I'm very grateful for the opportunity to live my life the way I want to.
Thanks to all those who make that possible.
I'll always do all I can for you.
Here's a movie I received from a close friend of mine...just makes you think.
Hope your weekend is going well.
Take Care,
Todd
http://www.thedashmovie.com/
Saturday, June 27, 2009
Friday, June 26, 2009
Friday, June 19, 2009
MORNING (PEER GYNT), DE GRIEG
Good Morning and Happy Father's Day to ALL THE FATHERS
out there!!!
Wishing you a Fabulous Father's Day Weekend!!!
Thank You for your friendship and business.
YOU ARE TRULY APPRECIATED.
MY BEST,
Todd
Tuesday, June 16, 2009
Governor Schwarzenegger Announces Inplementation of California Foreclosure Prevention Act
GAAS:310:09
For Immediate Release: Contact: Aaron McLear
Monday, June 15, 2009 Camille Anderson
916-445-4571
Gov. Schwarzenegger Announces Implementation of California Foreclosure Prevention Act to Help Families at Risk of Losing Their Homes
Governor Arnold Schwarzenegger today announced the implementation of the California Foreclosure Prevention Act, a law intended to promote affordable loan modifications for distressed California homeowners who might otherwise face foreclosure. The Act was proposed by the Governor and adopted by the legislature in the February budget package.
“I proposed the California Foreclosure Prevention Act to further help families at risk of losing their homes to foreclosure,” said Governor Schwarzenegger. “Foreclosures not only devastate families, they hurt neighborhoods and depress the California economy and budget. The implementation of this Act paired with previous actions taken here in California and federally will go a long way in helping mitigate the housing crisis.”
Specifically, the Act precludes a lender or servicer from filing a notice of sale for an additional 90 days unless the lender or servicer has a comprehensive loan modification program approved by regulators. On June 1, 2009, emergency regulations were adopted that set forth the criteria for a comprehensive loan modification program. The regulations also describe the application process that will be used by the State of California Department of Corporations, Department of Financial Institutions, and Department of Real Estate. As required by these regulations, mortgage lenders and servicers will receive a 30-day grace period from the 90-day foreclosure stay upon receipt by their regulatory agency of a substantially complete application. If the comprehensive loan modification program is approved by the applicants’ regulator, then the applicant will receive an exemption from the 90-day foreclosure stay as long as the applicant acts in accordance with the approved program.
Under the Act, a comprehensive loan modification program is one that modifies a borrower’s loan terms by changing the interest rate, amortization schedule, principal loan amount, or other appropriate factors that results in achieving a 38% debt-to-income ratio for the borrower. However, if the lender can document that a modification will result in a greater loss as compared to a foreclosure, the lender will not be compelled to offer a loan modification. The Act is compatible with the Obama Administration’s foreclosure relief plan and complements the federal effort.
“Loan Modifications are the best outcome for homeowners seeking to make their mortgage payments affordable,” said Department of Corporations Commissioner Preston DuFauchard. “There have been other resolutions to mortgage issues, including short term forbearance plans, but the modifications of terms that result in an affordable, sustainable payment is most likely to prevent foreclosure and preserve home ownership for tens of thousands of families in California.”
The Department of Corporations began tracking loan modifications in California in 2007 by surveying major mortgage lenders and servicers in the State. The monthly survey has shown an increasing trend toward more loan modifications, especially since the announcement of the Governor’s Subprime Mortgage Loan Agreement in November 2007. To view the latest loan modification survey results or find more information on the Governor's Subprime Mortgage Loan Agreement, visit http://www.corp.ca.gov/press/news/SubprimeLending.asp.
The California Foreclosure Prevention Act builds upon the Governor's previous actions to help stabilize California's housing market, including:
· Signing legislation to help protect homeowners by requiring a mortgage holder to provide a 30-day notice to a borrower prior to filing any default notice leading to the foreclosure. The new law also provides tenants of foreclosed properties a minimum of 60 days notice to move and requires holders of foreclosed properties to maintain the property.
· Announcing an agreement with major loan servicers to streamline the loan modification process for subprime borrowers living in their homes.
· Governor Schwarzenegger led efforts urging the Bush Administration and Congress to raise federal loan limits. Additionally, last fall, the Governor sent a letter calling on Congress to increase those limits and sent a similar letter again earlier this year. After Congress and the President approved a temporary increase, the Governor asked them to make the increase permanent.
· Launching a $1.2 million public awareness campaign to help educate homeowners about options that can help them avoid losing their homes to foreclosures.
· Establishing the Interdepartmental Task Force on Non-traditional Mortgages to ensure a comprehensive and coordinated approach to the issues raised by subprime loans.
