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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
This is a post in my forum at LoanSafe.org from a struggling homeowner. I thought I would showcase these every now and then on my blog so people can see the troubles that homeowners face when they reach out to the [...]
These comments are in response to an anti-homeowner article by Steve Chapman of the Chicago Tribune tittled, “Democrats may commit the real mortgage fraud”. These are the voices of the American people, that you rarely get to read in these self serving articles [...]
The U.S. House Judiciary approved a new bankruptcy bill Wednesday that would enable homeowners to modify their mortgages in bankruptcy court. The bill that has been designed to keep homeowners in their homes has had it’s share of controversy and opposition. The bill [...]
California AG Jerry Brown is very interested in investigating loans made to borrowers with yield spread premiums (YSP). Some people characterize these “hidden” fees as broker “kick-backs” that are essentially built into your mortgage by bumping up the interest rate, [...]
Since day 1 in running this blog and my forum, I have been alerted and have personally experienced the abuses that homeowners are suffering at the hands of their lenders or servicers. Uncaring employees, rude employees, unanswered phone calls, multiple [...]
Reader response to – Foreclosure Warfare – “It is troubling that the plaintiff has filed this case before it had any interest in it” Myshkin ~ In the mortgage and foreclosure world so much abuse has been tolerated for so long [...]
By Moe Bedard & Aaron Krowne “It is troubling that the plaintiff has filed this case before it had any interest in it,” Hamilton County Common Pleas Judge Steven E. Martin said in a letter to Wells Fargo’s lawyer. The [...]
We don’t always hear about successful stories where someone fought back against their lenders and was lucky enough to avoid foreclosure with a loan modification. Our forum at LoanSafe.org has had some recent homeowner success stories and I wanted to [...]
Lobbyists Hope Bush Rate-Freeze Plan Prevents Democrats’ Bankruptcy Proposal on Home Loans December 05, 2007: 06:23 PM EST NEW YORK (Associated Press) – A White House plan asking lenders and investors to freeze interest rates on troubled mortgages could derail [...]
This is a very interesting purchase by Goldman Sachs. The question that many people will ask is “why the hell would anyone want to buy a company that services a tremendous amount of adjustable rate mortgages; AKA, suprime slime?” Because servicing subprime [...]
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