ANTIOCH, Calif. (KCBS)- Some Antioch homeowners are about to get relief in the way of foreclosure assistance. Lives that have been devastated are now placing hope in the Wall Street Reform and Consumer Protection Act.

Congressman John Garamendi says there could be relief if reform legislation reaches the president’s desk.

Realtor Jose Vega says he was facing foreclosure so he filed bankruptcy to halt foreclosure proceeding that his bank had already started.

“What they’re really doing is they’re taking your dreams away,” said Vega.

Troy and Carmella Hess who say their credit is solid are barely holding on to their home.

“In June of 2009 we started with American Servicing Company and Wells Fargo bank to try to obtain a loan modification. We’ve been declined nine times,” said Troy.

Congressman Garamendi says the Wall Street reform and Consumer Protection Act will hold banks and mortgage loan companies accountable.

“Extraordinary greed overtook the financial industries of America and we wound up with a crisis that we have not seen the likes of since the Great Depression,” criticized Garamendi.

The legislation now in the Senate contains a comprehensive plan for helping and protecting consumers who are dealing with foreclosures or who are looking for a loan.

Comments (2)
  1. James Adams says:

    I was fortunate enough to get more time to sell my home with a reduction in my mortgage for three months. There’s no telling what will happen after that. I’ve priced it very low but no one’s even come to look in a month. We need the First Time Homebuyer Credit extended. I think the economy is on a cusp and could tank if confidence in a recovery doesn’t build.

    So much money has gone to banks and big businesses to help them out, despite their huge bonuses for lousy management, and many of them don’t pay their fair share of taxes. It’s about time the working man gets some help.

  2. Charles Fetters says:

    Lost revenues due to MERS(Mortgage Electronic Registry system) MERS bilks billons of dollars across the nation. A recent lawsuit in Nevada on 25 June 2010, confirmed the fraud that MERS scammed from the counties, cities, States of filing fees due each time a note is sold or transfered. MERS and the banks and title companies bypassed all State agencies scamming revenue from teachers, police services, fire services.
    Why didn’t John Garamendi mention this issue when he was telling us the homeowners how Washington is going to save the Antioch homeowners?

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