Anger Over Bush Mortgage Plan Is Misplaced

Did the President, Treasury Secretary Paulson and HUD Secretary Jackson know the rate freeze allows servicers to modify loans without written authorization?

If mortgage servicers don’t have to make contact with borrowers to freeze loans, how do the servicers know the properties are owner occupied, and not investment properties?

If borrowers won’t have to document current income for the rate freeze, how can servicers avoid modifying initially fraudulent loans?

Does the industry group that wrote the rate freeze represent investors in Mortgage Backed Securities, or companies that profit from the issuance of the securities?

Did the top mortgage service providers, ratings agencies and bond issuers, who are all members of the industry group which wrote the rate freeze, influence the decision to charge bond holders for counseling and modification expenses?

How much have the servicers agreed to charge for modification and counseling?

If the rate freeze temporarily props up housing markets and mortgage bonds that some lenders, borrowers credit rating agencies and appraisers fraudulently helped inflate, will would-be buyers face artificially overpriced housing markets?

How much did Treasury Secretary Paulson and Goldman Sachs profit from involvement in the mortgage securitization process from 2004 to 2006?

Should those who created and profited from the subprime problems be trusted to author and facilitate the remedy?

In creating the framework for the rate freeze, did those who created and profited from the subprime problems prioritize their financial interests and avoidance of criminal liability?

Should the appraised value for modifications be based on the date of origination, even if the current value is much less?

Who would benefit if fewer foreclosures occur as homeowners continue to pay on mortgage larger than current values?

harlynman of MD @ Dec 10, 2007 18:31:15 PM