"If you're the CEO of a major company and you don't want the bad press associated with being the foreclosure king, that might have an effect on you," he said.
They saved the best for last... If they didn't give a flying about cutting mortgages for $10,000 dollar a year waitresses why should anyone believe that they care about their public image? Unless their public image is more important than their fiduciary duties, business law. Writing mortgage loans to people who have no hope of paying them the first time they go to doc-in-the-box is not only a breech of fiduciary duties to the people THEY borrowed the money from, it must violate dozens of state/federal lending laws. Orange prison jumpsuits on your CEO&CFO are not good PR either, and prison is where most of them belong... along with these guys: http://leighm.net/wp/2007/10/14/bafraid_vid/ On Nov 28, 2007 10:25 AM, Charles Brown <[EMAIL PROTECTED]> wrote: > Foreclosure help on the way > Mayors, lenders announce hotline, database aimed at reining in crisis > November 28, 2007 > > BY ZACHARY GORCHOW > > FREE PRESS STAFF WRITER > > Under fire for the explosion of failed mortgages that has led to a > national foreclosure crisis, lenders promised U.S. mayors in Detroit on > Tuesday that they will pay for credit counseling hotlines and assemble a > database to help untangle who owns foreclosed properties. > > The U.S. Conference of Mayors, lenders, banks and nonprofits that help > people with their loans huddled behind closed doors at the MGM Grand > Detroit to brainstorm how to rein in the number of people losing their > homes. > > > The Mortgage Bankers Association committed Tuesday to donating $100 for > every property in foreclosure -- about 1 million properties -- to > hotlines designed to help people avoid foreclosure. > The association also launched a database of all the loans in > foreclosure, accessible on its Web site. The database will allow people > to find out which lender is responsible for a foreclosed house and who > the loan servicer is on the house. > > The association also said it would make its studio in Washington > available to mayors to film a public service announcement about > foreclosures, similar to one it did for Detroit Mayor Kwame Kilpatrick > that hasn't aired yet. > > Paul Richman, the association's senior director of government affairs, > said the steps are being taken to help address the need created by some > in the industry. > > "We understand we need to prospectively be more careful in the future," > he said after the meeting. > > Kilpatrick said the database would prove useful because residents > inundate city halls with complaints about foreclosed homes with > overgrown lawns and broken windows. > > But many often struggle to find answers because it can be difficult to > figure out who's responsible for the property, he said. > > "Now we'll know better who has the major responsibility for getting > those houses in order," Kilpatrick said. > > Both the database and money for hotlines would be a big help, said Ava > Tinsley of the Boston-Edison Association in Detroit. The association is > involved in helping people facing foreclosure. > > It's difficult to determine which entity has seized a house when it is > foreclosed -- a bank for a mortgage or a government for taxes, Tinsley > said. > > And the demand for counseling help is immense, she said. > > "There are so many people out there who need help and don't realize > they need help until it's the ninth hour," she said. > > Earlier in the day about 10 demonstrators protested the meeting outside > the hotel. They called for states to use laws already on the books to > put a moratorium on foreclosures. > > After being told by nonprofits that 72% of those in foreclosure have > the wherewithal to remain in their homes if given proper help, the > mayors said it's essential to convince people nearing or in foreclosure > to seek help. > > Officials said three-quarters of those in foreclosure are not > deadbeats, but caught in poorly designed loans -- part of the subprime > market where loans began with cheap initial interest rates that later > ballooned to unaffordable levels. > > "What we have is an unbelievable number of people in bad products," > said John Taylor, president and chief executive officer of the > Washington-based National Community Reinvestment Coalition. > > Mayor Douglas Palmer of Trenton, N.J., the president of the National > Conference of Mayors, said the problem doesn't affect just those in > foreclosure. > > "The foreclosure crisis has the potential to break the back of our > economy as well as the back of our families if we don't do something > about this soon," Palmer said. > > In metro Detroit, it is the subprime collapse, coupled with a poor > economy, that has fueled large numbers of foreclosures. > > Earlier this month, RealtyTrac reported 1 in 33 homes in metro Detroit > was subject to a foreclosure filing -- second in the nation behind > Stockton, Calif. > > Having the mayors team up could bring key pressure on Washington and > state governments to put reforms in place to protect borrowers, Taylor > said. > > "A concerted effort with a team of mayors, I think, could be very > effective," he said. > > Charles Ballard, an economics professor at Michigan State University, > said while one mayor would not be able to effect much change, a > coalition of them could put considerable heat on the lending industry. > > "If you're the CEO of a major company and you don't want the bad press > associated with being the foreclosure king, that might have an effect on > you," he said. > > The Web site for the Mortgage Bankers Association database of loans is: > http://www.mortgagebankers.org/industryresources/resourcecenters/ > PropertyPreservationResourceCenter.htm > > Contact ZACHARY GORCHOW at 313-222-6678 or [EMAIL PROTECTED] >
