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 the first of the year, this is what you got when you called Countrywide: “No loan Mod for you! To the back of the line!” “Loan modifications, oh no, you have to be late in order to get one of those.” People were hung up on, laughed at and just rail-roaded into phone hell.
Homeowners were suffering and I was pissed. I wasn’t going to let this happen and not blog about it or talk about in my forum. So, naturally my big blogging blabber mouth would rip out 2-3 anti-Countrywide posts a week. Ranting about Mozilo and how they sold these toxic loans and they weren’t doing jack to save people’s homes.
Now, it seems like the sails of the Countrywide ship have turned with the wind and they have finally realized that it is better to modify these loans, than to take these people’s homes.
In the past few weeks I have witnessed several loan modifications personally. I was grateful because these people have been fighting daily and for several months to save their homes. They at one time had very little hope. Yet we all supported one another and encouraged each other to keep fighting and those that did were rewarded with loan modifications from the toughest lender of them all, Countrywide.
Those loan mods were followed by similar stories from other homeowners across the nation. At least 10 more calls and emails from thankful homeowners (human beings) who were also successful in obtaining a loan modification with Countrywide. Many of them have read my websites and gained the knowledge and the courage to reach for help to save their American Dream (their homes).
You see, they don’t care if their home is upside down and they may more than it’s worth. All they care about is the long term, the security, the memories and the warmth of their homes. That’s what this is about. It’s not all about making a buck or a bad investment.
All they want is for their lender to fix their loans so they can save their homes.
An article came out today on CNN that read “Countrywide Financial Modifies More Than 10,000 Loans in December”
NEW YORK, Jan. 16, 2008 (Thomson Financial delivered by Newstex) — Countrywide Financial (NYSE:CFC) Corp. Wednesday said it modified 10,066 loans in December, and 55,801 in all of 2007.
The loan modification made up 69% of the residential loan company’s home retention efforts in 2007. The company said these efforts had prevented 80,000 borrower properties from being foreclosed.
The number of total home retention efforts in the second half of the year rose 148% over the first half of the year, Countrywide said.
I am not sure if this has anything to do with the Bank of America buyout, increased media attention or write-downs, and to be honest, I don’t care. I started my websites for one reason and one reason only, to promote massive loan modifications to fix these toxic loans.
Let’s hope this is a trend the will continue across the board with all lenders and servicers. Time will tell and I’ll be sure to blog about it here, iamfacingforeclosure.com, or the forum at www.LoanSafe.org.
Important Countrywide Home Retention Department Contact Numbers:
Countrywide (800) 262-4218
https://customers.countrywide.com/se…t_login254.asp
Here is some contact info I have for Countrywide. Keep in mind these numbers and address may only be good if you live in CA.Mailing address: (Send all your certified complaint letters, etc. here.)
Countrywide Mortgage
400 Countrywide Way SV-HRD
Simi Valley, CA 93065
Toll free direct number to Workout Dept. in Lancaster, CA:
866-806-8692 (extension 8692 if your negotiator is M. A. Hernandez)
Direct number to Workout Dept. in Lancaster, CA:
661-951-5100 (not toll free but gets you right in)
Address: 400 Countrywide Way SV-314
Simi Valley, CA 93065-3500 Other Addresses: 400 Countrywide Way SV-314
Simi Valley, CA 93065-3500
450 American St
Simi Valley, CA 93065
7105 Corporate Dr.
Plano, TX 75024
P.O. Box 10211
Van Nuys, CA 91499
P.O. Box 5170
Simi Valley, CA 93062-5170
21 E. Victoria Street
Santa Barbara, CA 93101
35 North Lake Avenue, 35-72B
Pasadena, CA 91101Primary Phone: (800) 669-6093 Other Phone Numbers: (800) 669-6093
(818) 874-8779
(818) 225-3000
(972) -52-6-6330
(805) 650-6566
(805) 520-5100
(800) 686-0145
Primary Fax: (800) 658-9364 Other Fax Numbers: (800) 658-9364 (805) 520-5019
pressroom@countrywide.com customer_service@countrywide.com
Other Tools & Tips to Help You With Your Loan Modification:
Get Your Free Credit Report From the ONLY Legit FREE Credit Report Agency From the FTC’s Website
See a real Countrywide loan modification letter from the office of Angelo Mozilo
Real Countrywide Success Stories
I am having a hard time with ASC. Customer rate went from 5.75 to 11.2. Trying to help. Spoke to Mr. Henry a negotiator. Best he can do is 8.5. Said this is better than nothing. I told him customer will just probably loose the house. Incredible. Customer has just enough money to feed his family, they dont care. Any suggestions as to who to speak at ASC. Wopuld really like to help our customer. Cant refinance him, so I thought I help any way that I can, but help from this company.
