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    Barney Frank requests that foreclosures be stopped until October

    From the Boston Globe:

    Barney Frank plans to send a letter today asking servicing firms to delay all foreclosures until Oct. 1, when a new federal program takes effect to help homeowners refinance their mortgages.

    In addition, the Boston Globe reports on a lawsuit filed against Washington Mutual.

    "After reading on WaMu's website that it would assist distressed borrowers with loan modifications, Lori Pestana called and was told they could not qualify until their payments were 50 days late. To become eligible, they stopped paying and applied for help on Oct. 9, 2007."

    Although the Pestanas said they were told they would get an answer in four to five weeks, a Nov. 13 letter from the Boston law firm Harmon Law informed them they were in foreclosure.

    In their lawsuit, the Pestanas are seeking damages for their tarnished credit and are trying to reverse their eviction and foreclosure. Their Boston lawyer, Gary Klein, said their eviction has been delayed until late August.

    Link:
    Suit blames loan servicer for pending foreclosure - The Boston Globe


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    Re: Barney Frank requests that foreclosures be stopped until October

    Freaking lawls!

    Being in the mortgage business, and specifically someone who reviews loans for approval for foreclosure proceedings, I find this laughable. The vast majority of those who will be foreclosed on in the next year will not come even remotely close to qualifying for relief under these new acts they're trying to implement.

    Most of our foreclosures are not the result of ARM changes or other payment changes (that the homeowners agreed to when they signed the Note, mind you). A good number of them (not a majority) are due to just plain old not paying anymore because they overextended themselves.

    Should I, as a responsible borrower who did not overpay for my home, be responsible for bailing out the irresponsible in our country? We need to let these borrowers fail. We HAVE to let these borrowers fail. Its the only way to right the market. Lenders are not getting off scott free, like many in the media have tried to imply. Lenders have taken their lumps and will continue to, but its part of doing business. Just like its part of business for borrowers that cannot hold up their end of the bargain to be held responsible for it.

    Argh. This stuff ****es me off.



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    Re: Barney Frank requests that foreclosures be stopped until October

    I love paying for other peoples houses because they can't afford them. Maybe I should sell my modest home and purchase one that I can't afford so I can be a recepient(?) as well.



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    Re: Barney Frank requests that foreclosures be stopped until October

    Quote Originally Posted by CycloneDaddy View Post
    I love paying for other peoples houses because they can't afford them. Maybe I should sell my modest home and purchase one that I can't afford so I can be a recepient(?) as well.
    Or yet, maybe Barney Frank should sell his homes, move into a trailer, and donate the money he saves to people who have defaulted on their mortgages.


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