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Wednesday, July 11, 2012

AG Ellen breaks the ice

Her first press release arrived yesterday, announcing the new foreclosure mediation program.

"A tremendous amount of work has been done by community advocates, mortgage servicers and state agencies to get this important program ready on time, and within budget. We're glad that this new tool is available to homeowners and hope the program helps to turn around the foreclosure crisis that has held our state in such a tight grip for the last few years."

And they're off!

Comments (6)

I want to see the prosecution of the appraiser for each and every loan deal where the principal is lowered by one cent or more. (18 USC 1014)

The appraisals must be capped at the rental justified value. That is, owner occupied homes should not be appraised higher merely because of easy money lending terms.

The remedy for a land sale contract must also serve as an example remedy here. That is, if the buyer fails to pay then the seller gets their house back. Will sellers of grossly over-appraised homes have to take them back, and personally reimburse the lenders -- and the public -- for receipt of any illegal windfall payments? Send a bill for any principal adjustment to the sellers.

(The funky appraisals were far more than obvious as early as early 2005, and not a moment later.)

The notion that some folks get a free lunch and that others do not is more caustic than doing as I suggest above.

Thank you. I love off-topic gibberish.

How can mediation help me?

* * * Temporarily or permanently modify (change) your payments or other terms of the loan * * *

Each such buyer/homeowner has a potential legal claim against the appraisers and lenders, and seller. This legislation skillfully sidesteps this entirely as if the bubble events were like some act of god rather than man.

Because this involves resolution of legal rights I want the proceedings to be as open to me as any mandatory arbitration proceeding. (It is a First Amendment protected right.) I want copies of applicable appraisals, old and new. Do you think I can get them, just as if it were a public records request? Fat chance.

You are really outdoing yourself here. That's even more incomprehensible than the first one.

If you represented an under water borrower I would hope that you could craft a stronger strategy than to grovel for aid, by way of this mediation program. Is this really the best that they can get, or deserve?

More off topic gibberish...blame in the rise of social media or blame in on the advent of the internet or just the price we pay for our version of "hard times" but it seems that that hallowed American institution of "The Crank" (aka the "Crackpot") has left the margins, usually city parks, small town barber shops and cable access,and now entered the mainstream or what passes for the mainstream, media. No matter how obscure the topic or arcane the details, someone will go off on it. In the 1890's, it was "silver". Now it is pretty much everything.

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