What are the three things you would do to enhance the New Federal Mortgage Plan? ?

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http://news.yahoo.com/s/ap/20081112/ap_on_bi_ge/meltdown_mortgages
There are three things that I would suggest – nothing really revolutionary and two of the three are already available in current legislation and just need to be implemented.
1) Emergency legistlation as applicable to Tranche market barring the withhold of loan modification for a period of no less than three years.
2) Change 1 eligibility requirement for Loan mods. Instead of owing more than 90% of the face value of loan make it 75%
3)”Fannie and Freddie own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding” Does this mean that up to 40% of deeds to outstanding mortgages have not been perfected and vaulted? This is the crux of the problem. What I suggest is well within current guidelines:
Those deeds can be renegotiated 100’s of times on the open market. Firstly, all fees, commissions, interest etc. can be collected back from the original loan servicer and any intermediary loan servicer and or Title Company that did not file on a timely basis (say goodbye to all those big bonuses) I believe the current legistlation offers options to pursue individuals as well as corporations. Secondly, fines can be levied for not actively participating in loss mitigation. Thirdly, outstanding deeds can be voided and replaced. {If the mortgagee does not breach the agreement of loss mitigation in anyway (including refinancing, selling, etc.) at the end of the newly agreed upon mortgage term let the mortgaee be presented with a warranty deed} What that means to the consumer of an unperfected, unvaulted deed is that if you effectively and fully perform your obligations under your modified loan contract you will be presented with the best and most uncontestable deed to you home .

2 Comments
  1. Reply
    Widget Maker
    January 23, 2011 at 8:54 pm

    No person or entity should be allowed to own more than two houses.

    That will keep the price down.

  2. Reply
    correrafan
    January 23, 2011 at 9:49 pm

    One good thing that might never happen would be to prohibit builders of new houses from putting in expensive doodads that inflate the price, but can be added later when the homeowner can afford them. Build plain, roomy houses that have the potential for expansion and improvement under responsible home-ownership.

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