In a letter to Edward J. DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, Madigan demanded that the agency reassess its unilateral rejection of debt relief for troubled homeowners who have loans with Fannie Mae and Freddie Mac. DeMarco has steadfastly refused to provide principal debt reductions, even in the face of criticism from Congress and consumer advocates, and reports of an internal analysis conducted by the FHFA itself, that claim principal mortgage reductions are beneficial and will ultimately save taxpayers money (?Madigan Calls for Debt Reduction for Fannie, Freddie Borrowers,? The Rock River Times, March?23, 2012).
Source: thinkdebtrelief.com
Video: Chicago Bankruptcy Attorneys Illinois Debt Relief Lawyers
'Debt resolution' firm agrees to $2.1 million restitution
?This company was fronting as a law firm claiming to help consumers reduce their debt, but in reality, their scheme had nothing to do with the practice of law,? Madigan said. ?The company?s primary purpose was to squeeze thousands of dollars in illegal upfront fees from struggling families for supposed debt relief that never materialized.?
Source: northernpublicradio.org
A Few Reasons Why You Need Debt Relief
Without a good financial counselor, you easily jump to get a loan without even knowing that you will have a hard catching up on it. You can easily apply for credit cards, payday loans and leave medical bills unpaid. These unpaid finances can battle not only against your income but also with your physical and psychological being.
Source: sr22quoteillinois.com
Community Leaders Urge Madigan To Fight For Mortgage Debt Relief (VIDEO)
President Barack Obama told the Los Angeles Times in January that the Working Group would ?hold accountable those who broke the law? and ?speed assistance to homeowners.? In what?s being viewed as a positive step forward by the group of community leaders who gathered Friday, Madigan has begun pressuring Edward J. DeMarco, director of the Federal Housing Finance Agency, which oversees Fannie and Freddie, to consider debt forgiveness. On Friday, Madigan joined about 100 Democratic legislators who sent letters to DeMarco in which she said ?Principal reductions for borrowers can prevent the likelihood of defaulting and in turn, prevent unnecessary foreclosures. This is a critical step to repair the widespread destruction caused by the housing market?s crash that has reverberated in communities across Illinois.? Meanwhile, DeMarco told NPR in a prepared statement that the FHA has no plans to consider principal reductions, in which the government would subsidize some of the cost of an underwater mortgage. While not as drastic as California, which claimed the top spot with 155,000 foreclosures, last year Illinois foreclosed on about 21,000 homes. The Prairie State also has the third-highest foreclosure rate in the country, according to CoreLogic, a financial and property information service provider. Madigan is expected to meet with the group of community leaders in April, but no specific date has been set.
Source: progressillinois.com
Governor Quinn Expands Drought Relief Effort
MT. VERNON ? July 16, 2012. Governor Pat Quinn today announced state assistance available to farmers and residents in drought impacted areas after meeting with farmers and viewing crop damage resulting from persistent, widespread drought conditions in Southern Illinois. Joined by Illinois Department of Agriculture Director Bob Flider, Department of Commerce and Economic Opportunity Acting Director David Vaught and Department of Natural Resources Director Marc Miller, the governor called on the U.S. Department of Agriculture (USDA) to grant a disaster designation to a total of 33 Illinois counties, up from the 26 determined eligible for emergency support by the USDA last week.
Source: chicagopressrelease.com
Related posts:
- Fannie, Freddie Should Provide Debt Relief, Says Illinois Attorney General
- Debt relief information program may help some Illinois homeowners
- Debt relief information program may help some Illinois homeowners
- Riverside Debt Relief Attorney
- Pennsylvania Attorneys of Harold Shepley & Associates Launch New Website to Provide Greater Financial Relief to All
Tags: fannie mae and freddie mac, illinois attorney general, j demarco
Source: http://debtreliefmag.com/fannie-freddie-should-provide-debt-relief-says-illinois-attorney-general-2/
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