Lynne Pope is your Realtor in Hermosa Beach, Manhattan Beach and Redondo Beach

This article is written for realtors. Homeowners need to know this also. Will you see it in plain english in the press our local papers, the LA times, NO.  It is informative. Here is the added fact..really bad behavior is going on out there now. Scamming -its like a scam-lord. Some people are pretending to be the leasing agent and take a deposit on a property they have no right to. It is forclosed and they are faking ownership. I spoke to a savvy agent who said..this…if you get a NOD notice of default. Cancel your phone. Get another phone and let your lender know it. People will be calling the old number and going over to your home..Don’t let them in, don’t discuss it with whoever shows up. Get a qualified agent and get some information that way. Otherwise…you don’t know who you are dealing with.  

here is the article 

Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate on Wednesday approved a version of the latest foreclosure-prevention plan.

The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.

The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.

The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.

The Senate version of the bill didn¢â‚¬â„¢t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration¢â‚¬â„¢s foreclosure prevention plan. Lawmakers consider it dead in the water.

The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.

Source: The Associated Press, Ann Flaherty (05/06/2009)

Doing “something” about the financial situation is needed. Now that more news is out there they are saying they will fine tune areas. It makes sense. The story of Chrysler Corporation and that they already paid back the loan they received within one year made sense to me.

Cooler heads and calmer minds are working in the midst of a media flurry that tears down the ideas before the bud even opens. Several points bear note. Think of this as a fire wall, and by putting it up now will restore the ability of recovery of homes in this market.

Really Really and truly….the forclosures are worse than Katrina, worse than 911 and we need to recognize the numbers of families in America losing their homes! Bail out, wall street are just the wrong words. Somebody needs to get in there and do something. To jockey in politics and posturing is not right but it is going along. Each party trying to get their “Man” in. The fact is that the American people have been harmed on many fronts. I won’t list the harm because we already know.

The lobbying has got to stop paying and playing with leaders. The leader that does that will make a difference. McCain is right to go to Washington and Obama should go to. They were invited. They will be involved in the future of leadership and should be there.

The media is becoming so loud that many of us are just turning it off.

Job losses are followed by home losses are followed by more losses. The time is now to act. Sure last week would be good, week before that better but all we have is now. Lets start by calling it what it should be. Government working for the people to assure a calm, an anchor, a firewall, a group of leaders with a true desire for the good of all mankind.

Trying to figure out what the “bailout means” in regular terms? The power struggle in Washington gives us a clue: differing point of views. Here are the bullet points to review

“The Senate plan, led by Dodd, calls for five key provisions to be added to the Treasury proposal. They would:

• Give the government an equity stake in the companies it helps
• Change the bankruptcy law so that judges can modify the mortgages of filers’ primary residence
• Curb executive compensation on the companies participating in the bailout
• Impose oversight of the Treasury program
• Require the government to promote sustainable homeownership through loan modifications and use of the new HOPE for Homeowners Program on the mortgages underlying the assets it buys in the bailout.

The House version, drafted by House Financial Services Chairman Barney Frank, D-Mass., includes only the last three provisions.”

I like Dodds view. He is protecting the homeowner, being a watchdog of CEO take home

pay. (they pay for the lobbiest). Finally saying if the Government is paying for all this they should get a share. If they get a share there- and if it becomes profitable they could make some money and use it to help our country.

Over simplified it looks like the government is Daddy-and the teens went out charged up the credit cards and wrecked the car and want a new credit card and a new car. Dad is just saying he owns the car.