Comments on: Obama to Lenders: Ease More Mortgages or Face Penalties http://ecreditdaily.com/2009/11/obama-to-lenders-ease-more-mortgages-or-face-penalties-article377/ Sun, 20 May 2012 21:49:40 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: mike http://ecreditdaily.com/2009/11/obama-to-lenders-ease-more-mortgages-or-face-penalties-article377/comment-page-1/#comment-98 mike Mon, 30 Nov 2009 21:03:27 +0000 http://ecreditdaily.com/?p=825#comment-98 I can't believe America has come to this. We have the President bullying the big Banks he just bailed out. The small Banks and Credit Unions will be the heroes in all this. Assuming they can survive the foreclosure and repossession wave (see: http://www.repofinder.com). Break up the big Banks and let the free market be free. I can’t believe America has come to this. We have the President bullying the big Banks he just bailed out. The small Banks and Credit Unions will be the heroes in all this. Assuming they can survive the foreclosure and repossession wave (see: http://www.repofinder.com). Break up the big Banks and let the free market be free.

]]> By: Jacob Marta http://ecreditdaily.com/2009/11/obama-to-lenders-ease-more-mortgages-or-face-penalties-article377/comment-page-1/#comment-97 Jacob Marta Mon, 30 Nov 2009 20:06:57 +0000 http://ecreditdaily.com/?p=825#comment-97 This is no surprise at all. The Fed/FTC and state AGs have regulated out of business any company who would want to assist a homeowner modify their loan. Outrageous licensing fees, requirements that prohibit any service charges until the loan is modified and if it is not modified you can't collect a dime for your efforts. And they have limited that fee to $1,000. So what company or financial professional would want to risk working for 4-6 months processing complilcated paperwork and negotiating complicated deals with an unwilling and overburdened bank, all to HOPE AND PRAY they can charge $1,000. You can earn more money working for McDonalds. And now BHO is upset that homeowners are not being helped? Really, and the solution is for what once again? The Government to take over and or force the banks to do it their way. We are a few months away from total collapse. This is no surprise at all. The Fed/FTC and state AGs have regulated out of business any company who would want to assist a homeowner modify their loan.
Outrageous licensing fees, requirements that prohibit any service charges until the loan is modified and if it is not modified you can’t collect a dime for your efforts. And they have limited that fee to $1,000.

So what company or financial professional would want to risk working for 4-6 months processing complilcated paperwork and negotiating complicated deals with an unwilling and overburdened bank, all to HOPE AND PRAY they can charge $1,000. You can earn more money working for McDonalds.

And now BHO is upset that homeowners are not being helped? Really, and the solution is for what once again? The Government to take over and or force the banks to do it their way.

We are a few months away from total collapse.

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