Nonsense! Countrywide’s (read Bank of America’s) only hope to avoid triggering repurchase obligations on securitized portfolios, or to reduce the amount of non-securitizable loans they will be forced to keep on the balance sheet (and eventually write down) is to modify as many loans as possible, as fast as possible, before the collateral coverage goes away. The reality is that each drop in median home prices shrinks the number of future defaults they can prevent and they are bailing the Titanic with a thimble. With GSE’s looking for 75% coverage in declining markets (and no takers for Jumbos) this spate of generosity will run out of eligible victims very quickly. The sudden altruism is acutally a race to dodge the hangman’s noose – i.e. Bank of America having to satisfy Countrywide’s repurchase obligations.
“You see, they don’t care if their home is upside down and they may (owe) more than it’s worth. All they care about is the long term, the security, the memories and the warmth of their homes. That’s what this is about. It’s not all about making a buck or a bad investment.”
Moe, when did you start working for the NAR?
I am pleased to see that CWD is finally seeing the light. I have a personal customer that I have helped several time and it is my pain and pleasure to have helped him through the acres of red tape at CWD.
This customer has a condo in the downtown area and when his ARM came time to refinance, which I do as a courtesy for repeat customers, it came to light that the home owner’s association was being sued and I could not get his loan approved.
Even with a home that was not upside down because he was conservative last time he was stuck with accepting the adjustments. He went from 7.5% up to a rate of what would have been 13% next month.
Together we worked through IVR hell at CWD and finally got the right peice of paper into the right hand and, give a big cheer, they fixed his loan back at the original rate for another five years.
It’s about time they figured out that it is better to get payments than to become a real estate sales company in this economy.
Hopefully those who are on the verge of trouble will take these examples that they should remember:
1. Until you are late, only you know it.
2. Call your creditors when you think you are going to be in trouble and work out a plan, not after you are in trouble.
3. Set realisitc goals for the outcome.
4. Plan for the worst and shoot for the best.
5. Undrstand their view of the world and expect to deal with some people who simply do not care.
6. Keep working up the food chain until you get to someone who has the authority to help.
7. DO NOT GIVE UP!
I am pleased to see that CWD is finally seeing the light. I have a personal customer that I have helped several time and it is my pain and pleasure to have helped him through the acres of red tape at CWD.
This customer has a condo in the downtown area and when his ARM came time to refinance, which I do as a courtesy for repeat customers, it came to light that the home owner’s association was being sued and I could not get his loan approved.
Even with a home that was not upside down because he was conservative last time he was stuck with accepting the adjustments. He went from 7.5% up to a rate of what would have been 13% next month.
Together we worked through IVR hell at CWD and finally got the right piece of paper into the right hand and, give a big cheer, they fixed his loan back at the original rate for another five years.
It’s about time they figured out that it is better to get payments than to become a real estate sales company in this economy.
Hopefully those who are on the verge of trouble will take these examples that they should remember:
1. Until you are late, only you know it.
2. Call your creditors when you think you are going to be in trouble and work out a plan, not after you are in trouble.
3. Set realisitc goals for the outcome.
4. Plan for the worst and shoot for the best.
5. Undrstand their view of the world and expect to deal with some people who simply do not care.
6. Keep working up the food chain until you get to someone who has the authority to help.
7. DO NOT GIVE UP!
“The sudden altruism is acutally a race to dodge the hangman’s noose – i.e. Bank of America having to satisfy Countrywide’s repurchase obligations.”
I think this is absolutely correct. I recently was approved for modification and it seems that is (or soon is to be) a turn in the way Countrywide treats it’s customers — perhaps it’s due to the difference between COuntrywide’s agressive sale of subprime mortgages to people, regardless of their appropriateness to individual situations and Bank of Americas safe, friendly reputation as a “people’s” bank.
