There are many things that need to be changed but we need to focus and request change in an area that can be changed. The government does not have authority over all banks and it is politically difficult to get the servicers to be forced to follow the guidelines. Our single message to take sole underwriting authority out of the servicers' hands, to perform a check on their work product with the use of a neutral third party, is selected because it can be done. The authority does exist in Congress - without overreaching - by mandating fines, which could cause the servicing industry to say "try it." Laws will have to be passed, which will be difficult in a Republican House. The GSE’s are taxpayer money, therefore Congress is responsible for their losses. Treasury “Escalation” is already part of HAMP and the servicers have already signed onto it. Court Mediation ordered by the courts is just that – a court order. These are obtainable goals and all possible with our single message, but we need numbers and a workable strategy, we have the latter. After two years, I know the landscape.
To do nothing will assure greater problems for everyone.
Send an email to firstname.lastname@example.org with "We Need Change Now" in the subject line. I will reply with the full strategy.
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