Loans, Debt & Credit - View Single Post - CALF Assembymember AFTER BANKS FOR MODS

davephx · 11-05-2009, 01:22 AM

We need this kind of support in ALL STATES and of course my AZ:

Calif. Assemblymember Pedro Nava Demands Answers from California’s Largest Banks

...asked California’s largest financial institutions on October 23, 2009, for answers to over a dozen questions regarding their loan modification processes. Nava set a deadline of Monday, November 9, 2009 for those responses.

Assemblymember Pedro Nava“The banks need to stop stonewalling and provide my committee with some answers. Californians deserve to know whether the bailout money taken by the banks is really helping people,” said Nava. “Since the banks claim they are committed to working with families to modify loans, I want facts and figures. More than a month ago, I held a hearing in Los Angeles about the California housing crisis and the banks were a no show. We need answers and we need them now.”

As Chair of the Assembly Banking and Finance Committee, Assemblymember Nava held an informational hearing on October 13, 2009, in Los Angeles, titled, “State of Foreclosure: Case for a New Direction.” Nava anticipated hearing testimony from several banks but all of those invited declined to attend and report on their loan modification data. Earlier this year, the federal government implemented the Home Affordable Modification Program (HAMP) which encourages servicers to offer sustainable modifications. Data released in July found that only 16% of those eligible have received trial loan modifications. The most recent HAMP Data released in October only shows slight improvements in the number of loans modified.

To help assist homeowners with loan modifications, Assemblymember Nava introduced Assembly Bill 1588 with Assembly Speaker Karen Bass. This legislation, sponsored by Los Angeles Mayor Antonio Villaraigosa, will allow a borrower who receives a notice of default to request to participate in a loan modification workout program with their lender for the purpose of arriving at a sustainable loan modification. If the borrower is not able to receive a modification it would allow the borrower and lender to work out a reasonable transition plan. AB 1588 builds upon numerous efforts in other states to establish a program that will ensure that borrowers and lenders work together to keep people in their homes.

Assemblymember Nava will continue to hold informational hearings across the state and continue to probe what assistance banks are providing their borrowers. The next informational hearing is scheduled for Thursday, November 12, 2009, at the State Capitol at 10 a.m. Again, Assemblymember Nava has invited several financial institutions to testify regarding their loan modification progress and receive their responses to the questions addressed in his letter.

“Hopefully the banks will seize this opportunity to inform the Committee and public about their loan modification programs and provide the requested information. This crisis has devastated thousands of California families. It’s obviously time to take a new approach to help families remain in their homes and neighborhoods,” said Nava.

See text of his letter etc at
Calif. Assemblymember Pedro Nava Demands Answers from California?s Largest Banks : Wed, 04 Nov 2009 : eNewsChannels

There is also a feedback to story section more for CA folks to comment on.

11-05-2009, 01:22 AM	#1 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 3,125 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CALF Assembymember AFTER BANKS FOR MODS - GREAT IDEAS We need this kind of support in ALL STATES and of course my AZ: Calif. Assemblymember Pedro Nava Demands Answers from California’s Largest Banks ...asked California’s largest financial institutions on October 23, 2009, for answers to over a dozen questions regarding their loan modification processes. Nava set a deadline of Monday, November 9, 2009 for those responses. Assemblymember Pedro Nava“The banks need to stop stonewalling and provide my committee with some answers. Californians deserve to know whether the bailout money taken by the banks is really helping people,” said Nava. “Since the banks claim they are committed to working with families to modify loans, I want facts and figures. More than a month ago, I held a hearing in Los Angeles about the California housing crisis and the banks were a no show. We need answers and we need them now.” As Chair of the Assembly Banking and Finance Committee, Assemblymember Nava held an informational hearing on October 13, 2009, in Los Angeles, titled, “State of Foreclosure: Case for a New Direction.” Nava anticipated hearing testimony from several banks but all of those invited declined to attend and report on their loan modification data. Earlier this year, the federal government implemented the Home Affordable Modification Program (HAMP) which encourages servicers to offer sustainable modifications. Data released in July found that only 16% of those eligible have received trial loan modifications. The most recent HAMP Data released in October only shows slight improvements in the number of loans modified. To help assist homeowners with loan modifications, Assemblymember Nava introduced Assembly Bill 1588 with Assembly Speaker Karen Bass. This legislation, sponsored by Los Angeles Mayor Antonio Villaraigosa, will allow a borrower who receives a notice of default to request to participate in a loan modification workout program with their lender for the purpose of arriving at a sustainable loan modification. If the borrower is not able to receive a modification it would allow the borrower and lender to work out a reasonable transition plan. AB 1588 builds upon numerous efforts in other states to establish a program that will ensure that borrowers and lenders work together to keep people in their homes. Assemblymember Nava will continue to hold informational hearings across the state and continue to probe what assistance banks are providing their borrowers. The next informational hearing is scheduled for Thursday, November 12, 2009, at the State Capitol at 10 a.m. Again, Assemblymember Nava has invited several financial institutions to testify regarding their loan modification progress and receive their responses to the questions addressed in his letter. “Hopefully the banks will seize this opportunity to inform the Committee and public about their loan modification programs and provide the requested information. This crisis has devastated thousands of California families. It’s obviously time to take a new approach to help families remain in their homes and neighborhoods,” said Nava. See text of his letter etc at Calif. Assemblymember Pedro Nava Demands Answers from California?s Largest Banks : Wed, 04 Nov 2009 : eNewsChannels There is also a feedback to story section more for CA folks to comment on.