THe fact is my modification which began in late November and is over in late January was a very positive experience. The Loan Negotiator was respectful, on top of things and was put through very little (but some) runaround.
However, I was very aggressive.
1) I documented every phone call with a letter, both faxed and sent via snail mail.
2) I went in personally to the Countrywide center near my home and spoke to the manager of the office and she was able to put me in touch with what I think was a very important person within the Hope Department.
Incidently, I went in to see her with the good news, brough her a card and chocolates and we were both teary eyed. There ARE good people in this industry!!!
3) I called once every two days to get an update on my file. I documents every conversation, once again, even if nothing new was said.
4) I emailed a number of people at CW this month that my loan became due again, stating that time was a running and time is money.
5) I sent a RESPA letter requesting a copy of my loan docs, describing the fraud that the LO’s committed in submitting my file, stating that I had an ongoing complaint against them with the NYS Banking Department and that their were a number of RESPA violations in my loan docs which possibly made the loan rescindable.
I’m not sure if all or any of these steps help expedite my loan mod. process but I think it didn’t hurt any.
Yea, Countrywide and the other banks should just give everyone a 3% 30 year fixed rate. Whoohoo we are all happy then.
What about the bastard mortgage originator who stuffed these people into the loans at a 3% rebate and a 1% origination fee. What about the ultra greedy buyer/borrower who borrowed more home and went stated income even though they get a paycheck and W2. Oh, thats right they have a side business selling crap on ebay that makes them an extra 8 grand a month.
It is a shame that these greedy borrowers are getting any help at all.
Hey Brian,
Give it a rest.. do you really think that all the people you are slagging are the people who are losing their homes? You are a simple minded individual if you think that is the case. Have some empathy for your fellow man.. until someone is proven guilty, stop bashing, it’s better karma my friend..
3% fixed rate on a 30 year mortgage = incoming money
no modification = possible default and foreclosure
or
L O S S
do the math, Brian.
The only reason why Countrywide has agreed to give these loan modifications is the brokered agreement with Paulson and the US government. It’s not because they grew a heart or conscience or genuinely care about individuals losing their home. Sure, I believe some employees care. But, for the company, it’s all about the guidelines of the securitized instrument and the guarantee they made to investors. Now, with this brokered agreement, Countrywide doesn’t have to answer for those requirements set forth in the security instruments and can modify everybody without risk of being sued by investors. (can you say bailout?) Plus, they get to look like they are “doing good” for the consumer and Mozillo genuinely cares about the little man. Hogwash! All they are doing is shoring up their delinquencies so they can get their balance sheet in order without needing another capital infusion or having the FDIC rip their deposit accounts out from under them at the risk of another stock downgrade. Countrywide is not your saving grace. More like the devil in sheep’s clothing. If they really cared about you, they wouldn’t have even offered or sold you that garbage loan to start off with. Rest assured, they be happy to sell you on the next best loan product for you as soon as it’s available.
Don’t get me wrong, I’m glad everybody is getting their modification, even if you didn’t deserve it. The truth is, modifications will only help some borrowers. Those with poor credit and a bad track record will ultimately miss payments again and be back in the same situation, especially since these are all going the be 5-year ARMs and not fixed-rate mortgages. Also, those folks who bought more house then they could afford with Option Arms won’t be helped much either. These won’t be neg-am loan with interest-only payments. They’ll still be strapped for cash and a high percentage will default again. Sorry I rained on your parade.
“Also, those folks who bought more house then they could afford with Option Arms won’t be helped much either. These won’t be neg-am loan with interest-only payments. They’ll still be strapped for cash and a high percentage will default again.”~ Brian
Brian, necessity is the mother of invention. If they are invested, and inclined, they’ll find a way to pay, even if it means selling their a$$ on the street.
JacMac,
Hey stranger. You got em?
Well if by “got em” you mean a loan mod — YES
I’m waiting on the papers 5.25% for not 30 years but 40 yrs BUT this is down from an 8.0% ARM neg. aming up the whazoo — but my loan docs have been reviewed and Moe has found a number of RESPA violations so Chris, what would you demand from the CW as a remedy?
