, I'm one of those home owners who needs a little help. Our small business bit the big one last October after a declining year /increasing taxes, we were forced to close the doors / we dropped our health insurance because we couldn't make the payments, I had a stroke, and my wife's income of a whopping 21K/yr does not cover existing 15k business debt plus our mortgage payment on 104K. I have been unable to find employment as yet / I don't qualify for disability because I was self-employed, and yes, we are a family on the verge of loosing the roof over our heads unless we can somehow secure a lower interest rate. Go Obama.

]]> By: Ex Broker http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-10567 Ex Broker Wed, 26 Mar 2008 21:31:22 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-10567 Brokers do have less rules to deal with though. They can call the appraiser, there is no recourse if the loan has a defect and can be sold. The rules favor them as of now but a day of reckoning is coming. Brokers do have less rules to deal with though. They can call the appraiser, there is no recourse if the loan has a defect and can be sold. The rules favor them as of now but a day of reckoning is coming.

]]> By: Muzhik http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-9859 Muzhik Mon, 18 Feb 2008 04:25:36 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-9859 the STOP Fraud Act is better because it increases the criminal sanctions (to $5million / 30 years in prison) and provides a private right of action to borrowers. also, the statute you cite simply prohibits lying on loan agreements, etc - it is not a fraud statute. a fraud statute includes elements such as a scheme to defraud and fraudulent intent. i think mortgage fraud is currently prosecuted under the mail and wire fraud statutes. finally, Obama's bill would have provided funding to the DOJ ($5mil) for the purpose of enforcing the statute, not to mention the reporting requirements for lenders, database of 'bad' lenders, and housing counseling. For these reasons, i think you're way off to deny Obama 'points' for introducing this crucial legislation more than a year before the subprime market blew up in March 2007. the STOP Fraud Act is better because it increases the criminal sanctions (to $5million / 30 years in prison) and provides a private right of action to borrowers. also, the statute you cite simply prohibits lying on loan agreements, etc – it is not a fraud statute. a fraud statute includes elements such as a scheme to defraud and fraudulent intent. i think mortgage fraud is currently prosecuted under the mail and wire fraud statutes. finally, Obama’s bill would have provided funding to the DOJ ($5mil) for the purpose of enforcing the statute, not to mention the reporting requirements for lenders, database of ‘bad’ lenders, and housing counseling. For these reasons, i think you’re way off to deny Obama ‘points’ for introducing this crucial legislation more than a year before the subprime market blew up in March 2007.

]]> By: The Odysseus Medal: Our own style of disintermediation brings us all closer to the liberty that is self-reliance | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-9773 The Odysseus Medal: Our own style of disintermediation brings us all closer to the liberty that is self-reliance | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments Thu, 14 Feb 2008 04:46:19 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-9773 [...] am citing, The Proposed Solutions Are Going To Be Worse Than The Mortgage Crisis by Doug Quance and Barack Obama’s Mortgage Reform Policy by Morgan Brown, illustrate the kind of depth of understanding we can achieve when we apply [...] [...] am citing, The Proposed Solutions Are Going To Be Worse Than The Mortgage Crisis by Doug Quance and Barack Obama’s Mortgage Reform Policy by Morgan Brown, illustrate the kind of depth of understanding we can achieve when we apply [...]

]]> By: Thomas Johnson http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-9772 Thomas Johnson Thu, 14 Feb 2008 02:40:51 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-9772 How fast will these candidates run from anti-fraud enforcement when they figure out that they will be tossing a ton of voters in the pokey? On the HUD-1003 that I have seen, there is a little notice that says "Under penalty of perjury..." They have no problem throwing the book at a Martha Stewart or Roger Clemons, but what about thousands of no-doc borrowers, er, voters? What about all the investors like pension funds and local governments that were sold unsuitable mortgage pools by Wall St, er campaign contributors, in violation of securities laws? How fast will these candidates run from anti-fraud enforcement when they figure out that they will be tossing a ton of voters in the pokey? On the HUD-1003 that I have seen, there is a little notice that says “Under penalty of perjury…”

They have no problem throwing the book at a Martha Stewart or Roger Clemons, but what about thousands of no-doc borrowers, er, voters? What about all the investors like pension funds and local governments that were sold unsuitable mortgage pools by Wall St, er campaign contributors, in violation of securities laws?

]]> By: The Odysseus Medal competition — Voting for the People’s Choice Award is open | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-9745 The Odysseus Medal competition — Voting for the People’s Choice Award is open | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments Wed, 13 Feb 2008 03:55:30 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-9745 [...] Needs a “Social Media Director”Kris Berg, I’m too sexy for my blog.Morgan Brown, Barack Obama’s Mortgage Reform PolicyJim Cronin, Why Worrying About SEO Is Detrimental to Your Real Estate BlogAlex Mather, Improving [...] [...] Needs a “Social Media Director”Kris Berg, I’m too sexy for my blog.Morgan Brown, Barack Obama’s Mortgage Reform PolicyJim Cronin, Why Worrying About SEO Is Detrimental to Your Real Estate BlogAlex Mather, Improving [...]

]]> By: Greg http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/comment-page-1/#comment-9743 Greg Wed, 13 Feb 2008 01:44:32 +0000 http://blownmortgage.com/2008/02/03/barack-obamas-mortgage-reform-policy/#comment-9743 I am not in favor of a "bailout" of irrational homebuyers, they deserve to bear fault in the situation, along with the lenders, and the brokers. I don't think they should be just handed money, but it is in our best interest to make the foreclosure process as smooth as possible. I think and hope that is what Obama is trying to do. Helping people sell their houses instead of abandoning them is in our best interest to not only have abandoned and uncared for houses in our neighborhood, and to not flood the market with too many foreclosed homes exacerbating the problem. I do not advocate giving a bailout. But I do like how Obama tackles the problem with all parties (the buyers, the lenders, and the brokers). I am not in favor of a “bailout” of irrational homebuyers, they deserve to bear fault in the situation, along with the lenders, and the brokers. I don’t think they should be just handed money, but it is in our best interest to make the foreclosure process as smooth as possible. I think and hope that is what Obama is trying to do. Helping people sell their houses instead of abandoning them is in our best interest to not only have abandoned and uncared for houses in our neighborhood, and to not flood the market with too many foreclosed homes exacerbating the problem. I do not advocate giving a bailout. But I do like how Obama tackles the problem with all parties (the buyers, the lenders, and the brokers).

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