Calabasas, CA (PRWEB) April 26, 2011
Philip A Kramer inquiries if Congress will do the appropriate point and support desperate property owners in want.

According to Bloomberg News, The U.S. Treasury Department plans to publicly grade mortgage servicers on how well they respond to home owners in search of reductions in payments as the government encourages loan modifications to stem foreclosures.

While this sounds like promising news, experienced litigator Philip Kramer of The Law Offices of Kramer & Kaslow isnt so positive. If you appear at the announcement far more closely, he says, You will see that this is a voluntary plan. In my knowledge, voluntary doesnt go a extended way when dealing with big banks. Kramer should know, he is at present major a single of the largest mass joinder suits ever attempted.

“Congress is going to vote on whether or not to finish the much less-than-successful HAMP (Home Inexpensive Modification Program),” says Kramer. “A single of the central issues with the plan has been that it is voluntary. Now, the question remains, will desperate home owners get any help at all from their elected officials? Its as well soon to say for certain, but if past expertise is any guide, it appears probably that homeowners will have to appear to the courts for support, due to the fact it just isnt likely to come from other avenues.”

http://www.bloomberg.com/news/2011-03-29/u-s-treasury-to-publicly-grade-mortgage-servicers-over-loan-modifications.html

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