Rep Waters wants Obama to extort banks into letting people keep homes they cant affor

[Immanuel]

Maxine Waters is talking about loan modification agreements under the Home Affordable Mortgage Program (HAMP). I've had some involvement in this area so I hope I can shed some light on this issue.

I am against forcing the banks to make new loans to people who can't afford them. However, for the loans that are currently out there, the banks should be forced to accept most reasonable short sales. A borrower shouldn't have to be close to bankrutpcy, late on the mortgage or in serious financial troubles. The bank need to take a hit also.

The banks should also be forced to give borrowers loan modification. Part of taking TARP bail out money was so they would give loan mods. The banks have done everything possible to avoid loan mods. It's disgusting. If a loan mod makes the home affordable, then it should be done!

HAMP is a voluntary incentive-based plan. This means servicers have either chosen to participate, or must do so because the loan is Fannie/Freddie backed, or the servicer has been provided with TARP bail-out money.

HAMP eligibility for homeowners is limited to a cut-off. Homeowners who have no chance of affording their payments are ineligible. HAMP loan modifications are only for borrowers on the line. This is critical: HAMP loan modifications are only possible when the modification would be cheaper FOR THE BANK than a foreclosure. This means HAMP is designed to save banks money AND prevent borrowers who might recover from losing their homes.

Both servicers and investors receive incentives. This means several thousand dollars per modification, and more upon a successful sustainable modification.

Final HAMP eligibility is analyzed under the Net Present Value test. Unfortunately, these NPVs are hidden from the consumer and even the judge.

The banks have been terrible at organizing and implementing HAMP. They fall behind on deadlines and fail to provide timely NPV analyses. As a result, people are unable to get the loan modification analyses to which they are entitled. I've seen HAMP criticized by US gov't experts assigned to explain it to lawyers at CLEs. Its a poorly designed program with weak enforcement mechanisms.

Waters is absolutely right. The servicers are engaging in bad faith business practices and inequitable behavior. More critically, they are COSTING THEIR INVESTORS MONEY.

And that gives her the right to use the Taxing Authority of the United States as her own personal weapon?

Hell, if she gets away with this, what industry is safe from her abuses?

Immie

 

[oreo]

That woman is bat. shit. crazy.

And she's corrupt.

You couldn't have said it better--100% agreement here. This woman needs some serious mental help.

 

[oreo]

Maxine Waters is talking about loan modification agreements under the Home Affordable Mortgage Program (HAMP). I've had some involvement in this area so I hope I can shed some light on this issue.

I am against forcing the banks to make new loans to people who can't afford them. However, for the loans that are currently out there, the banks should be forced to accept most reasonable short sales. A borrower shouldn't have to be close to bankrutpcy, late on the mortgage or in serious financial troubles. The bank need to take a hit also.

The banks should also be forced to give borrowers loan modification. Part of taking TARP bail out money was so they would give loan mods. The banks have done everything possible to avoid loan mods. It's disgusting. If a loan mod makes the home affordable, then it should be done!

HAMP is a voluntary incentive-based plan. This means servicers have either chosen to participate, or must do so because the loan is Fannie/Freddie backed, or the servicer has been provided with TARP bail-out money.

HAMP eligibility for homeowners is limited to a cut-off. Homeowners who have no chance of affording their payments are ineligible. HAMP loan modifications are only for borrowers on the line. This is critical: HAMP loan modifications are only possible when the modification would be cheaper FOR THE BANK than a foreclosure. This means HAMP is designed to save banks money AND prevent borrowers who might recover from losing their homes.

Both servicers and investors receive incentives. This means several thousand dollars per modification, and more upon a successful sustainable modification.

Final HAMP eligibility is analyzed under the Net Present Value test. Unfortunately, these NPVs are hidden from the consumer and even the judge.

The banks have been terrible at organizing and implementing HAMP. They fall behind on deadlines and fail to provide timely NPV analyses. As a result, people are unable to get the loan modification analyses to which they are entitled. I've seen HAMP criticized by US gov't experts assigned to explain it to lawyers at CLEs. Its a poorly designed program with weak enforcement mechanisms.

