Comments on: Baltimore Is Suing Bank Over Foreclosure Crisis http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/ Loan Modification & Home Loan News Sat, 20 Mar 2010 15:31:56 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: D.Metcalfe http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-12097 D.Metcalfe Tue, 10 Feb 2009 17:49:25 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-12097 Country Wide is not willing to do a Loan Adjustment(Modification).At first we called and a Lady told us that we are Red Flagged for the Loan ModificationProgram to look for a Package from UPS in a couple of weeks.But she all so said we could check on-line to see how things were progressing.We checked the first week and it was in the prequalifing stage. The second week we are denied,we called and asked why they just said we are denied no other remarks.So I do not care what the Governemnt is saying it is all B.S. The Hope for Home Owner is as bad as holding tin cup and tring to talk to these people.Consaldation Program how ever you spell the word.I am P.O. If they want the house here it I am through with all this smoke the Government is telling People.And I am thriugh with the Mortgage Companys.One Lady told me if I did not pay it would hurt my credit,I laught at her and I said if I do have a credit problem it is because I did not try to do the right thing it is you that has made my credit bad. I slammed the phone in her sorry A.ear. Country Wide is not willing to do a Loan Adjustment(Modification).At first we called and a Lady told us that we are Red Flagged for the Loan ModificationProgram to look for a Package from UPS in a couple of weeks.But she all so said we could check on-line to see how things were progressing.We checked the first week and it was in the prequalifing stage.
The second week we are denied,we called and asked why they just said we are denied no other remarks.So I do not care what the Governemnt is saying it is all B.S.
The Hope for Home Owner is as bad as holding tin cup and tring to talk to these people.Consaldation Program how ever you spell the word.I am P.O. If they want the house here it I am through with all this smoke the Government is telling People.And I am thriugh with the Mortgage Companys.One Lady told me if I did not pay it would hurt my credit,I laught at her and I said if I do have a credit problem it is because I did not try to do the right thing it is you that has made my credit bad. I slammed the phone in her sorry A.ear.

]]> By: Real Estate Guru http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-9661 Real Estate Guru Tue, 11 Mar 2008 23:00:34 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-9661 Well, some of the banks are definitely lending money too easy and allowing people who can ill avoid it to get into trouble. Well, some of the banks are definitely lending money too easy and allowing people who can ill avoid it to get into trouble.

]]> By: Tony love http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3906 Tony love Wed, 27 Feb 2008 17:51:42 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3906 Hi I'm one of the few that just got a loan modification from CW. I for one am not happy about it. Yes they will freeze my interest rate for 5 years but then it will go up again and then 2 years later. Why is everyone happy about this??? In my sub division I have the only house of my size not in forclosure. Which means I have lost over $175000 of value in my home already. This means no bank or company will refi the house. Household bank who holds the 20% of my 80-20 loan will not even talk about doing anything. So what is everyone so happy about?? In 5 years you will be the only one in forclosure and looking irresponsible instead of getting out now and ride the wave out with the other 2, 3 million people that will go into forclosure in the next 2 years. I just cant except the offer. Now if I had CW drop the rate as someone above had stated they did for them then I would sing their praises but right now I think they are giving people fake hope. There is no way I see the values going back up to where they were prior to the slump. Some families are just postponing the eventual demise of their home ownership dreams. Not to mention where will the jobs be in 5 years. This economy is dead. Have you seen the lines at WAL-MART?? Me either!!! If you have good answers please let me know tlove921@hotmail.com Hi I’m one of the few that just got a loan modification from CW. I for one am not happy about it. Yes they will freeze my interest rate for 5 years but then it will go up again and then 2 years later. Why is everyone happy about this??? In my sub division I have the only house of my size not in forclosure. Which means I have lost over $175000 of value in my home already. This means no bank or company will refi the house. Household bank who holds the 20% of my 80-20 loan will not even talk about doing anything. So what is everyone so happy about?? In 5 years you will be the only one in forclosure and looking irresponsible instead of getting out now and ride the wave out with the other 2, 3 million people that will go into forclosure in the next 2 years.

I just cant except the offer. Now if I had CW drop the rate as someone above had stated they did for them then I would sing their praises but right now I think they are giving people fake hope. There is no way I see the values going back up to where they were prior to the slump.

