Feeling Guilty about getting a Loan Modification? $175 million in lobbying fees the companies spent over 10 years, in part to counter attempts at stronger oversight. Think again.

Ex-Officer Faults Mortgage Giants for ‘Orgy’ of Nonprime Loans by By LYNNLEY BROWNING An account regarding  the House Oversight and Government Reform Committee and more

Commentary: When I first starting looking over this article my first thought was here comes the blame gang. But as I have been listening to some of the talk radio pundits they have been after the then administration for pushing people into loans in order to bolster the economy. As you know people started buying more than they could afford etc. etc. etc.

But then at the end of this article you find a jewel that Christopher Shays, Republican of Connecticut dropped that..

More than $175 million in lobbying fees the companies spent over 10 years, in part to counter attempts at stronger oversight.

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Edward J. Pinto, who was chief credit officer at Fannie Mae said one in five Alt-A loans in recent years were made to investors, not to first-time home buyers.

So the reason I posted this was to make sure that if your looking into Loan Modification and are feeling guilty about doing it...READ THIS ARTICLE and then call me 858-270-0251.

There were some other factors going on that contributed to this mess and it's obvious that while they are trying to fix it. People still need to be a bit proactive in the process..

The following is an excerpt from the article...

Housing analysts say that the former heads of Fannie Mae and Freddie Mac increased their nonprime business because they felt pressure from the government and advocacy groups to meet goals for affordable housing as well as pressure to compete with Wall Street. But Mr. Pinto said one in five Alt-A loans in recent years were made to investors, not to first-time home buyers.

Another lever was what Representative Christopher Shays, Republican of Connecticut, said was more than $175 million in lobbying fees the companies spent over 10 years, in part to counter attempts at stronger oversight.

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients. He can be reached directly at 858-270-025

Comments

[Richard Elm]

Just the use of the word Orgy and Loan Modifications is wrong.