Industry Organizations Request Delay of TILA-RESPA Integration
The Mortgage Bankers Association, American Bankers Association, and six other trade groups representing the financial services sector sent a letter Wednesday to Obama Administration policy makers calling for a delay in considering improved disclosures for mortgage borrowers under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA).
The letter, addressed to Treasury Secretary Tim Geithner, Housing and Urban Development Secretary Shaun Donovan, and Federal Reserve Chairman Ben Bernanke expresses concern that the government’s intention to combine two disclosures into a single integrated document may be one change too many for financial institutions to manage in the current environment.
The writers applaud the actions of the Federal Reserve and HUD to improve disclosures to borrowers and states that integrating them into a single document will greatly increase transparency and consumer understanding of the mortgage transaction, but states that the government must realize that the initiative, which is currently being managed by Special Advisor to the President, Elizabeth Warren and Treasury staff, is coming “in the midst of a surfeit of proposed and final regulations that require fundamental changes to the mortgage finance business model and a generation of systems which support it.”
Attached to the letter is a list of 28 rules affecting TILA, RESPA, loan officer compensation, the SAFE Act and other regulations that are in various stages ranging from proposal to comment to upcoming compliance deadlines. The associations state that these “have stretched thin the compliance capabilities of financial institutions. If these efforts are not coordinated, they state that the cumulative burden will “threaten the availability of housing finance options, and it will also be difficult for stakeholders to provide input to these changes.
MBA PRESS RELEASE
MBA And Others Call For Coordinated Effort to Improve RESPA/TILA Disclosures for Borrowers
The Mortgage Bankers Association (MBA), along with several other trade associations, sent a letter today to Treasury Secretary Geithner, HUD Secretary Donovan and Fed Chairman Bernanke calling for improved disclosures for mortgage borrowers under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA).
The letter explains that if TILA and RESPA disclosures were harmonized and made simpler, consumers would be better equipped to navigate the market, understand their mortgage and settlement costs, and shop intelligently to meet their home financing needs. Therefore, the letter urges regulators to work with Elizabeth Warren and the new CFPB Director, to develop a comprehensive plan for disclosure reform that includes an agenda and timetable to propose, finalize and implement all mortgage disclosure revisions by the Board, Bureau and other agencies in an orderly manner.
Gotta love the way they spin it… “Improve RESPA/TILA Disclosures for Borrowers.”
Yea, for borrowers, right…
Full letter below…
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4closureFraud.org
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Joint Trade Letter on RESPA TILA Rule Changes
Ladies & Gentlemen,
It is very obvious that with this letter the MBA and all parties in interest only want to prolong the time so they can conclude with their goals already in plan. Remember an article done by Maldenman regarding Elizabeth Warren. In this article, Maldenman mentioned how contracts are already in place. The banksters, Wall St. and the MBA are in bed together in this one. They are looking for an excuse to prolong the inevitable. They know that as long as Elizabeth Warren is in charge, they are going to have problems in the way they are still doing business. This is why all of the sudden, Elizabeth Warren is going to be replaced as the person in charge of the new protection agency. The whole agency is a joke, specially after being written by these flakes Dodd & Barney.
It is for their best interest to delay the process, so they continue to squeeze the consumers through Wall St. and keep their Share Holders Happy. They know if their Share Holders find out about all the PSA, Pool Service Agreements Fraud they committed on all those Triple AAA ratings Bonds sold to millions of investors, they are going to be up for a big law suit. Look at what is happening with BofA, last week. The investors’ Attorneys are sending letters to BofA to pay up for all the false deals and lack of disclosures.
There was also a letter from Deutsche Bank to the servicers to follow the law after admitting wrong doing in many PSA, where the notes were not transferred, recorded, or assigned to the new investors.
How are they able to foreclose on millions of homeowners without the proper paper work? How can the Plaintiff Banksters are able to go to court and claim any right to foreclose on people’s homes without having any standing?
The CEO of JP Morgan Chase told their Stock Holders last month, not to put their hopes too high for the next quarter, because Chase is putting many billions of dollars aside for Litigation. Do you get the idea of what is happening here?
