Archive for January 2008
You are browsing the archives of 2008 January.
You are browsing the archives of 2008 January.
Reader Contributed - Chris the Mortgage Broker - In response to this post
I’m a broker and let me lend a little light on who should go to jail first. And yes, JacMac is right; you will be attack for your comments before the day is over. Get ready
You have to jail the source. Wall [...]
Popularity: 1% [?]
January 31, 2008 US Treasury Press Room
HP-792Washington -Chairman Dodd, Ranking Member Shelby, Members of the Committee, good morning, I very much appreciate the opportunity to appear before you today to present the Treasury Department’s perspective on “Foreclosure Prevention and Neighborhood Preservation.” These are important and challenging issues; addressing them will require collaborative work on all [...]
Popularity: 1% [?]
Please join our one of a kind homeowner’s forum to help you stop foreclosure and where you can ask questions and get answers in this unique and interactive community. This forum was created to assist people in an anonymous, yet open question format. Meet other homeowners that are trying to get a loan modification and are going through [...]
Popularity: 6% [?]
Reader Contributed - RC (in response to this post on the MBA)
I don’t comment to these posts on all the forms I read (seemingly all day long lately), but I felt I needed to put in my brief 2 cents on this one. While I respect your view that the Mortgage Bankers Association is the Big [...]
Popularity: 1% [?]
There has been a recent change in the air and it looks like the tides are starting to change for the better for those homeowners who are wishing and a hoping to modify their exploding, adjustable rate mortgage.
There has been strong resistance in the recent past with lenders and servicers willingness to work with borrowers in fixing their toxic [...]
Popularity: 31% [?]
The the U.S. House of Representatives Committee on the Judiciary, Subcommittee on Commercial and Administrative Law holds a hearing today. The subject of the hearing is the “Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths” and the new bankruptcy bill is on the agenda.
The Mortgage Bankers Association (MBA) has an agenda and their agenda [...]
Popularity: 1% [?]
By Poppy (36 year mortgage industry veteran & senior underwriter)
This is a challenging and open statement to those of you in the Servicing game, Modification, Short Sale, Deed in Lieu, Collections, better known as the Work Out phase of our industry.
This is where I started in this industry in 1972, at a little tiny, itsy bitsy [...]
Popularity: 5% [?]
Minneapolis Legal Aid attorney Amber Hawkins said in nearly half the cases the entity identified as the agent in the foreclosure was a Virginia-based company called MERS, Mortgage Electronic Registration System, Incorporated.
MERS, Hawkins said, did not hold the mortgages on the foreclosed homes.
MERS was created by the country’s largest mortgage lenders including Chase, Citigroup, Countrywide, [...]
Popularity: 30% [?]
“This is deadly serious,” Sheila Bair said in a speech Downtown. “Foreclosures are too high in Pittsburgh and around the country.”
The FDIC chairman seems to speaking out more and more in regards to the efforts of lenders and servicers to perform loan workouts and loan modifications. Bair spoke at a downtown Pittsburg, Pa. to more [...]
Popularity: 10% [?]
Outlines Visions For Tackling America’s Immediate And Long-Term Economic Challenges
Just days before the State of the Union Address, Hillary Clinton urged the current administration to take immediate action to jumpstart the ailing economy. She outlined the solutions that can be taken now to fix the mortgage crisis and get more money in the pockets of [...]
Popularity: 25% [?]
By Alison Vekshin
Jan. 23 (Bloomberg) — Senate Banking Committee Chairman Christopher Dodd proposed creating a federal program to buy “very distressed” mortgages at steep discounts as part of economic stimulus legislation being developed in Congress.
The Federal Homeownership Preservation Corp. would buy loans and finance them as 30-year fixed-rate mortgages to help keep borrowers from losing [...]
Popularity: 1% [?]
Se Hablas Espanol? Mi casa, su casa.
Sign here on this here mortgage and real estate contract. I know you cannot speak nor read English, but that’s not a problem. Everything I have told you is in writing on this here paperwork that you cannot read nor can you or will you ever understand.
You can trust [...]
Popularity: 1% [?]
By Poppy ( 30 year mortgage industry veteran and senior underwriter)
What you have failed to glean from my editorial is that we are all in this boat together, we are our neighbor if this is allowed to free fall, you homeowner or renter are going to be in the proverbial toilet whether you believe it [...]
Popularity: 1% [?]
By JacMac - Homeowner & Single Mother from New York
See her actual Loan Modification Paperwork From Countrywide Here. An incredible 5.25% 4o Year Fixed Mortgage! You don’t get to see an actual loan modifcation document often and I wanted homeowners to see for their own eyes.
JacMac - “I did not have the horrible experience that others unfortunately [...]
Popularity: 5% [?]
By Poppy (30 year mortgage industry veteran and senior underwriter)
Well, my hat is off to you citizens of America, you have not disappointed me once again. Just about everyone that responds to the articles in the Newspapers and Media that report on this now widening foreclosure debacle, has in their infinite wisdom, deemed that the distressed [...]
Popularity: 1% [?]
It’s real. I’m real. Jim Cramer tells the truth. I tell the truth. He says it’s all fiction. Just like I knew it was fiction.
I hope you watch this video if you want to see what our country’s economy is heading for. It’s not looking good.
Why isn’t the Securities and Exchange Commission getting more involved in [...]
Popularity: 1% [?]
Something strange has happened over in Countrywide land. A weird occurrence and pattern is emerging from the Mozilo camp and it has me a bit baffled. They are actually helping people fix their loans now. Yes, you heard it right. Countrywide has finally put their loan mods where their mouths are.
I would say that before [...]
Popularity: 5% [?]
The Loan Safe Advocacy Group is looking for seasoned underwriters with a minimum of 5 years or more experience to assist as a mortgage fraud investigator and in predatory lending investigations.
This unit will be operated by Moe and Poppy will be the lead fraud investigator.
You will assist in forensic loan document, mortgage broker disclosure, appraisal and [...]
Popularity: 1% [?]
I received a call last night from a nice gentleman who works as an underwriter in Chase’s loss mitigation department in San Diego, California.This unit of Chase is also known as the “ARM Unit”.
In the course of the conversation he told me that the main function of this department is to modify as many adjustable rate mortgages as [...]
Popularity: 24% [?]
Submitted by Eddie V.
What did you expect from an industry practice DOES NOT require Background checks on it’s employees?
I know this because I work at a well known Bank that currently has a 38% fallout ratio on applicants who cannot pass a standard background check and all these applicants came from mid-size to small mortgage [...]
Popularity: 1% [?]
NEWPORT BEACH, Calif., Jan. 14 /PRNewswire-FirstCall/ — Downey Financial Corp. announced today changes to previously reported levels of non-performing assets. These changes pertain to non-performing asset levels since June 30, 2007.
Rick McGill, President, commented, “As previously reported, we implemented at the beginning of the third quarter of 2007 a borrower retention program to provide qualified [...]
Popularity: 6% [?]
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