Grants, Financial Aid, Assistance and Help Available for Home Owners at Risk
The Federal Foreclosure Assistance Center today announced the availability for financial aid, grants and assistance for Home Owners at risk of foreclosure due to subprime mortgage loans
Washington, DC, January 20, 2008 --(PR.com)-- The Federal Foreclosure Assistance Center today announced the availability of a limited amount of grants and financial assistance for Home Owners at Risk.
“Foreclosures are at record levels in our country, hurting homeowners and weakening our economy,” said Dodd. “By putting an end to abusive practices such as prepayment penalties and ‘steering’ homebuyers to more costly loans, and by providing for strong enforcement to ensure that these new protections are followed, my bill will help protect present and future homeowners from the plague of predatory lending. This is not a time for timidity or baby steps. We must implement effective reforms to mortgage lending practices in order to keep American families in their homes and restore confidence in our markets.”
The Homeownership Preservation and Protection Act will:
(proposed by Senator Dodd on 12/18/2007)
• Establish new protections for all borrowers. It will prohibit brokers from steering prime borrowers to more expensive subprime loans, create a fiduciary duty for mortgage brokers towards borrowers, and provide for a duty of good faith and fair dealing toward borrowers for all lenders.
• Establish new protections for subprime borrowers and borrowers who get nontraditional mortgages. It will require a real analysis of the borrowers’ ability to repay the loan. The bill prohibits prepayment penalties and Yield Spread Premiums (YSPs) on these loans, and requires that these loans provide a net tangible benefit to the borrower.
• Provide strong remedies to make sure these standards are met. It will allow state attorneys general enforce the provisions of the law, and does not preempt state law.
• Provide for limited liability for holders of a mortgage made in violation of law, whether it is the original lender or a subsequent investment trust. Unlike current law, which puts the burden on the borrower to find the party responsible for causing the harm, the legislation allows the borrower to go directly to the current mortgage holder for a cure.
The Federal Foreclosure Assistance Center offers, services to help Home Owners at risk of Foreclosure due to subprime lending procedures. The FFAC can help with correspondence with your mortgage or lender, understanding the foreclosure process and how to avoid or delay the process and protect your rights. Go to www.federalforeclosureassistancecenter.com
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“Foreclosures are at record levels in our country, hurting homeowners and weakening our economy,” said Dodd. “By putting an end to abusive practices such as prepayment penalties and ‘steering’ homebuyers to more costly loans, and by providing for strong enforcement to ensure that these new protections are followed, my bill will help protect present and future homeowners from the plague of predatory lending. This is not a time for timidity or baby steps. We must implement effective reforms to mortgage lending practices in order to keep American families in their homes and restore confidence in our markets.”
The Homeownership Preservation and Protection Act will:
(proposed by Senator Dodd on 12/18/2007)
• Establish new protections for all borrowers. It will prohibit brokers from steering prime borrowers to more expensive subprime loans, create a fiduciary duty for mortgage brokers towards borrowers, and provide for a duty of good faith and fair dealing toward borrowers for all lenders.
• Establish new protections for subprime borrowers and borrowers who get nontraditional mortgages. It will require a real analysis of the borrowers’ ability to repay the loan. The bill prohibits prepayment penalties and Yield Spread Premiums (YSPs) on these loans, and requires that these loans provide a net tangible benefit to the borrower.
• Provide strong remedies to make sure these standards are met. It will allow state attorneys general enforce the provisions of the law, and does not preempt state law.
• Provide for limited liability for holders of a mortgage made in violation of law, whether it is the original lender or a subsequent investment trust. Unlike current law, which puts the burden on the borrower to find the party responsible for causing the harm, the legislation allows the borrower to go directly to the current mortgage holder for a cure.
The Federal Foreclosure Assistance Center offers, services to help Home Owners at risk of Foreclosure due to subprime lending procedures. The FFAC can help with correspondence with your mortgage or lender, understanding the foreclosure process and how to avoid or delay the process and protect your rights. Go to www.federalforeclosureassistancecenter.com
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Contact
Federal Banking Coop
Barry Stein
561-820-1575
https://federalforeclosureassistancecenter.com
Barry Stein
561-820-1575
https://federalforeclosureassistancecenter.com
Contact
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