we propose legislation that moves the reworking function from the paralyzed master servicers and transfers it to community-based, government-appointed trustees. These trustees would be given no information about which securities are derived from which mortgages, or how those securities would be affected by the reworking and foreclosure decisions they make. Instead of worrying about which securities might be harmed, the blind trustees would consider, loan by loan, whether a reworking would bring in more money than a foreclosure.
The government expense would be limited to paying for the trustees — no small amount of money, but much cheaper than first paying off the security holders by buying out the loans, which would then have to be reworked anyway. Our plan would also be far more efficient than having judges attempt this role. The trustees would be hired from the ranks of community bankers, and thus have the expertise the judiciary lacks.
It is not simple solution. In ordinary business transactions, contract always can be discharge or release by mutual agreement and enter into another with simple agreement by understanding both parties. That happens all the time in daily business transition, without this simple agreement and understanding, it would be impossible doing business and promoting its efficacy. What is going around and what is come around. it is true that we promote win win, not loss loss. So all of sudden my house prices up 500% while I pay same amount fixed mortgage and with nominal rate, make me better off 500%, wow luck me I keep all the money, it is nothing to do with the bank but I am the smart one I say! But if my house has gone down 50% its original value but I still pay same amount of mortgagee then my blood boiling eyeballs lighting fire, twist around looking for fairness, curse on the bank, saying that arsohole bank why can’t they bit of nice? and ask for someone responsible for my loss and my sharply manicured fingers turn into shape vulture clews on computer key board, tapping into every blogs around traps just pestering everyone for listen my loss and start blaming policy markers, economists, sky and rivers their professional wrong doings…. Are they fair? Asking question and challenges! Ha ha bit smile as is is bit hard topic to deal with just business way Ok! In here sometime “mortgage sale” real estate is much cheaper then normal sale I must say, mortgagees want to get rid of these properties quick as possible, because they want their money back, it is bit heartless but no one arguing about in this situation. Question? Where is the all government bottomless funding coming from? So politically manipulate?