· Announcing $5.6 million to help mortgage and banking industry workers laid off as a result of the subprime crisis make career transitions to high-demand jobs in other industries.
· Joining the OneCalifornia Foundation to announce a bridge loan fund for homeowners facing foreclosure in Oakland.
· Awarding $8 million to community based mortgage counseling providers around the state to help avoid foreclosures.
For Immediate Release: Contact: Aaron McLear
Monday, June 15, 2009 Camille Anderson
916-445-4571
Gov. Schwarzenegger Announces Implementation of California Foreclosure Prevention Act to Help Families at Risk of Losing Their Homes
Governor Arnold Schwarzenegger today announced the implementation of the California Foreclosure Prevention Act, a law intended to promote affordable loan modifications for distressed California homeowners who might otherwise face foreclosure. The Act was proposed by the Governor and adopted by the legislature in the February budget package.
“I proposed the California Foreclosure Prevention Act to further help families at risk of losing their homes to foreclosure,” said Governor Schwarzenegger. “Foreclosures not only devastate families, they hurt neighborhoods and depress the California economy and budget. The implementation of this Act paired with previous actions taken here in California and federally will go a long way in helping mitigate the housing crisis.”
Specifically, the Act precludes a lender or servicer from filing a notice of sale for an additional 90 days unless the lender or servicer has a comprehensive loan modification program approved by regulators. On June 1, 2009, emergency regulations were adopted that set forth the criteria for a comprehensive loan modification program. The regulations also describe the application process that will be used by the State of California Department of Corporations, Department of Financial Institutions, and Department of Real Estate. As required by these regulations, mortgage lenders and servicers will receive a 30-day grace period from the 90-day foreclosure stay upon receipt by their regulatory agency of a substantially complete application. If the comprehensive loan modification program is approved by the applicants’ regulator, then the applicant will receive an exemption from the 90-day foreclosure stay as long as the applicant acts in accordance with the approved program.
Under the Act, a comprehensive loan modification program is one that modifies a borrower’s loan terms by changing the interest rate, amortization schedule, principal loan amount, or other appropriate factors that results in achieving a 38% debt-to-income ratio for the borrower. However, if the lender can document that a modification will result in a greater loss as compared to a foreclosure, the lender will not be compelled to offer a loan modification. The Act is compatible with the Obama Administration’s foreclosure relief plan and complements the federal effort.
“Loan Modifications are the best outcome for homeowners seeking to make their mortgage payments affordable,” said Department of Corporations Commissioner Preston DuFauchard. “There have been other resolutions to mortgage issues, including short term forbearance plans, but the modifications of terms that result in an affordable, sustainable payment is most likely to prevent foreclosure and preserve home ownership for tens of thousands of families in California.”
The Department of Corporations began tracking loan modifications in California in 2007 by surveying major mortgage lenders and servicers in the State. The monthly survey has shown an increasing trend toward more loan modifications, especially since the announcement of the Governor’s Subprime Mortgage Loan Agreement in November 2007. To view the latest loan modification survey results or find more information on the Governor's Subprime Mortgage Loan Agreement, visit http://www.corp.ca.gov/press/news/SubprimeLending.asp.
The California Foreclosure Prevention Act builds upon the Governor's previous actions to help stabilize California's housing market, including:
· Signing legislation to help protect homeowners by requiring a mortgage holder to provide a 30-day notice to a borrower prior to filing any default notice leading to the foreclosure. The new law also provides tenants of foreclosed properties a minimum of 60 days notice to move and requires holders of foreclosed properties to maintain the property.
· Announcing an agreement with major loan servicers to streamline the loan modification process for subprime borrowers living in their homes.
· Governor Schwarzenegger led efforts urging the Bush Administration and Congress to raise federal loan limits. Additionally, last fall, the Governor sent a letter calling on Congress to increase those limits and sent a similar letter again earlier this year. After Congress and the President approved a temporary increase, the Governor asked them to make the increase permanent.
· Launching a $1.2 million public awareness campaign to help educate homeowners about options that can help them avoid losing their homes to foreclosures.
· Establishing the Interdepartmental Task Force on Non-traditional Mortgages to ensure a comprehensive and coordinated approach to the issues raised by subprime loans.
· Announcing $5.6 million to help mortgage and banking industry workers laid off as a result of the subprime crisis make career transitions to high-demand jobs in other industries.
· Joining the OneCalifornia Foundation to announce a bridge loan fund for homeowners facing foreclosure in Oakland.
· Awarding $8 million to community based mortgage counseling providers around the state to help avoid foreclosures.
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