IMMEDIATE RELIEF TO KEEP FAMILIES IN THEIR HOMES
Mortgage industry must:
• Disclose ownership of loans before foreclosure;
• Modify loans to be permanently affordable;
• Halt massive interest rate hikes;
• Allow servicers the greatest flexibility to modify these loans;
• Create a refinance loan for homeowners stuck in unaffordable loans;
• Employ salaried loan officers, not commissioned-based loan officers.
STOP ABUSIVE LENDING PRACTICES
Congress and the President must:
• Enact comprehensive homeowner protections that do not preempt state and local laws;
• Hold brokers and lenders accountable for knowingly engaging in abusive lending practices;
• Regulate and license mortgage brokers;
• Require all mortgage lending institutions to seriously address foreclosure prevention.
BUILD A SOLID FOUNDATION FOR HOMEOWNERSHIP
• Expand and modernize the Community Reinvestment Act (CRA) so that all mortgage originators are regulated;
• Reform many aspects of the mortgage origination process including RESPA changes which could give the final HUD-1 to borrowers 72 hours in advance of closing.
To hell with personal responsibility, let’s all have McMansions!
To hell with personal responsibility, we’re the banks, we never will have any!
More Loansharking!
[...] issued a call for today’s action months ago, highlighting the proposals in the group’s Save the American Dream campaign, including disclosure of ownership of loans; loan modifications that are permanently affordable; [...]
[...] is a proud member. The action was opened up to anyone willing to come to Chicago and support the savetheamericandream.org/our-platform/ basic principles of bank reform: immediate relief to keep families in their homes, a stop to [...]
[...] of new efforts to pressure lenders to lower mortgage costs, progressive economists, advocacy groups and legislators are pushing for tougher measures to keep homeowners in their homes – and to [...]