From the monthly archives:

December 2007

Here’s the deal, I get real cranky having to decline over 60% of what I am looking at, real cranky.

by Moe Bedard

By Poppy (30 year mortgage underwriting veteran) 

Well, I am back to underwriting again – and I have to say – WTF, you have not stopped with the Mis-Rep and Crap that you are submitting. Damn, you are more creative than ever folks. Here’s the deal, I get real cranky having to decline over 60% of [...]

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It saddens me that now a mortgage professional (Broker or Banker) has about the same credibility as a used car salesman

by Moe Bedard

I guess as an industry we’ve earned that reputation. We sold too many of the wrong types of loans to the wrong types of people. There were too many crooks out looking out for their own paychecks, and not their customers best interests.

Its really a shame because mortgage transactions are usually the biggest financial transaction [...]

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NeighborWorks America to administer a $180 million national mortgage foreclosure mitigation counseling program

by Moe Bedard

FORECLOSURE PREVENTION COUNSELING EFFORTS RECEIVE BOOST FROM
$180 MILLION APPROPRIATION

NeighborWorks® America Selected to Award Grants to Approved Intermediaries

 WASHINGTON, D.C. – Today NeighborWorks America announced that it was named in the FY2008 Consolidated Appropriations Act to administer a $180 million national mortgage foreclosure mitigation counseling program.
Under the legislation, NeighborWorks America (formally the Neighborhood Reinvestment Corporation) will make [...]

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Ohio Homeowner Fights Foreclosure and Lives Payment Free for 11 Years

by Moe Bedard

Let the truth be known. Most homeowners do not respond or fight back when they are facing foreclosure. The lender files the notice of default and the court hearing comes and goes without an appearance from the defendant (homeowner). Four to six months later, the trustee’s sale happens on the court steps and the home [...]

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Mortgage Probes Face Big Hurdles

by Moe Bedard

New York Attorney General Andrew Cuomo has issued subpoenas to Merrill Lynch and Deutsche Bank for their roles in packaging and selling mortgage loans. (By Louis Lanzano — Associated Press)
The nation’s largest banks are losing billions of dollars from the mortgage debacle. But will pain from bad housing bets be compounded by government investigations?
As credit [...]

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Foreclosure help on the internet for homeowners from LoanSafe.org

by Moe Bedard

 Please join our one of a kind homeowners forum for foreclosure help. A safe place where you can ask questions and get answers in this unique and interactive community that was created to assist people in an anonymous, yet open format. Meet other homeowners that are going through the same thing and get the help you need [...]

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Are Mortgage Brokers Ancient History in 08?

by Moe Bedard

By Moe Bedard 
The mortgage and real estate industry has resembled a battlefield marred with carnage and destruction with what appears to have no end in sight. 210 imploded lenders and thousands of mortgage, real estate professionals and anything related to these professions in one way, shape or form, litter the path of no jobs and no hope.
The [...]

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Ohio Lawyers to Help Homeowners

by Moe Bedard

More than 200 lawyers have volunteered to help financially strapped homeowners facing foreclosure in response to a request by Chief Justice Thomas Moyer to provide free legal advice.
The president of the Ohio State Bar Association put out a call for volunteers to meet Moyer’s request, association spokesman Ken Brown said Wednesday.
“Unfortunately, it’s a big problem, [...]

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San Bernardino County – Taxpayer Beware of Foreclosure Scams

by Moe Bedard

Below are examples of two scams currently plaguing homeowners in our counties. The first involves the Homeowner’s Exemption. While this scam is not illegal, homeowners should be aware that they can submit a request for the Homeowner’s Exemption for free using this form. Homeowner’s Exemption Claim
The second is illegal. Homeowners are told that they can [...]

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Forcing banks to get the paperwork, known as an assignment, could hamstring a high-volume industry that prefers to transfer loans electronically

by Moe Bedard

Forcing banks to get the paperwork, known as an assignment, could hamstring a high-volume industry that prefers to transfer loans electronically, said Cleveland State University Law Professor Kathleen Engel.
A Cleveland federal court ruling that has the potential to block foreclosures across the country looks as if it is already doing that in the court where [...]

