Homeowners take a hit under Fed plan

[egoclothes]

Source: McClatchy Newspapers




Homeowners take a hit under Fed plan

Agency wants to strip key foreclosure protection from Truth in Lending Act

By Tony Pugh
McClatchy Newspapers
Updated: 12/06/2010 09:30:14 AM CST

WASHINGTON — As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms.

The Fed's proposal to amend a 42-year-old provision of the federal Truth in Lending Act has angered labor, civil rights and consumer advocacy groups along with a slew of foreclosure defense attorneys.

They're not only asking the Fed to withdraw the proposal; they also want any future changes to the law to be handled by the new Consumer Financial Protection Bureau, which begins its work next year.

In a letter to the Fed's Board of Governors, dozens of groups that oppose the measure, including the National Consumer Law Center, the NAACP and the Service Employees International Union, say the proposal is bad medicine at the wrong time. ...MORE....

Read more: http://www.twincities.com/newsletter-morning/ci_16785811?nclick_check=1

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Things just seem to be getting more worse as each day passes.
This would be the essence of the proposal!!

"Requiring homeowners to pay what remains of the original loan before a rescission can proceed is tantamount to a "verdict first, trial later" philosophy, Keest said."

[sakabatou]

1. Ugh.

[jtuck004]

2. We need to stop this. It is criminal.

It opens the door for banks to lie to consumers about their loans, something that has been partially reponsible
for the financial crisi we remain in.

[Autumn]

3. Of course, if it's against the

poor and middle class (or what used to be the middle class) then they are all for it. What a daily shit sandwich this is getting to be.

[Democrats_win]

4. Just awful. To bad there are no Democrats in Washington to stop this.

[Auggie]

5. Plans are afoot to eliminate the tax deduction of home mortgage interest too

[benld74]

6. Link to Express YOUR Opinion to the FED ,,,,,,

Dont just talk about it, TELL EM HOW YOU FEEL!!!!!


http://www.federalreserve.gov/generalinfo/foia/ElectronicCommentForm.cfm?doc_id=R-1393&doc_ver=1&name=Regulation%20Z%20-%20Truth%20In%20Lending%20Act&date=20101019a

[goforit]

7. Killing off the masses slowly.

[mbperrin]

8. Will no one rid us of this troublesome Bernanke?

I wish there was someone in Washington who was more powerful than the Fed and the banks.

Wishful thinking, I know.

[Freddie Stubbs]

9. His term as Chairman ends in 2014. Obama renominated him for a second term last year

[CreekDog]

10. We're getting this in exchange for tax cuts for the wealthy

wait.

:wtf: