December 2007

This is from the lips of a nice woman that answered the 888-995-HOPE foreclosure prevention hot line. “If you are not late on your mortgage, there is nothing we can do to help you. You have to be “late” for us to [...]

A the bill intended to address the potential for lawsuits against mortgage holders or servicers who enter into modifications or workout agreements with borrowers by investors is making its way before the House Committee on Financial Services and was addressed [...]

A New York Times Editorial When he announced a new plan to try to stanch the foreclosure crisis, Treasury Secretary Henry Paulson Jr. said that the officials, lenders and investors involved had been working toward it since August. That start [...]

Improving Foreclosure Prevention and Enhancing Enforcement before the Financial Services Committee; U.S. House Of Representatives; 2128 Rayburn House Office Building December 6, 2007 Conclusion of Statement Poor underwriting and abuses in the subprime mortgage market are having a significant negative [...]

By Moe  The opening lines of Home, Sweet Home Mid pleasures and palaces though we may roam, Be it ever so humble, there’s no place like home; There was a day not long ago when owing a home meant owning [...]

This post is in response to the constant critical comments from the capitalists that “think” they are superior and more intelligent than everyone else. Especially the struggling homeowner.  Ron and Joe – Do you really know what “truly” happened in the [...]

By Moe Bedard  American Securitization Forum, which represents companies that issue mortgage backed securities, as well as investors, loan servicers and rating agencies, issued a 34 page document outlining guidelines for servicers to follow in streamlining refinancing or loan modifications on adjustable [...]

From the Center of Responsible Lending December 6, 2007 With 2 million foreclosures predicted over the next two years, the plan announced by President Bush for targeted loan modifications for some subprime borrowers is a positive, but very limited, first step. CRL estimates the [...]

JacMac December 6th, 2007 at 7:56 pm  - “But for now, many homeowners will have to fight the battle with their lenders or servicers one call, one fax, one headache at a time and many, will succumb to the pressure and [...]

Today is a great day for “some” homeowners across the country. Many will have Hope Now, but only ”some”, not “all” struggling homeowners will receive mortgage relief. Our government has spoken and it appears that they are doing what they “can” [...]

 Paul Leonard, California Office Director for the Center for Responsible Lending in recent testimony said; Despite Lender Rhetoric, Modifications to Date Have Been Limited For months now, many large servicers have been trumpeting their efforts to contact borrowers facing resets early [...]

Reporting from Reuters; President George W. Bush will outline on Thursday a plan to freeze mortgage rates for five years for many homeowners facing sharp interest-rate resets, an industry source said on Wednesday. The source, who is familiar with details [...]

No one seems to know exactly what borrowers will be “helped” by US Treasury Secretary Henry Paulson’s “new” Hope Now initiative. And not everyone’s clear (to say the least) about California Governor Schwarzenegger’s deal with Countrywide, Litton, Home Eq and [...]

The Maryland Court Of Appeals is has been asked to decide on a case that experts say could have a widespread impact on how some foreclosures in that state are handled. A Howard County man, Atta Poku, claims his house was [...]

By Moe  Did anyone see the interview with Angelo Mozilo, Countrywide Financial chairman/CEO and CNBC’s Maria Bartiromo at the National Housing Forum? If you haven’t seen it and you are a “serious” mortgage blogger or one of the “new” mortgage band [...]

“Skills/Abilities: The Loss Mitigation Specialist will possess excellent analytical, organizational and communication skills. The Associate will be confronted with difficult, unreasonable and verbally abusive mortgagors and must have the skills to handle the situation effectively.” foreclosure questions    mortgage help  manufactured [...]

From the Senate: Senator Clinton Calls for Immediate Action to End Foreclosure Crisis  Washington, DC – Senator Hillary Rodham Clinton today sent the following letter to Treasury Secretary Henry Paulson calling for needed steps to end the foreclosure crisis. December [...]

By Moe  I have to say that I have been quite impressed with Chase and their advancements they have made without having to agree to any political persuasion. It appears that they are doing things their way and they are [...]