swillper's Profile
Things swillper is Tracking:
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5 Bills
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H.R.3609 Emergency Home Ownership and Mortgage Equity Protection Act of 2007
- Anonymous : Sick of hearing the word "victim?" buying a house is speculation? These people aren't speculators, they are homebuyers - everyday people like me and (supposedly) you. Myabe picking a doctor would be speculation in your eyes too? Maybe then if a doctor leaves a sponge in your chest cavity then you wouldn't be a victim? By your logic, we were speculating on our health, right? Get off your right-wing white-collar butt and work three jobs trying to support someone other than yourself of your waistline. These people were burned - and theycertainly are victims. Try being one, and you'll maybe begin to understand.
- Anonymous : Of all the legislation out there that tries to deal with the problem with primary residences and preventing the properties from going into foreclosure, this is the most direct and simple approach for dealing with the oversight in our chapter 13 laws. Striking 1322(b)(2) with regards to undue protection of loans made on principal residences is highly appropriate. Hopefully this legislation will experience forward momentum soon. It already cost our economy and homeowner quite considerably because of the delay of stalling this legislation for so long. 32 More
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H.R.3778 HOMES Act
No New Comments
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S.2636 Mortgage Disclosure Improvement Act of 2008
- Anonymous : To me, it seems to be alot of money to bail folks out that got themselves in the situation they are in. Why do they not focus on decreasing the cost of energy and allow the economy to correct the housing market.
- Anonymous : Dear Madams & Sirs, please look around you, look at yourselves! You all act smart & intelligent on the subject, most of you advise the rest of the people how to "profit". The problem is simple. You have a serious problem with the category called GREED ! You will substitute GREED with "INVESTMENT", I would assume! No! They are totally different! I will not teach you economy now but for beginners I will recommend "Political Economy for Beginners", for non-beginners it is probably too late! My point is that if you take off the category "MONEY" from the equation called "LIFE", you most likely will be left EMPTY, without destination in your life! Why is that? Ask yourselves that question! Money, money, money....profit, "investment"....! Didn't any decent person in your life ever told you the basic theory of money? You don't have to be an economist to understand it! IN ORDER FOR YOU TO GAIN FROM AN INVESTMENT SOMEONE ELSE MUST MUST MUST LOOSE MONEY! If you haven't seen that!?! too bad, that's the way it is!!! Please, try to understand that there is no low to prevent you from losing your money in the long run. They are only short term...until you find out what exactly the new trick is!!! Because the masses are always behind from the leaders! America was the land of the Great Enterprises, Great Ideas, Great People. Look at the faces of the people who are claiming to be helping you with variety of bills and laws! Do you get a decent feelings from those people?!? To me most of them bring dark hopeless feelings inside me. They look like people who just got out from doing 15 yrs for financial circus! Take a serious consideration for your life direction! Unfortunately I cannot help anybody with anything else but WARNING NOTE (like this one). I would like to say that I do not want to offend anybody! I respect people, but sometime we all get carried away...and then...we sorry...and then we start from the beginning again! I work with people who start businesses all the time and one very important thing attracted my attention: They always say that they are starting business to "make money"!!! I have a serious disagreement that one starts business "to make money"! One starts business if one has something new and advanced to bring to the people (broadly said)! No wander they come back in a year or so and say : "well,...it didn't work"...! Of course! Thanks to anyone who lost 5 min to read this! All the best to everybody! 17 More
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H.R.5579 Emergency Mortgage Loan Modification Act of 2008
- Anonymous : What Is Loan Modification And How It Can Help Homeowners We’re all experiencing hard times. The economy went down the drain and most of us can’t afford to pay our bills nor our homes. Credit card companies tightening up their regulations and so mortgage companies, so we can’t fix an adjustable interest rate to get a more affordable mortgage payment. Also some of us are loosing their jobs on top of it, so how we can change it? First of all I personally think that we can change it by being strong and patient. Of course being patient and strong will not put money in your pockets, but it will definitely keep your health and your hope in order. You have to understand that probably 90% of the population in America and the whole world is experiencing the same problems as you do. So what is loan modification? While you’re struggling to make your mortgage payments due to economic changes, the banks and the government developed programs that can help you. The government has many reasons to help homeowners, some of the reasons are: 1. Try to stabilize the economy so it will not crush completely. 