Waters is absolutely right. The servicers are engaging in bad faith business practices and inequitable behavior. More critically, they are COSTING THEIR INVESTORS MONEY.

And that gives her the right to use the Taxing Authority of the United States as her own personal weapon?

Hell, if she gets away with this, what industry is safe from her abuses?

Immie

This woman is a socialist--she has threatened several industries with a government take-over if they don't do what she wants--and now she is doing it with banking in this country.

 

[uscitizen]

"Rep Waters wants Obama to extort banks into letting people keep homes they cant afford"

So we loan the banks billions of tax payer money under Tarp, but we cannot do anything for Middle class Americans? Talk about double standard hypocrisy! Sheesh!

Who is "we?" The majority of Republicans voted against TARP, and I certainly didn't support that incredible boondoggle.

the senate vote on tarp

List of Republicans who voted for TARP


Source: govtrack.us
Senate
Alexander (R-TN)
Bennett (R-UT)
Bond (R-MO)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Coleman (R-MN)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Craig (R-ID)
Domenici (R-NM)
Ensign (R-NV)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Hutchison (R-TX)
Isakson (R-GA)
Kyl (R-AZ)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Sununu (R-NH)
Thune (R-SD)
Voinovich (R-OH)
Warner (R-VA)

 

[oreo]

"Rep Waters wants Obama to extort banks into letting people keep homes they cant afford"

So we loan the banks billions of tax payer money under Tarp, but we cannot do anything for Middle class Americans? Talk about double standard hypocrisy! Sheesh!

Who is "we?" The majority of Republicans voted against TARP, and I certainly didn't support that incredible boondoggle.

the senate vote on tarp

List of Republicans who voted for TARP


Source: govtrack.us
Senate
Alexander (R-TN)
Bennett (R-UT)
Bond (R-MO)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Coleman (R-MN)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Craig (R-ID)
Domenici (R-NM)
Ensign (R-NV)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Hutchison (R-TX)
Isakson (R-GA)
Kyl (R-AZ)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Sununu (R-NH)
Thune (R-SD)
Voinovich (R-OH)
Warner (R-VA)

Tarp 1 money has been 95% paid back with interest--so what does this have to do with Maxine Waters--threatening bankers that she is going to tax them out of business?

 

[Remodeling Maidiac]

Personally I dont understand why this kind of hyper sensitive rhetoric is allowed in our politics. It plays on nothing more than raw emotions and no decisions made under those turn out to be smart choices.

 

[Kuros]

Maxine Waters is talking about loan modification agreements under the Home Affordable Mortgage Program (HAMP). I've had some involvement in this area so I hope I can shed some light on this issue.

I am against forcing the banks to make new loans to people who can't afford them. However, for the loans that are currently out there, the banks should be forced to accept most reasonable short sales. A borrower shouldn't have to be close to bankrutpcy, late on the mortgage or in serious financial troubles. The bank need to take a hit also.

The banks should also be forced to give borrowers loan modification. Part of taking TARP bail out money was so they would give loan mods. The banks have done everything possible to avoid loan mods. It's disgusting. If a loan mod makes the home affordable, then it should be done!

HAMP is a voluntary incentive-based plan. This means servicers have either chosen to participate, or must do so because the loan is Fannie/Freddie backed, or the servicer has been provided with TARP bail-out money.

HAMP eligibility for homeowners is limited to a cut-off. Homeowners who have no chance of affording their payments are ineligible. HAMP loan modifications are only for borrowers on the line. This is critical: HAMP loan modifications are only possible when the modification would be cheaper FOR THE BANK than a foreclosure. This means HAMP is designed to save banks money AND prevent borrowers who might recover from losing their homes.

Both servicers and investors receive incentives. This means several thousand dollars per modification, and more upon a successful sustainable modification.

Final HAMP eligibility is analyzed under the Net Present Value test. Unfortunately, these NPVs are hidden from the consumer and even the judge.

The banks have been terrible at organizing and implementing HAMP. They fall behind on deadlines and fail to provide timely NPV analyses. As a result, people are unable to get the loan modification analyses to which they are entitled. I've seen HAMP criticized by US gov't experts assigned to explain it to lawyers at CLEs. Its a poorly designed program with weak enforcement mechanisms.

