Who can get foreclosure assistance from this bill and how soon? With all the excitement over the foreclosure relief bill, most of the press coverage has been light on analysis, particularly when it comes to forecasting how this bill will play out in “real life.”
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Would it be too much to ask that Representatives in Congress understand the industries that they oversee?
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While there’s a lot to criticize about the American Housing Rescue and Foreclosure Prevention Act, there is one very positive aspect to this bill…
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There are many questions that have not been answered about the new foreclosure prevention bill, because nobody has a crystal ball.
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Congress is on the brink of passing the anti-foreclosure bill, the Foreclosure Prevention Act of 2008 (HR 3221), but how will lenders respond? While the sole focus of everyone involved has been “how to get this bill passed,” nobody has taken the time to explain how this bill would work in the “real world.”
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Less than 24 hours after passing the new foreclosure legislation, The American Housing Rescue and Foreclosure Prevention Act, New York Congressman Barney Frank urged lenders to halt foreclosures until their new bill takes effect…
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For some time now, I’ve been questioning just how much foreclosure assistance homeowners are going to get as a result of the federal foreclosure program that’s waiting for Congressional fine-tuning.
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Despite the fact that it’s called the “Foreclosure Prevention” Act, a significant amount of money will not help anyone to avoid foreclosure. When the amount of funds in the bill earmarked for cities to purchase and rehabilitate foreclosed homes came into question, Barney Frank snapped, “The notion that this bill doesn’t keep people out of foreclosure is true… What it does is go to the aid of cities that have been victimized.”
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I’ve written previously about the flaws in the proposed foreclosure legislation, but now that the differences in the Senate and House bills are narrowing, I wanted to focus on an important consideration- this legislation could actually cause more foreclosures.
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In an attempt to help homeowners to avoid foreclosure, Congress seems hell-bent on passing their “housing rescue” bill.
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