… foreclosure with absolutely no or very little negotiating leverage with mortgage servicers. Rep. Barney Frank hopes to change those dynamics by promoting a plan that would use some of the interest the government collects from the financial industry bailout to grant unemployed homeowners facing foreclosure low-interest loans to help them keep their home.

How The Program Would Work

The government would use some of the interest they collect from payments on the $700 billion Wall Street …

Tags: Barney Frank Emergency Economic Stabilization Act of 2008 foreclosure Loan Mortgage

… are struggling to make their mortgage payments. House Financial Services Committee Chairman Barney Frank (D-Mass.) on Monday signed on to a proposal by Rep. Maxine Waters (D-Calif.) that would channel $3 billion from the federal Troubled Assets Relief Program (TARP) toward mortgage relief for jobless Americans. The measure would designate another $1 billion for a program that gives grants to state and local governments to purchase foreclosed properties and use them for more productive …

… Even our legislators are getting tired of the mortgage industry dragging its feet. Congressman Barney Frank recently put mortgage lenders on notice:

“The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages. And if they do not improve their performance, then they improve the chances of that legislation,” he said.

The mortgage industry has already shown its true colors.  Millions of Americans are …

… restrictions don’t suit them.”

Under the plan created by President Obama and Congressman Barney Frank, lenders would face credit card, mortgage and savings account regulations by both state and federal regulators. If the new proposal is passed, banks would only need to abide by the federal rules set by the new Consumer Financial Protection Agency. Under current law, state regulating bodies would have the power to impose even tougher rules regulating credit cards, mortgages and …

According to an article in the Star-Telegram, Congressman Barney Frank threatened to revive legislation that would allow bankruptcy judges to write down a person’s monthly mortgage payment if the number of loan modifications remain low.

The article said:

“People in the servicing industry and in the broader financial industry must understand that if this last effort to produce significant modifications fails, the argument for reviving the …

… by a Federal Reserve Bank," Fed Chairman Ben Bernanke wrote in a letter Tuesday to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

Haven’t we danced this dance before? How long will it take for our lawmakers and businessmen to understand that the voluntary mortgage loan modification process is not working to stem the tide of foreclosures. Waiting until homeowners are 60 days delinquent to help them avoid foreclosure is not a good policy in …

Frank Nothaft, the chief economist for the mortgage firm Freddie Mac has issued a warning stating that foreclosures have not peaked yet and that foreclosure rates for prime mortgages haven’t been this high since the Great Depression.

“I think mortgage delinquency rates haven’t peaked yet…We see them peaking at some point in the second half of 2010…You have to go back to the 1930s …

According to an article in the Dallas Morning News , Debt Relief USA Inc., filed for Chapter 11 bankruptcy this week and has ceased all operations. That’s bad new for debtors who were working with this company because they may not get all of their money back.

The article said:

“Debt Relief USA anticipates sending written instructions to its customers, most former customers, creditors …

Comment author: frank aster

… Dallas-Fort Worth dealerships facing closure:

El Dorado Chrysler Jeep in McKinney; Frank Kent Dodge in Fort Worth; Grubbs Chrysler Jeep in Bedford; Huffines Chrysler Jeep in Denton; McNatt Dodge in Denton; Manuel Dodge in Richardson; Tommy Manuel Chrysler Jeep in Arlington; and Preston Chrysler Jeep in Dallas.

Many workers and dealership owners are surprised by Chrysler’s actions. The article featured a story of one dealership owner who recently bought a Chrysler dealership …

… Buick-Pontiac-GMC locations. Hummer outlets are co-located with Classic Chevrolet in Grapevine and Frank Kent Buick-Pontiac-GMC in Fort Worth, while Sewell Cadillac-Saab in Grapevine is the only Saab outlet. GM has not provided local managers with either a list of dealerships targeted or a set of criteria for judging which ones it wants to keep, said Craig Eppling, a spokesman at the company’s Irving office.

GM expects to lose 500 Hummer and Saturn dealerships and has already announced …