http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_HR_3609.html#45119 The 110th Congress failed in getting a lot of legislation which would be helpful passed. The push-me-pull-me makeup of the Congress was and is a catastrophe. If I understand how Congress works, this and all pending legislation will be tabled and a new introduction of this legislation developed when the 111th Congress goes in session. Shameful that the 110th was a no-go all-blow Congress.... 45119@http://www.washingtonwatch.com Wed, 15 Oct 2008 17:39:41 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#37833 If gas prices rose as slow as Congress advances legislation, we would still be paying 50 cents a gallon. Except this legislation stalling only increases home loss and gives Mortgages on primary residences unfair advantages over other creditors and debtors.... 37833@http://www.washingtonwatch.com Fri, 20 Jun 2008 06:57:35 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#34885 It appears the check cleared from the pacts opposing this needed reform for two Representatives, on NY and one Ohio representative. I hope this election the toggling and lack of support lands them a new job outside representing our nation.... 34885@http://www.washingtonwatch.com Thu, 15 May 2008 06:33:25 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#34214 Two more Ohio Representatives, a Connecticut Representative and a New York Representative have joined to co-sponsor this needed legislation. Thanks to those as well as those that co-sponsored this legislation before.... 34214@http://www.washingtonwatch.com Thu, 08 May 2008 06:30:19 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#32746 Update, now there are 82 cosponsors for this legislation. Some topix posters think 17 cents is above their means but 44% increase in monthly payments is OK! WE probably should be fair and raise taxes on individuals above 200K a year by 44% and gauge their increases on the 6 month LIBOR plus their current rate now as the teaser rate.... 32746@http://www.washingtonwatch.com Mon, 21 Apr 2008 21:26:46 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#31432 We know the legislation is equitable and sound without the amendments. It is also obvious that this legislation needs advanced and placed into law, reducing the inequity caused by the exclusion from 1978.... 31432@http://www.washingtonwatch.com Fri, 14 Mar 2008 05:48:31 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30831 s.2136 is the Senate version. We have Dodd, Obama, Clinton and Kerry supporting this bill in the Senate. Three were running, my favored dropped out in Iowa but is still doing good in the Senate on Family protection issues. If Obama or Clinton get elected we should not fear a veto. We would need another Senator though that supports this legislation.... 30831@http://www.washingtonwatch.com Sat, 23 Feb 2008 19:30:29 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30800 Now there are 66 co-sponsors and two that are Republican. At least there are more signing onto this legislation before there is an ever increasing number of families who will lose their homes.... 30800@http://www.washingtonwatch.com Fri, 22 Feb 2008 15:01:34 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30799 continued: Regarding your ability to bypass a loan with these provisions, more power to you. This is not however an uncommon predicament with homeowners. also inhterest rates will not go up or down whether the exclusion lenders for primary residences are protected against. Thanks for the response. I like to know how non-victims justify circumstances which they are not faced with.... 30799@http://www.washingtonwatch.com Fri, 22 Feb 2008 14:51:53 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30798 This will only apply to families who are in foreclosure, are below median income and are saddled into interest only/exploding arm loans. It will not encourage any more to file bankruptcy. It will give people that were trying to make it and were doing fine until the reset set off a conditon where they are no longer solvent. Currently they cannot save their homes from foreclosure in bankruptcy since they are not negotiable.... 30798@http://www.washingtonwatch.com Fri, 22 Feb 2008 14:51:19 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30789 Hey Jim, quick acting like the indusry just all of a sudden came along and stuck people with these loans. I was looking for a home, yet I was able to NOT sign one of these contracts. Either i'm superman, with superpowers that allow me to read contracts, or maybe the buyers LET THEMSELVES be stuck with these loans. Quit the "culture of victimization" crap!... 30789@http://www.washingtonwatch.com Fri, 22 Feb 2008 10:18:42 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30788 This will only encourage a huge amount of Bankruptcies. ANd how can property value be determined if it is all Manipulated. Won't the prices still keep going down if judges force them down? Also, investors will now want higher interest rates to cover all the new risk they will have. And you can kiss subrime loans goodbye forever. that is, until all the "al sharptons" come out and say they are now disrciminated against. Be carefull what you wish for, help a few people, but ruin it for the majority.... 30788@http://www.washingtonwatch.com Fri, 22 Feb 2008 10:15:20 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30439 Well, I was informed that Speaker Nancy Pelosi has the ability to put this legislation forward for the full house to be able to vote. The issue should be brought forward soon. My congressman Pat Tiberi was positive in response to the issue. How he will vote is up to his determination on the issue. As a Realtor previously his insight into home ownership should be positive. Write to the Speaker at AmericanVoices@mail.house.gov in order to get this legislation moving again.... 30439@http://www.washingtonwatch.com Thu, 14 Feb 2008 05:33:23 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30402 Good luck to you. I know how practical this provision is to help those save their home from bad deals the industry stuck a lot of families with. I look at a home as a place to live. It is a shame that there are many in congress which do not relate to this matter and expedite this legislation instead of allowing it to set dormant for so long. We need this legislation now! not after everyone loses their primary residence. The last deal the lenders made is absolutely worthless since I a excluded from help in that situation. I passed the foreclosure disaster but am still burdened with a non-negotiable exploding arm.... 30402@http://www.washingtonwatch.com Tue, 12 Feb 2008 21:40:46 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30393 I am a victim and I am for the bill HR 3609... 30393@http://www.washingtonwatch.com Tue, 12 Feb 2008 17:35:56 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#30277 It is great to know the amount of representatives co-sponsoring this legislation has increased, many since 1/15 and a lot from 2/7/2007. Our representative is still not on this bill. I expected not to see his support but still would like Pa Tiberi to get off the Greed treadmill and help out the constituents for this district.... 