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Countrywide and ACORN Work on Blueprint for Home Retention and Foreclosure Prevention

by Moe Bedard

CALABASAS, Calif. and NEW ORLEANS, La., Dec. 21 /PRNewswire-FirstCall/ — Countrywide Financial Corporation (NYSE: CFC – News) and the Association of Community Organizations for Reform Now (“ACORN”) announced a joint initiative to develop a blueprint for home retention programs, with a particular focus on subprime borrowers. “Countrywide and ACORN share the belief that subprime borrowers [...]

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JacMac … you are not ignorant … you got caught up in the “shell game” that was being promoted by several lenders to mortgage brokers

by Moe Bedard

Debate of the week: homeowner and loan officer. A peek inside the mortgage game with views from both sides of the fence. Did homeowners really know what they were getting into and did brokers really disclose the “truth” when representing their clients or was it all about the “benjamins”?
[The following discussion recently took place [...]

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The FHA Secure Bait and Switch – FHA Clearly Violates Truth in Advertising Laws

by Moe Bedard

By Moe Bedard 
“Thousands Have Switched to FHASecure to Keep Their Homes - Why Not You?” – FHA Website
“only 266 such borrowers have cleared all FHA hurdles, according to data compiled by the Department of Housing and Urban Development that was provided to Reuters” – Reuters
“In only the first 4 months of FHASecure, more than 40,000 households [...]

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President Bush Signs H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007

by Moe Bedard

1:05 P.M. EST
THE PRESIDENT: Thank you all for coming. Welcome to the White House. I’m pleased to sign a bill that will help homeowners who are struggling with rising mortgage payments. The Mortgage Forgiveness Debt Relief Act of 2007 will protect families from higher taxes when they refinance their homes. It will help hardworking Americans [...]

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The FHA Secure Flop and The No Hope Now Plan = 2 Strikes for the Bush Administration

by Moe Bedard

In only the first 4 months of FHASecure, more than 40,000 households have refinanced under the new housing insurance program to protect their families’ investment in the American Dream.  Announced by President Bush on August 31, 2007, along with HUD Secretary Jackson and Treasury Secretary Paulson, FHASecure is already helping thousands of American families, faced [...]

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The Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus

by Moe Bedard

Barney Frank’s Statement on the Federal Reserves Proposed Changes to HOEPA 
Washington, DC – Rep. Barney Frank, chairman of the House Committee on Financial Services today released the following statement in reaction to the Federal Reserve’s proposed rules on the Home Owner’s Equity Protection Act (HOEPA): “The staff of the Financial Services Committee and I have [...]

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What are they going to do, put the ‘frig in their car after the foreclosure?

by Moe Bedard

Submitted by Bill H.
I have been an FHA originator for 25 years and I can tell you that the FHASecure is a joke. In order to qualify, the borrower must be diliquent on his mortgage, but all of his other credit must be paid on time. Who in their right mind will pay their Sears [...]

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FHA Secure Flop. Only 266 Borrowers Have Been Assisted!

by Moe Bedard

By Moe Bedard and Aaron Krowne

It has been 4 months since President Bush announced a new refinancing program called the FHA Secure. This new refinancing product was touted as a foreclosure prevention device and viable alternative to homeowners stuck in adjustable rate mortgages as a way “out” of their toxic loan and into a 30 [...]

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Secretary Paulson Prepared Remarks in Orlando, Florida

by Moe Bedard

December 17, 2007
HP-740

 
Orlando, Fla. – Good afternoon. Thank you, Congressman Feeney and thanks to all of you for joining me to discuss the current housing market.
After years of unsustainable home price appreciation and an abundant supply of easy credit, the U.S. housing market is experiencing an inevitable downturn. Here in Orlando, house prices increased by [...]

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Hope for the best and plan for the worst. Renting may not be all that bad, after all.

by Moe Bedard

A story of encouragement from the LoanSafe.org forum. In life, we all need to hope for the best and plan for the worst. The forum is all about paying it forward and helping one another out. A place where homeowners can remain anonymous, ask questions without getting ostracized, vent and rant. Join our community that is [...]

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