Legg Law Firm, LLC. Consumer Blog: Recent Comments

Comment on Where we are and how do we get out of it

Scott — Sun, 12 Oct 2008 23:16:12 GMT

There are serious decisions confronting us. The recent activity of the government which is designed to "unfreeze" the credit markets is off the mark. The problem is not the lack of credit - we have had more than enough credit made available - we cannot afford more credit. The credit that was extended to consumers was often predatory and unsecured debt, notwithstanding teaser rates or terms, excessively expensive.

We need to deal with the debt; not try to cure the excess credit issues by throwing more credit at the problem. The stock market reaction is a realization that there will be difficult times ahead since consumer spending will grind to a halt if the past debt must be paid.

The net effect of the excessive and expensive credit is that the middle class in this country has been left insolvent. Insolvency exists when a person cannot pay their debts as they become due and/or the person's liabilities exceed assets. The excess credit has left many in the middle class insolvent since the middle class is unable to pay their debts as they become due. The drop in both housing prices and the stock market has now also rendered many in the middle class since their liabilities now exceed their assets.

Comment on Where we are and how do we get out of it

Fernando Herboso — Sun, 12 Oct 2008 22:54:45 GMT

There are over 4 times MORE foreclosures in the horizon. . .these are homeowners that are late at least 30 days on their mortage. Once you've fallen behind and seeing the value of your home thousands of dollars below market. . you can imagine the tidal wave of foreclosures coming soon.
4 times as many. .

Comment on Who could have anticipated that telling regulators not to regulate could lead to disaster? Anyone and Everyone

Scott — Thu, 25 Sep 2008 07:45:12 GMT

The reason you see nothing is because there is nothing for the homeowners who have been repeatedly bilked by the unregulated for billions and billions of dollars. This is about rewarding those who engaged in the bilking of the American middle class. This has been open season on the American Middle class. The government decided it was fair to allow Wall St and its brokers to arrange loans and take outrageous fees without regard to any legitimate lending standards. Where in the plan is the requirement that those who bilked the public will have to repay the ill gotten gains - there is none. The bottom line to this situation is that the net effect is that they have picked the middle class clean. The middle class will limp along poor, humiliated and devastated. Those who caused it - will live off their ill gotten gains.

Comment on Who could have anticipated that telling regulators not to regulate could lead to disaster? Anyone and Everyone

Mike Morin — Thu, 25 Sep 2008 05:38:28 GMT

So far, I have seen absolutely nothing that helps Main Street. This farce reminds me of the scene from Blazing Saddles where the Sherriff puts a gun to his own head in order to stop the mob from killing him. Funny in the movie; not funny on Wall Street.

As I have asked before, will they turn the FBI loose on these fools? Some jail and a lot of restitution would go a long way in precluding this from happening yet again. Has everyone actually forgotten the savings and loan debacle?

Comment on How "high finance" from Wall St. lead to the run up in real estate prices

mcn — Thu, 18 Sep 2008 20:17:30 GMT

looking forward to reading more, especially in areas of what is allowable vs what is not allowable; will check in from time to time

Comment on How "high finance" from Wall St. lead to the run up in real estate prices

Fernando Herboso — Thu, 18 Sep 2008 09:14:44 GMT

Scott: The example you provided about the buying power of $600 per mortgage payment is simply stunning. . and in general, your article is to the point.
I would like your permission to put this article on my blog . .
Please let me know.

Comment on The Credit Crisis Continues

Mike Morin — Wed, 17 Sep 2008 08:16:27 GMT

Will the continuing crisis and federal response actually help any consumer? While the securitization system is completely discredited, I see zero viable help at the federal level for any consumer. Hopefully, I missed something.

Are you aware of any effort at Maryland state level to address the issue of securitization and the initial fraud involved in the majority of these mortgages?

Comment on Saving Families' Homes who have been victims of Foreclosure Scams

sharon briscoe — Fri, 25 Jul 2008 16:52:06 GMT

2 years ago some bilked me into signing an and I didn't know it at the time but my principle started to go up. I wasn't told about that only in 2 years I can refinance

Comment on New Maryland Laws affecting foreclosures, foreclosure frauds, mortgage fraud and prohibiting terms

Fernando Herboso — Thu, 19 Jun 2008 14:26:22 GMT

Scott: I met you at a forum for foreclosures in Frederick.
I have been aware of your input to help pass the new law in the State of Maryland to help homeowners in foreclosures.
Does your firm provide with a combination representation of Bankruptcy, Foreclosure and/or Short Sale?
I have several homeowners that are facing this soon and I would like to find out if your firm could help them?

Please let me know.
Fernando Herboso
240-426-5754

Comment on New Maryland Laws affecting foreclosures, foreclosure frauds, mortgage fraud and prohibiting terms

Michael Gregg Morin, Esq. — Sat, 12 Apr 2008 13:21:03 GMT

The idea that legal mortgage lending in Maryland will be adversely affected by the new laws is absurd. This myth is the current silliness from the lending industry hoping to continue fraudulent business practices in Maryland. What will be affected by the 2008 legislation is the ability of Maryland prosecutors to put the con-artists involved in mortgage fraud in jail and the ability of victims of these frauds to recover some of there losses.

Maryland has not had the teeth in its laws to preclude the rampant mortgage fraud and foreclosure rescue fraud that we have seen in the past few years. In 2005, Maryland had the insight and foresight to enact the Protection of Homeowners in Foreclosure Act (PHIFA). In the last couple of years, we have witnessed the failure of oversight at the federal level. The current Maryland Administration has continued the Maryland tradition of getting ahead of these problems. The 2008 legislative session strengthen PHIFA and enacted new laws designed to minimize mortgage fraud.

Michael Gregg Morin, Esq.