Yet another attorney general claims that lenders are not doing enough to prevent foreclosure for homeowners. Illinois Attorney General Lisa Madigan and 11 others are asking mortgage companies to do more to help homeowners keep their homes.
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California Governor Arnold Schwarzenegger signed 10 bills designed to prevent foreclosure by reining in the mortgage industry. The one bill that he did veto was designed to create a “fiduciary duty” for mortgage brokers to borrowers.
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Warren Buffett and Bill Gross of PIMCO commented earlier this week that the proposed government bailout program could actually turn a profit. However, Mr. Buffett qualified that comment by saying that was contingent upon them buying these loans at the right price.
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As I mentioned in my previous post on the proposed RTC plan to avoid foreclosure crisis, there is already a long list of players who want to buy distressed mortgage assets. So I wondered whether the federal government would end up paying more for these assets than the well-capitalized “vulture” funds.
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Nearly every article that comes out from someone offering foreclosure assistance, or acting as a “consumer advocate” for homeowners facing foreclosure, seems to say the same thing- lenders are not offering enough loan modifications to borrowers.
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The latest thinking on what to do with all the bad paper resulting from the foreclosure crisis is to create a new version of the RTC. This entity would buy the under-performing loans from current investors. Democrats want to ensure that this new entity will be more flexible in dealing with homeowners who want to avoid foreclosure.
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One thing that I’ve noticed about homeowners who are trying to avoid foreclosure is that they commonly have a long denial phase. And the deeper they get into the foreclosure process, the more likely they are to slip back into that denial. They often make very poor decisions along the way, all in the name of maintaining the (previous) status quo, and trying to avoid foreclosure.
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Many homeowners have been fooled into believing that a loan modification will end all of their financial troubles. Much of this belief can be attributed to the consistent comments from heads of national, non-profit housing counseling agencies. These self-proclaimed “consumer advocates” seem to think that a loan modification is the cure for all that ails us.
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Everybody loves loan modifications! In another case of “Run your mouth first, do your homework later,” Neighborhood Assistance Corp. of America president Bruce Marks is calling on Fannie Mae and Freddie Mac to adopt Sheila Bair’s “streamlined” loan modification process.
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The key issue in the Ms. Walker story about her attempt to shame her bank into helping her to avoid foreclosure is that she’s already a member of a national group that claims be in the business of helping people to avoid foreclosure.
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