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Top Articles - Foreclosure Storm Gathers Strength - Fannie Mae Rushes To Rescue Potential Victims
Jim & Sally Martin of Jacksonville, Florida, are staring down this violent foreclosure storm – they will lose their home. They have fallen behind three months
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
on their mortgage payments…they cannot catch up…and they cannot get help from their lender.
"My family has lived a nightmare for two years," reflects Jim on h
"My family has lived a nightmare for two years," reflects Jim on h
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
s family's struggle to cope with a financial nightmare and the impending loss of their home.
Amidst this potentially devastating national disaster, Fannie Mae
Amidst this potentially devastating national disaster, Fannie Mae
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
a major "investor" of home mortgages, plans to introduce new loan programs to lenders, hopefully keeping families in their homes.
"We have two children, ages
"We have two children, ages
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
6 and 9…they're just children and we're putting them through this Hell," Jim said while shaking his head.
Sadly, the Martins join more than 1.5 million homeow
Sadly, the Martins join more than 1.5 million homeow
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ers (many families with children) facing foreclosure.
Help may not arrive in time to rescue the Martins, casualties of more than $300 billion dollars worth of
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
mortgages (adjustable rate mortgages) resetting from the "teaser" rates and exploding the Martin's monthly mortgage payments from $1700.00 per month to $2,300
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
er month.
"We have fallen and right now we just can't get up," said Jim. "We're beyond the shock right now. We're trying to keep our heads and protect our chi
"We have fallen and right now we just can't get up," said Jim. "We're beyond the shock right now. We're trying to keep our heads and protect our chi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
dren. Our lender cannot do anything to help us. No payment adjustments. No loan restructuring. Nothing. We can't refinance. We don't have any money to pay the
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ees and we're upside down."
Code-named "HomeStay", Fannie Mae is trying to get lenders (with whom Fannie Mae works) to refinance homes without first having to
Code-named "HomeStay", Fannie Mae is trying to get lenders (with whom Fannie Mae works) to refinance homes without first having to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
clear up borrowers’ unpaid bills on their credit reports, albeit too late for the Martins.
Fannie Mae's HomeStay will stretch the loan term for this refinanci
Fannie Mae's HomeStay will stretch the loan term for this refinanci
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
g product to a maximum of 40 years from a current limit of 30 years, which stands to reduce monthly payments by about 5 percent.
In the meantime, there's a bu
In the meantime, there's a bu
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ch of red tape to untangle. Rules that govern these bonds sometimes prevent lenders from reaching out to borrowers until they are 30 days late on their payment
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
. Typically, a mortgage lender allows 90 days or three missed payments before issuing a Notice of Default to a homeowner delinquent on its monthly mortgage pay
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ents.
"As bad as it is to go through foreclosure…and I wouldn't wish it on anybody….we will survive. My family will survive," Jim added. "This whole mess snow
"As bad as it is to go through foreclosure…and I wouldn't wish it on anybody….we will survive. My family will survive," Jim added. "This whole mess snow
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
alled on us, what with the house payments jumping around $600 per month, my wife getting sick and missing work & and the van breaking down."
As bad as it is,
As bad as it is,
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
he Martins may face even more bad news is the foreclosure sale cannot repay the lender the outstanding balance.
In the next issue, we'll explain how the Marti
In the next issue, we'll explain how the Marti
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s and countless other families discover the definition of "exculpatory clause," "summary or default judgment" & other damaging legal terms further complicating
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
an already horrible nightmare.
Sooner rather than later, unintended victims need help. Foreclosure is more than taking a "house" away from a family; in many c
Sooner rather than later, unintended victims need help. Foreclosure is more than taking a "house" away from a family; in many c
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ses, it's taking a "home" away from a family.
These desperate homeowners need a solution now, as this violent financial storm gains strength before their eyes
These desperate homeowners need a solution now, as this violent financial storm gains strength before their eyes
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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