30277@http://www.washingtonwatch.com Sat, 09 Feb 2008 09:25:53 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#29319 I have contacted both Senators from my state and my representative. The Democratic Senator is co-sponsoring the Senate bill S 2136. The Republican Senator is changing his email policy to not receive certain action committee mail. I submitted a mail to his contact interface and am waiting for another response. There is one representative from the Republican party who is co-sponsoring the bill but is there to add limitations to the bill which require being in foreclosure (I was), having an adjustable ARM (it is), an Interest only mortgage (it is). For the Presidential candidates, Obama is a co-sponsor for the Senate bill. Clinton or the others are not. Dodd rescinded in Iowa but is a co-sponsor for the Senate version Durbin Originated. We need help now. The legislation is stalled too long. Either the house bill or Senate bill needs passed. Sitting on these legislative reforms does noone much good.... 29319@http://www.washingtonwatch.com Fri, 18 Jan 2008 22:02:18 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#29310 Look...the average american should be afforded a chance to own a primary residence. All the other speculative, flipping, etc. crap...should be subject to different rules / rates. A primary residence loan rate should not be higher than 6%...period. It should be electable for 10, 15, 30 years and would be a very stable instrument (much like a Mutual Fund). You want to gamble and invest in the 5/1 ARMS that adjust to 11% and then see the mortgage default...fine...but don't put that monkey on the back of a primary residence owner / purchaser. Pass the reform, allow the BK judges to deal with the predators, and f*** them for going there in the first place.... 29310@http://www.washingtonwatch.com Fri, 18 Jan 2008 17:44:17 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#24794 This legislation is good legislation. It stops the treatment of a loan for a primary residence from trapping a borrower into a situation where the loan was given with terms that should not ever have been dealt out to any borrower. This legislation will allow all secured creditors to be treated equally. Interest rates for the market will not be effected. Bad loans dealt out to borrowers will be detoured.... 24794@http://www.washingtonwatch.com Mon, 17 Dec 2007 14:02:57 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#24758 Of all of the stupid pieces of legistration that I've seen over of the years, this one takes the cake. You complain about high interest rates from these ARMs now..then pass this bill and watch them skyrocket.... 24758@http://www.washingtonwatch.com Mon, 17 Dec 2007 08:34:16 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#24600 I am still following this legislation and am glad to see that there is finally a politician from my state, but not my district who is sponsoring this legislation. My representative, Pat Tiberi just stated fiscal responsibility. It is good to see that both parties are becoming concerned with this legislation and my first view of this being only supported by the Democratic party is no longer a reality. I just received a notice from the courts where my payments go up $500, around $350 is for the loan, the rest is for property taxes. It is highly likely that I'll face a surrender of the property and my chapter 13 plan will fail without allowing bk judges the power to negotiate these loans. All it takes is good legislation that strikes out unfair provisions, Thanks goes to the Ohio Representative that supports this legislation.... 24600@http://www.washingtonwatch.com Thu, 13 Dec 2007 21:51:29 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#22995 After tracking testimonies from banks, the mortgage industry and now seeing some campaign to make it seem that the bill produces a 2% "hidden tax" to consumers across the board, I am more convinced that we need this legislation to pass to save homeowners. When the opposition starts campaigns of fear, we should realize that the opposition has nothing to present in argument.... 22995@http://www.washingtonwatch.com Fri, 09 Nov 2007 17:40:24 EST http://www.washingtonwatch.com/bills/show/110_HR_3609.html#22552 I may not understand if a very rich person would finance property for the tax write-off or would buy outright. Buying outright makes more sense to me if I had the funds. I do not see the benefit to the lender or to the one made homeless because of the exclusion from negotiation presently in the chapter 13 code. When 1322(b)(2) finally gets stricken from the code, we will see that interest rates and bank failures will not increase. We will see the prevention of a total collapse which this exclusion pretty much guarantees. Banks are hesitant to negotiate with no escape through bankruptcy, regardless of their financial loss. Forcing people into chapter 7 vs chapter 13 is what 1322(b)(2) causes. The bank gets the full loss, I have nothing to pay back. I would feel better with keeping the house and negotiating a possible payback plan. Hopefully 1322(b)(2) is stricken very soon.... 22552@http://www.washingtonwatch.com Sat, 27 Oct 2007 21:12:16 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#22550 I do agree that property values and interest rates seem to complement each other. The consumer gets taken for their income in either interest or inflated prices. Before I bought a house, I saw the situation that we are now in with escalating housing prices. It was destined to get to the point where borrowers would not have the earning power to afford to buy. I believe the ARMs with affordable starting rates to qualify borrowers who could not afford the lending industries ideal of an acceptable return neglected to foresee that once the terms change to where the borrower could not afford the property that the oversight regarding the 1322(b)(2) clause would need to be stricken, otherwise the only winners will be buyers of foreclosed properties.... 22550@http://www.washingtonwatch.com Sat, 27 Oct 2007 20:54:02 EDT http://www.washingtonwatch.com/bills/show/110_HR_3609.html#22548 I'll skip the example. I know that the courts find mid ground that benefits the person with the car and the loaner of money for the car. The reduction in the interest rate for the car was of some benefit compared to filing liquidation. The interest rate reduction did save $115 a month compared to pre-bankruptcy. I guess flippers is more realistic than use as investment property. I cannot see why the LIBOR is used for loans originated in the US. I do not see rates going to plus 8 just because one can possibly save their homes with negotiated rates. The only loser I see here are the parasites who buy foreclosed properties at very low dollars. They will have less to steal. I do see gains on the lender side and on the homeowner remaining a homeowner.... 22548@http://www.washingtonwatch.com Sat, 27 Oct 2007 20:41:04 EDT