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Sen Shelby Calls Mortgage Deal a Shakedown
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Sen Shelby Calls Mortgage Deal a Shakedown
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Sen Shelby Calls Mortgage Deal a Shakedown
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March 11, 2011 (Chris Moore)
mortgage-shakedown-image
Sen. Richard Shelby of Alabama, the ranking Republican member of the Senate Banking Committee, calls the proposed $20 billion mortgage settlement by the Obama administration, the state attorneys general, and other federal agencies a “shakedown.”

“The proposed settlement would fundamentally alter the regulation of our banks. Yet, this would be done without Congressional involvement. Instead, it would be done by executive fiat through intimidation and threats of regulatory sanctions,” Shelby said. “The administration and our financial regulators are clearly hoping the banks will consent to these new regulations.”

The settlement offer would mandate a series of steps that the top five mortgage servicers , Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo, would have to take before they could move to a foreclosure.

In addition, five House Republicans, Rep. Scott Garrett (N.J.), Rep.. Randy Neugebauer ( Texas), Rep. Patrick McHenry ( N.C.) and Rep. Pete Sessions ( Texas) along with House Financial Services Committee Chair Rep. Spencer Bachus ( Ala.). sent a letter to Treasury Secretary Timothy Geithner portraying the settlement as an attempt to bypass the legislative process and impose new rules on the mortgage industry through litigation instead.

The letter asks Geithner to identify the legal authority for many of the actions the proposed settlement seeks, including that which allows state and federal regulators to effectively craft new rules for the mortgage servicing industry. The letter also questions the legal authority for using funds collected in an enforcement action to benefit persons not directly harmed by the behavior being penalized.

On Tuesday, Brian T. Moynihan, the chief executive of Bank of America, rejected the proposal on the grounds that the program was unworkable and unfair to borrowers who had managed to stay current on their loans.

“There’s a core problem that if you start to help certain people and don’t help other people, it’s going to be very hard to explain the difference,” said Brian T. Moynihan, the chief executive of Bank of America. “Our duty is to have a fair modification process.”

Earlier this week, CoreLogic released its Negative Equity Report showing that total negative equity in the U.S. now stands at $751 billion. We still have to question the need to throw $20 billion at a $751 billion problem in which only five mortgage servicers have to bear all of the responsibility. Politics?

Read “A drop in the bucket.”

Tags: Senate Banking Committee, government shakedown, mortgage servicers, mortgage settlement, mortgage industry, unfair, unworkable, loan modifications

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March 11, 2011 (Chris Moore)
mortgage-shakedown-image
Sen. Richard Shelby of Alabama, the ranking Republican member of the Senate Banking Committee, calls the proposed $20 billion mortgage settlement by the Obama administration, the state attorneys general, and other federal agencies a “shakedown.”

“The proposed settlement would fundamentally alter the regulation of our banks. Yet, this would be done without Congressional involvement. Instead, it would be done by executive fiat through intimidation and threats of regulatory sanctions,” Shelby said. “The administration and our financial regulators are clearly hoping the banks will consent to these new regulations.”

The settlement offer would mandate a series of steps that the top five mortgage servicers , Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo, would have to take before they could move to a foreclosure.

In addition, five House Republicans, Rep. Scott Garrett (N.J.), Rep.. Randy Neugebauer ( Texas), Rep. Patrick McHenry ( N.C.) and Rep. Pete Sessions ( Texas) along with House Financial Services Committee Chair Rep. Spencer Bachus ( Ala.). sent a letter to Treasury Secretary Timothy Geithner portraying the settlement as an attempt to bypass the legislative process and impose new rules on the mortgage industry through litigation instead.

The letter asks Geithner to identify the legal authority for many of the actions the proposed settlement seeks, including that which allows state and federal regulators to effectively craft new rules for the mortgage servicing industry. The letter also questions the legal authority for using funds collected in an enforcement action to benefit persons not directly harmed by the behavior being penalized.

On Tuesday, Brian T. Moynihan, the chief executive of Bank of America, rejected the proposal on the grounds that the program was unworkable and unfair to borrowers who had managed to stay current on their loans.

“There’s a core problem that if you start to help certain people and don’t help other people, it’s going to be very hard to explain the difference,” said Brian T. Moynihan, the chief executive of Bank of America. “Our duty is to have a fair modification process.”

Earlier this week, CoreLogic released its Negative Equity Report showing that total negative equity in the U.S. now stands at $751 billion. We still have to question the need to throw $20 billion at a $751 billion problem in which only five mortgage servicers have to bear all of the responsibility. Politics?

Read “A drop in the bucket.”

Tags: Senate Banking Committee, government shakedown, mortgage servicers, mortgage settlement, mortgage industry, unfair, unworkable, loan modifications

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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.

March 11, 2011 (Chris Moore)
mortgage-shakedown-image
Sen. Richard Shelby of Alabama, the ranking Republican member of the Senate Banking Committee, calls the proposed $20 billion mortgage settlement by the Obama administration, the state attorneys general, and other federal agencies a “shakedown.”

“The proposed settlement would fundamentally alter the regulation of our banks. Yet, this would be done without Congressional involvement. Instead, it would be done by executive fiat through intimidation and threats of regulatory sanctions,” Shelby said. “The administration and our financial regulators are clearly hoping the banks will consent to these new regulations.”

The settlement offer would mandate a series of steps that the top five mortgage servicers , Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo, would have to take before they could move to a foreclosure.

In addition, five House Republicans, Rep. Scott Garrett (N.J.), Rep.. Randy Neugebauer ( Texas), Rep. Patrick McHenry ( N.C.) and Rep. Pete Sessions ( Texas) along with House Financial Services Committee Chair Rep. Spencer Bachus ( Ala.). sent a letter to Treasury Secretary Timothy Geithner portraying the settlement as an attempt to bypass the legislative process and impose new rules on the mortgage industry through litigation instead.

The letter asks Geithner to identify the legal authority for many of the actions the proposed settlement seeks, including that which allows state and federal regulators to effectively craft new rules for the mortgage servicing industry. The letter also questions the legal authority for using funds collected in an enforcement action to benefit persons not directly harmed by the behavior being penalized.

On Tuesday, Brian T. Moynihan, the chief executive of Bank of America, rejected the proposal on the grounds that the program was unworkable and unfair to borrowers who had managed to stay current on their loans.

“There’s a core problem that if you start to help certain people and don’t help other people, it’s going to be very hard to explain the difference,” said Brian T. Moynihan, the chief executive of Bank of America. “Our duty is to have a fair modification process.”

Earlier this week, CoreLogic released its Negative Equity Report showing that total negative equity in the U.S. now stands at $751 billion. We still have to question the need to throw $20 billion at a $751 billion problem in which only five mortgage servicers have to bear all of the responsibility. Politics?

Read “A drop in the bucket.”

Tags: Senate Banking Committee, government shakedown, mortgage servicers, mortgage settlement, mortgage industry, unfair, unworkable, loan modifications

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.