Rep. Waters Introduces Legislation to Help Homeowners With a Systematic Approach to Foreclosure Prevention January 6, 2009 - Loan Modification Forum

surfdoggy1234 · 01-07-2009, 05:30 PM

Moe, *** and crew...we need everyone in this Forum to start emailing their congress-reps to support this new bill.

Here is the link...

Press Release from Congresswoman Maxine Waters : Representing the 35th District of California : Rep. Waters Introduces Legislation to Help Homeowners With a Systematic Approach to Foreclosure Prevention

Dan Bailey · 01-08-2009, 06:53 AM

"The FDIC plan pays mortgage servicers $1,000 for each modification, and the government shares up to 50 percent of any loss if a modified loan re-defaults. The cornerstone of the plan is the requirement that participating servicers must systematically review all loans in their portfolios. Each loan will be subjected to a net present value test to determine whether it is more beneficial to modify or to foreclose. Loans passing the test must be modified."

It still seems to give the power to, and benefit the serviser more. At least thats how the vague wording comes across to my uneducated ears. What determines the net present value test ?

01-07-2009, 05:30 PM	#1 (permalink)
surfdoggy1234 Member Join Date: Dec 2008 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Rep. Waters Introduces Legislation to Help Homeowners With a Systematic Approach to Foreclosure Prevention January 6, 2009 Moe, *** and crew...we need everyone in this Forum to start emailing their congress-reps to support this new bill. Here is the link... Press Release from Congresswoman Maxine Waters : Representing the 35th District of California : Rep. Waters Introduces Legislation to Help Homeowners With a Systematic Approach to Foreclosure Prevention

01-08-2009, 06:53 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rep. Waters Introduces Legislation to Help Homeowners With a Systematic Approach to Foreclosure Prevention January 6, 2009 "The FDIC plan pays mortgage servicers $1,000 for each modification, and the government shares up to 50 percent of any loss if a modified loan re-defaults. The cornerstone of the plan is the requirement that participating servicers must systematically review all loans in their portfolios. Each loan will be subjected to a net present value test to determine whether it is more beneficial to modify or to foreclose. Loans passing the test must be modified." It still seems to give the power to, and benefit the serviser more. At least thats how the vague wording comes across to my uneducated ears. What determines the net present value test ? __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

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