Democrats Housing Solution: Charge Banks for Housing Programs and Foreclosures
Democrats Housing Solution: Charge Banks for Housing Programs and Foreclosures
Democrats Housing Solution: Charge Banks for Housing Programs and Foreclosures
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March 18, 2011 (Chris Moore)
mortgage-nofees-image
U.S. Rep. Barney Frank (D-Mass.) has introduced a bill that would force the largest banks and hedge funds to pay for two programs that provide mortgage assistance and vacant property cleanup. Meanwhile in California, State Assembly member Bob Blumenfield (D-San Fernando Valley) has introduced a bill that would require mortgage servicers to pay $20,000 to foreclose on a home.

Frank, who is still fuming at House Republicans for voting to terminate the Department of Housing and Urban Development’s (HUD) Emergency Homeowner Loan Program (EHLP) and the Neighborhood Stabilization Program (NSP) over the last week, views his proposal as a replacement for the two terminated programs.

Frank’s bill would require financial institutions with assets of $50 billion or more and hedge funds with at least $10 billion in assets under management to pony up $2.5 billion to replace HUD’s two terminated programs that were to provide mortgage assistance and vacant property cleanup.

Blumenfield’s bill calls for money collected from the banks to be funneled back into school districts, police and fire departments, small-business loans, among other state and city services and programs. Blumenfield claims the bill is an effort to curb property tax losses from skyrocketing foreclosures in the state, none of which would do anything to help homeowners in foreclosure, but would go along way in helping the state to stuff its coffers in additional revenue…especially when you’re currently short around $26 billion for the current fiscal year.

I think any sensible economist would tell you that neither of these programs are viable solutions to the foreclosure problem and that banks would only pass the cost of these programs on to consumers in the form of higher fees and mortgage interest rates which would be detrimental to the housing recovery because even less people would now qualify for a home loan.

As Republicans continue to move against such programs with the notion that the government, a.k.a. the taxpayers, should not pay for it, Democrats are taking up the strategy of charging banks whose costs are just passed on to the consumers. We’ve seen this in the form of higher bank fees and credit card fees as a result of the Dodd-Frank Finance Reform Bill and skyrocketing insurance premiums as a result of the Healthcare Bill.

Tags: Barney Frank, HUD, EHLP, NSP, Bob Blumenfield, foreclosure programs, big banks, hedge funds, mortgage servicers

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15 Year vs 30 Year
Loan Comparison

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March 18, 2011 (Chris Moore)
mortgage-nofees-image
U.S. Rep. Barney Frank (D-Mass.) has introduced a bill that would force the largest banks and hedge funds to pay for two programs that provide mortgage assistance and vacant property cleanup. Meanwhile in California, State Assembly member Bob Blumenfield (D-San Fernando Valley) has introduced a bill that would require mortgage servicers to pay $20,000 to foreclose on a home.

Frank, who is still fuming at House Republicans for voting to terminate the Department of Housing and Urban Development’s (HUD) Emergency Homeowner Loan Program (EHLP) and the Neighborhood Stabilization Program (NSP) over the last week, views his proposal as a replacement for the two terminated programs.

Frank’s bill would require financial institutions with assets of $50 billion or more and hedge funds with at least $10 billion in assets under management to pony up $2.5 billion to replace HUD’s two terminated programs that were to provide mortgage assistance and vacant property cleanup.

Blumenfield’s bill calls for money collected from the banks to be funneled back into school districts, police and fire departments, small-business loans, among other state and city services and programs. Blumenfield claims the bill is an effort to curb property tax losses from skyrocketing foreclosures in the state, none of which would do anything to help homeowners in foreclosure, but would go along way in helping the state to stuff its coffers in additional revenue…especially when you’re currently short around $26 billion for the current fiscal year.

I think any sensible economist would tell you that neither of these programs are viable solutions to the foreclosure problem and that banks would only pass the cost of these programs on to consumers in the form of higher fees and mortgage interest rates which would be detrimental to the housing recovery because even less people would now qualify for a home loan.

As Republicans continue to move against such programs with the notion that the government, a.k.a. the taxpayers, should not pay for it, Democrats are taking up the strategy of charging banks whose costs are just passed on to the consumers. We’ve seen this in the form of higher bank fees and credit card fees as a result of the Dodd-Frank Finance Reform Bill and skyrocketing insurance premiums as a result of the Healthcare Bill.

Tags: Barney Frank, HUD, EHLP, NSP, Bob Blumenfield, foreclosure programs, big banks, hedge funds, mortgage servicers

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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March 18, 2011 (Chris Moore)
mortgage-nofees-image
U.S. Rep. Barney Frank (D-Mass.) has introduced a bill that would force the largest banks and hedge funds to pay for two programs that provide mortgage assistance and vacant property cleanup. Meanwhile in California, State Assembly member Bob Blumenfield (D-San Fernando Valley) has introduced a bill that would require mortgage servicers to pay $20,000 to foreclose on a home.

Frank, who is still fuming at House Republicans for voting to terminate the Department of Housing and Urban Development’s (HUD) Emergency Homeowner Loan Program (EHLP) and the Neighborhood Stabilization Program (NSP) over the last week, views his proposal as a replacement for the two terminated programs.

Frank’s bill would require financial institutions with assets of $50 billion or more and hedge funds with at least $10 billion in assets under management to pony up $2.5 billion to replace HUD’s two terminated programs that were to provide mortgage assistance and vacant property cleanup.

Blumenfield’s bill calls for money collected from the banks to be funneled back into school districts, police and fire departments, small-business loans, among other state and city services and programs. Blumenfield claims the bill is an effort to curb property tax losses from skyrocketing foreclosures in the state, none of which would do anything to help homeowners in foreclosure, but would go along way in helping the state to stuff its coffers in additional revenue…especially when you’re currently short around $26 billion for the current fiscal year.

I think any sensible economist would tell you that neither of these programs are viable solutions to the foreclosure problem and that banks would only pass the cost of these programs on to consumers in the form of higher fees and mortgage interest rates which would be detrimental to the housing recovery because even less people would now qualify for a home loan.

As Republicans continue to move against such programs with the notion that the government, a.k.a. the taxpayers, should not pay for it, Democrats are taking up the strategy of charging banks whose costs are just passed on to the consumers. We’ve seen this in the form of higher bank fees and credit card fees as a result of the Dodd-Frank Finance Reform Bill and skyrocketing insurance premiums as a result of the Healthcare Bill.

Tags: Barney Frank, HUD, EHLP, NSP, Bob Blumenfield, foreclosure programs, big banks, hedge funds, mortgage servicers

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.