From the monthly archives:

November 2007

Disabled Vet From Marine Corps. Can’t Get Help From Countrywide

by Moe Bedard

This is a sad reality of business. Yes, you taking a mortgage out on property is “business”.  These homes are backed by contracts not feelings. You break that contract, then the big bad wolves (lenders) are going to come take your home.
Forget about you fighting in Iraq for freedom, justice and against terrorism. Forget that you are injured [...]

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‘Snooty’ bankers blamed for crisis

by Moe Bedard

The “snooty” attitude of bankers and financiers who thought they were cleverer than everyone else is largely to blame for the global credit squeeze “disaster”, Germany’s finance minister has said.

In an interview with the Financial Times, Peer Steinbrück played down the impact on Europe’s largest economy of the turmoil but said steps had to be [...]

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Massive Loan Modification Campaign on the Way?

by Moe Bedard

By Moe Bedard
The Treasury and the banks have seen the light and it looks like they finally realized that only an across the board approach would work even if this approach implies an indirect government interference – via moral suasion – with the “free market” process and an effective mortgage relief to the borrowers rather than a [...]

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A broad approach would “significantly disrupt the reasonable expectation of investors”

by Moe Bedard

By Moe 
George Miller, executive director of the American Securitization Forum made the above comment in an interview earlier this month along with this comment in regards to a mass loan modification approach, ““It is really an indiscriminate procedure that would violate the terms of the contract that provide for loan-by-loan decision making.”
First of all, I understand contracts [...]

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Fitch: Underwriting & Fraud Significant Drivers of Subprime Defaults; New Originator Reviews

by Moe Bedard

Copyright:
Business Wire

Business Editors
NEW YORK–(BUSINESS WIRE)–November 28, 2007–Recent vintage residential mortgage-backed securities (RMBS), backed by pools of subprime mortgages continue to substantially under-perform initial expectations, which has resulted in significant ratings downgrades and heightened risk of losses to principal. Fitch’s analysis of subprime defaults suggests that lax underwriting and fraud may account for as much as [...]

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Countrywide Named in Foreclosure Probe

by Moe Bedard

Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that; 
Countrywide [...]

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A Copy Of Senator Schumer’s Letter to the Federal Home Loan Bank of Atlanta

by Moe Bedard

November 26, 2007
Ronald A. Rosenfeld
Chairman
Federal Housing Finance Board
1625 I Street NW
Washington, DC 20006
 
Dear Chairman Rosenfeld:
 
I write to express my serious concern over the lending practices of the Federal Home Loan Bank of Atlanta, specifically in regard to the significant volume of advances made to Countrywide Bank. I am concerned that the loans being pledged by [...]

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Countrywide’s New Loan Officer Compensation Plan – McDonald’s is Looking Better Every Day

by Moe Bedard

By Moe Bedard
From Alan a NOW ex-Countrywide employee-

HERE IS THE CHL COMPENSATION THAT WAS JUST PUT IN PLACE EFFECTIVE 12/01/2007
THE MEANS THAT A LOAN ORIGIONATOR COULD GET A HEFTY WAGE INCREASE BY GOING TO WORK AT WALMART. I QUIT THE DAY THIS WAS ANNOUNCED.
Units Funded
Units Payout (Bps) BPS = 12 BPS = .012%
0 – 2 [...]

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FDIC’s Sheila Bair, Diana Olick & Moe’s Response to Their Views on Loan Modifications

by Moe Bedard

By Moe
Loan modifications are the new buzz term in the media and with our government. It looks like they have all have finally jumped on the Moe band wagon.
On Monday, Diana Olick of CNBC posted on her blog, what she said, “  I ranted quite a bit yesterday on loan modifications,” where she had made [...]

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Fast & Sleazy – Schumer is on Mozilo’s A$$ Big Time

by Moe Bedard

By Moe
The honorable Senator Charles Schumer has a bone to pick with Angelo Mozilo and Countrywide Financial. It appears that he isn’t buying these BS press releases that have been coming out over the last couple months or so and he isn’t going to roll over and play Mr. nice senator–especially when this company was [...]

