Treasury Skips "Cramdown" Hearing

The Washington Independent:

Hoping to bring "cramdown" legislation back onto Congress' radar, a House Judiciary subpanel met this afternoon to re-examine whether bankruptcy judges should be empowered to alter mortgage loans in order to prevent foreclosures.

Witnesses included the obligatory consumer advocates, a conservative think-tanker and a university professor. But the Treasury Department, although asked to send a representative of its own, declined to do so.

Read the whole story: The Washington Independent

Comments

[shanefax]

How to respond to the 1st foreclosure notice:
You Need to send a qualified respa letter to the court and the lender:

Copy this document to word and review with your attorney or legal aid.

http://www.scribd.com/doc/11903044/Respa-Letter

[shanefax]

Actual Guidelines From the Treasury
http://www.treas.gov/press/releases/reports/mod...

I just love this part that specifically tells the mortgage company they don't have to reduce principal:
Principal Reduction Option:
There is no requirement to use principal reduction under the Home Affordable Modification program; however, servicers may forgive principal to achieve the Front-End DTI Target.

Here is A Modification Calculator:
http://www.hughchou.org/calc/hasp.php

The only way to get help from our government is to CALL or Write Then: Calling is better. Remind them that if they don't support you, you will NOT support them during their re-election.

The bill allows for some payment relief by getting to a 2% rate for a 40 Year Term. But if you live in places where home prices are upside down like Florida, Nevada or California its probably just not going to work. What good is this program when 1 in 10 people are upside down in there mortgages?

[17ladyslippers]

Flat out amazing. There is no real help for the people who need a hand (not a handout) the most. And then, we see AIG passing out bonuses like jelly beans. Banks and credit card companies are jacking up the fees on all of their products to make money and won't lend money. Where is the equity in all of this?

[LinkSync]

BO's boys have sold out the people and bailed out the banks.
The Bail Out Banks won;t help the people so the economy will keep sucking.
The economy IS people FOOLS!

[viperhawk2k4]

I thought SOYLENT GREEN was? lol

[treetracker]

Perhaps when we have 15% unemployment, 25% foreclosures and 25% of the population without health care, they can all go camp out on the Mall and then, maybe, the American public will finally get the attention they deserve.