They do not have to admit wrong doing, but they are preparing for the worse scenario, because they know is coming. Now they are kissing Asses to get more time, like a disclosure of TILA or RESPA is going to do much for them. If I were them, I will be worrying more about the cloud in the titles for the millions of homes foreclosed illegally and then sold to private investors or third parties. Imagine, 2 or 3 years from now, the real note holder shows up in your door with the original note and Deed of Trust, what are you going to do about it?
HIS ALL MAKES ME SICK, THE CROOK ASKING THE OTHER CROOK …WHERE THE HELL IS THE WHITE HO– USE???
You mean the White House with all the crooks in it?
yeah!! I am ready to hang the crooks all of them!!!!
Can anyone tell me how to get to the bottom of who owns my mortgage?
The original New Century Mortgage from June of 2006 is recorded in the registry of deeds and nothing since then. Obviously, New Century doesn’t have it any longer and I send my Payments to CITI (in a 15 month nightmare of a modification attempt with them). It is not listed in MERS, Freddie, Fannie, FHA and CITI does not respond to my requests for information on who owns it.
I just don’t know how to dig any further?
I take it that you are not being sued for foreclosure and therefore cannot use discovery? Why not try filing a quiet title action and see who shows up to defend against it? I assume if CITI won’t respond it’s because they don’t own it, they only service it. Quiet title action, why not? Consult a lawyer.
As I continue to dig into my mortgage for fraud I keep discovering that there is no bottom to the fraud in my loan. I discovered last night via the internet that my “LENDER” IS UNDER INVESTIGATION FOR TILA/RESPA VIOLATIONS. HMMMM…. This explains a few obvious discrepancies that I think are pretty suspiscious. Nonetheless, I was kind of thinking that maybe the RECORDATION OF THE SALE OF THE PROPERTY AND THE SECURITIZATION PROCESS NEVER HAPPENED NOR THE SUBSEQUENT RECORDATIONS AND ASSIGNMNETS OF MORTGAGE, NOT BECA– USE OF TAX OR TITLE RECORDING EVASION, NO,THAT WOULD BE MUCH TO SIMPLE OF A REASON, BECA– USE IT COULDN’T HAPPEN BECA– USE THE MONEY AND THE LOAN NEVER REALLY EXISTED. IT LOOKS TO ME THAT OUR SIGNATURES WERE JUST KIND OF A GUARANTEE FOR THE BANKS AND WALL STREET TO GAMBLE OFF OF AND THE GAMBLING WAS BEING DONE OFF OF THIN AIR . KINDA SORT OF WHAT ENRON DID. NO, WAIT AMINUTE, EXACTLY WHAT ENRON DID. THE BANKSTERS AND WALL STREET DEFINITELY MADE MONEY OFF OF THIS NOVELTY MANY TIMES OVER USING YOURS AND MY SIGNATURES BUT THE LOANS MADE TO US NEVER REALLY EXISTED. THIS THUS CREATED THE BUBBLE EFFECT THAT CRASHED OUR ECONOMY. THEY PUMPED ALOT OF FALSE HOPE INTO THE SYSTEM BUT THAT IS ALL IT REALLY WAS, HOPE. OUR DEBT NEVER REALLY EXISTED, THEREFORE YOU AND I