Mortgage Crisis Cancelled

The Bureau of Consumer Financial Protection (Bureau) proposed an amendment to the Real Estate Settlement Procedures Act (RESPA) to assist borrowers affected by the COVID-19 emergency. Millions of homeowners look forward to a loan modification under this new rule that will modify their 30-year mortgage to a 40 year mortgage and decrease their interest rate to less than less than 3.5%. Let’s say you have a 30-year mortgage in the amount of $500,000 at 5 % interest with a monthly payment of $2,684. Due to the COVID-19 pandemic, no payment has been made on your mortgage and you now have 

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B is for Bailed out Banks

B is for Bailed out Banks The Treasury Department has invested about $200 billion in hundreds of banks through its Capital Purchase Program in an effort to revitalize the banking industry and support new lending. In return, the banking industry has reciprocated the generousity of the American tax payer by modifiying the mortgage loans of home owners in financial distress. Nope… The Banking industry has made a calculated decision to force homes into foreclosure because it is more profitable for Banks to allow a home to foreclose than to help out a financially distressed home owner. Why are bank’s unwilling 

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