Schwarzenegger says loan modification specialist should be paid whether they are successful or not??!!
http://abclocal.go.com/kgo/story?section=news/7_on_your_side&id=7061094
Our Governator today vetoed AB 764 which provided that people or companies would only collect a fee if they were successful in providing an actual loan modification. You read that correctly: only collect if they provide successfully provide loan modification. He vetoed that bill.
In his veto message of AB 764, Governor Schwarzenegger wrote, “I do not agree with the provision of this bill that will only allow fees to be collected if a modification is successful. This could adversely affect legitimate businesses that provide loan modification services.”
Perhaps our Governor is unaware that most service providers are expected to successfully complete the service for which they were hired before they are paid. A good example of that would be a Realtor like me. Although I would love the idea, no one would pay me my commission if I almost got a short sale approved from the bank or almost saved someone from going into foreclosure. Can you imagine me going to a seller who is being evicted from his home because I was unsuccessful in stopping that eviction and still demanding he pay me? If I am unsuccessful in my service, I get what I deserve: nothing.
Perhaps to a millionaire former action star, this is a foreign concept, but for most of us regular people, it is quite reasonable and normal concept. In these dire circumstances when hard working people are losing their homes and destroying families due to unemployment and other tragic circumstances sometimes beyond their controls, you don’t get paid simply for showing up. These are not normal times……..
Do we really need to wonder why he and our legislators do not get along?
