Fed wants to strip a key protection for homeowners

[babsbunny]

Fed wants to strip a key protection for homeowners


Read more: http://www.mcclatchydc.com/2010/12/01/104568/fed-wants-to-strip-a-key-protection.html#ixzz16uYV1arF

By Tony Pugh | McClatchy Newspapers

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.


Read more: http://www.mcclatchydc.com/2010/12/01/104568/fed-wants-to-strip-a-key-protection.html#ixzz16uZgyW32

[The_Casual_Observer]

1. There seems to be an all-out tidal wave of shit getting ready to

be unleashed against the remaining members of the working class.

[RKP5637]

2. Each day gets weirder. n/t

[GodlessBiker]

3. The days of robber barons have returned. The working class better watch out.

[WestSeattle2]

4. Did I miss something? Why does something like this fall under

the Fed's purview? With their track record of screwing up everything they touch, the less they're involved in anything, the better. They and their banking buddies have done quite enough damage to our country as it is.

[charlie]

5. This is bizarre

Critics say the proposed change by the Fed would render the rescission clause useless. The Fed proposal would require homeowners who seek a loan rescission through the courts, to pay off the entire loan balance before the lender cancels the lien.

So they have to pay a predatory lender to get the lien back, which is what they'd have to do anyway if they'd never gone to court. Wow. It's cynical, callous, wheel-spinning perfection.

[Caliman73]

6. That and the "cat food commission's" recommendation to dump the home interest tax break

Some in government seem to want to make home ownership a thing of the past. It definitely appears to be full on war on the middle and working classes.

[sarcasmo]

7. Investigate the Federal Reserve, NOW!