But the difference between what my mission is and how my blog differs from all the others out there is like night and day. My mission from day one has been to promote loan workouts and loan modifications has the only viable short and long term solution to the mess we are in. It’s the only way to fix this mess before it elads our country into what may become a full blow recession.
I’m not here to shoot the shit or report on how evil brokers are or what lender is going out of business. We all know that and there are 1000 other people reporting on it, so I’ll let them do that while I continue on my “ONE MAN MISSION” to spread the word.
Sure I care about mortgage companies going out of business and people getting laid off, but I am here for a purpose and that purpose is to spread the word to the American people, the homeowner who turns to the internet for help. I’m sick of the misinformation people are getting and how unorganized this mortgage mess is.
I know as I study and follow what’s being done in regards to loss mitigation in the mortgage business, the more I realize how poorly ran and organized lenders and servicers are. How poorly treated borrowers are handled when trying to “work” with these so called “home retention” departments. Some have clever names like Countrywide’s HOPE Department or AMC’s Home Save Department or EMC’S Mod Squad. Sure the names sound good but are they misleading and mishandling troubled borrowers? I would say hands down, YES!
I have also mentioned this in other bog posts, “I am not here to BASH and take pot shots at lenders and servicers. (Even though I do that on occasion ) I am here to expose the truth, open people’s eyes and advocate change. If I can help bring this to everyone’s immediate attention, then I have I have completed my mission.”
It’s not rocket science. Sure, I know it’s not as easy as allowing every borrower the right to modify their loan and apparently there are several accounting ”issues” and “policies” that may have to get revised to make this work. But let’s get them working and start modifying loans for qualified borrowers who can save their homes if someone would just “fix” the loan they are in.
Many of these homeowners were promised by brokers and lenders that they would be able to refinance out of these 2/28 and 3/28 ARM’s or these negative amortization loans that were pushed on unsuspecting homeowners at alarming rates. Brokers and lenders thought that these products would be around forever but obviously that wasn’t the case. Now these homeowners are stuck in toxic ARM’s that are spreading cancer and spilling radiation into communities in almost every neighborhood in America. Ruining lives and depressing local economies.
Lenders and brokers can’t refinance them out of these mortgages because there are no loan products for these borrowers to refinance with as “promised” by these same lenders and brokers. Are we just going to sit here and twiddle our thumbs and just let these foreclosures keep happening to good people? Borrowers that these companies gave a loan to a year or two ago and many have improved their credit profiles and now they turn for help, only to be kicked to the curb by these “HOPE Departments”?
Congress, I am not talking about a bail out but an “organized” push to “fix” these loans. Help these people who have loans that are adjusting or have adjusted and of course help delinquent borrowers that have suffered hardships and now have the ability to pay. Push lenders and servicers to “fix” what they helped create.
If not then the deeds of their past creations will lead our country into a full blown recession like we have never seen and quite possibly the world.
You can help stop foreclosure and fix this mess. The question is what are you doing besides talking about it? Join my forum/community at LoanSafe.org and unite to join my fight!
{ 5 comments… read them below or add one }
It seems as though all the media outlets get it but how come the lenders won’t budge? A friend sent this article to me about countrywide…I am just sick to my stomach after reading this. Countrywide is like the Enron of the mortgage world. Greed, corruption and bad business that destroy the little people. Ugh I hate Countrywide!
http://www.nytimes.com/2007/08/26/business/yourmoney/26country.html?pagewanted=1&ei=5087&em&en=44bdb6aa047ed4b7&ex=1188446400
It seems as though all the media outlets get it but how come the lenders won’t budge? A friend sent this article to me about countrywide…I am just sick to my stomach after reading this. Countrywide is like the Enron of the mortgage world. Greed, corruption and bad business that destroy the little people. Ugh I hate Countrywide!
http://www.nytimes.com/2007/08/26/business/yourmoney/26country.html?pagewanted=1&ei=5087&em&en=44bdb6aa047ed4b7&ex=1188446400
Thanks for the article. I read it when it came out and this is how they operated and several other lenders over the last few years. The wild, wild west and snake oil pitches. The truth will come out in the end and the people who committed fraud will go down big time along with all of the predatory lenders who preyed on borrowers daily.
I hope so but these white collar criminals always seems to get off with just a slap on the wrist. I glad to see all this nonsense in the media though. People NEED to know what is going on behind the scenes and just how many people got screwed. And can I just say how sick and tired I am of hearing that the people screwed were irresponsible, ignorant and greedy and that they deserve to loose their house. I’ll step off my soap box for now but I just have to say I hope we keep hearing about all this until it finally sinks in with the people that can actually do something about it.
There will be some big people going down I’m sure over the next couple of years. Media is good to show how bad the problem is and get the message to congress to do something. However, it’s all doom and gloom with now real solutions being reported on. Some people were definitely irresponsible and mad bad choices. Some people were taken advantage of and they need to be worked with and so do the people in ARM’s that are exploding. I believe that there needs to be a huge “mediation” workout plan that needs to be orchestrated by the government to lesson the collateral damage and protect the economy.