JacMac
Make sure any errors that have a direct affect to you monetarily, i.e. late payments, insurance discrepancies, illegal received fees are returned. Also, I’m familiar with your closing incident, so I would still look for some punishment from the Title Company and L.O. that put you in this situation. If CW is fixing this with you, then I’m sure they will review the L.O. and make adjustments.
Your situation is one of absolute deceit. I’m pleased you are being taken care of. Someone should be sending you an apology letter.
I don’t know if Moe is an attorney. If so, cool. If not, double check the violations with a real estate attorney as an added back up to determine your damages and run hard with it.
Question. How did CW determine 5.25%? And did they reverse the 12k they hit you with?
I haven’t gotten the papers yet, Chris so I can’t answer either questions but I’ll update. Thanks for the support — it’s really appreciated.
No, no reversal — they added it in. And I don’t know how they determined the 5.25% rate, other than that’s why my income could afford and I qualified, perhaps — based on past payment behavior. Just guessing. I don’t really know.
Anyway, they’ve given me until January 31st to send these papers out so . . . I’ve got to work fast.
Here’s some numbers for you JacMac
On a 40 year mortgage at 5.25%
(All figures are per $100,000 of mortgage, if you have a $200,000 mortgage you can double the figures I give, triple them for $300,000 etc)
Payment should be $500
interest will be $437.50 of the $500 (about 88%) on the first payment
after 10 years: $60K of payments, 50K of interest and 10K of principal
after 20 years: $120K of payment, 93K of interest and 27K of principal
at the end: $240K of payments, 138K of interest and 102K of principal
If you can handle a 30 year mortgage at 5.25%
(once again per $100,000)
Payment should be $550
interest will be $437.50 of the $550 (about 80%) of the first payment
after 10 years: $66K of payments, 48K of interest and 18K of principal
after 20 years: $132K of payments, 84K of interest and 48K of principal
at the end: $198K of payments, 100K of interest and 98K of principal
CW sucks! I was approved for a loan remod and two months later was told i was denied! What kind of crap is that? They claimed they called me, but I NEVER had a call or message from them. They never mailed me ANYTHING! I am a first time home owner and was paying my bill on-time! What I was not prepared for was the decrease in pay and the repairs that all of a sudden was needed once the winter came. The roof started leaking, the electric had to be rewired, the heater had to be replaced. Being a first time home buyer, I was not prepared for all of this to start happening. The house showed none of this to me and neither did the inspector. Does this make me a bad person? NO! It makes me a screwed individual! CW sucks big time and before people start talking down about people they need to find out more about their situation. Brad hit it right on the nose about Countrywide!
Countrywide has not been of any help to us either. We made arrangements to make payments and now because we have had to file bankruptcy not including them, they do not want to work with us.
There’s already case law out there on this, in case anyone is interested:
* Plata v. Long Beach Mortgage Co., 2005 U.S. Dist. LEXIS 38807, *23-26 (N.D. Cal. 2005);
* Munoz v. Int\’e2\’80\’99l Home Capital Corp., 2004 U.S. Dist. LEXIS 26362, *25-28 (N.D. Cal. 2004);
* Gonzalez v. Ameriquest Mortgage Co., 2004 U.S. Dist. LEXIS 22705, *23-26 (N.D. Cal. 2004);
*Ruiz v. Decision One Mortgage Co., also in US Dist. ND Cal.
I work at a place that is involved in foreclosures.. it seems the majority of the “borrowers” are of hispanic nature. (I was an underwriter by the way) It is also possible due to all the skips required, that many of them were utilized as straw borrowers, so none of the addresses match what was on the applications.
Of course now they have to pay the piper for their measily money they earned helping the fraudulent loan officers create loans.. Their credit reports will be ruined for years, and guess what.. they deserve it.. I don’t feel sorry for many of these “borrowers”, they were part of it.
And note.. if they were involved in fraud,they can be persecuted and their little lawsuit would be tossed out. There is no way they would go to an attorney to open up this can of worms. And how many of those stated hispanic loans were “truthful”? They would have to pursue the loan agent as well.
There may be some, but I think the majority are going to just walk away from the properties.
