Dear President Obama/Part II/ What Mortgage Program?
Attorney
(866) 735-1102 Ext 540
Dear President Obama: I know you didn't read my last letter. But...someone in your office must have. You seem to have covered all my salient points. Reasonable debt/equity ratios, market interest rates, practical principal amounts, etc. Look; you're the big cheese with all the power. So, I'm glad I was able to help but you should take all the credit.
But...isn't there always a but; you forgot one thing. Implementation of the program and efficiency of the process.
Since the program was announced, these are samples of actual inquiries we have received from clients or potential clients.
a) I was negotiating with the bank and then some foreclosure lawyer sent me a foreclosure notice;
b) I can't get a human being on the phone;
c) I got a human being on the phone; but since then, I've dealt with 8 other human beings and none of them know what the last human being told me;
d) We had a deal, and then someone else at the bank changed their minds. Not a nice human being;
e) The bank won't lower the interest rate (which is presentl 9.5%) but will only stretch my loan to 40 years.
Mr. President. This is only a sampling of calls, but I think you get the point. How about a requirement that all banks that have received federal funds are required to negotiate in "good faith" with consumers. If they do not, penalties can be imposed, in addition to preserving on behalf of the borrower all remedies available under state consumer laws. How about talking tough and hitting the banks with a big stick. They helped create this mess. A little tough love would go a long way.
I'm around if you have any questions or need any more suggestions. Thanks,
Bruce Bierhans