Waters is absolutely right. The servicers are engaging in bad faith business practices and inequitable behavior. More critically, they are COSTING THEIR INVESTORS MONEY.

And that gives her the right to use the Taxing Authority of the United States as her own personal weapon?

Hell, if she gets away with this, what industry is safe from her abuses?

Immie

Gets away with what? What exactly do you think Waters is trying to do?

Be specific.

 

[driveby]

So now she's threatened oil companies and banks, who's next?

 

[Immanuel]

Maxine Waters is talking about loan modification agreements under the Home Affordable Mortgage Program (HAMP). I've had some involvement in this area so I hope I can shed some light on this issue.



HAMP is a voluntary incentive-based plan. This means servicers have either chosen to participate, or must do so because the loan is Fannie/Freddie backed, or the servicer has been provided with TARP bail-out money.

HAMP eligibility for homeowners is limited to a cut-off. Homeowners who have no chance of affording their payments are ineligible. HAMP loan modifications are only for borrowers on the line. This is critical: HAMP loan modifications are only possible when the modification would be cheaper FOR THE BANK than a foreclosure. This means HAMP is designed to save banks money AND prevent borrowers who might recover from losing their homes.

Both servicers and investors receive incentives. This means several thousand dollars per modification, and more upon a successful sustainable modification.

Final HAMP eligibility is analyzed under the Net Present Value test. Unfortunately, these NPVs are hidden from the consumer and even the judge.

The banks have been terrible at organizing and implementing HAMP. They fall behind on deadlines and fail to provide timely NPV analyses. As a result, people are unable to get the loan modification analyses to which they are entitled. I've seen HAMP criticized by US gov't experts assigned to explain it to lawyers at CLEs. Its a poorly designed program with weak enforcement mechanisms.

Waters is absolutely right. The servicers are engaging in bad faith business practices and inequitable behavior. More critically, they are COSTING THEIR INVESTORS MONEY.

And that gives her the right to use the Taxing Authority of the United States as her own personal weapon?

Hell, if she gets away with this, what industry is safe from her abuses?

Immie

Gets away with what? What exactly do you think Waters is trying to do?

Be specific.

Sounds to me like she wants to use her powers as a CongressPerson to take down people she disagrees with.

Sounds like abuse of power to me.

Do you have another definition of what she means when she says, "we're gonna tax them out of business"

Immie

 

[Kuros]

And that gives her the right to use the Taxing Authority of the United States as her own personal weapon?

Hell, if she gets away with this, what industry is safe from her abuses?

Immie

Gets away with what? What exactly do you think Waters is trying to do?

Be specific.

Sounds to me like she wants to use her powers as a CongressPerson to take down people she disagrees with.

Sounds like abuse of power to me.

Do you have another definition of what she means when she says, "we're gonna tax them out of business"

Immie

Its completely Constitutional to do what she threatened, although her rhetoric is a bit . . . over the top.

Nevertheless, I was focused on what she said before that, about having the banksters sit down at the table and listen. They made these agreements, and they are bound to follow them, not least because they have fiduciary duties to their investors that are being violated.

 

[Immanuel]

Gets away with what? What exactly do you think Waters is trying to do?

Be specific.

Sounds to me like she wants to use her powers as a CongressPerson to take down people she disagrees with.

Sounds like abuse of power to me.

Do you have another definition of what she means when she says, "we're gonna tax them out of business"

Immie

Its completely Constitutional to do what she threatened, although her rhetoric is a bit . . . over the top.

Nevertheless, I was focused on what she said before that, about having the banksters sit down at the table and listen. They made these agreements, and they are bound to follow them, not least because they have fiduciary duties to their investors that are being violated.

I can agree with your second paragraph.

I do not agree that "abuse of power" is Constitutional.

