This week, the financial crisis inquiry commission has released is 600+ page final findings. New Regulations and reforms to the mortgage market are seen as inevitable, but so far homeowners are not receiving much help from these investigations:
Recently Sheila Bair, chairman of the FDIC, proposed a wrongful foreclosure commission that would create a fund for victims of foreclosure fraud.
Marcy Kaptur(D-OH), has continued to champion a bill that would prohibt Fannie, Freddie, & Ginnie from accepting mortgages involved with MERS, in an attempt to resolve the title issues that MERS has created with millions of home loans.
Iowa’s Attorney General Tom Miller also stated this week that the nation-wide foreclosure abuse investigation is drawing to a close and will result in reforms of loan modification practices and other lender concessions.
However, the Iowa Citizens for Community Improvement, an activist group that has served as an advocate between foreclosure victims and the investigation, has growing doubts. “Tuesday’s meeting felt a lot different than the meeting in December,” said ICCI Director Hugh Espey. “In our first meeting with AG Miller we felt like we had a champion that was ready to go toe-to-toe with the big banks. This time we left wondering if the big banks had
knocked the wind out of our state’s top law enforcer.”
Furthermore, financial sector groups such as the Mortgage Bankers Association have expressed interest in helping develop new reforms. Tellingly, their CEO, John Courson, stated ““All of us agree the process would need improvement, but what you don’t want to do is overreact.”
Perhaps most telling is the fate of a recent bill in Virginia that would have slowed foreclosures in order to ensure the rights of homeowners. The bill was voted down in committee 10-1.
“What you saw in there was government of the banks, by the banks and for the banks,” said Bob Marshall, the bill’s sponsor.
So with banks operating in their own interest and politicians spinning their wheels, when it comes to struggling homeowners, who need help NOW, where do they turn?
Foreclosure advocate Martin Andelman simplifies the situation:
“Qualified (and of course ethical) lawyers are infinitely better than the vast majority of homeowners for the same reason that I’m afraid of my wife, but I’m not afraid of yours… do you know what I mean by that? Lawyers aren’t emotional, afraid, unknowledgeable or ashamed, and they deal with the banks every day on modifications, so they know who to call and what to say. Nine times out of ten… they get much better results than any homeowner does flying solo.”
Amerihope Alliance is one such firm that fights hard for its clients. See the links to the right to see our successful case results and contact us for a free consultation!