http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_SN_2801.html#46737 I went to http://www.loanmodassistant.com It was $199 and guaranteed. The government says that make sure you get a guarantee! I was with U.S. Bank on my 1st and 2nd mortgage. went from a 12.75 on 1st and 13 on 2nd to 6.% on both loans. I saved $812 each month. I hope this helps someone.... 46737@http://www.washingtonwatch.com Fri, 21 Nov 2008 00:00:00 EST http://www.washingtonwatch.com/bills/history/110_SN_2801.html?rev=23951 <p>S. 2801 would help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Mortgage Enhancement and Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.&lt;br&gt;</p> <p>States that a servicer of such pooled loans owes a duty to the securitization vehicle to maximize, or not negatively affect, the recovery of total proceeds from such loans for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties.</p> <p>Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer: (1) makes reasonable, documented efforts to implement a modification or workout plan for a loan in or facing payment default; or (2) engages in other loss mitigation efforts, if the former efforts fail or the plan would be infeasible, in the reasonable belief that such efforts will maximize the net present value to be realized over that which would be realized through foreclosure.</p> <p>Declares, furthermore, that a servicer shall be deemed to be acting on behalf of the securitization vehicle in the best interest of all investors and beneficial interest holders if the servicer makes efforts to: (1) contact proactively borrowers approaching a calendar date in which a predetermined or contractually established rate of interest shall increase or fluctuate in accordance with specified indicators or within a predetermined range; and (2) determine the borrower's ability to make payments following a reset of interest rates, whether the borrower is in danger of default or disclosure, and whether a loan modification or other mitigation effort is appropriate.</p> <p>Declares that, absent specific contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 4/2/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 23951@http://www.washingtonwatch.com Wed, 14 May 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_2801.html?rev=21298 <p>S. 2801 would help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes.</p> <h2 id="toc4"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 21298@http://www.washingtonwatch.com Thu, 03 Apr 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_2801.html?rev=21299 <p>S. 2801 would help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 4/2/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 21299@http://www.washingtonwatch.com Thu, 03 Apr 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2801.html 4/2/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 34238@http://www.washingtonwatch.com Wed, 02 Apr 2008 00:00:00 EDT