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More State AGs Speak Out Against Proposed Foreclosure Settlement
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
More State AGs Speak Out Against Proposed Foreclosure Settlement
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
More State AGs Speak Out Against Proposed Foreclosure Settlement

March 24, 2011 (Chris Moore)
mortgage-speakout-image
Last week we reported that Virginia Attorney General Kenneth Cuccinelli stated that his state was among “at least a dozen” that doesn’t back the Obama Administration’s proposed foreclosure settlement, now three more Republican Attorneys General have come forward and joined Cuccinelli expressing their displeasure with parts of the plan that they feel are too consumer friendly and could lead to more strategic defaults.

Florida Attorney General Pam Bondi, Texas Attorney General Greg Abbott, South Carolina Attorney General Alan Wilson, and Cuccinelli have sent a letter to Iowa Attorney General Tom Miller, who is leading the investigation, expressing their fears that homeowners would strategically default on their mortgages in order to take advantage of the consumer-friendly terms and that Miller and other participants in the proposal may be overstepping their bounds.

“Because of the term sheet’s vague principal reduction standards, some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction— whether or not they actually made an effort to maintain their mortgage,” according to the letter.

The proposal, sent to the large mortgage servicers in early March, is considered to be a draft from which both parties can begin negotiating. It outlines new requirements that servicers must follow in order to complete the foreclosure process on a property such as, an end to pursuing a foreclosure while a borrower is being evaluated for a loan modification and a buyer workout, such as considering a principal reduction, would be mandatory.

Also servicers would be required to provide one contact point for the entire foreclosure process and a decision on a modification must be made within 30 days of receiving documentation.

Although in the letter the Attorneys General agreed with many of the terms of the proposal, they felt that some of the terms should be scaled back and that modification proposals would not remedy the violations that the mortgage servicers made.

“In our view, the fifty-state working group has a unique opportunity to address the mortgage servicers’ legal and financial malfeasance on a national scale—but we are concerned that expanding beyond the scope of our already expansive charge may ultimately undermine the effectiveness of our law enforcement efforts,” the Attorneys General wrote in the letter.

Tags: foreclosure settlement, Republican Attorneys General, strategic defaults, loan modification, mortgage modification, mortgage servicers, Tom Miller

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
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March 24, 2011 (Chris Moore)
mortgage-speakout-image
Last week we reported that Virginia Attorney General Kenneth Cuccinelli stated that his state was among “at least a dozen” that doesn’t back the Obama Administration’s proposed foreclosure settlement, now three more Republican Attorneys General have come forward and joined Cuccinelli expressing their displeasure with parts of the plan that they feel are too consumer friendly and could lead to more strategic defaults.

Florida Attorney General Pam Bondi, Texas Attorney General Greg Abbott, South Carolina Attorney General Alan Wilson, and Cuccinelli have sent a letter to Iowa Attorney General Tom Miller, who is leading the investigation, expressing their fears that homeowners would strategically default on their mortgages in order to take advantage of the consumer-friendly terms and that Miller and other participants in the proposal may be overstepping their bounds.

“Because of the term sheet’s vague principal reduction standards, some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction— whether or not they actually made an effort to maintain their mortgage,” according to the letter.

The proposal, sent to the large mortgage servicers in early March, is considered to be a draft from which both parties can begin negotiating. It outlines new requirements that servicers must follow in order to complete the foreclosure process on a property such as, an end to pursuing a foreclosure while a borrower is being evaluated for a loan modification and a buyer workout, such as considering a principal reduction, would be mandatory.

Also servicers would be required to provide one contact point for the entire foreclosure process and a decision on a modification must be made within 30 days of receiving documentation.

Although in the letter the Attorneys General agreed with many of the terms of the proposal, they felt that some of the terms should be scaled back and that modification proposals would not remedy the violations that the mortgage servicers made.

“In our view, the fifty-state working group has a unique opportunity to address the mortgage servicers’ legal and financial malfeasance on a national scale—but we are concerned that expanding beyond the scope of our already expansive charge may ultimately undermine the effectiveness of our law enforcement efforts,” the Attorneys General wrote in the letter.

Tags: foreclosure settlement, Republican Attorneys General, strategic defaults, loan modification, mortgage modification, mortgage servicers, Tom Miller

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

March 24, 2011 (Chris Moore)
mortgage-speakout-image
Last week we reported that Virginia Attorney General Kenneth Cuccinelli stated that his state was among “at least a dozen” that doesn’t back the Obama Administration’s proposed foreclosure settlement, now three more Republican Attorneys General have come forward and joined Cuccinelli expressing their displeasure with parts of the plan that they feel are too consumer friendly and could lead to more strategic defaults.

Florida Attorney General Pam Bondi, Texas Attorney General Greg Abbott, South Carolina Attorney General Alan Wilson, and Cuccinelli have sent a letter to Iowa Attorney General Tom Miller, who is leading the investigation, expressing their fears that homeowners would strategically default on their mortgages in order to take advantage of the consumer-friendly terms and that Miller and other participants in the proposal may be overstepping their bounds.

“Because of the term sheet’s vague principal reduction standards, some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction— whether or not they actually made an effort to maintain their mortgage,” according to the letter.

The proposal, sent to the large mortgage servicers in early March, is considered to be a draft from which both parties can begin negotiating. It outlines new requirements that servicers must follow in order to complete the foreclosure process on a property such as, an end to pursuing a foreclosure while a borrower is being evaluated for a loan modification and a buyer workout, such as considering a principal reduction, would be mandatory.

Also servicers would be required to provide one contact point for the entire foreclosure process and a decision on a modification must be made within 30 days of receiving documentation.

Although in the letter the Attorneys General agreed with many of the terms of the proposal, they felt that some of the terms should be scaled back and that modification proposals would not remedy the violations that the mortgage servicers made.

“In our view, the fifty-state working group has a unique opportunity to address the mortgage servicers’ legal and financial malfeasance on a national scale—but we are concerned that expanding beyond the scope of our already expansive charge may ultimately undermine the effectiveness of our law enforcement efforts,” the Attorneys General wrote in the letter.

Tags: foreclosure settlement, Republican Attorneys General, strategic defaults, loan modification, mortgage modification, mortgage servicers, Tom Miller

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS