dagblog - Comments for "The Know Your Lender Act Of 2011"

I think Jerry is a good

stillidealistic — Fri, 15 Oct 2010 05:16:28 +0000

In reply to . Hello Stilli . . .Here's

I think Jerry is a good guy...can't believe he's barely ahead of Meg. His program is a start. But I think we've just seen the tip of the iceberg with the shenanigans the mortgage companies are pulling. Somehow, the efforts to determine who should, and who should not be foreclosed upon need to be improved. It's one of those things that can't be undone once it's done...better to slow down and make sure it's done right. Better yet, given that the financial institutions are the ones that created the instruments that caused the collapse in the housing industry, and jumpstarted the recession that made it so those people who had jobs when they bought their houses, don't have them anymore, would be a little more willing to work with them on modifications to the original loans. But, why work with a buyer and lose 30% of your money, when you can throw the bum out and lose 50% selling it in forclosure. Huh?

. Hello Stilli . . .Here's

oldenGoldenDecoy — Fri, 15 Oct 2010 04:22:29 +0000

In reply to Which is probably why the

Hello Stilli . . .

Here's some good advice from a "politician" . . .

The link to this politician will be found at the bottom of this comment.

5 Tips to Avoid Being Scammed

Don't pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed.
Don't ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house.
Don't transfer title or sell your house to a "foreclosure rescuer." Beware! This is a scam to convince homeowners they can stay in the home as renters and buy their home back later. It might also be part of a fraudulent bankruptcy filing. Either way, a scammer can then evict the victim and take the home.
Don't pay your mortgage payments to anyone other than your lender or loan servicer. Mortgage consultants often keep the money for themselves.
Never sign any documents without reading them first. Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership of their home to someone who is now trying to evict them.

And here are just a few individuals and companies currently being, or have been sued by the same politician.

Filed Suit Against the Following Individuals

Arthur S. Aldridge
Sibpun Ampornpet
Michael Armendariz
Kenneth Buhler

Filed Criminal Charges Against the Following Individuals

Saul Amador
Matthew Bourgo
Rosa Conrado
Marianne Curtis

Businesses That Face Civil Penalties

Lifetime Financial
E. Pony, Inc.
Nations Mortgage, Inc.
Greenleaf Lending, Inc.

http://ag.ca.gov/loanmod/

Make sure to cast your vote next month.

~OGD~

Which is probably why the

stillidealistic — Thu, 14 Oct 2010 23:21:48 +0000

In reply to That's an enormously sensible

Which is probably why the politicians wouldn't like it.

If you do that, please let me

Michael Maiello — Thu, 14 Oct 2010 21:58:43 +0000

In reply to I agree! Very well put. In

If you do that, please let me know what kind of response you get. And send it under your name, not my Internet handle so it doesn't seem kooky. Or, write me at destor23 [YOU KNOW WHAT SYMBOLD GOES HERE] gmail [you know how it ends] and I'll give you my name.

Usually when I write one of those "there oughtta be a law" posts people say "that's crazy!" But everybody seems to think this one makes some sense.

I agree! Very well put. In

mageduley — Thu, 14 Oct 2010 21:18:57 +0000

In reply to What I propose is that any

I agree! Very well put. In fact it is so well put that I just might forward this on to my congress people and ask them to introduce one just like it.

That's an enormously sensible

Doctor Cleveland — Thu, 14 Oct 2010 18:49:47 +0000

In reply to The Know Your Lender Act Of 2011

That's an enormously sensible idea.

What I propose is that any

Richard Day — Thu, 14 Oct 2010 18:05:36 +0000

In reply to The Know Your Lender Act Of 2011

What I propose is that any borrower should have the right to: 1) know the current owner of their debt and 2) know the price paid for that debt and 3) the right to deal directly with the owner of that debt (not, of course, the right to have their offers accepted but at least the right to have their offers heard, responded to and recorded).

Well put.

A great idea. Don't know the

Oxy Mora — Thu, 14 Oct 2010 15:03:52 +0000

In reply to The Know Your Lender Act Of 2011

A great idea. Don't know the legalities and mechanics, but you are onto something big. I remember getting a mortgage from a bank vice president I knew personally and who sat everyday on the "platform" of a down town bank. The destruction of that local relationship is one of the underlying problems of the mortgage crisis. Also the "disconnect" between borrower and debt holder parallels the other disconnects that make for less community--the "customer" and the retailer, the subscriber and the cable company, e.g.