October 2007

  This post is a follow up to the press release from the Treasurers Office in regards to the testimony given by David Nason, assistant secretary of Treasury for financial institutions.Apparently Mr. Nason feels that Congress needs to move swiftly to pass housing related legislation.
 
‘Congress should send legislation to the President on these bipartisan efforts as [...]

October 30, 2007HP-653
Treasury Assistant Secretary David Nason Remarks before the Women in Housing and Finance

Washington- Thank you for inviting me to join you today at this luncheon. I am honored to have the opportunity to speak to this distinguished group of financial services industry professionals and policy leaders. It is great to see so many [...]

A defaulting borrower should be allowed to proceed with its usury claim against a lender, even where language in a forbearance agreement purported to release the lender from any prior obligation or default, a Superior Court judge has ruled.
The borrower argued that the release did not cover its underlying claim because statutory causes of action [...]

This is my first post in a series titled, “Foreclosure Fighters”. I feel it’s necessary to recognize the people that are fighting for homeowners and dedicating their lives to consumer activism. These are the “real” heroes that are fighting on American soil for justice, equality and the rights of everyone. April Charney is one of those rare [...]

 US Representative Barney Frank, who chairs the House Financial Services Committee, is scheduled to meet this morning with mortgage brokers and lenders at the Federal Reserve Bank in Boston. He has invited a group of lenders that include Countrywide, GMAC, Washington Mutual, HSBC, and Wells Fargo mortgage firms.
Frank has proposed an important bill that would require the [...]

Contributed by a Reader and Homeowner
I got a hold of someone at Countrywide today. All of a sudden it is easier to get through. They asked a bunch of questions and calculated the average household expenses. They only had 2 figures to choose from. Either the “lower” end which was around $2000 or the “higher” end [...]

By Poppy (34 Year Mortgage Industry Professional, Head Underwriter and Risk Management Manager For Some of the Largest Lenders in the Country. Would Like to Remain Anonymous) Part 1 of 3
“It meets the Guidelines, you have to approve it” – God I wish I had a nickel for every time I heard that from either the Broker, [...]

Fitch Ratings gave Option One Mortgage Corp.’s residential loan servicer ratings yesterday a big thumbs down, citing several factors including the uncertain deal to sell the company to Cerberus Capital Management and the their daddy, H&R Block.
 I’m sure out sourcing their loss mitigation efforts to India is what they mean by “offshore”. “Hi this is Adam [...]

Are builders in on the scam? Of course they were! Here is part 2 of a series on the behind the scenes that most people never get to witness.
Poppy from Arizona:
Hey, how about the appraiser that decided he could not come to value (fancy that), who in his infinite wisdom decided to alter/raise the sales [...]

No job. You don’t need a stinking job and by the time we sell your mortgage to the investors, they won’t even know you don’t have a job and both of us will have our money and be long gone! Sound like a plan?
                                                    

I participated in a great debate in the State of Arizona yesterday at www.azcentral.com . I received this in my email from a user named “poppy” and I had to share it with my readers.
“My response that frankly I am not comfortable posting – seriously afraid that no one really recognizes how much they personally are [...]

I receive many calls and emails from my readers thanking me for putting this information on the internet. I appreciate all the thank yous and this is by far the most rewarding thing I have ever done in my life.
Many of these conversations start out like this: “Hi, Moe! It’s really you and your a real person.” [...]

I hear so many stories of homeowners being victimized by predatory lenders. Often these lenders contacted them on the telephone. This is also known as telemarketing.
There are good mortgage companies that do this. But the facts are that most of them are predators. You know, SHARKS! Stay away from them. Also stay away from solicitations [...]

A loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better loan terms. The hope is that the new loan will enable to the borrower to meet their obligations.

When applying for a loan modification, make a game plan on how exactly you are [...]

Remarks by Secretary Henry M. Paulson, Jr. on Current Housing and Mortgage Market Developments Georgetown University Law Center
Washington, DC–Good morning. As students of law, business and public policy, you have an interest in real life case studies that combine financial markets and policy issues. Current developments in the housing and mortgage markets provide such an [...]

It use to be when you were late on your mortgage or suffered a hardship, you could call your lender and ask for help or find someone their that could give you guidance. That was the old days and they no longer exist. So let’s face the cold truth and not sugar coat reality.
The facts [...]

I have been covering, “The Great American Homeowner Swindle” and my investigations seem to be pointing towards Wall Street more and more everyday.
Sure, there are a lot of players that contributed to this mess but none like the suits on Wall Street who made HUGE amounts of money during the suprime gold rush. These guys lived [...]

Ohio Attorney General, Marc Dann, is calling it like I see it and I’m quite impressed. My series called. “The Great American Homeowner Swindle” coincides with the AG’s views. He must be following my blog.
Check out this news clip on CNBC  Way to go Mr. Dann!