Actually, my company (a non-conforming wholesale lender) did require the brokers to obtain this from the borrower. However, some brokers were better than others about obtaining this, while some would conveniently forget everytime… and have to get borrower to re-sign if they wanted to close. In which case, I may have lost the loan to a competitor who did not require this condition. Amazing, how if you tried to do the right thing (follow the law) you would lose loans to another lender….. this is just one example of how often it would occur. Another example of this phenomenon occuring — A lender requires a ‘tangible benefit’ to a refi, and what do they get? A complaining broker & lost loans to their competitor who only cared that they could make money on the loan when they sold it to wall street.
The sad truth as I see it (28 years in the lending industry) people hear what they want to hear. I had MANY referred non-English speaking borrowers (Hispanic) run their purchase and loan transactions past me. ALL were fraudulent. I told each one not to do the deal that they had the potential to be caught and deported. The only \’e2\’80\’9cwinner\’e2\’80\’9d in the transaction was the dishonest Hispanic realtor. The response through the translator was this was the only way to get ahead in the US. I told them it was a big gamble. It would be silly to think the vast group of borrowers who lost their homes or is close to lose their homes didn\’e2\’80\’99t understand what they were doing is a gamble. This does not excuse anyone who did dishonesty in the transaction. Over the past few months several have sat down with me to tell me the horror of their situation, English speaking of many races. I am not afraid to confront them with their own responsibility in the mess.
With regard to straw buyers. They\’e2\’80\’99ve been around since I started in the business in 1980 as a foreclosure officer. The sad situation back then is the people didn\’e2\’80\’99t understand about credit reports (we didn\’e2\’80\’99t have credit scores back then) and really messed themselves up. The $2000 – $5000 dollars they received for using their name and credit hardly paid off. I view what happened both times as pyramid schemes. Everyone knows it\’e2\’80\’99s a scheme, but only complains when they lose. Now we all lose\’e2\’80\’a6for a while.
Yo Moe, this is HUGE isn’t it? I mean come one, how many loan docs went out in Spanish?
I just bet most are scared $hitle$$ because they committed fraud themselves in one way shape or form. This had to be the most fraudulent sector of the mortagge market.
They would trust their own people an dtheir own people cut their throats time and time again and now they are ripping them off when they are in foreclosure.
Please don’t think that it’s always the whites taking advantage of the non-whites. Hispanics do business with hispanics. And in many, many cases, it is their own race that rips them off. I have been in the industry for many years, I know what I’m talking about. So when the article starts out with “sign these here documents” …. again, whites are being stereotyped as red neck hicks. Whites have had it beaten into their heads not to be racist, so now, they pretty much run scared from anything that even hints at possibly being racist… but not so other races, they’re free and on the loose to take advantage, twist arms, and otherwise exploit their own, because no one has yet highlighted this problem. It’s still a well hidden secret.
i am sick of everyone looking who to blame,1st everyone blamed
the subprime when in fact people with a papers and comm loans are
the ones that dont pay mortgages.in my state of nj we have the lowest rates of foreclosuers and to every one surprise huge amounts of subprime loans were originated here in n.j and people are paying their
montly obligaion with little or no problems at all.
lets stop the b.s now and lets stop listen to media crap
nir degani
mortgage guy
Dear Moe,
I have a client who was asked to be the purchaser for a property due to her brother not qualifyng . Her brother failed to tell her that he hasn’t been making the payments. She was misled by the real estate agent that she would only be on the loan for 3 months and then her name would come off title and the loan would go be paid off and go in her brother’s name. None of these things occured of course. She does not speak or read in english. She works long hours and has a handicaped child at home. She is afraid that her primary residence may be in jeaopardy because of this loan mess. Who can I refer her to for legal assistance? The property is in Moreno Valley, Ca. Thanks
Hi Irma you can try calling Marshall Rosenbach at 310-860-4764. He is a good lawyer and good guy.
Susana, you are right about the Hispanic/Hispanic rip-off. I was an underwriter in a Spanish speaking mortgage banking branch. The LOs
literally gouged their borrowers w/premium rates and added discount. I have never been one to complain about overages on a loan but this was ridiculous. Personally, I am sick to death of whitey being the bad guy.