Immie

 

[uscitizen]

Who is "we?" The majority of Republicans voted against TARP, and I certainly didn't support that incredible boondoggle.

the senate vote on tarp

List of Republicans who voted for TARP


Source: govtrack.us
Senate
Alexander (R-TN)
Bennett (R-UT)
Bond (R-MO)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Coleman (R-MN)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Craig (R-ID)
Domenici (R-NM)
Ensign (R-NV)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Hutchison (R-TX)
Isakson (R-GA)
Kyl (R-AZ)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Sununu (R-NH)
Thune (R-SD)
Voinovich (R-OH)
Warner (R-VA)

Tarp 1 money has been 95% paid back with interest--so what does this have to do with Maxine Waters--threatening bankers that she is going to tax them out of business?

Nothing really I was just responding to Bripats post which had nothing to do with the thread topic either. sorry.
Should not let myself get distracted that way.

 

[uscitizen]

The woman is a nut.
Not what we need in our government.

 

[KissMy]

The average asshole who quit paying their mortgage is now living 600 days rent & mortgage free before they are foreclosed on. This is harming the economy. This is an SEIU scheme to redistribute the wealth.

CAUGHT ON TAPE: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth In America

The plan is to organize a mass, coordinated "strike" on mortgage, student loan, and local government debt payments--thus bringing the banks to the edge of insolvency and forcing them to renegotiate the terms of the loans. This destabilization and turmoil, Lerner hopes, will also crash the stock market, isolating the banking class and allowing for a transfer of power.

 

[hortysir]

The average asshole who quit paying their mortgage is now living 600 days rent & mortgage free before they are foreclosed on. This is harming the economy. This is an SEIU scheme to redistribute the wealth.

CAUGHT ON TAPE: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth In America

The plan is to organize a mass, coordinated "strike" on mortgage, student loan, and local government debt payments--thus bringing the banks to the edge of insolvency and forcing them to renegotiate the terms of the loans. This destabilization and turmoil, Lerner hopes, will also crash the stock market, isolating the banking class and allowing for a transfer of power.

Sounds similar to Cloward/Piven but for the banking industry.

 

[Moonglow]

She calls the banks gangsters and demands Obama to force them to allow people to keep the houses they can't afford. Says "we will tax them out of business" if they don't do what we want.

Now who is the gangster in this scenario? Seems to me its her. Not only that these people who got these houses they couldn't afford to begin with, got them because of democratic policies.

Maxine Waters wants Obama to use extortion - YouTube

they got the houses cause someone lent them the monies. The government did not stand behind them with a gun forcing them to do it.

 

[KissMy]

She calls the banks gangsters and demands Obama to force them to allow people to keep the houses they can't afford. Says "we will tax them out of business" if they don't do what we want.

Now who is the gangster in this scenario? Seems to me its her. Not only that these people who got these houses they couldn't afford to begin with, got them because of democratic policies.

Maxine Waters wants Obama to use extortion - YouTube

they got the houses cause someone lent them the monies. The government did not stand behind them with a gun forcing them to do it.

The Government Pushed The Subprime Loans.

1999 New York Times Article on what Bill Clinton was having Fannie & Freddie do to cause a subprime lending crisis.

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders...Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people...

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's...

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings...

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

 

[Trajan]

She calls the banks gangsters and demands Obama to force them to allow people to keep the houses they can't afford. Says "we will tax them out of business" if they don't do what we want.

Now who is the gangster in this scenario? Seems to me its her. Not only that these people who got these houses they couldn't afford to begin with, got them because of democratic policies.

Maxine Waters wants Obama to use extortion - YouTube

they got the houses cause someone lent them the monies. The government did not stand behind them with a gun forcing them to do it.

The Government Pushed The Subprime Loans.

1999 New York Times Article on what Bill Clinton was having Fannie & Freddie do to cause a subprime lending crisis.

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders...Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people...

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's...

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings...

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

read Reckless Endangerment by gretchen morgenson,( NY Times bus. editor) Fannie Mae chief executive James Johnson in 1991 had the plug pulled on any and all oversight agencies and congressional oversight that would have reigned in F&F...it was baked into the cake, he neutered any and all dissent. the fact that James Johnson was not even called to testify before the comm . investigating F&F's/Housing Blow up tells you stright away what a crock the whole investigation was.

 

[Moonglow]

So now she's threatened oil companies and banks, who's next?

big bad tobacco

 

[uscitizen]

Only 20% of subprime loans were made by regulated finiancial institutions.