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Virginia AG: Dozen States Don’t Back Mortgage Proposal
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Virginia AG: Dozen States Don’t Back Mortgage Proposal
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Virginia AG: Dozen States Don’t Back Mortgage Proposal
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March 14, 2011 (Jeff Alan)
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Virginia Attorney General Kenneth Cuccinelli, a Republican, said his state is among “at least a dozen” that don’t back the Obama administrations proposal to resolve a nationwide probe of foreclosure and mortgage-servicing practices. Declining to name the other states, other than his own, that oppose parts of the proposal, the Attorney General went on to say that there isn’t a consensus among all 50 state attorneys general about the terms of the settlement proposal.

“When some attorneys general found out what was being agreed to, they had a great degree of unease over it,” Cuccinelli said.

Cuccinelli added that a “major problem” with the government’s proposal is that Freddie Mac and Fannie Mae aren’t involved in the negotiations. He also said that terms in the settlement proposal would impose documentation requirements on banks that go beyond Virginia law.

Cuccinelli also said principal reductions “sounds like a welfare discussion, not a regulatory discussion. That’s not the appropriate role for attorneys general.”

Oklahoma Attorney General Scott Pruitt also opposes the proposal saying requiring loan principal reductions would force mortgage servicers to violate their contractual obligations to mortgage investors.

“I’m concerned that what started out as an effort to correct specific practices harmful to consumers has morphed into an attempt to fundamentally restructure the mortgage loan industry in the United States,” he said.

Pruitt agrees that there are practices by mortgage servicers that need to be fixed such as taking steps to foreclose on a home while talking to the borrower about a loan modification but that the current proposal goes too far.

Cuccinelli said some states could propose an alternative plan.

Tags: loan principal reductions, mortgage servicers, Virginia, Oklahoma, Obama proposal, foreclosure, mortgage loan industry

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March 14, 2011 (Jeff Alan)
mortgage-2thumbsdown-image
Virginia Attorney General Kenneth Cuccinelli, a Republican, said his state is among “at least a dozen” that don’t back the Obama administrations proposal to resolve a nationwide probe of foreclosure and mortgage-servicing practices. Declining to name the other states, other than his own, that oppose parts of the proposal, the Attorney General went on to say that there isn’t a consensus among all 50 state attorneys general about the terms of the settlement proposal.

“When some attorneys general found out what was being agreed to, they had a great degree of unease over it,” Cuccinelli said.

Cuccinelli added that a “major problem” with the government’s proposal is that Freddie Mac and Fannie Mae aren’t involved in the negotiations. He also said that terms in the settlement proposal would impose documentation requirements on banks that go beyond Virginia law.

Cuccinelli also said principal reductions “sounds like a welfare discussion, not a regulatory discussion. That’s not the appropriate role for attorneys general.”

Oklahoma Attorney General Scott Pruitt also opposes the proposal saying requiring loan principal reductions would force mortgage servicers to violate their contractual obligations to mortgage investors.

“I’m concerned that what started out as an effort to correct specific practices harmful to consumers has morphed into an attempt to fundamentally restructure the mortgage loan industry in the United States,” he said.

Pruitt agrees that there are practices by mortgage servicers that need to be fixed such as taking steps to foreclose on a home while talking to the borrower about a loan modification but that the current proposal goes too far.

Cuccinelli said some states could propose an alternative plan.

Tags: loan principal reductions, mortgage servicers, Virginia, Oklahoma, Obama proposal, foreclosure, mortgage loan industry

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 14, 2011 (Jeff Alan)
mortgage-2thumbsdown-image
Virginia Attorney General Kenneth Cuccinelli, a Republican, said his state is among “at least a dozen” that don’t back the Obama administrations proposal to resolve a nationwide probe of foreclosure and mortgage-servicing practices. Declining to name the other states, other than his own, that oppose parts of the proposal, the Attorney General went on to say that there isn’t a consensus among all 50 state attorneys general about the terms of the settlement proposal.

“When some attorneys general found out what was being agreed to, they had a great degree of unease over it,” Cuccinelli said.

Cuccinelli added that a “major problem” with the government’s proposal is that Freddie Mac and Fannie Mae aren’t involved in the negotiations. He also said that terms in the settlement proposal would impose documentation requirements on banks that go beyond Virginia law.

Cuccinelli also said principal reductions “sounds like a welfare discussion, not a regulatory discussion. That’s not the appropriate role for attorneys general.”

Oklahoma Attorney General Scott Pruitt also opposes the proposal saying requiring loan principal reductions would force mortgage servicers to violate their contractual obligations to mortgage investors.

“I’m concerned that what started out as an effort to correct specific practices harmful to consumers has morphed into an attempt to fundamentally restructure the mortgage loan industry in the United States,” he said.

Pruitt agrees that there are practices by mortgage servicers that need to be fixed such as taking steps to foreclose on a home while talking to the borrower about a loan modification but that the current proposal goes too far.

Cuccinelli said some states could propose an alternative plan.

Tags: loan principal reductions, mortgage servicers, Virginia, Oklahoma, Obama proposal, foreclosure, mortgage loan industry

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.