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The good news is that all qualified applicants will receive $50,000 to pay their mortgages. This money will be especially helpful to those that are only a few weeks away from foreclosure. As it stands, the Emergency Homeowners’ Loan Program has been developed as a one time deal that will help to spur the lagging housing market. By reducing the number of people that are foreclosed on, the government will be better able to protect its own interests in the mortgage industry. Federally owned mortgage companies Freddie Mac and Fannie Mae nearly went bankrupt because of the massive number of foreclosure filings.
Although there is only a small window for homeowners that are facing foreclosure to get help from the Emergency Homeowners’ Loan Program, the help couldn't have possibly came at a better time. Only homeowners that have lost their jobs and are currently unemployed will be able to qualify.
Farkas had been selling the same mortgages to a number of investment firms. Not only did this cause speculators to inflate the total net worth of Taylor, Bean & Whitaker, it also caused panic when the federal government learned that it had effectively sunk hundreds of millions of dollars into a scam. Farkas has be unapologetic for his role in the collapse of Colonial Bank and the real estate industry as a whole. Instead of pleading guilty to the charges like his co-conspirators, Farkas and his legal team attempted to paint a different picture.
If prosecutors have it their way, Farkas will be sentenced to 385 years in prison. Farkas' attorneys have asked for a far more lenient sentence of 15 years. In total, Farkas was able to dupe investors for seven years. He claims that he was unaware of the actions of his employees, however, it would be impossible for them to have defrauded the company for such an extended period of time. Whether or not Farkas gets the maximum sentence, the damage has already been done to the real estate market.
The main problem with MERS is that it does not have a vested stake in any of the properties that it foreclosed on. Acting as a proxy for banks that might not have branches, officers or any employees in the area, MERS has seized homes, performed auctions and even hired companies to maintain REO properties. Not only do many judges see this as a conflict of interest, the fact is that MERS is not infallible. Because MERS can register, transfer and foreclose on a property, when mistakes are made there is no way for outside agencies to know.
In other words, Mortgage Electronic Registration Systems has caused people to lose their homes, and all that the company has offered is a weak apology. The company has lost several legal battles, which means that individual states are restricting MERS' power. Mortgage Electronic Registration Systems used to offer a uniform system that would allow homeowners in Michigan to buy a property in California through a lender that was based in Texas. Now, it seem that lenders and buyers may need to come up with a new way to do business.