TO THE UNITED STATES GOVERNMENT FROM AMERICAN HOMEOWNERS
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THE UNITED STATES GOVERNMENT
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loansafe.org -
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We the undersigned strongly advocate that the Federal Government create immediate, transparent and more equitable regulations for the banking industry regarding loan modifications and pending foreclosures, particularly in regards to HAMP and 2MP. Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.
We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31\% of the borrowers gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they're eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for rightdowns of principal when homes are severely underwater.
We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.
There is documented evidence that the current system is not working, as reflected in the rising foreclosure rates across the nation and the thousands of people who attend NACA Save the Dream events in an attempt to get their loans modified. There is ample evidence that the current HAMP and other modification guidelines are being interpreted differently by each bank, reflected in many places including the scenarios described by the 20,000+ members of the loansafe.org community. Additional evidence can be found in hundreds if not thousands of complaints and requests for assistance sent by struggling homeowners to their Senators and Congressmen across the country, as well as the Office of the Comptroller of the Currency and other agencies that have been instituted to regulate these banks.
Mr. Bryan Bolton, SVP of CitiMortgage, has stated that modifying within HAMP guidelines is in the best interests of our borrowers, our country and our company. With or without fees, its almost always in the best interests of the servicers to modify. Unfortunately, these are empty words. Mr. Bolton, like so many other CEOs, tells Congress one thing, while he and they continue to do quite the opposite.
Tougher mandates need to be placed on these banks that are simply not modifying loans at the rate they could or have been perpetuating to Congress and the media.
Homeowners are not the ones not complying with the rules. The banks are creating their own set of rules and regulations and are consistently losing paperwork during the application process, denying modifications for unjustifiable reasons after the trial payments have been successfully completed, and proceeding with the foreclosure process. This is often happening unbeknownst to the homeowners who are still faxing, mailing and e-mailing reams of duplicated documentation as requested by their lenders.
The American Dream has now become the American Nightmare courtesy of the banking industry, which is taking a cavalier approach to the stress, heartache and despair caused by the current lack of oversight, transparency and enforcement of loan modifications. It is of the utmost importance that action be taken to correct this travesty in order to preserve home ownership for the thousands of Americans that are and will continue to be struggling in this economic time.
We urge your swift and immediate action.
We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31\% of the borrowers gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they're eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for rightdowns of principal when homes are severely underwater.
We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.
There is documented evidence that the current system is not working, as reflected in the rising foreclosure rates across the nation and the thousands of people who attend NACA Save the Dream events in an attempt to get their loans modified. There is ample evidence that the current HAMP and other modification guidelines are being interpreted differently by each bank, reflected in many places including the scenarios described by the 20,000+ members of the loansafe.org community. Additional evidence can be found in hundreds if not thousands of complaints and requests for assistance sent by struggling homeowners to their Senators and Congressmen across the country, as well as the Office of the Comptroller of the Currency and other agencies that have been instituted to regulate these banks.
Mr. Bryan Bolton, SVP of CitiMortgage, has stated that modifying within HAMP guidelines is in the best interests of our borrowers, our country and our company. With or without fees, its almost always in the best interests of the servicers to modify. Unfortunately, these are empty words. Mr. Bolton, like so many other CEOs, tells Congress one thing, while he and they continue to do quite the opposite.
Tougher mandates need to be placed on these banks that are simply not modifying loans at the rate they could or have been perpetuating to Congress and the media.
Homeowners are not the ones not complying with the rules. The banks are creating their own set of rules and regulations and are consistently losing paperwork during the application process, denying modifications for unjustifiable reasons after the trial payments have been successfully completed, and proceeding with the foreclosure process. This is often happening unbeknownst to the homeowners who are still faxing, mailing and e-mailing reams of duplicated documentation as requested by their lenders.
The American Dream has now become the American Nightmare courtesy of the banking industry, which is taking a cavalier approach to the stress, heartache and despair caused by the current lack of oversight, transparency and enforcement of loan modifications. It is of the utmost importance that action be taken to correct this travesty in order to preserve home ownership for the thousands of Americans that are and will continue to be struggling in this economic time.
We urge your swift and immediate action.
187 Signatures
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Barbara Caldwell
- Name
- Barbara Caldwell
- City, State, Zip Code
- McKinleyville, CA 95519
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Dorothy M Kile
- Comments
- Please act swiftly. Time is of the essence to save Americans from foreclosure!
- Name
- Dorothy M. Kile
- City, State, Zip Code
- Waleska, GA 30183
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Angie Burke
- Name
- Angie Burke
- City, State, Zip Code
- Sinking Spring
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Lisa Schroeder
- Name
- Lisa Schroeder
- City, State, Zip Code
- Napa, CA 94558
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Lori Kelly
- Comments
- TIME TO REQUIRE BANKS TO ABIDE BY THE PRESIDENT'S INTENT WHEN HE CREATED THE MAKING HOME AFFORDABLE PLAN. WE WILL HOLD YOU, FREDDIE MAC, RESPONSIBLE FOR YOUR OVERSIGHT AND DEMAND YOU HOLD THE BANKS ACCOUNTABLE FOR NOT PROVIDING AMERICANS WITH LOAN MODIFICATIONS.
