Banks are ignoring new regs

Tim Geihtner and Ben Bernanke

Why am i not surprised? We regulate and banks ignore. Same old story. New laws in Ca. say that dual tracking is illegal. That is when banks continue the foreclosure process while you are negotiating a loan modification.  They are not supposed to do it. Still doing it.

You are also supposed to have a single point of contact through the whole process instead of being jerked around from person to person. Guess what- not abiding by that law also.

What do we have to do to get the banks to obey the law. Anyone got any ideas?

New mortgage modification rules

Loan Modification Rules
The rules for mortgage modification have been eased according to FHFA. They would lower the interest rate to 1/2 % below going interest rates. (big deal) but would not include cn. Worse yet, missed payments would be added to the back end of the loan. Sounds like negative amortization to me.

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