Some families are just postponing the eventual demise of their home ownership dreams. Not to mention where will the jobs be in 5 years. This economy is dead. Have you seen the lines at WAL-MART?? Me either!!!

If you have good answers please let me know tlove921@hotmail.com

]]> By: Al http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3905 Al Mon, 21 Jan 2008 12:37:43 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3905 Brad, The plan is purely voluntary. It is, however, in the lenders best interest to modify the loans, as smaller cash flows are better than foreclosures. I am also implying that the lenders came up with the agreement and suggested the government make it look like it was their idea. Brad,

The plan is purely voluntary. It is, however, in the lenders best interest to modify the loans, as smaller cash flows are better than foreclosures. I am also implying that the lenders came up with the agreement and suggested the government make it look like it was their idea.

]]> By: Brad http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3901 Brad Fri, 18 Jan 2008 20:12:53 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3901 Al, The Paulson agreements been all over the news. Countrywide is in on it. Read up here: http://www.usatoday.com/money/industries/banking/2008-01-13-countrywide_N.htm Al,

The Paulson agreements been all over the news. Countrywide is in on it. Read up here:

http://www.usatoday.com/money/industries/banking/2008-01-13-countrywide_N.htm

]]> By: Al http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3902 Al Fri, 11 Jan 2008 19:01:07 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3902 Brad, I seriously doubt that Paulson or anyone in the government convinced Countrywide or any lender to do anything. Big business tells the government what to do and not the other way around. Seriously though, Countrywide likely doesn't want any more defaults to force them to take more writedowns. If they can get their act together enough to recognize good candidates for load modifications then they'll be all over it. Brad,

I seriously doubt that Paulson or anyone in the government convinced Countrywide or any lender to do anything. Big business tells the government what to do and not the other way around.

Seriously though, Countrywide likely doesn’t want any more defaults to force them to take more writedowns. If they can get their act together enough to recognize good candidates for load modifications then they’ll be all over it.

]]> By: sswiz http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3903 sswiz Fri, 11 Jan 2008 18:12:31 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3903 I received a mod and did get a letter in writing and also via fax the day i found out. Mine is the second story I received a mod and did get a letter in writing and also via fax the day i found out. Mine is the second story

]]> By: Brad http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3904 Brad Fri, 11 Jan 2008 18:06:09 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3904 Intstead of thanking Countrywide for the modifications, you should thank Paulson. This is all due to the government's brokered agreement with the industry. Doubtful they would have ever consented to modify without that agreement. Still, I would ask for your mod in writing. Otherwise you run the risk of new modification back to the old terms whenever your lender wants. Intstead of thanking Countrywide for the modifications, you should thank Paulson. This is all due to the government’s brokered agreement with the industry. Doubtful they would have ever consented to modify without that agreement.

Still, I would ask for your mod in writing. Otherwise you run the risk of new modification back to the old terms whenever your lender wants.

