http://archive.regulationroom.org/mortgage-protection/draft-summary/for-borrowers-in-trouble-options-for-avoiding-foreclosure/?utm_source=rss&utm_medium=rss&utm_campaign=for-borrowers-in-trouble-options-for-avoiding-foreclosure The mortgage crisis showed that some residential mortgage lenders weren’t doing a good job of keeping careful records and communicating with borrowers. Some of this affected all borrowers, but the worst effect was that some people who could have worked out their problems with the right help, lost their homes. Congress has told the Consumer Financial Protection Bureau (CFPB) to adopt new federal regulations to avoid this in the future. On this site, you can read about the new proposals, react to them, and discuss them with others. What you say here will make a difference: CFPB is required to consider public comment before making a final decision, and it will get a detailed summary of what Regulation Room commenters have to say. Thu, 04 Oct 2012 20:00:12 -0400 hourly 1 http://wordpress.org/?v=3.5.1 http://archive.regulationroom.org/mortgage-protection/draft-summary/for-borrowers-in-trouble-options-for-avoiding-foreclosure/#comment-370 Moderator Thu, 04 Oct 2012 16:43:51 +0000 http://archive.regulationroom.org/mortgage-protection/?p=2174#comment-370 Hi Sue806 – We tried to include your comments on the issue post in sections 2 & 5 (Need for Enforcement). Do you think the summary is missing anything or is unclear?

]]> http://archive.regulationroom.org/mortgage-protection/draft-summary/for-borrowers-in-trouble-options-for-avoiding-foreclosure/#comment-369 sue806 Thu, 04 Oct 2012 04:22:14 +0000 http://archive.regulationroom.org/mortgage-protection/?p=2174#comment-369 The new industry wide practice is to offer modifications as an incentive to negative equity homeowners to remain negative equity homeowners because the INVESTOR loses a guarantee portion of their money with a foreclosure sale. There are numberous laws on the books addressing this issue, the most basic and simple one is- all similiarly situated parties, the homeowners with the same loan to value are legally entitled to the same reimbursement, incentive, modification that others( over 6 milion) received.
Unless there is a national modification program like the Unitedinprosperity.org program removing the fox from the hen house, no additional rules or laws will work simply because they will be voluntary without enforement.

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