2. Banks approved so many bad home loans. 3. Greed in Wall Street, as well as bank ceo’s and owners. 4. Government couldn’t oversee financial crash 5. Innocent and not innocent homeowners that took loans they couldn’t afford from the beginning. Ok now back to the loan modification process, what is loan modification? Loan Modification is a adjustment of an existing mortgage a homeowner have, it can be with a government loan or a bank loan. Let’s say you had a 6% interest rate on your mortgage that was matured and now the interest rate have changed to 7%. Now it’s harder for you to make the payment due to increase in the payments and the fact that your job don’t pay you the same as before. This is a perfect example of an average homeowner in America today. So what do you do? There are two different ways you can go with. You can do it your self or higher a professional mortgage modification broker to do it for you. Let’s assume for a second you do this your self, what are the steps to do it your self? 1. You contact your bank 2. You will ask for the loss mitigation or collection department. 3. Give them a brief of your financial background today- expenses and income. 4. Write a hardship letter. You basically tell them in the letter why you can’t make the payments. 5. They would want to see also some bank statements or pay stubs. After talking to you on the phone they will process everything you’ve submitted to them. They want to make sure that this time if they will lower your interest rate and make some adjustments for you, if you could make the payments in order without defaulting on the loan. This process is almost as qualifying for any loan, so you need to know how to qualify your self with no mistakes. I would definitely recommend hiring a professional to do this for you, since they know the market and how to make things happen to you in a legitimate way of course. The process of a loan modification approximately can take up to 3 months, but it’s definitely worth it. You can get a much better interest rate on your mortgage and some banks can also reduce your principle. That’s right, you can also lower what you owe on your property, but you will need a very good reason to do that. There are some mortgage companies and law firms that help homeowners and real estate investors with loan modification. I think that you definitely need to contact a professional do this for you. Be careful from scam artists, because for this service you normally need to pay up front and there are many people out there that will take your money and will not deliver what they’ve promised. Good Luck. Yanni Raz <a href="http://www.mortgagesmodification.com">mortgage modification and loss mitigation help</a> -1 More
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S.2133 HOMES Act
- Anonymous : too much interference may have bad consequences. There are several instances in different states where a ( http://www.nycourts.gov/reporter/3dseries/2008/2008_28032.htm ) foreclosure proceeding was decided to be in favor of the defendant and the mortgage returned because the loan was found to be 'predatory' in accordance with State Banking Laws. The buzz is that this bill might result in higher interest rates, and that would stall the purchase market; people on the sidelines that are contemplating their first home because the prices are low and the rates are low. Once rates are higher, it is perceived as too risky and too expensive. In the spirit of the FDR days, I humbly suggest setting up subsidies for commercial real estate investors / developers that have the ability and experience to renovate / create affordable housing facilites, include expansion of job placement (preferably counselors reporting to work in the lobby of each facility) and also provide public works projects in the vicinity. Yes, allow the foreclosures. The ramifications of burning the investors will further diable the credit market, and potentially destroy good will in the future. Also, as mentioned by R- Frank, it is too large a task to distinguish the savvy investors from homeowners caught up by accident (reward one, punish the other catch-22). It is a shame when people are forced from their homes, but this is not a time to pretend we can change the past. Loans were made on the same criteria: Credit Collateral Income the credit issue is debatable, beacuse we rely on models based on undisclosed algorithms we don't really understand. But in essence, if someone has a habit of not paying their bills, chances are they are a risk. Collateral: When everything goes up value-wise, towards a 2-5x multiple of median income for an area, someone needs to step in and cap the LTV's (Loan to Values) ahead of time. That should be written into State Banking Laws. Income: Debt-to-Income. Allowing a loan to pass muster where 60% of borrowers' is spoken for is purely insane. Not verifying that income in addition is asking for it. It is not the individual homeowners' fault these programs existed, but again; we cannot go back and re-write history. The best solution may be painful but the closest opportunity to turn the real estate market around while at the same time avoid the same mistakes is to have lower rates on stable mortgages (15 20, 30 year fixed rates) to convert current renters into homeowners. Property tax subisidies for 5 years for first time home buyers in high-cost markets is also advisable. -1 More
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