House, Senate leaders finalize details of sweeping financial overhaul Key House and Senate lawmakers agreed on far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute deal making. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4. Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. -- more than 20 messy, mind-numbing, exhaustive hours after they began Thursday morning. "It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done." Both the House and Senate must approve the compromise legislation before it can go to Obama for his signature.
Not again! Financial overhaul, Chris Dodd: "No one will know until this is actually in place how it works" Health Care, Nancy Pelosi: “But we have to pass the bill so that you can find out what is in it, away from the fog of the controversy."
Despite what it might do or not do to help resurrect our failing economy all I see is more government control. Just what I woke up hoping for. This along with the measure by Fannie Mae and Freddie Mac to go after and sue homeowners, and put a clause of not being able to purchase a home for 7 yrs, who don't or can't prove that they have tried every measure to save their homes from foreclosure. Just rich. I mean many of the mortgage companies, as I have stated before, really aren't willing to try and work with homeowners, finding it more beneficial to move ahead with foreclosure rather than use what is more beneficial to keep the homeowners in their homes. To top that off there have been several cases where the mortgage company has halted or rejected the homeowner from making a short sale, basing their claim on that they would lose less by foreclosing on the property. In some markets the homes may still be appraising for substantially more than they are actually selling for on the market, thus allowing the banks to make the claim that, even though the short sale offer maybe in line with what comps are selling for, the bank would benefit more by foreclosing on the property. Using the appraisal value to support their claim. Which is BS and is causing many of these foreclosures, which were first attempted to be short sales, to sit on the market forever.
in other words, we got ours, so f' you. bailouts are doing nothing for those that need help. the lending institutions are just sitting on it, propping themselves up, and screwing people worse. it boggles the mind how lending institutions would rather lose more in the long run than work to keep people in their homes and making some sort of payment, even if not as fast as the institution would like. massive foreclosures are just driving down the maket values more, and the institutions are perpetuating that by flooding the market with foreclosures instead of working with the home owner to refinance.
In many cases, even though the homeowner has tried to work with the bank to modify their mortgage, but failed, then tried to offer up the option of a short sale, the banks have opted to foreclose instead. To me this is all just insane and an attempt by the banks to cover up their mistakes for the past decade. The reality is the banks have, for the most part, no desire to try and help homeowners who have fallen victim to this crisis, but rather have taken the position that everyone that is having trouble are investors that made a bad investment, and that everyone just wants to walk away from the responsibility of managing their mortgage. Which for those that are investors and have basically made a bad investment they need to face reality, bad investments happen, and it is their responsibility to maintain their financial obligation. For those that the economy has kicked them in the gut, and due to circumstances beyond their control, can no longer afford the mortgage on their home should be given the assistance needed. The program was put out there to help these people, not everybody, but the people that want to keep their "homes", but just can't afford the mortgage at the current payment. If the bank can lower the interest rate, extend the term, and lower the principal bal to the current going price of the home, and this will put the mortgage payment within the guidelines of 31% payment to income then the banks should do it. In the cases that it doesn't work because the math just doesn't work out, then don't stand in the way of the homeowner trying to short sale. Let them short sale, preserve their credit somewhat, and preserve their integrity to a degree.
