Posts Tagged ‘Obama’s’

Statements of Support for President Obama’s Commitment to Fix our Broken Immigration System

Statements of Support for President Obama’s Commitment to Fix our Broken Immigration System
Release Time:  For Immediate Release Below please see statements of support for the President’s commitment to fix our broken immigration system to meet our 21st century economic and security needs from business leaders, civic leaders and elected officials. BUSINESS LEADERS Howard Buffett, American philanthropist and President of the Howard G. Buffett Foundation “There are a lot of mistaken …

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Obama’s ‘Union’: ‘Move together or not at all’

Obama’s ‘Union’: ‘Move together or not at all’
Pleading for unity in a newly divided government, President Barack Obama implored Democratic and Republican lawmakers to rally behind his vision of economic revival for an anxious nation, declaring in his State of the Union address Tuesday night: “We will move forward together or not at all.”

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Obama’s economic agenda: Boost US competitiveness

Obama’s economic agenda: Boost US competitiveness
Chuck Burton FILE – In this Dec. 6, 2010, file photo President Barack Obama, visiting Forsyth Technical Community College in Winston-Salem, N.C., speaks about the key to boosting American competitiveness, that it rests in the nation’s willingness to invest in a more educated workforce, a deeper commitment to research and technology, and improvements in infrastructure, from roads and airports to …

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Feldman Law Center ? The Specifics of President Obama?s Plan

President Obama’s historic presidency began in the midst of possibly the worst financial crisis since the Great Depression.  The housing and real estate markets seemingly jumped off of a cliff, taking with it the financial stability of every other industry.  Obama passed sweeping legislation to help homeowners make payments and deal with the financial crisis while staying in their homes.  This plan in turn helps lenders who need homeowners to continue making their mortgage payments.  A key part of this plan is the loan modification process, which now helps homeowners even more.

The federal government is relying heavily on loan modifications with the Helping Families Save Their Homes Act of 2009 and Making Home Affordable Program.  Under these programs, current borrowers who are at imminent risk of default may qualify for a loan modification as long as the immanency of the default is tied to a specific event.  By specific event, they mean a pending interest rate increase in your mortgage loan or a demonstrable change in economic situation such as your spouse losing his/her job or a severe medical condition.

Ultimately, the plan centers around the thought that struggling borrowers can stay in their homes as long as they make their monthly payments (regardless of the sharp decline in value).  The plan has many backers, including billionaire Warrant Buffet.  In a recent letter to shareholders, Buffet wrote “Commentary about the current housing crisis often ignores the crucial fact that more foreclosures do not occur because a house is worth less than its mortgage (so-called ‘upside-down’ loans).  Rather, foreclosures take place because borrowers can’t pay the monthly payment that they agreed to pay.”

In the end, regardless of what the cause is for the foreclosures, homeowners are looking for ways to stay in their homes and everyone is hoping that Obama’s plan is the path toward that reality.  For homeowners facing foreclosure, struggling to make payments, and overwhelmed by creditor and lender phone calls, having someone they can trust by their side could make a huge difference.  During these difficult financial times, California loan modification attorneys are doing their best to be more than just an attorney; they are trying to be a confidante.  

A California loan modification attorney can sit down with you and discuss your options and if any new options were opened up under the Obama plan.  At the Feldman Law Center, our California loan modification attorney team is up to date with all federal and state laws governing loan modifications.  FDIC loan modifications, California loan modifications and more all fall under our jurisdiction.  We can help you find the program that’s right for you and your financial situation.

Millions of California residents are investigating California loan modifications as a possible solution to their financial troubles and as a way to avoid foreclosure.  If you find yourself in this situation, you should contact a loan modification attorney and get as informed as you can about all the state and federal loan modification programs available to you.

Visit Feldman Law Center at feldmanlawcenter.com or call 800-588-0425.

President Obama’s Remarks at Industrial Support, Inc. in Buffalo on May 13, 2010

President Obama’s Remarks at Industrial Support, Inc. in Buffalo on May 13, 2010
Transcript Provided by the Office of the White House Press Secretary

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Under Obama’s Health Care edict, will America’s 7 million HMO workers lose there job to Bangalore Call Centers?

That will bring the Great Un-Employers, numbers up to 15 Million fired or outsourced.

Obama’s Consumer Financial Protection Agency by Feldman Law Center

Feldman Law Center – Loan Modification News by Feldman Law Center — Part of Obama’s plan to overhaul regulation of the mortgage industry, unveiled last week, would create a Consumer Financial Protection Agency to monitor consumer financial products and change the entire process of getting a mortgage. With a stated goal of developing a mortgage process that is as simple as signing up for a retirement plan, the Presidentâ??s proposal centers on an automatic offering of a â??plain vanilla loanâ? to potential homebuyers. These loans would offer fixed interest rates and 30 year maturities, unless the borrower opts for a loan with riskier terms such as interest only or adjustable rates.

The plan has received vehement opposition from the mortgage and banking industries who say that government-approved mortgages would restrict borrowers’ options, make loans harder to get, and make them potentially more expensive. Powerful trade groups like the American Bankers Association, for example, oppose creating a consumer financial protection agency. Even lobbying groups open to the idea of a consumer-products regulator question whether the government should suggest which mortgages are best for consumers. “We don’t want to stifle innovation, and we don’t want to stifle competition,” said John Courson, president of the Mortgage Bankers Association.

One thing that would definitely be restricted, and one of the main factors behind these groupsâ?? opposition to the plan, will be the potential commissions that mortgage brokers can charge when they sell a mortgage. For example, administration officials want to curb the fees that brokers and lenders receive tied to inflated mortgage rates. Brokers argue the incorporating those fees are a way for borrowers to amortize the costs of a loan without having to come up with thousands of dollars in closing costs. Another aspect of the plan would link compensation to whether the borrower ends up defaulting on the mortgage. “There’s no reason that we should have to assume that risk,” said Marc Savitt, president of the National Association of Mortgage Brokers. The groupâ??s stance is that while a mortgage broker can facilitate a loan, the ultimate approval for the mortgage comes from the lender.

Mortgage brokersâ?? fees were typically highest on the most creative and dangerous of the mortgage varieties. With those mortgages a thing of the past, volume, commissions, and their share of new business has dwindled. Mortgage brokersâ?? share of new loans has dropped from a high of 60% to the current 20%, on much lower volume. Fixed rate mortgages have increased from a low of 50% of the total of new loans originated in 2004-05 to 95% today.

As the plan stands now, the newly created agency would approve a set of mortgages including fixed and adjustable rate mortgages. Approval for vanilla mortgages would be similar to the â??prime mortgageâ? approval process. Potential home buyers could still get mortgages outside of the government approved versions but disclosure of risks and dire warnings will accompany them.

Supporters of the new regulatory agency say that it is needed as much to protect borrowers from themselves as from predatory lending practices. Many borrowers went through the process of getting their mortgage without ever taking the time to understand exactly how the loans they were applying for worked and where the risks were. Still, previous Congressional efforts to regulate the mortgage industry have consistently broken down over the years, even on simple issues such paperwork reduction, so the fight could be long, drawn out, and years in the making.