- Name
- Lori Kelly
- City, State, Zip Code
- Horseshoe Bay, TX 78657
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Diane Casella
- Name
- D. Casella
- City, State, Zip Code
- Port Orange, FL 32128
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CARLA GOMEZ
- Name
- CARLA GOMEZ
- City, State, Zip Code
- MIAMI, FL. 33138
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Renee Smith
- Name
- Renee Smith
- City, State, Zip Code
- 94939
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Melissa Karn
- Name
- Melissa Karn
- City, State, Zip Code
- Goodyear, AZ 85395
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Joan L. Miner
- Name
- Joan L. Miner
- City, State, Zip Code
- Hilger MT 59451
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Madison Miner
- Name
- Madison Miner
- City, State, Zip Code
- Hilger MT 59451
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Michael Leonard
- Name
- Michael Leonard
- City, State, Zip Code
- Hilger MT 59451
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Debra Foley
- Comments
- Help us!!!
- Name
- Debra Foley
- City, State, Zip Code
- Palmdale Ca 93551
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Jesse MacDonald
- Name
- Jesse MacDonald
- City, State, Zip Code
- Lake Wales, Florida 33853
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Jo Ann Olson
- Name
- Jo Ann Olson
- City, State, Zip Code
- Mukilteo, WA 98275
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Cyrus Javid
- Name
- Cyrus Javid
- City, State, Zip Code
- Land O Lakes, FL, 34638
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Robert Pacheco
- Name
- Robert Pacheco
- City, State, Zip Code
- Santa Rosa, CA 95401
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Arlyn Pacheco
- Name
- Arlyn Pacheco
- City, State, Zip Code
- Santa Rosa, CA 95401
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Joanne Iannace
- Name
- John Iannace
- City, State, Zip Code
- Hopewell Junction, NY 12533
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Carlos Semeghini
- Name
- Carlos Semeghini
- City, State, Zip Code
- Trumbull, CT 06611
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karen howay
- Name
- karen howay
- City, State, Zip Code
- daly city ca 94014
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MABEL OSORIO
- Name
- Mabel Osorio
- City, State, Zip Code
- Coral Gables, Fl, 33133
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Theresa Baker
- Comments
- LISTEN to the people of this nation we BEG YOU!
- Name
- Theresa Baker
- City, State, Zip Code
- La Center, WA 98629
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Lorri Craig
- Name
- Lorri Craig
- City, State, Zip Code
- Stockton,CA,95207
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araceli ceballos
- Name
- araceli
- City, State, Zip Code
- lancaster,ca 93536
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Jorge Verdeflor
- Name
- Linda Verdeflor
- City, State, Zip Code
- 34003 Goosecross Ct Temecula CA 92592
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Christine Flathmann
- Comments
- Help the American people-not the banks!
- Name
- christine
- City, State, Zip Code
- 11746
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Shirley Walker
- Name
- Shirley Walker
- City, State, Zip Code
- Rialto, Ca 92377
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Mark Craig
- Name
- Mark Craig
- City, State, Zip Code
- Stockton,CA,95207
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Richard Corish
- Name
- rICHARD cORISH
- City, State, Zip Code
- cAMP hILL, pa 17011
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Neva Kaye
- Name
- Neva Kaye
- City, State, Zip Code
- Coronado, Ca
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sangcheol kim
- Name
- sangcheol kim
- City, State, Zip Code
- 19711
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Mark Skillington
- Name
- Mark Skillington
- City, State, Zip Code
- Weldon Spring, MO 63304
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Darice Solis
- Name
- Joe De Guzman
- City, State, Zip Code
- Chino, Ca 91708
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Edward Heller
- Name
- Edward Heller
- City, State, Zip Code
- Chicago, IL 60618
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Rodney De Paz
- Name
- Rodney De Paz
- City, State, Zip Code
- Miami, Florida 33138
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amber
- Name
- amber
- City, State, Zip Code
- beloit wi.53511
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Sarah Ramage
- Name
- Sarah Ramage
- City, State, Zip Code
- 95691
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Dave H.
- Comments
- Instead of new buyer credit we need more help for us desperate to have HAMP work better and 2MP
- Name
- Dave H.
- City, State, Zip Code
- Phoenix, AZ 85022
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HOLLI HOLT
- Name
- HOLLI HOLT
- City, State, Zip Code
- CADDO MILLS TX 75135
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Amy Reaux
- Name
- Amy Reaux
- City, State, Zip Code
- Boonsboro.MD,21713
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Diane Cintra
- Name
- Diane cintra
- City, State, Zip Code
- Miami, FL 33177
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Ernesto Quant
- Name
- Ernesto Quant
- City, State, Zip Code
- miami
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Mildred Banks
- Name
- Mildred Banks
- City, State, Zip Code
- Tyrone, GA 30290
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Misty Haywood
- Name
- Misty Haywood
- City, State, Zip Code
- Auburn, NH 03032
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Michelle Mussetter
- Name
- Michelle Mussetter
- City, State, Zip Code
- Thousand Oaks, CA, 91362
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Debra Richards
- Comments
- Please act NOW!
- Name
- Debra Richards
- City, State, Zip Code
- West Des Moines, IA 50265
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edgar camacho
- Name
- edgar camacho
- City, State, Zip Code
- rialto, ca 92377
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Sharon Ghisletta
- Name
- Sharon Ghisletta
- City, State, Zip Code
- Napa, CA 94558
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Merie Mefferd
- Comments
- Please enforce fair guidelines for mortgage companies to work with home owners to help with modifications, or people will give up and loose their houses.
- Name
- Merie Mefferd
- City, State, Zip Code
- Morrison Co 80465
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187
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