When the U.S. Treasury was given the authority to spend $700 billion to stabilize the U.S. economy, Congress created a Congressional Oversight Panel (COP) to "review the current state of financial markets and the regulatory system."
In December 2008 I did a post titled
ACCOUNTABILITY - What will the U.S. Treasury do with $700 billion?
where I encouraged everyone with a story to tell to go to the website and let their voice be heard. (Please click on the link above to read previous post)
The COP (Congressional Oversight Panel) has kept their website up to date with all of the Reports, Press Releases, Hearings & Testimony and the Stories from the public.
Below is one story posted to the website
Dreams of Retirement Slipping Away
Molly S. from Emerald Isle, North Carolina is a home owner grappling with the grief of losing her husband and fighting for her home. She shared her story with us:
My husband died about 5 months ago. My income was cut about $1700 per month. I have not missed a payment or ever been late with one, yet [my bank] will not renegotiate my mortgage or help me determine a way to make the present one workable for me. I am 66 years old and have been handicapped since age 22, following a stroke. I manage quite well considering my disabilities, but my husband's death and this financial crisis collided to cause me to have to sell my home. I do not want to move and do not know if the housing market will even rally enough for me to find a buyer. I would prefer to refinance and continue paying my bills and living in the retirement home that my husband and I enjoyed.
Please CLICK HERE to read more stories and if YOU have a story to tell please use the link below:
Tell Us Your Story Or Ask a Question
One of the reports dated March 6, 2009 titled "Foreclosure Crisis:Working Toward a Solution" is a very detailed report on how serious the foreclosure crisis actually is and the Need for a Comprehensive Foreclosure Plan and a Checklist for Successful Loan Modifications.
Checklist for Mortgage Mitigation Program
1. Will the plan result in modifications that create affordable monthly payments?
2. Does the plan deal with negative equity?
3. Does the plan address junior mortgages?
4. Does the plan overcome obstacles in existing pooling and servicing agreements that may
prevent modifications?
5. Does the plan counteract mortgage servicer incentives not to engage in modifications?
6. Does the plan provide adequate outreach to homeowners?
7. Can the plan be scaled up quickly to deal with millions of mortgages?
8. Will the plan have widespread participation by lenders and servicers?
In the video below, Chairwoman Elizabeth Warren of the TARP Congressional Oversight Panel introduces the COP June Report: Stress Testing and Shoring Up Bank Capital. The full report is available at
Stress Testing and Shoring Up Bank Capital.
PLEASE STAY INVOLVED IN THIS CRITICAL TIME THAT CAN HAVE SUCH AN IMPACT ON OUR ECONOMY!
YOU ARE THE VOICE OF AMERICA!
About the Author
Debbie Hutchins a Certified Residential Specialist has been a licensed Realtor since 1987. Serving the Greater Birmingham Area and specializing in Shelby County Debbie is available to assist you with your real estate needs. We hope you have enjoyed reading and hope you will come back! You may also subscribe to "debs doodles" and have it delivered to your email! And as always, you are welcome to search the MLS through Debbies Re/Max website. All phone calls are welcome! You can reach Debbie via her cell phone at 205-368-2474
All data contained within is deemed correct however, RE/MAX First Choice and/or its Sales Associates are not responsible for errors and/or omissions. Prices are subject to change without notice.
Comments (5)Subscribe to CommentsComment