October 2007

  Today,  members of the U.S. House of Representatives Judiciary Committee heard the testimony from bankruptcy lawyers and an economist who hope to influence law makers in passing this bill. They are asking for a few changes to the U.S. bankruptcy code to help [...]

I just wanted to remind everyone that is interested in the Southern California area, about our seminar this Thursday. It will be held in the City of Corona in Riverside County. The seminar will be hosted by real estate and mortgage law attorney’s [...]

  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 [...]

This post is courtesy of http://accruedint.blogspot.com . Thanks! Anyone who follows the market and the complexities of our financial mess should be interested in what investors feel about loan modifications because essentially, it is the investors who have the final [...]

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 [...]

News came out this past week about Countrwyide’s new plan to modify billions in mortgages and a special new deal they worked out with NACA. When I heard about this, I was mad as hell (to say the least). I couldn’t [...]

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 [...]

The single most important question consumers ask themselves during the present economic crisis: Is it better to lose your house to foreclosure or file for bankruptcy protection? A foreclosure will remain on your credit report for 7 years, while a [...]

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 [...]

Looks like investors are finally starting to feel some subprime pain. Quoted from the New York Times: For all the pain in the mortgage market, investors who hold bonds backed by risky home loans have continued to receive their monthly [...]

America and homeowners need to understand the “facts” and the “reality” as to why our great country is in such a ridiculous housing and mortgage mess. I’m so sick of hearing that homeowners are in homes they cannot afford. They [...]

The Arizona State Court of Appeals has ruled that a homeowners association can’t foreclose on someone’s house for not paying assessments if it can’t prove the owner was served with the lawsuit. In 2004, the Olive Green Vistas Homes Association where Santos Cruz [...]

Countrywide will only help 50,000 homeowners stay in their home into 2008. The Other 480,000 homeowners are up toxic loan creek without a paddle!The Countrywide press releases were distributed this week at lightening speed. Hell, they had their third quarter [...]

It’s not surprising that the Countrywide Financial Corp. reported today a third-quarter loss of $1.2 billion, or $2.85 a share, down significantly from its year-ago profit of $648 million, or $1.03 a share. This was the first quarterly loss in 25 years and [...]

 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, [...]

Program in addition to $1 million donation announced yesterday to aid first responders and evacuees  October 25, 2007: 04:18 PM EST   LOS ANGELES, Oct. 25 /PRNewswire/ — In an effort to help individuals and small-business customers affected by 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 [...]

Today, 06:58 AM luvmyhouse vbmenu_register(“postmenu_1008″, true); Junior Member   Join Date: Sep 2007 Posts: 11 Re: Call 1-888-995-HOPE to Stop Foreclosure I have been trying to get a loan modification with Option One. I sent the application via mail then [...]

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 [...]

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) Due Diligence – the term conjures studious, erudite, educated, skilled, seasoned professionals who at all [...]

 Another disturbing fact from the Countrywide school of subprime horrors. One that I have not seen in the media and hopefully this will get some attention. I just ran the most recent stats on REO properties in the Countrywide portfolio as of [...]

This comment is from a reader of my blog. I thought since it made perfect sense that I had to share it with everyone. Keep in mind this is a very experienced legal aid attorney who KNOWS what’s really going on. Thanks [...]

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 [...]

CALABASAS, Calif., Oct. 23 /PRNewswire/ — Countrywide Financial Corporation today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of [...]

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 [...]

Be prepared to do a lot of this when you call your lender.

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! [...]

                   Thursday November 1st From 5:30-7:30 @ The Corona-Norco Association of Realtors The free seminar will be hosted by mortgage law attorneys, Nathan Fransen, Esq., Paul Molinaro, Esq. and myself. This will be a unique seminar because of the unique angles we [...]

I have been assisting “a reporter who would like to remain anonymous“ in an article he is writing on the foreclosure crisis. He has been speaking with Nathan Fransen and myself. Great guy and seems to really care about homeowners and [...]