Sunday, September 4th, 2011 at 3:59pm
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?The law is designed to help homeowners stay in their home and to help beneficiaries avoid losses that go along with foreclosures,? Olsen said. ?Deutsche Bank and other banks are not the
beneficiaries, but are loan servicers that can make money from the foreclosures at the expense of both the homeowners and the beneficiaries. That?s why the banks oppose the law.?
Banks contend government mandates are adding uncertainty to the mortgage process and making it difficult to do their jobs. It?s hard enough to deal with changing federal rules and various state mandates for foreclosures and modifications, said Bill Uffelman, president and CEO of the Nevada Bankers Association.
Now banks have to deal with costly penalties imposed by laws such as the Nevada Foreclosure Mediation Program, Uffelman said.
Although Uffelman admits mistakes happen, he also said most errors have no malice behind them and result from honest human error.
?Now, you?re seeing human error being deemed as lack of good faith,? Uffelman said. ?A clerical error can now cost financial institutions a lot of money. If the cost of a clerical error is the write-down of the interest rate, well, that?s a heck of a penalty for human error.?
At the same time, Uffelman said that banks will comply with whatever ruling the courts ultimately make on cases determining the constitutionality of the mediation program.
?We?ll just continue to work with it,? Uffelman said. ?As far as whether this decision is right or not, we?ll let greater legal minds resolve that.?
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