If you have not heard the news by now, it is looking as if the Mortgage Modification bill may pass after all. Citigroup has agreed with democratic lawmakers that including this provision in the next stimulus package is a good idea. Offcourse, the Mortgage Industry, Primarily the MBA intends to fight this provision and delay the passing of the stimulus package if it is not removed from the stimulus package. I am very disappointed in the way that MBA and Mortgage Industry is acting, their greed has blinded them and they have no interest in helping ordinary american citizens. I urge everyone out there to read about this deal and if you agree with me, write your local congressman or better yet E-mail the MBA and let them know how you feel.
Here is a link to the article, which explains the "cramdown" deal:
E-mail the MBA at:
If your not sure what to write, Here is what I wrote:
Dear MBA Executives,
I am appalled at the way the MBA is acting, unlawful business practices got you into this mess and congress still decided to bail you out. Now you have the gall to appose the cram down bill, even though you know it will help millions of families struggling to pay their mortgage, primarily because of ballooning Interest rates. These are the same Adjustable Rate loans which, you approved, now your surprised people are having trouble paying mortgages with 11% or above interest rates. If Bankruptcy judges are allowed to modify primary mortgages, it would allow millions of people to afford their mortgage payment, stay in their house and allow the housing industry to recover. Your organization should embrace this plan, not be apposed to it. in the long run, you will still make more money if people stay in their homes and pay their mortgages. Instead, you threaten us with higher interest rates in order to scare congress from passing this bill. You should be ashamed of yourselves, in at a time when Americans from all industries and walks of life need to stand together to weather the storm, you are fighting progress. I hope you come to your senses and realize this is a necessary measure.
As an employee of a Bankruptcy law firm, I come across people everyday that simply have trouble paying their mortgage because of high interest rates, allowing Bankruptcy judges to modify these loans in order for them to better reflect the value of the house and decrease unfsir interest rates is a no-brainer and you are foolish to fight it and by being against this bill, you are demonstrating to everyone that you do not have America's interests in mind and that you are overcome by greed.
Staten Island, NY