Archive for January 2008

You are browsing the archives of 2008 January.

You have to jail the source. Wall Street, then the Banks/Lenders, then the brokers and maybe some consumers

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% [?]

Foreclosure Prevention and Neighborhood Preservation - Secretary for Domestic Finance Robert K. Steel Testimony

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% [?]

Stop Foreclosure and Learn to Fight Back Against Your Lender

 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% [?]

Should Grandma be able to keep that house she refinanced at 125% to pay for her cruises to Hawaii or her “pretty” things, and now can’t cover her payments with her monthly social security check?

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% [?]

The SEC - Servicers allowed to modify mortgages where defaults are “reasonably foreseeable,” without jeopardizing the trusts’ off-balance-sheet treatment

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% [?]

Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths

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% [?]

These Loans Were Destined to Fail

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% [?]

Lenders sued for rushing through foreclosure process

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% [?]

The federal government will “step up the pressure” on the lending industry to work out America’s mortgage mess so fewer people lose their homes - FDIC’s Sheila Bair

“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% [?]

Hillary Calls For Quick Action To Stop The Foreclosure Of The American Dream

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% [?]

Dodd Seeks U.S. Program to Buy `Distressed’ Mortgages

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% [?]

Borrowers who negotiate loan terms with a mortgage broker in Spanish, must receive their loan documents in Spanish

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% [?]

We were dealing money like drugs, the borrower has been “sold” the advertising model that their home is an ATM

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% [?]

Countrywide Home Retention Division Gives Single Mother a Great Loan Modification

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% [?]

Blame us, the lending industry and Wall Street, we DESERVE it, NOT the distressed homeowner.

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% [?]

Cramer Says the Banks are All Fiction - Lies

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% [?]

Countrywide is Fixing Loans and Saving Homes, Finally!

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% [?]

Moe is Looking for Experienced Underwriters to Assist in Mortgage Fraud and Predatory Lending Cases

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% [?]

Chase underwriter says, “We are approving 98% of the loan modifications.”

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% [?]

I work at a well known Bank that currently has a 38% fallout ratio on applicants who cannot pass a standard background check

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% [?]

Downey Savings Says They are Modifying Mortgages

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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    • I can relate with this couple. I contacted WaMu in a proactive effort to get assistance during a hardship ...
      disillusionedVeteran | 3Sep08 | More
    • Did they change the terms of your loan to an arm? This is too risky
      catan785 | 13Aug08 | More
    • I am in limbo myself. Countrywide offered me a modification however the interest rate would adjust in five years. ...
      catan785 | 13Aug08 | More