From the monthly archives:

September 2007

Homeowners Forum to Get FREE Foreclosure Help

by Moe Bedard

There are no investors, real estate agents or scammers pedaling their services. Why? Because they just give you advice that will help them make money. So, if you want to save your home, then talk with people who want the same thing and get advice from people who don’t stand to gain form your misfortune.
Please [...]

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Wells Fargo to Foreclose on 5,000 Homeowners

by Moe Bedard

I just picked up this interview from the San Francisco Gate with John Stumpf the president and chief executive officer of Wells Fargo & Co., the largest banking company based in the West and one of the nation’s dominant financial institutions.
In picking a part the questions and answers along with the numbers that were being quoted, I came [...]

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995 HOPE

by Moe Bedard

Do NOT Call 888-995-HOPE for help! Read on to learn why.
Read this investigative news piece by CNBC - 
 The government’s flagship 995 Hope program to give struggling homeowners relief from overwhelming mortgage payments has left hundreds if not thousands of callers frustrated by long wait times, lack of follow-up and relatively minor loan modifications that have [...]

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Loss Mitigation as a Business

by Moe Bedard

As many of my readers know, I follow the foreclosure crisis heavily and I have a keen interest in the loss mitigation, loan modification and loan workout side of the business. This seems to be an area that is not reported on much and there isn’t really any intelligent information being disseminated about it.

I frequent [...]

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Can You Get a Loan Modification From Your Lender?

by Moe Bedard

The message to troubled homeowners has been: Call your lender. You may be able to work something out. Maybe you’ll get a loan modification? They will work with you, news reports say.
A survey by Moody’s found that most subprime-loan servicers this year had modified only about 1 percent of their adjustable-rate mortgages (ARMs) that had [...]

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Is Countrywide Planning to be The Largest Real Estate Company in America?

by Moe Bedard

Countrywide is sending mortgage consultants to hold open their foreclosed houses. So now they will capture loans. Multiply that by thousands and thousands of homes and now you have a real estate company to compliment your lending division.
Countrywide Real Estate & Loans? Heck, you might as well open an escrow company also and hire out [...]

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House Bill Would Allow Bankruptcy Courts to Modify Mortgages

by Moe Bedard

This Bill right here would stop foreclosure for hundreds of thousands of homeowners and save them from their toxic mortgages that are eating them alive.
Under loan modifications, the lender and loan-servicing company change the mortgage terms to make them more affordable to the borrower. This can include lower interest rates and forgiving a portion of the [...]

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Countrywide to Outsource Loss Mitigation Efforts to India

by Moe Bedard

In another stellar business move by Countrywide, Mr. Mozilo announced as an effort to cut cost and increase the bottom line, they will be outsourcing loss mitigation efforts to call centers in India.
I found this in a LA Times article and have yet to verify if this is in fact true. If it is, then [...]

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What Good is a Rate Cut When No One Can Refinance Anyway?

by Moe Bedard

  As everyone expected, the Federal Reserve Board cut the funds rate a half-percentage point to 4.75%. Accompanying the policy statement, the “tightening of credit conditions”, said the Fed, “has the potential to intensify the housing correction and to restrain economic growth.” The Fed seems to be trying to act before things get worse: the cut, it [...]

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Open Letter to Jim Cramer

by Moe Bedard

Dear Jim,
First off I’d like to give you a big fat flemmed filled bubububooyahhhhhhh, cough, cough from the smog filled and vacant home ridden basin of the Inland Empire in sunny Southern California. Yeah, yeah, I know the housing market is terrible here and homeowners are being foreclosed on every corner. New homes are still being [...]

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Lawless Lenders Are Driving America Into the Ground

by Moe Bedard

Homeowners that turn to their lender for a loan modification may be in for a big surprise when they find out that is far from what they will get. News reports and websites like mine instruct borrowers who are in trouble with their mortgage to contact their lenders and negotiate a loan workout so they [...]

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The President and Banking Regulators Are Pushing for Loan Modifications

by Moe Bedard

Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson were meeting with mortgage service company executives at the Treasury this morning. (My predictions of a massive loan modification campaign do not seem too far away) President Bush and banking regulators are pushing lenders and servicing companies to identify homeowners at risk of ‘reset [...]

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Stop Foreclosure Forum – Homeowners Please Join

by Moe Bedard

My new forum is gaining momentum and I invite anyone who would like to get involved in my fight to promote loan modifications and to help homeowners stop foreclosure.
Please visit www.LoanSafe.org and participate in a one of a kind forum.

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Investors Are Going to Lose it All if They Don’ Agree to Modify Loans

by Moe Bedard

Homeowners can’t refinance. There are no mortgage products to cure their diseased loan. Vanished. Never to be seen again. Foreclosures are engulfing neighborhoods everywhere. Values are plummeting faster than your favorite housing stock. Employment is down for the first time in years. People are losing their jobs left and right.
Loans are adjusting everywhere like the plague and [...]

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Predatory Lending Questions & Answers With Nathan Fransen and Paul Molinaro

by Moe Bedard

I was privileged to meet some great real estate attorneys who are from my home town and are leaders in the field of predatory lending and mortgage law. Two very hot topics right now and I suspect is will get even hotter as foreclosures rise and homeowners realize that they were mislead into these toxic [...]

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A Rate Cut Will Not Help These Damned Loans

by Moe Bedard

Let’s get one thing straight here. A rate cut by Mr. Ben Bernake and the glorious Federal Reserve will do nothing to ease the category 5 Hurricane of foreclosures that is engulfing homes and local economies across the US. A cut would be a confidence boost to settle panicked markets but it will provide little relief for struggling [...]

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Save Our Economy and Force Lenders to Modify Loans

by Moe Bedard

From day one, the inspiration for this blog and my forum has been to promote a massive loan modification campaign of these exploding adjustable rate mortgages that are blowing up families, neighborhoods and our economy. I realized long ago that the only way to stop foreclosures from ruining our entire economy was to modify these [...]

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FHA Secure Facts

by Moe Bedard

Website are starting to pop up left and right as the next internet gold rush is on the way. With the announcement of the FHA Secure, struggling loan officers, lenders and webmaster rushed to register domain names and jump on the new lending band wagon. Hell, they have been starving for loans and many loan [...]

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