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Governor Schwarzenegger Discusses Ways to Help Homeowners Avoid Foreclosure

by Moe Bedard

Sacramento, California – Governor Schwarzenegger Discusses Ways to Help Homeowners Avoid Foreclosure in his radio address.
Hi, this is Governor Arnold Schwarzenegger with another California Report.
Thanksgiving was Thursday and all across California, people gathered in their homes with friends and family to share a meal, give thanks and build memories that last a lifetime.
But in too [...]

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Lenders Say They Plan to Streamline Loan Modification Process

by Moe Bedard

I have been trying to get some more information on the new loan modification agreement that California Governor Arnold Schwarzenegger has worked out with Countrywide, GMAC, Litton and HomeEq .
This San Francisco Gate article has been all I can dig up that had some facts about the details.
While I am excited about this new agreement, I [...]

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The Largest Lender and its Greatest Enemy, Sitting Side by Side

by Moe Bedard

I thought I would share some commentary from Diana Olick of CNBC in regards to her listening to a hearing of the House Financial Services Committee this morning.
She said they were talking about “mortgage issues and then said (I know, I’ve really got to get out more).”  Yes, we all do, but the facts are that this [...]

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Senator Schumer Has Some Serious Questions for Mr. Mozillo

by Moe Bedard

Oh, this is great. Jane Wells came out on CNBC and announced she had a letter in her possession from Senator Schumer to Countrywide’s CEO, Angelo Mozillo
I immediately went to her blog and had to post the details of the letter for my readers. What do you all think about these questions and will they get [...]

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Paulson Wants to Develop Standard Criteria That’s Going to Allow for Loan Modifications and Loan Workouts

by Moe Bedard

“We’re never going to be able to process the number of workouts and modifications that are going to be necessary doing it just sort of one-off,” Mr. Paulson said. “I’ve talked to enough people now to know there’s no way that’s going to work.”
Amen! I have been saying this all along and this will remain a [...]

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Ex-Countrywide execs get probation terms for insider trading

by Moe Bedard

A slap on the hand, a pat on the ass and 3 years probation for stealing $100,000.
Three former Countrywide Financial Corp. executives who pleaded guilty to criminal insider trading charges were sentenced Monday to serve three years’ probation, the U.S. attorney’s office said.
Apparently these Countrywide crooks used confidential data showing Countrywide would not meet Wall [...]

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Gov. Schwarzenegger Works with Lenders to Help Homeowners Avoid Foreclosure

by Moe Bedard

For Immediate Release:                                                            Contact:  Aaron McLearTuesday, November 20, 2007                                                                  Sabrina Demayo Lockhart                                                                                                                916-445-4571
California’s Foreclosure Rate Twice the National Average With California impacted more than any other state by the national home foreclosure crisis, Governor Arnold Schwarzenegger worked with loan servicers from Countrywide, GMAC, Litton and HomeEq to agree to streamline “fast-track” procedures to help keep more [...]

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CW is Scummy and So are the Brokers Who Peddled This Crap.

by Moe Bedard

The reason I post these stories is because I want to give a voice to homeowners. This blog or my mission isn’t about me but it’s about our mortgage crisis and how homeowners are suffering from these toxic loans that they are stuck in and can’t refinance out of.
It’s about solutions and also the problems. One [...]

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Predatory Renting

by Moe Bedard

The perfect crime is being perpetuated across America and there seems to be no laws or any way to prevent it.
A new scam has been born with the advent of foreclosure boom. Predatory Renting“This is an explosion,” said Judith Liben, a lawyer at the Massachusetts Law Reform Institute. “This isn’t business as usual. These are investors that [...]

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Foreclosure is Inevitable for Many Speculators

by Moe Bedard

Speaking at a housing forum in Minneapolis today, Robert Steel, the Treasury’s undersecretary for domestic finance said mortgage foreclosure is inevitable for many speculators who made bad bets on the U.S. housing market or buyers who are stretched well beyond their means over the next 18 months.
Steel emphasized that 2 million mortgages will be resetting [...]

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