|
MinneapolisREO's Profile
| |
|
About Minnesota Real Estate
Gender: Male
State: MN Send Message Add To Friends Add Comment Block User Subscribe |
Greenwich v Countrywide Part II
June 25 2009
Greenwich v Countrywide Part II
Greenwich vs. Countrywide Part II
By wayne robison, www.foreclosureu.com, senior writer
On Wednesday (May 13, 09) I spent about 30 minutes speaking with Mr. William Frey, CEO of Greenwich Financial. It was a good exchange of views on his case against Countrywide. Mr. Frey was not overly optimistic about his case given his belief that the “Helping Families Save Their Homes Act (S. 896)” bill will likely be signed into law sometime in the very near future.
When and if that happens, he believes Countrywide will likely move toward a summary judgement in the case, citing the new edict.
Mr. Frey was not certain whether or not he would appeal the case to the US Supreme Court. He indicated that if he did, the argument would be predicated on a Fifth Amendment, Bill of Rights breach.
He emphasized that although he is the plaintiff listed in the lawsuit, the real plaintiffs are the various parties that have invested in the 80 billion dollars of these mortgage securities. Which include retirement, pension and various other trust funds. In which Mr. Frey and Greenwich have a fiduciary obligation to protect.
He indicated that the pressure from both Congress and Activist Groups to drop the lawsuit is substantial. We briefly discussed the letter of rebuke from Congressman Barney Frank as well as a picketed protest that took place on his front lawn in February of this year. The activist / “non-profit” group “NACA” showed up on his lawn in scary numbers. The protest (it appears to me as a mob rule tactic) was caught on video and can be seen on www.naca.com . To watch the video, scroll to the bottom of the main page and look for the section; “NACA IN THE NEWS”. Click the link that says “Protest at Banking Execs Homes 2/10/09”.
He also indicated that other family members were being harassed. Needless to say, this is very disturbing.
Important Questions
Is modifying a few mortgages worth hi-jacking the rule of law and putting the future of the United States economy in great peril?
Is it rational to trump contractual rights of mortgage investors to save a few property owners from debts that they cannot pay?
Is it “sane thinking” to put the entire country at risk by keeping people in properties that they cannot afford?
Will it do any good to “save” the homes of:
Loan officers, Realtors, carpenters, Home Depot employees, electricians, plumbers, landscapers, lumber yard workers (and an endless number of others)
if in the near term they lose their homes anyway because the economy that existed when they purchased their homes (and enabled them to make thier mortgage payments) no longer exists?
While the outlook for emerging replacement economies appears dismal at best...does this make sense?
Our future is NOW
The backbone of the US economy is home ownership. As is playing out before our eyes, a suffering real estate market blasts tidal waves of repercussions through the economic pipeline. Any semblance of a healthy recovery will require some state of normalcy back into the real estate markets. Normalcy that will be impossible to achieve if we lose the investors that are responsible for funding private sector mortgage markets.
Whether you are for or against “Helping Families Save Their Homes Act (S. 896)” Contact your congressperson immediately. In addition, if you are a Realtor contact NAR. If you are a loan officer or mortgage broker, contact NAMB. Get updates on new blog entries by following us on Twitter: www.twitter.com/foreclosureu **Republishing granted free of charge as long as BLOG is utilized in its entirety.
|
oFk40f whlwnkcbajvn, [url=http://kfvnmnmxdnuh.com/]kfvnmnmxdnuh[/url], [link=http://uxwmhacwmapd.com/]uxwmhacwmapd[/link], http://yrpdebgvjsvk.com/
96r4Fz lwrzwzpjuxvx, [url=http://plajadljxupe.com/]plajadljxupe[/url], [link=http://lexofgpsukde.com/]lexofgpsukde[/link], http://jfnymixszffs.com/
lsEyYD jdzlmkuvlnhj, [url=http://hxpkkamwddbe.com/]hxpkkamwddbe[/url], [link=http://rbknzuzpuovj.com/]rbknzuzpuovj[/link], http://pxzfwrgbwwoj.com/
This bill was signed by the president a few days after this article.