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Virginia AG: Dozen States Don’t Back Mortgage Proposal
HOW LOANRATEUPDATE WORKS
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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
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Virginia AG: Dozen States Don’t Back Mortgage Proposal
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
Virginia AG: Dozen States Don’t Back Mortgage Proposal

March 14, 2011 (Jeff Alan)
mortgage-2thumbsdown-image
Virginia Attorney General Kenneth Cuccinelli, a Republican, said his state is among “at least a dozen” that don’t back the Obama administrations proposal to resolve a nationwide probe of foreclosure and mortgage-servicing practices. Declining to name the other states, other than his own, that oppose parts of the proposal, the Attorney General went on to say that there isn’t a consensus among all 50 state attorneys general about the terms of the settlement proposal.

“When some attorneys general found out what was being agreed to, they had a great degree of unease over it,” Cuccinelli said.

Cuccinelli added that a “major problem” with the government’s proposal is that Freddie Mac and Fannie Mae aren’t involved in the negotiations. He also said that terms in the settlement proposal would impose documentation requirements on banks that go beyond Virginia law.

Cuccinelli also said principal reductions “sounds like a welfare discussion, not a regulatory discussion. That’s not the appropriate role for attorneys general.”

Oklahoma Attorney General Scott Pruitt also opposes the proposal saying requiring loan principal reductions would force mortgage servicers to violate their contractual obligations to mortgage investors.

“I’m concerned that what started out as an effort to correct specific practices harmful to consumers has morphed into an attempt to fundamentally restructure the mortgage loan industry in the United States,” he said.

Pruitt agrees that there are practices by mortgage servicers that need to be fixed such as taking steps to foreclose on a home while talking to the borrower about a loan modification but that the current proposal goes too far.

Cuccinelli said some states could propose an alternative plan.

Tags: loan principal reductions, mortgage servicers, Virginia, Oklahoma, Obama proposal, foreclosure, mortgage loan industry

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March 14, 2011 (Jeff Alan)
mortgage-2thumbsdown-image
Virginia Attorney General Kenneth Cuccinelli, a Republican, said his state is among “at least a dozen” that don’t back the Obama administrations proposal to resolve a nationwide probe of foreclosure and mortgage-servicing practices. Declining to name the other states, other than his own, that oppose parts of the proposal, the Attorney General went on to say that there isn’t a consensus among all 50 state attorneys general about the terms of the settlement proposal.

“When some attorneys general found out what was being agreed to, they had a great degree of unease over it,” Cuccinelli said.

Cuccinelli added that a “major problem” with the government’s proposal is that Freddie Mac and Fannie Mae aren’t involved in the negotiations. He also said that terms in the settlement proposal would impose documentation requirements on banks that go beyond Virginia law.

Cuccinelli also said principal reductions “sounds like a welfare discussion, not a regulatory discussion. That’s not the appropriate role for attorneys general.”

Oklahoma Attorney General Scott Pruitt also opposes the proposal saying requiring loan principal reductions would force mortgage servicers to violate their contractual obligations to mortgage investors.

“I’m concerned that what started out as an effort to correct specific practices harmful to consumers has morphed into an attempt to fundamentally restructure the mortgage loan industry in the United States,” he said.

Pruitt agrees that there are practices by mortgage servicers that need to be fixed such as taking steps to foreclose on a home while talking to the borrower about a loan modification but that the current proposal goes too far.

Cuccinelli said some states could propose an alternative plan.

Tags: loan principal reductions, mortgage servicers, Virginia, Oklahoma, Obama proposal, foreclosure, mortgage loan industry

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 14, 2011 (Jeff Alan)
mortgage-2thumbsdown-image
Virginia Attorney General Kenneth Cuccinelli, a Republican, said his state is among “at least a dozen” that don’t back the Obama administrations proposal to resolve a nationwide probe of foreclosure and mortgage-servicing practices. Declining to name the other states, other than his own, that oppose parts of the proposal, the Attorney General went on to say that there isn’t a consensus among all 50 state attorneys general about the terms of the settlement proposal.

“When some attorneys general found out what was being agreed to, they had a great degree of unease over it,” Cuccinelli said.

Cuccinelli added that a “major problem” with the government’s proposal is that Freddie Mac and Fannie Mae aren’t involved in the negotiations. He also said that terms in the settlement proposal would impose documentation requirements on banks that go beyond Virginia law.

Cuccinelli also said principal reductions “sounds like a welfare discussion, not a regulatory discussion. That’s not the appropriate role for attorneys general.”

Oklahoma Attorney General Scott Pruitt also opposes the proposal saying requiring loan principal reductions would force mortgage servicers to violate their contractual obligations to mortgage investors.

“I’m concerned that what started out as an effort to correct specific practices harmful to consumers has morphed into an attempt to fundamentally restructure the mortgage loan industry in the United States,” he said.

Pruitt agrees that there are practices by mortgage servicers that need to be fixed such as taking steps to foreclose on a home while talking to the borrower about a loan modification but that the current proposal goes too far.

Cuccinelli said some states could propose an alternative plan.

Tags: loan principal reductions, mortgage servicers, Virginia, Oklahoma, Obama proposal, foreclosure, mortgage loan industry

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