Susanna: “Please don\’e2\’80\’99t think that it\’e2\’80\’99s always the whites taking advantage of the non-whites. Hispanics do business with hispanics. And in many, many cases, it is their own race that rips them off. I have been in the industry for many years, I know what I\’e2\’80\’99m talking about. So when the article starts out with \’e2\’80\’9csign these here documents\’e2\’80\’9d \’e2\’80\’a6. again, whites are being stereotyped as red neck hicks. Whites have had it beaten into their heads not to be racist, so now, they pretty much run scared from anything that even hints at possibly being racist\’e2\’80\’a6 but not so other races, they\’e2\’80\’99re free and on the loose to take advantage, twist arms, and otherwise exploit their own, because no one has yet highlighted this problem. It\’e2\’80\’99s still a well hidden secret.”
Susanna!!! I am surprised at you. Do you realize that this post highlights YOUR OWN racism???? Everyone who lives in America has some sort of prejudice because being born here we are exposed to it from very, very young.
Stereotypes and false ideas, some sprinkled with a little truth here and there create ideas in people’s minds of what to expect from another person based solely on how they look — that is the real secret and it is beyond ridiculous.
You may “think” that “Whites” have been so frightened from expressing racism, but the system that is built on racist ideas perpetuates that racism everyday, and we silently go along with it. This article is actually highlighting one manifestation of it.
If Moe had said instead of “sign this here loan” — “you no wanna sign loan?” — would you have found the article more real — would it have fed that part of you that would like to read about hispanics betraying hispanics so as to alleviate any hint of guilt or responsibility in your mind for the people outside of their race who committed this fraud?
Really and truly, what does it matter?
In my mind, this is blame, us vs. them thinking.
I think what MOe is trying to highligh is the rampant fraud in the industry — not focusing on what one race did to another. The point of this article — and Moe, correct me if I’m wrong — is how blatant and fraudulant this industry had gotten that people who could not even read English were ALLOWED to sign legal documents loaning them vast amounts of money and how this was FACILIATATED by the people in the industry, the underwriters, the banks — how incredibly amazing it is that this would occur. At least, that’s why I got from it.
Ohhhh boy. I used to be a mobile notary public who is fluent in Spanish (mother is from Spain) I have seen countless Spanish-speaking borrowers sign loan docs with MASSIVE fees and rebates and most times the loan officers had a Hispanic last name. It made me feel sooooo dirty, but as long as I explained the HUD fees, monthly payment, pre-payment penalty, and ARM adjustments to the borrowers and they were fine with the terms, I had a clear conscience. But man oh man, seeing what these loan officers would charge on the front and back and all the junk fees stacked on top of that made me want to literally puke at these signings. In case you don\’e2\’80\’99t speak Spanish, I drive around town seeing advertisements in Spanish that talk about helping \’e2\’80\’9cnuestro gente,\’e2\’80\’9d that means \’e2\’80\’9cour people.\’e2\’80\’9d What a load of tripe that is! I have other stories I could tell you about other Hispanic overpriced scams that they pull on each other aside from the mortgages.
But back to the mortgages\’e2\’80\’a6 Last year I worked for a LARGE Hispanic mortgage broker because I speak Spanish. Well, let me tell you about how borrower after borrower was screwed in the huge fees they paid the loan officers of this broker. I saw broker checks constantly for 2 points on the front and 3 on the back with application fees, processing fees, and other junk fees dripping off the HUD. I saw title checks all the time for $15,000 – $20,000 going to the broker and it made me sick. I saw borrowers cashing out $10,000 to $20,000 from a fixed interest rate of around 6%, to an ARM at 8.5% or more \’e2\’80\ldblquote and paying THOUSANDS in fees!! Over and over again\’e2\’80\’a6 And do you know why?? Because the borrowers \’e2\’80\’98trusted\’e2\’80\’99 their loan officer. What a stinkin\’e2\’80\’99 joke! So if an Anglo did that to a Hispanic it would be racism, but if a Hispanic does it to a Hispanic, it is just \’e2\’80\’9chelping\’e2\’80\’9d the community out!?!?!?! Gimme a break!
Guess what! Do you know who I mainly blame in all of this mess? The borrower. That\’e2\’80\’99s right folks. People spend more time researching a refrigerator purchase than the terms of their mortgage. So here is my solution to this mess going forward: Borrowers, you are on your own. If you don\’e2\’80\’99t know what you are doing when you get a mortgage, then seek professional advice.
