Legislation to protect our mortgages??? anyone?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Illinois is considering legislation to protect the homeowner from Y2K mortgage errors made by banks? Yes? There was an earlier post about this but it was buried in an individuals problems with their bank.
Does anyone here know of any State or Federal legislation in the works that would protect the homeowners and their mortgages from a Y2K related bank or post office problem?
If "They" are insulating themselves from liability, why not "Us"?
For ourselves, there is a savings account attached to the credit union that holds our mortgage. In November, I will make the mortgage payment be an automatic deduction, with a letter for my file at the credit union, and also to the company that services the loan, mentioning my "due dilligence" in attempting to pay my mortgage. I am assuming that if it gets bad for awhile, that somebody can go into the bank with a candle, and make a transaction in pencil.
-- Mary P. (CAgdma@home.com), March 02, 1999
100% of the people who have mortgages will not be able to make their house payments in 2000 if electricity goes down. NOBODY WILL HAVE EMPLOYMENT without electricity. Nobody will be making their house payments. Nobody CAN make their house payments, when the banks are closed. They cannot foreclose on everybody! Just don't worry about your house payments!! The banks understand! If chaos lasts several years, the banks will just have to wait for several years for their house payments! If the post office goes down, you cannot make your house payments. So, don't sweat it!
-- Freddie the Freeloader (email@example.com), March 02, 1999.
Mary, you are very right to worry about your house mortgage. My greatest fear is that y2k will be a 4 or 5 and we have 25% unemployment. My biggest concern is that I will run out of money before we run out of bank. I don't think that the bankers give one hoot as to who they hurt or who gets put out in the cold. Don't do like some of the people advocate and run yourself into total annilation by escalating your debt to unmanagable proportions. The odds are that y2k will not be a total wipeout. Although the post office being toast will expedite the slide dramatically. I don't want to be the next slice!!
Good luck Lobo
-- Lobo (firstname.lastname@example.org), March 02, 1999.
The answer is simple. Find a U.S. Senator (any state--doesn't matter) with a history of protecting the little guy, and who might be willing to introduce such legislation for the publicity it will engender. Not just mortgages--but any harm done to citizens bill payments as a result of Y2k. (Postal service having problems, etc.) Write a letter signed by many, many, people. Form a Citizens Lobby through this board. Spread the word. Don't give up.
-- FM (email@example.com), March 03, 1999.
The first legislation of this kind was recently reported in Colorado by Denver's paper - can't remember the name, but it was within the last three weeks. A state sentor was pushing the bill. It said that if any homeowner couldn't pay the mortgage due to any Y2K reason - including layoffs - the bank couldn't foreclose.
-- Brett (firstname.lastname@example.org), March 03, 1999.
Brett, Illinois Democratic Representative Constance Howard got bill passed in Illinois house to protect consumers from Y2k (losing their houses, etc.) This happened in late February, early march.
Anyone have a U.S. Senator who might do the same for us? There has to be one out there somewhere! Suggestions?
-- FM (email@example.com), March 03, 1999.
I know Rep. Ron Paul, Texas. He's one courageous, honest politician & he believes in the Y2K impact. I will try to call him. Hope more people write his office. I don't have time finding his # & email. Somebody post it. On the Senate side, what about Sen. Bennett? He should know since he chair the committee overseeing Y2K? Let's go to work!
-- Raymond Kwong (Kcorner67@hotmail.com), March 04, 1999.
To email Representative Paul, use the following link:
Sounds like he'd be as good as anyone. The primary goal is to get some legislation on the floor. While Congress is traditionally viewed as the "people's" house, the Senate is more powerful.
I don't think Bennett would go for something like this, simply because it implies that Y2K will be more than a "bump in the road," and that seems to be his current public stance on this issue.
A better candidate might be a Senator from a relatively unprosperous state. Someone who was elected by voters who have the most to lose if they lose their jobs. Perhaps someone with a strong union relationship. Above all, someone who recognizes that Y2K could present problems regarding payments reaching lenders in time, or unemployment, etc.
More thoughts on this?
-- FM (firstname.lastname@example.org), March 04, 1999.