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S. 2888, The Foreclosure Rescue Fraud Act of 2008
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
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Visitor Comments
Mr.B
May 10, 2008, 11:16pm (report abuse)The fraudsters must be stopped, but this bill doesn't even come close to doing that. It will just make the bad foreclosure situation worse.
There are fraud laws in every state. If someone commits fraud acting as a “foreclosure consultant” they should be prosecuted for such under their states fraud provisions.
When something as big and messy as this mortgage crisis is going like a runaway train down a mountain, you need to focus on getting the train stopped, not changing the wheels or other maintenance that could make things worse or wreck the train altogether.
Continued…
Mr.B
May 10, 2008, 11:18pm (report abuse)We are in the middle of an avalanche of foreclosures this bill adds a bunch of hoops and confusion to the process of saving a house or short selling a house. They are making lawyers and R.E. Brokers exempt but they frequently are the ones that call us to do this work. We know how to negotiate a loan modification or forbearance, or stop a foreclosure sale in a state that forecloses in 21 days. I bet lawyers would charge thousands of dollars for those services. We do it at no cost to the home owner. Banks are telling the home owners to call us because they know from working with us that we are helping home owners.
If this bill passes I’ll have to stop my business, rewrite all our forms and procedure, have the lawyers look over and approve them, then retrain all the staff in the new procedures. In the meantime thousands of homes will be foreclosed on that we could have helped.
Mr. T
December 14, 2008, 7:25pm (report abuse)This bill would make it very difficult for the honest companies, attorneys, real estate companies, consultants etc. to do their work. You don't solve the problem by restricting the non-fraudulent companies!