DO NOT OWE ANYBODY ANYTHING. SOMEBODY CORRECT ME IF YOU THINK I AM WRONG BUT I KINDA THINK I AM NOT. IN FACT I FEEL SOMEHOW EMPOWERED BY THIS KNOWLEDGE BECA– USE IT EXPLAINS ALOT OF THINGS TO ME ABOUT WHAT HAS HAPPEND TO THIS COUNTRY IN THE LAST TWO YEARS AND WHAT IS GOING ON IN THIS COUNTRY WITH THIS ECONOMY RIGHT NOW AND HOW IT SEEMS TO CONTINUE TO SPIRAL OUT OF CONTROL. IT MAKES ME EVEN MADDER AT WASHINGTON D.C. AND THE MAINSTREAM PRESS FOR PLAYING LIKE THE WHOLE FRICKING FRAUDCLOSURE THING IS A MINOR PAPERWORK PROBLEM. PULEASE!!! THE FBI BLEW THE WHISTLE ON THIS FRAUD IN 2003 AND NOTHING WAS DONE ABOUT IT BY WASHINGTON OR OUR ELECTED POLITICIANS. WHEN ALL OF AMERICA FINDS OUT THE ABSOLUTE TRUTH IT SHOULD MAKE THE AMERICAN PEOPLE WANT TO SEND A REAL MESSAGE TO WASHINGTON AND NOT BY OUR ELECTION SYSTEM. STOP THE FRAUDCLOSURES, THE JIG IS UP FOLKS. WE DON’T OWE ANYBODY ANY FRICKING MONEY AND NOBODY CAN PROVE WE DO SO THEY CAN POUND THAT FAKE DEBT THEY KNOW WHERE. YEAH, THAT IS RIGHT, THE SAME PLACE THEY HAVE BEEN POUNDING IT TO ALL OF US THE LAST TWO YEARS AND THEY ARE STILL POUNDING IT TO ALL OF US RIGHT NOW WITH THAT QE2 CRAP AND TRICKLE UP POVERTY THROUGH THE INCREASINGLY HIGH PROPERTY TAXES AND COSTS OF JUST PLAIN LIVING ALL THE WHILE THE FAT CATS ARE STILL LIVING IT UP AND WASHINGTON CONTINUES TO PLAY STUPID ABOUT ALL OF THIS!!!. TELL EVERYONE YOU KNOW THE TRUTH I ALREADY HAVE. TELL EVERYONE NOT TO PAY THOSE FAKE MORTGAGES OR THOSE FALSELY INFLATED PROPERTY TAXES ON PROPERTY THAT THE SMOOTH CRIMINALS SAY IS NOT WORTH SHIT NOW ANYWAYS. DEFEND THAT FRAUDCLOSURE AND TELL ANYONE WHO HAS ALREADY BEEN FRAUDCLOSED ON NOT TO LEAVE THEIR HOMES BECA– USE WHEN THE BANKS OR THE JUDGES OR SOME ASSHOLE ATTORNEY THAT REPRESENTS THE LENDER TRIES TO SAY THEY OWN YOUR PROPERTY TELL THEM THAT THEY ARE SIMPLY FULL OF SHIT AND TO PROVE IT TO YOU. THEY WON’T BE ABLE TO, BECA– USE THEY CAN’T, BECA– USE THEY ARE NOT OWED SHIT AND THEY KNOW IT. SHAME ON THIS GOVERNMNET AND THIS FAKE JUDICIAL SYSTEM. THEY ARE TRULY A DISGRACE TO THE PLANET AND TO ALL OF HUMANITY WHAT IS BEING DONE TO ALL OF US RIGHT NOW KINDA REMINDS ME OF WHAT THE GOVERNMNENT DID TO THE VICTIMS OF KATRINA, THE GOVERNMNENT REALLY DOES NOT GIVE A SHIT ABOUT ME OR YOU BUT I DON’T REALLY GIVE A SHIT ABOUT THEM EXCEPT LEAVE US ALL THE F*CK ALONE AND QUIT TRYING TO STEAL OUR HOMES TO COVER YOUR ASSES. YOU GUYS IN THIS GOVERNMNET TRULY SUCK.. I KIND OF THINK THAT KARMA IS BEGININING TO BITE THEM IN THEIR ASSES THOUGH RIGHT NOW BUT I DO NOT THINK THAT IS EVEN A GOOD ENOUGH PUNISHMENT FOR ALL OF THIS. DO YOU MAINSTREET????
I think you might have accidentally hit your CAPS-LOCK key. I read it all, interesting theory – but difficult to read BECA– USE OF THE SHOUTING 🙂
So what? There is no mortgage in Albania at all, we can do it here too!