Below are parts of the bill that congress is considering as we speak. If your like me have got to be wondering when if ever will the govt STOP getting into every part of our lives. When you read the details you may think that our govt is going into the venture capital business. They will actually get part of homeowners profits when they sell the house in question. So here we go again with another bailout... Who really pays for the bailout... Its you and I. Read some of the information below.
The Emergency Mortgage Loan Modification Act of 2008, HR 5579, would:
1. Establish a standard for loan modifications or workout plans for pools of certain residential mortgage loans;
2. Create a duty for the service's of such pooled loans to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans, and not to any individual party or group of parties;
3. Deem the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that such efforts will maximize the net present value to be realized over that which would be realized through foreclosure; and
4. Declare that, absent specific contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes.
The good new is that congress has initiated bipartisan foreclosure legislation..!!! What does that mean? It sounds like if they had not enacted this legislation If were democrat I get foreclosed on one way, repubs get it another way & heaven knows what happens to independents. (couldn't be good huh) Anyway it looks like there will be another group of bureaucrats looking to get paid and our overhead just went up again. Does it ever end?
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