From the monthly archives:

October 2007

Bankruptcy Bill That Would Allow the Courts to Modify Mortgages Moves One Step Closer

by Moe Bedard

  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 save many troubled homeowners from foreclosure as the mortgage crisis takes hold in the next two [...]

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Foreclosure Prevention & Predatory Lending Seminar This Thursday

by Moe Bedard

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 Nathan Fransen and Paul Molinaro, plus myself. We will cover all the foreclosure defense tactics that homeowners [...]

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US treasury is Pressuring Congress to Pass Legislation to Help Ease the Housing Crisis

by Moe Bedard

  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 [...]

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Inside a Real Investor Discussion About Loan Modifications

by Moe Bedard

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 say in all of this. This is a behind the scenes look at what they are [...]

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HOPE NOW – Treasury Assistant Secretary David Nason Remarks before the Women in Housing and Finance

by Moe Bedard

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 [...]

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The Neighborhood Assistance Corporation of America (“NACA”) & Countrywide’s New Deal

by Moe Bedard

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 believe Bruce Marks (a man who I have tremendous amount of respect for) would work any [...]

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Release Won’t Shield Lender From Usury Claim of Borrower

by Moe Bedard

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 [...]

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Which is worse: Foreclosure or Bankruptcy?

by Moe Bedard

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 bankruptcy remains for 10 years. If you ever plan on getting any kind of loan, especially [...]

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Foreclosure Fighters – April Charney

by Moe Bedard

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 [...]

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Investors Who Hold Bonds Backed by Risky Home Loans Have Continued to Receive Their Monthly Interest Payments — Until Now.

by Moe Bedard

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 interest payments — until now.

Skip to next paragraph

Multimedia
Graphic
Slowdown

Collateralized debt obligations — made up of [...]

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Why Lenders & Servicers Are Not Cooperating to Modify Mortgages

by Moe Bedard

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 over speculated. They bought way above their means. They can’t be helped. Rubbish! Bullshit!
WE ARE IN [...]

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Without Proof of Service, the Foreclosure, and Everything Else That Happened Subsequently, is Legally Void

by Moe Bedard

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 lived went to court seeking to foreclose on a lien, saying it was owed $2,274, with interest continuing [...]

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Dissecting the Countrywide Propaganda Media Machine

by Moe Bedard

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 earnings report coming out and they had to do something in the form of damage [...]

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Countrywide Posts $1.2 Billion Dollar 3rd Quarter Loss

by Moe Bedard

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 the subprime lending giant attributed the results in the latest quarter to inventory valuation adjustments [...]

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Barney Frank Pushing for Mortgage Reform

by Moe Bedard

 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 [...]

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Bank of America Announces Disaster Relief Program Aiding Customers Impacted by Southern California Wildfires

by Moe Bedard

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 wildfires impacting Southern California, Bank of America today announced a disaster relief program, which includes: special loan [...]

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Has Countrywide Changed Their Tune? Don’t Hold Your Breathe Just Yet!

by Moe Bedard

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 [...]

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Homeowner Gets Help From 995 HOPE

by Moe Bedard

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 fax because there was no record of it when it was mailed. After many phone [...]

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Wall Street is Buying this “Junk” Faster Than it Could be Closed

by Moe Bedard

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, [...]

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Due Diligence Fact or Fiction (mostly Fiction)

by Moe Bedard

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 costs provide fiduciary, sage and prudent advice to clients that have retained them to review and [...]

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