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Baker Testifying on the Mortgage Crisis

Wednesday, 21 May 2008 13:02

 Dean Baker testified before the House Subcommittee on Domestic Policy, promoting his Subprime Borrower Protection Plan. The hearing, "Neighborhoods: the Blameless Victims of the Subprime Mortgage Crisis," focused on the effects of the meltdown of the mortgage market on neighborhoods and communities, particularly the increase in the number of vacant and abandoned properties due to foreclosures.

In an effort to provide greater housing security to families put at risk by the current crisis in the housing market, Congressman Raul Grijalva, (D-AZ) introduced a bill yesterday - with similar elements of the Subprime Borrower Protection Plan - that would allow homeowners of moderate-value homes who are facing foreclosure to remain in their homes as renters. See video of the full hearing.
Comments (3)Add Comment
written by zaik, October 20, 2010 2:19
Mortgage Calculators
Mortgage Calculators
written by johnsonrik, October 29, 2010 7:42
Gives homeowners facing foreclosure the option of renting their home for as long as they want at the fair market rate. This rate is determined by an independent appraiser in the same way that an appraiser determines the market value of a home when a bank issues a mortgage.

Mortgage Calculators
written by johnsonrik, November 16, 2010 11:35
There is case law that I will be using (among many others) to enforce my mortgage rescission for a mortgage sold to me by Paramount Equity Mortgage. The case is Hamm/Jones vs Ameriquest Mortgage Securities et al October 17th, 2007 in the 7th Circuit Court. Rescission was successful for TILA violations of material disclosures which extended the three day right to rescind to three years. The violation was that the TILA disclosure did not have the word MONTHLY in the payment schedule. Mine is identical, and literally says that I have to make 180 payments, beginning on a start date, it does NOT say how often I have to make them. I cannot be in default unless I don't complete the 180th payment by July 1, 2021. There are hundreds of thousands of mortgages with the exact same disclosure violation, and it affords a valid avenue of rescission to the borrowers.

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