http://carczarconsulting.com The Secrets of Profitable Automotive Retail Fri, 03 Feb 2012 21:12:08 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 http://carczarconsulting.com/10/13/mortgage-madness-does-the-us-treasury-own-your-home/ http://carczarconsulting.com/10/13/mortgage-madness-does-the-us-treasury-own-your-home/#comments Wed, 13 Oct 2010 03:32:52 +0000 Car Czar Consulting http://carczarconsulting.com/?p=9269 Car Czar Consulting says: From the  blogosphere today: During the last depression, the Frazier-Lemke Moratorium Act of 1935 halted foreclosures on family farms for a three-year period, provided that a local court of law would give its approval both as to the propriety of the delay and the adequacy of the rental to be paid in the interim. Frazier-Lemke was challenged in the courts, “but the Supreme Court upheld the law in Wright v. Vinton Branch of Mountain Trust Bank of Roanoke. After expiring in 1938, the act was renewed four times until 1949, when it expired. The 2010 White House has a problem with a foreclosure freeze even after this historical precedence? Sooo now a person wants to buy a home and goes to a bank & “borrows” the money & borrower agrees to pay bank back with interest…pretty standard so far…the bank then SELLS the mortgage, as a MBS (Mortgage Backed Security) to an investor, thereby removing said mortgage from the bank’s balance sheet. The bank has already been paid for the borrower’s mortgage when it was sold to an investor & the bank now acts as a “servicer” on behalf of the investor.When the financial crisis hit [...]]]> http://carczarconsulting.com/10/13/mortgage-madness-does-the-us-treasury-own-your-home/feed/ 0