]]> By: JacMac http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3900 JacMac Thu, 10 Jan 2008 22:15:39 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3900 I think this is great and maybe the beginning of something big. When I logged into Countrywide's website to check on the neg. amor. of my piece of $h!t loan, I had this nice link waiting for me, Countrywide, it seems is doing really well: Countrywide Reports December 2007 Operational Results \tab 01/09/2008 Click here for a printable (PDF) version of this release. CALABASAS, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended December 31, 2007. "Our fourth quarter ended with a number of positive operational trends," said David Sambol, President and Chief Operating Officer. "Total loan fundings were $24 billion for the month of December, up slightly from November 2007 and ahead of our forecasts. This pushed our fourth quarter fundings to $69 billion, also exceeding our expectations. Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year. "Our mortgage loan servicing portfolio is approaching $1.5 trillion, representing approximately 9 million loans," Sambol continued. "Prepayment speeds continued to decline throughout the quarter, which has enhanced the economic value of our mortgage servicing rights asset. "Banking Operations' assets were $113 billion at December 31, 2007, with total deposits reaching $61 billion at the end of December. Retail deposits alone increased $2.3 billion during the month and $7.7 billion for the quarter to $33 billion. The Bank continued to make progress in opening its Financial Centers during the month, with 194 in operation at year-end. Our Insurance segment also produced solid operating results, with continued growth and net premiums earned reaching a record $1.5 billion for 2007. "Management is pleased with the progress we have made in positioning the Company to navigate the current challenging environment," Sambol concluded. A summary of the Company's key operating statistics is included below: -- Total loan fundings for the month of December 2007 were $24 billion, up one percent from November 2007. -- Average daily mortgage loan application activity for December 2007 was $1.5 billion, which compares to $1.9 billion for November 2007. The mortgage loan pipeline was $35 billion at December 31, 2007, as compared to $43 billion for November 2007. -- The mortgage loan servicing portfolio continued to grow, reaching $1.48 trillion at December 31, 2007, up $5.4 billion from November 30, 2007 and $178 billion from December 31, 2006. -- Banking Operations' assets were $113 billion at December 31, 2007, which compares to $109 billion at November 30, 2007 and $83 billion at December 31, 2006. -- Securities trading volume in the Capital Markets segment was $315 billion for December 2007 as compared to $294 billion for November 2007 and $362 billion for December 2006. -- Net earned premiums from the Insurance segment were $164 million in December 2007, up 12 percent from November 2007 and up 55 percent from December 2006. I think this is great and maybe the beginning of something big. When I logged into Countrywide’s website to check on the neg. amor. of my piece of $h!t loan, I had this nice link waiting for me, Countrywide, it seems is doing really well:

Countrywide Reports December 2007 Operational Results \tab 01/09/2008

Click here for a printable (PDF) version of this release.

CALABASAS, Calif., Jan. 9 /PRNewswire-FirstCall/ — Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended December 31, 2007.

“Our fourth quarter ended with a number of positive operational trends,” said David Sambol, President and Chief Operating Officer. “Total loan fundings were $24 billion for the month of December, up slightly from November 2007 and ahead of our forecasts. This pushed our fourth quarter fundings to $69 billion, also exceeding our expectations. Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year.

“Our mortgage loan servicing portfolio is approaching $1.5 trillion, representing approximately 9 million loans,” Sambol continued. “Prepayment speeds continued to decline throughout the quarter, which has enhanced the economic value of our mortgage servicing rights asset.

“Banking Operations’ assets were $113 billion at December 31, 2007, with total deposits reaching $61 billion at the end of December. Retail deposits alone increased $2.3 billion during the month and $7.7 billion for the quarter to $33 billion. The Bank continued to make progress in opening its Financial Centers during the month, with 194 in operation at year-end. Our Insurance segment also produced solid operating results, with continued growth and net premiums earned reaching a record $1.5 billion for 2007.

“Management is pleased with the progress we have made in positioning the Company to navigate the current challenging environment,” Sambol concluded.

A summary of the Company’s key operating statistics is included below:
— Total loan fundings for the month of December 2007 were $24 billion,
up one percent from November 2007.
— Average daily mortgage loan application activity for December 2007 was
$1.5 billion, which compares to $1.9 billion for November 2007. The
mortgage loan pipeline was $35 billion at December 31, 2007, as
compared to $43 billion for November 2007.
— The mortgage loan servicing portfolio continued to grow, reaching
$1.48 trillion at December 31, 2007, up $5.4 billion from November 30,
2007 and $178 billion from December 31, 2006.
— Banking Operations’ assets were $113 billion at December 31, 2007,
which compares to $109 billion at November 30, 2007 and $83 billion at
December 31, 2006.
— Securities trading volume in the Capital Markets segment was $315
billion for December 2007 as compared to $294 billion for November
2007 and $362 billion for December 2006.
— Net earned premiums from the Insurance segment were $164 million in
December 2007, up 12 percent from November 2007 and up 55 percent from
December 2006.

]]> By: Moe http://loanworkout.org/2008/01/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3899 Moe Thu, 10 Jan 2008 18:38:31 +0000 http://loanworkout.org/2008/01/08/baltimore-is-suing-bank-over-foreclosure-crisis/#comment-3899 Marix - Go for it. Place the position and contact info if you'd like. I can do a post for you. What state? Marix – Go for it. Place the position and contact info if you’d like. I can do a post for you. What state?

]]>