Mortgage Relief Bill Signed Into Law Today
Author: Rob K. Blake
Published: July 30, 2008
The President signed into law the so called mortgage relief bill, H.R. 3221, which really should be called the Fannie Mae and Freddie Mac Relief Bill. This bill will bring no mortgage relief to anyone other than investors in GSE debt and stock holders.
In an AP report, White House spokesman Tony Fratto said,
“We look forward to put in place new authorities to improve confidence and stability in markets.”
This quote undoubted tells anyone who cares to listen what the Administrations goals were in passing this bill. And they did it in record time…about 3 weeks from start to finish. It just goes to show you all the garbage about how Congress can’t work together to get things done is just that…garbage.
When a major campaign contributor like Fannie Mae needs a government bailout to stay afloat…the Congress works together just fine. This is a company that made huge profits over the last 30 years, resisted regulation, and hid accounting mistakes regularly from their current regulator OFHEO, all the while knowing their considerable political clout would insure a bail out should they need one.
The Treasury Department is given unlimited power for the next 18 months to lend to Fannie Mae and Freddie Mac or buy their stock to prop them up. An unheard of move in US history…the Treasury buying stock in a private company…
Disgusting…
You can read more about the supposed mortgage relief bill in my post, Housing Economic Recovery Act of 2008 No Help For Consumers
Good Luck!
Author: Rob K. Blake
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I have done everything I know to do for over a year. I have written letter after letter phone call after phone call begging Country Wide to refinance my home. Country Wide is responsible for putting me in a negative amortization loan with one of those wonderful arms. To begin with, Country Wide is a fraudulent company that will not help you. Why should they when Countrywide can rob you blind. Countrywide has refused to help us in any way. Our mortgate started out a !,700 a month and has now raisin to 5,000. I wrote mnay times begging for help and finally after a year Countrywide sent us to a Hardship Department that never got back to us for months. When they said we will give you 300.00 dollars less on your mortgate but your notes will continue to rise because you know you do have a negative amortization loan. They act like we are stupid. One year ago we had good credit of over 750 now it is in the 560 because we can hardly pay our mortgage. Countrywide says they don’t want your house but they house but they do. I have been Countrywide fixed up house after house for resale. So do not tell me and intended to stay here for retirement, but that want happens now. We were told to let the house go into foreclosure and thegoverement would help you How stupid! Countrywide has us sign on a loan package that we agreed with that did not have anegative amortization and when it was all done months from then we found out in the small print we had been cheated and fraudulently mislead. We have the papers to prove it. We are a couple trying to survive. We do not know what do do anymore. I have written so manytimes and begged so many people to help us. If this government can not do anything about Countrywide who can?
Thank you
Chester
Chester,
NACA is your best alternative in dealing with Countrywide…they have an agreement in place with them to make loan modification to avoid foreclosure.
https://www.naca.com/index_main.jsp
Check out the Press Releases when you get there to see the agreement they made with Countrywide.
Good Luck
RKB