http://norcalmortgagemods.com/2009/01/15/mortgage-modification-the-current-voluntary-system-doesnt-work/ Surviving the mortgage mess Fri, 20 Apr 2012 00:09:59 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://norcalmortgagemods.com/2009/01/15/mortgage-modification-the-current-voluntary-system-doesnt-work/comment-page-1/#comment-2 sheri Sat, 17 Jan 2009 19:43:16 +0000 http://67.19.91.186/~norcalmo/?p=9#comment-2 I agree wholeheartedly. i manage a HUD Counseling Agency in Oakland, CA, where in 2008, we educated and/or counseled almost 1000 people looking for help with their mortgage woes. last wedensday, 1/14/09, after a much deserved hiatus from doing weekly foreclsoure prevention workshops (our last one was 12/3/08), about 60 desparate people showed up, looking for help. I for one, have been arguing for almost 2 years that the BK courts shd be handling these modifications. these ridiculous voluntary programs - with perhaps the exception of the FDIC/Indy Mac model, which arguably, was not all that voluntary after all, - all the pronouncements by Paulson and the rest was just garbage. there is absolutely no good reason why the BK courts shouldnt have been delivered the authority right from the get-go. I welcome the BK Court's involvement. it's about time. and it will do away with the short-sighted "moral hazard" argument. and all those banks who bitch and moan about the future costs of mortgages, uh.... look around... YOU may not be in business in the not to distant future to have anything to worry about if something doesnt change, and fast. at least they wont have to worry about investor lawsuits. one nice thing about government .. it can change the rules when it wants to, and change them in teh favor of the littl guy when it has the courage to act. i can recall it took crisis and the courts to get congress to rally behind the civil rights legistation not so long ago. well, here we go again. God Bless America. If Barack Obama's election as president of the USA is owed in part to the Civil Rights movement in the counrtry, then prospertiy and a return to financial stability and greatness awaits us as a nation if our congress follows the course they know they must and does the right thing and lets BK courts give these lenders the medicine they need while making it a necessity that the consumer "learn the hard way" but not the worst way, how to create a sound financial future after BK. and by the way, DO NOT allow congress to gut the educational requirements! consumers NEED it! BADLY! the sharks, after all, have not dissapeared, they have changed changed their appearance. I agree wholeheartedly. i manage a HUD Counseling Agency in Oakland, CA, where in 2008, we educated and/or counseled almost 1000 people looking for help with their mortgage woes. last wedensday, 1/14/09, after a much deserved hiatus from doing weekly foreclsoure prevention workshops (our last one was 12/3/08), about 60 desparate people showed up, looking for help. I for one, have been arguing for almost 2 years that the BK courts shd be handling these modifications. these ridiculous voluntary programs – with perhaps the exception of the FDIC/Indy Mac model, which arguably, was not all that voluntary after all, – all the pronouncements by Paulson and the rest was just garbage. there is absolutely no good reason why the BK courts shouldnt have been delivered the authority right from the get-go. I welcome the BK Court’s involvement. it’s about time. and it will do away with the short-sighted “moral hazard” argument. and all those banks who bitch and moan about the future costs of mortgages, uh…. look around… YOU may not be in business in the not to distant future to have anything to worry about if something doesnt change, and fast. at least they wont have to worry about investor lawsuits. one nice thing about government .. it can change the rules when it wants to, and change them in teh favor of the littl guy when it has the courage to act. i can recall it took crisis and the courts to get congress to rally behind the civil rights legistation not so long ago. well, here we go again. God Bless America. If Barack Obama’s election as president of the USA is owed in part to the Civil Rights movement in the counrtry, then prospertiy and a return to financial stability and greatness awaits us as a nation if our congress follows the course they know they must and does the right thing and lets BK courts give these lenders the medicine they need while making it a necessity that the consumer “learn the hard way” but not the worst way, how to create a sound financial future after BK. and by the way, DO NOT allow congress to gut the educational requirements! consumers NEED it! BADLY! the sharks, after all, have not dissapeared, they have changed changed their appearance.

]]>