Update: Comment by Anonymous

Scuttlebutt has it that this has been floated just to gauge the political response.

It is nada bupkis zilch for most everybody. Those who are truly suffering now will get less benefit than a 50-year-old smoker got out of the state AG-administered tobacco settlement.

HAMP lingerers will be tempted to make e-written inquiries and will shortly find themselves suckered in – and missing a few rights to recourse they might otherwise have retained.

The woman-journalist you quote expresses – inarticulately – a passionate, powerful truth… Millions who are still paying on fraudulently originated, fraudulently securitized mortgages – are doing so for 2 simple reasons: there is no access to justice for them and they are not willing to settle for anything less than a reasonable settlement for damages done, negotiated in good faith. They will not be forced to choose strategic default just to get the conversation going.

Ultimately, they will pull Obama down and the US economy further into its Greater Depression.

Via: American Banker

WASHINGTON — The 27-page term sheet handed to the five largest mortgage servicers last week is a detailed, dense list of requirements that, if implemented as proposed, would fundamentally change the relationship between servicers, investors and borrowers.

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