More State AGs Speak Out Against Proposed Foreclosure Settlement
More State AGs Speak Out Against Proposed Foreclosure Settlement
More State AGs Speak Out Against Proposed Foreclosure Settlement
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March 24, 2011 (Chris Moore)
mortgage-speakout-image
Last week we reported that Virginia Attorney General Kenneth Cuccinelli stated that his state was among “at least a dozen” that doesn’t back the Obama Administration’s proposed foreclosure settlement, now three more Republican Attorneys General have come forward and joined Cuccinelli expressing their displeasure with parts of the plan that they feel are too consumer friendly and could lead to more strategic defaults.

Florida Attorney General Pam Bondi, Texas Attorney General Greg Abbott, South Carolina Attorney General Alan Wilson, and Cuccinelli have sent a letter to Iowa Attorney General Tom Miller, who is leading the investigation, expressing their fears that homeowners would strategically default on their mortgages in order to take advantage of the consumer-friendly terms and that Miller and other participants in the proposal may be overstepping their bounds.

“Because of the term sheet’s vague principal reduction standards, some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction— whether or not they actually made an effort to maintain their mortgage,” according to the letter.

The proposal, sent to the large mortgage servicers in early March, is considered to be a draft from which both parties can begin negotiating. It outlines new requirements that servicers must follow in order to complete the foreclosure process on a property such as, an end to pursuing a foreclosure while a borrower is being evaluated for a loan modification and a buyer workout, such as considering a principal reduction, would be mandatory.

Also servicers would be required to provide one contact point for the entire foreclosure process and a decision on a modification must be made within 30 days of receiving documentation.

Although in the letter the Attorneys General agreed with many of the terms of the proposal, they felt that some of the terms should be scaled back and that modification proposals would not remedy the violations that the mortgage servicers made.

“In our view, the fifty-state working group has a unique opportunity to address the mortgage servicers’ legal and financial malfeasance on a national scale—but we are concerned that expanding beyond the scope of our already expansive charge may ultimately undermine the effectiveness of our law enforcement efforts,” the Attorneys General wrote in the letter.

Tags: foreclosure settlement, Republican Attorneys General, strategic defaults, loan modification, mortgage modification, mortgage servicers, Tom Miller

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Estimate your monthly mortgage payment
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Learn About
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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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March 24, 2011 (Chris Moore)
mortgage-speakout-image
Last week we reported that Virginia Attorney General Kenneth Cuccinelli stated that his state was among “at least a dozen” that doesn’t back the Obama Administration’s proposed foreclosure settlement, now three more Republican Attorneys General have come forward and joined Cuccinelli expressing their displeasure with parts of the plan that they feel are too consumer friendly and could lead to more strategic defaults.

Florida Attorney General Pam Bondi, Texas Attorney General Greg Abbott, South Carolina Attorney General Alan Wilson, and Cuccinelli have sent a letter to Iowa Attorney General Tom Miller, who is leading the investigation, expressing their fears that homeowners would strategically default on their mortgages in order to take advantage of the consumer-friendly terms and that Miller and other participants in the proposal may be overstepping their bounds.

“Because of the term sheet’s vague principal reduction standards, some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction— whether or not they actually made an effort to maintain their mortgage,” according to the letter.

The proposal, sent to the large mortgage servicers in early March, is considered to be a draft from which both parties can begin negotiating. It outlines new requirements that servicers must follow in order to complete the foreclosure process on a property such as, an end to pursuing a foreclosure while a borrower is being evaluated for a loan modification and a buyer workout, such as considering a principal reduction, would be mandatory.

Also servicers would be required to provide one contact point for the entire foreclosure process and a decision on a modification must be made within 30 days of receiving documentation.

Although in the letter the Attorneys General agreed with many of the terms of the proposal, they felt that some of the terms should be scaled back and that modification proposals would not remedy the violations that the mortgage servicers made.

“In our view, the fifty-state working group has a unique opportunity to address the mortgage servicers’ legal and financial malfeasance on a national scale—but we are concerned that expanding beyond the scope of our already expansive charge may ultimately undermine the effectiveness of our law enforcement efforts,” the Attorneys General wrote in the letter.

Tags: foreclosure settlement, Republican Attorneys General, strategic defaults, loan modification, mortgage modification, mortgage servicers, Tom Miller

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 24, 2011 (Chris Moore)
mortgage-speakout-image
Last week we reported that Virginia Attorney General Kenneth Cuccinelli stated that his state was among “at least a dozen” that doesn’t back the Obama Administration’s proposed foreclosure settlement, now three more Republican Attorneys General have come forward and joined Cuccinelli expressing their displeasure with parts of the plan that they feel are too consumer friendly and could lead to more strategic defaults.

Florida Attorney General Pam Bondi, Texas Attorney General Greg Abbott, South Carolina Attorney General Alan Wilson, and Cuccinelli have sent a letter to Iowa Attorney General Tom Miller, who is leading the investigation, expressing their fears that homeowners would strategically default on their mortgages in order to take advantage of the consumer-friendly terms and that Miller and other participants in the proposal may be overstepping their bounds.

“Because of the term sheet’s vague principal reduction standards, some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction— whether or not they actually made an effort to maintain their mortgage,” according to the letter.

The proposal, sent to the large mortgage servicers in early March, is considered to be a draft from which both parties can begin negotiating. It outlines new requirements that servicers must follow in order to complete the foreclosure process on a property such as, an end to pursuing a foreclosure while a borrower is being evaluated for a loan modification and a buyer workout, such as considering a principal reduction, would be mandatory.

Also servicers would be required to provide one contact point for the entire foreclosure process and a decision on a modification must be made within 30 days of receiving documentation.

Although in the letter the Attorneys General agreed with many of the terms of the proposal, they felt that some of the terms should be scaled back and that modification proposals would not remedy the violations that the mortgage servicers made.

“In our view, the fifty-state working group has a unique opportunity to address the mortgage servicers’ legal and financial malfeasance on a national scale—but we are concerned that expanding beyond the scope of our already expansive charge may ultimately undermine the effectiveness of our law enforcement efforts,” the Attorneys General wrote in the letter.

Tags: foreclosure settlement, Republican Attorneys General, strategic defaults, loan modification, mortgage modification, mortgage servicers, Tom Miller

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.