Thousands Sign Petition Enact the MLPRA, and Congressional Act for Mortgage Reform

23 Sep, 2016 – We live in a world where our most valued investments, our homes, have been regulated but unenforced. The US House of Representatives Financial Services Committee itself can be quoted for stating that the Dodd Frank Act (the current standing act regulating mortgages within the United States) is an insufficient means to regulating mortgages. Understanding the need for financial reform in the form of policy change, US Equity Initiative and its dignitaries began drafting an act to improve upon, and remedy some of the short comings of the Dodd Frank Act.

As thousands rally to show support for the Mortgage Loan Processing Reform Act, its dignitaries have made a clear declaration of their goals for the MLPRA. That message is, “We are going all the way,” all the way to the White House that is.

According to its authors, the MLPRA was conceived by indentifying the vulnerable aspects of mortgage processing and servicing, and as a piece of legislation aspires it creates infrastructure which leaves no place for fraudulent or mistaken activity.  According to US Equity Initiative, a home owner defense program, Mortgages become convoluted for these simple reasons:

1. The Mortgage industry lacks the financial transparency needed to ensure every homeowner is treated fairly.

2. Regulations placed on the transfer and delivery of mortgages (when banks buy and sell your promissory note) cannot be enforced due to lack of data tracking the purchase and sale of promissory notes between banks.

3. No matter how un-organized the systems that track mortgages in America are or are becoming, no bank wants to admit that they don’t know that status of a mortgage and in some cases have to convolute data to appear compliant with state and federal regulations

4. Banks are lacking incentives for peaceful arbitration with home owners who have defaulted, and instead resort to methods such as dual tracking. (Dual tracking is when banks say they are helping a homeowner prevent foreclosure with loan modifications or other methods while they are secretly foreclosing behind the homeowners back.)

The MLPRA and its amendments will be available online at throughout the acts sponsorship, ratification, and amendment process. The Dignitaries have promised citizens a thorough act that protects homeowners from being vulnerable to fraudulent and deceptive mortgage banking practices. They have also gone as far as calling for an immediate end to the privatization of the transfer of mortgages as security instruments, and using the proceeds from their donations to lobby within congress in the homeowners favor.

Inspired by online activism, The MLPRA website also allows its supporters to sign a petition calling for specific members of the US Financial Service Committee in the House of Representatives and congress to Sponsor and ratify the act. Visit the MLPRA website to familiarize yourself with, and sign the act. If you are at risk of being foreclosed, or suspect your bank of fraudulent activity.

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