Look, in Spain where my mother\’e2\’80\’99s side is from, they have what is called a \’e2\’80\’9cGestor.\’e2\’80\’9d This is a person who helps you manage your legal and professional affairs. He is trained in law, but not quite an attorney, but close. How did he come to exist? Well, think back that years ago not everybody could read or write, so individuals depended on this \’e2\’80\’9cgestor\’e2\’80\’9d to guide them through the legal mazes of paperwork when dealing with the government or other legal issues. The system works today, and a gestor is not required, but they can sure save you time and a lot of hassles.
In this country we have attorneys. And guess what! An attorney might charge $150 to $350 to review your TIL, GFE and other loan documents BEFORE you sign on the dotted line. The point is, that people need to take personal responsibility and seek true professional advice if they are not familiar with such an important transaction \’e2\’80\ldblquote and dang it, it is cheap in comparison to all the other fees paid on a loan. (DISCLOSURE: I am not an attorney, I don\’e2\’80\’99t work for an attorney, and I don\’e2\’80\’99t play one on TV.)
Perhaps these folks should have learned English and spoken the language of the land! I was born here and speak English. Why am I always the one who is expected to accomodate some immigrant who doesn’t want to assimilate and speak our language? You think Mexico would enforce a law that says my contracts in that country would have to be in English? FAT CHANCE!
Frankly, I could care less. They got what they deserved.
The racist talk on this thread is disgusting and disappointing.
Greed has no color. A greedy person is a greedy person.
I am a Notary Public, I see every day, hispanic, white, black, oriental people screwed. why? Because they are ignorante in the real estate business and they ” trust” the LIAR of their loan officer, and as a Notary Public I cannot say a word. I don’t know how those LIAR loan officer can sleep in the night, for sure they deserve to burn in ….
Why is the U.S., an English-speaking country (or so you think), catering not only to the Spanish language, but to many others that you don\’e2\’80\’99t even know about? Because the U.S. as a nation has never declared an official language. Many people have tried it with no success. In 1780, John Adams proposed to the Continental Congress that English should be declared the official language of the United States. His proposal was deemed “undemocratic and a threat to individual liberty.\’e2\’80\’9d This type of debate has been going on for years, with people on both sides of the fence. And yet, the issue isn’t any closer to a resolution than it was 200 years ago. This doesn\’e2\’80\’99t mean that the individual states have not declared an official language because many already have. Twenty-seven states, to be exact, have officially declared English as their language.
Let\’e2\’80\’99s not forget that since 1776 we have been\’e2\’80\rdblquote and continue to be\’e2\’80\rdblquote a multilingual nation. Back then, it wasn\’e2\’80\’99t uncommon to hear up to 20 different languages spoken in daily life. Today, those numbers are more staggering. According to U.S. English Inc., an advocacy group that supports declaring English as our official language, 322 languages are spoken in the country, with 24 of those spoken in every state and the District of Columbia. California has the most languages, with 207, while Wyoming has the fewest with 56. So why won\’e2\’80\’99t Congress declare an official language? Because we are a nation of immigrants and these numbers prove it. Because declaring an official language would abridge the rights of individuals with limited English proficiency, individuals who are paying taxes and who are entitled to the same rights as those who speak English.
To protect those rights, there is something called Title VI of the Civil Rights Act of 1964. Although twenty seven states have declared English as their official language, in order to receive federal financial assistance those states still have to comply with Title VI, which requires that vital materials be available in the language of everyone receiving benefits subsidized by the Federal Government.
Title VI of the Civil Rights Act of 1964 and the 2000 Executive Order No. 13166 require that public entities receiving federal funds must have all vital documents available in every language that their clients speak; every language, not just Spanish. Why? Because the U.S. has never declared an official language and as such, the Title VI of the Civil Rights Act of 1964 still applies.
Basically, Title VI was best described by President John F. Kennedy in 1963: \’e2\’80\’9cSimple justice requires that public funds, to which all taxpayers of all races [colors, and national origins] contribute, not be spent in any fashion which encourages, entrenches, subsidizes or results in racial [color or national origin] discrimination.\’e2\’80\’9d
Thanks for the informative post, Virginia, this IS a multi-lingual, nation of immigrants and I hope we NEVER forget that.
