legal reform: California "foreclosure moratorium": will lenders even care? - 06/16/09 09:24 AM
I've been receiving many calls and emails about California's so-called foreclosure moratorium, which went into effect yesterday. Frankly, I doubt it will actually do anything meaningful for struggling homeowners. Here's why:
Loan servicers can qualify for an exemption simply by filing a form with the state that claims the loan servicer … (2 comments)
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legal reform: Senate, White House sell out the American people - cram down cave in - 05/01/09 08:42 AM
Well, the banking lobby's millions have carried the day, and the Obama Administration left over 8 million American families twisting in the wind by failing to back up an Obama campaign promise.
On Thursday, the Senate failed to pass the cram down bill. The final vote was 45 in favor to … (2 comments)
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legal reform: Senate screws the little guy: the cram down may be dead for now - 04/24/09 08:47 AM
After spending millions on lobbying (despite the lobbying ban in place for banks who received bailout money), it looks like the banking industry has spent and lied its way into delaying Senator Durbin's cram down bill.
I am shocked, dismayed, and disgusted that in Washington, it's business as usual when it … (1 comments)
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legal reform: More nail-biting as the Senate works to pass the cram down bill - 04/16/09 10:24 AM
The Senate is officially in recess until Monday, April 20, but many senators are hard at work, trying to make - or break - the bankruptcy cram down reform bill.
At stake for banks: increased FDIC insurance, perhaps lower FDIC premiums (banks have to pay for FDIC insurance, and because of … (2 comments)
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legal reform: More news on the cram down bill - Senate edition - 04/02/09 04:38 PM
I just read that the cram down bill, which already passed the House of Representatives, is facing stiff opposition in the Senate from...Senate Democrats?
Senate Majority Leader Harry Reid (D-NV) has recently commented that he may have to pull the provision from the Senate banking bill, because of opposition from lender-friendly … (4 comments)
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legal reform: More proof that cram downs will not make mortgages cost more - 03/24/09 07:22 PM
So the bankruptcy cram down bill is currently stuck in the Senate. Opponents (read: the banking industry, and a few "let them eat cake" conservatives) continue to tell the lie that cram downs in bankruptcy will make home loans so much more expensive than they would be otherwise. I think they … (1 comments)
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legal reform: Revised (narrowed) Cram Down Bill Passes House - 03/05/09 07:55 PM
Today, the House of Representatives passed a revised version of the bankruptcy bill. This is welcome news for the millions of homeowners at serious risk of losing their homes because their lender refuses to be realistic about the real value of the home securing the loan.
For some strange reason, recent … (1 comments)
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legal reform: Break out the shovels - bank lobbyists push to kill bankruptcy reform - 02/13/09 10:40 AM
Yesterday, I posted information about the bankruptcy reform proposals under consideration in the Congress. This morning, on the front page of Yahoo!, there's a story entitled "How Banks are Worsening the Foreclosure Crisis."
It's interesting reading, to say the least.
The banking industry thought that the housing market would turn around, … (0 comments)
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legal reform: Big news: We're still waiting, but Bankruptcy reform may save the day - 02/12/09 12:50 PM
So it's been quite awhile since I've posted anything. I've had my hands full trying to bring lenders to the table to work with my clients. We have had some successes and some disappointments, but mostly it's waiting around for lenders to get back to us.
One exciting development is the … (20 comments)
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legal reform: Banking meltdown highlights absurdley weak federal oversight - 10/11/08 08:24 AM
Remember how, after the September 11 attacks, Congress moved swiftly to eliminate law enforcement "turf wars" over sharing information and cooperating to catch evildoers? In light of recent events in the financial world, it's time for bank regulators to work together for the common good and stop the current practice of … (0 comments)
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legal reform: "Cash for trash" set to include help for homeowners - 09/25/08 07:10 AM
It's 4:42 AM.
I've been up since 4:00, scouring Google News for the latest headlines on the bank bailout bill.
Here's the latest:
Everyone hates investment bank executives, so executive pay will get clipped in some way under the plan.
Mr. Paulson, the Treasury Secretary, will not get the blank check … (6 comments)
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legal reform: The new biggest junk debt buyer: you - 09/20/08 11:06 AM
Awhile back, I wrote a post warning about the impact that junk debt buyers could have on the housing crisis. The business model is as simple as it is brutal: buy delinquent loans for as little as 20 cents on the dollar, foreclose on the homeowners, sell the properties at 50 … (4 comments)
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legal reform: MA Attorney General: lenders refusing voluntary loan mods - 09/19/08 09:11 AM
In the midst of this week's market turmoil, Congress was taking testimony about the new FHA refinance program set to start on October 1. The testimony was a study in contrasts.
On the one hand, representatives from major lenders were grumbling about the prospect of mandatory principal writedowns under the FHA … (1 comments)
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legal reform: The latest from the rumor mill: possible Fannie/Freddie takeover - 09/05/08 10:07 PM
The Associated Press is reporting that a federal takeover of Fannie Mae and Freddie Mac may happen as early as this weekend, quoting a source "briefed on the matter," who spoke on condition of anonymity.
What a difference a month makes.
Fannie, Freddie, and Treasury officials declined comment.
Get set for … (2 comments)
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legal reform: California foreclosure figures for July 2008 - 08/15/08 09:03 AM
July 2008 may be looked upon as a study in contrasts. On the one hand, it was the month that Congress and the White House put aside their differences to enact sweeping legislation aimed at stemming off foreclosures and propping up Fannie Mae and Freddie Mac.
And then there's the bloodletting … (1 comments)
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legal reform: Housing bill gets signed, new housing value numbers out - 07/30/08 01:53 PM
It's been a busy morning for news related to the housing market.
President Bush signed the much-anticipated housing bill this morning. Most of the bill's provisions take effect on October 1, but some of the emergency measures take effect immediately. If you just have to know all the details, or if … (0 comments)
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legal reform: Housing bill relief measures for military and veteran families - 07/28/08 09:09 AM
The much-anticipated housing bill goes to the President for signature today.
Hopefully, this bill will be a step in the right direction.
In addition to the Fannie Mae/Freddie Mac and new FHA features in the bill, there's a less publicized set of safeguards that I think is a great thing: additional … (3 comments)
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legal reform: House approves foreclosure, Fannie/Freddie bill - 07/24/08 04:02 PM
As expected, the House of Representatives approved the much-anticipated foreclosure rescue / Fannie Mae / Freddie Mac rescue bill. The vote was 272 to 152 in favor of the measure.
The Senate was set to take up the measure on Wednesday, but internal wrangling has delayed a Senate vote until this … (0 comments)
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legal reform: Foreclosure rescue/Fannie-Freddie bill looks like it will get done - 07/21/08 09:42 AM
As stated by Senator Christopher Dodd last week, "Nothing concentrates the mind like a death sentence."
It appears that some may have their financial death sentences commuted later this week, as the combined foreclosure rescue and Fannie-Freddie rescue bill comes up for a vote. The bill has the support of the … (2 comments)
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legal reform: Countrywide, Fannie Mae, and Freddie Mac - this week's trifecta - 07/18/08 09:36 AM
It's definitely been a wild, hold-your-breath kind of week regarding America's current "big three" mortgage players.
Countrywide's internal practices are now out in the open, thanks to California Attorney General Jerry Brown. In a court filing yesterday, the A.G. outlines the company's incentives to loan officers and wholesale brokers to sell … (0 comments)
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