If we’re going to declare an official language, than it ought to be a Native American dialect — they are the true Americans.
“The racist talk on this thread is disgusting and disappointing” …?? huh??
So when a group of people have a discussion about different races, all of a sudden its racist? Wow, that’s the problem right there…. we can’t even have a discussion without being labled…
Susana, you don’t get it — that’s the problem. Of course, we have to talk about racism to lift the ignorance and stigmatism that permeates America centuries AFTER the slaughter of the American Indians, after the horrendous instituion of slavery was abolished, after we emerge from the ugliness of segregations, years and years after SO MANY have migrated here.
But in having this discussion if we start to see sterotypes perpetuated, lumping of groups into one category, scapegoating behavior, pointing fingers and creating US vs THEM mentality (yooooouuuu did it tooooooo; seeeee they are BADDDDDDD why does everyone pick on ussssss; how come everyyyyyy body is alwayyyyyyysss calling us racist) then that must be pointed out . . . honest dialogue and REFLECTION must be taken on so that those of us who still carry within us RACIST views CAN CHANGE.
But the participants in the dialogue must be willing to look within themselves honestly and to self-reflect. It’s very easy to point fingers at others.
Caucasian people in America have been under the scrutiny of racism for a long time BECAUSE they were the perpetrators of racism in this country for A VERY LONG TIME . . . because they created a system of racism which continues to discriminate against people of color until this day and because in large part Caucasians BENEFIT from this system up until today.
Until this day, people of color on the whole earn less wages, live in decidely less favorable and economically equal conditions than their Caucasian counter-parts, have less opportunities for education and high paying jobs and are disgustingly referred to as MINORITIES.
When you stated in your original comment: “So when the article starts out with \’e2\’80\’9csign these here documents\’e2\’80\’9d \’e2\’80\’a6. again, whites are being stereotyped as red neck hicks. Whites have had it beaten into their heads not to be racist, so now, they pretty much run scared from anything that even hints at possibly being racist\’e2\’80\’a6 but not so other races”
What you are attempting to do is EXCUSE or minimize the racism and discrimination of Caucasian people against people of color by pointing to the exploitation of Hispanics on Hispancis (they do it tooooo) — you also make the irresponsibly false statement that “Whites pretty much run scared from anything that even hints possibly being racist” — this statement FLIES in the face of reality.
Might I remind you of some heinous crimes against people of color which have happened in the last year?
Racism is ALIVE AND WELL in America, and if we are to have honest dialogue about it, we must be able to ACKNOWLEDGE it’s existance, and how it has grossly affected the lives of millions of American people over the course of centuries and not MINIMIZE the effects of this ignorant way of thinking or PRETEND that it doesn’t exist by making false statements.
This topic is just one of many examples or how those who have less education have been taken advantage of by a system which was very tolerant of fraud.
The introduction of the topic of color, nationality in comparison, Well, Whites weren’t the only ones who did it, Hispanics did it tooooooo — as if that makes a difference, makes it better or okay IS A RACIST STATEMENT reflective of racist thinking.
Now the question is: Can you recognize this and are you willing to change your way of thinking OR NOT?
This is what I read as the main message in Moe’s post:
“It seems as if lenders forgot to follow the law in their hastiness to make as many loans as possible to as many people as possible. I think the main underwriting guideline followed by most all lenders was the \’e2\’80\’9cbreathe on the glass\’e2\’80\’9d qualification method. If it fogs, loan approved!
“The law is very clear and it states that if a \’e2\’80\’9ccontract\’e2\’80\’9d is negotiated in a foreign language then that contract needs to be written in that foreign language. If the loan is negotiated in Spanish, then the loan documents need to be in Spanish.
“The reality is that this never happened and many of these borrowers are going into foreclosure when they have a legitimate defense and can fight back against this form of predatory lending.”
Susana, you in your hastiness to point fingers and cast off the blame from “White” people you failed to realize that Moe HAD ALREADY SAID THIS:
“The facts are that many of these people were severely taken advantage of and many were swindled by unscrupulous brokers and lenders. MA(n)Y TIMES IT WAS PEOPLE OF THEIR SAME RACE AND (WHO) SPOKE THE SAME LANGUAGE THAT USED THEIR HERITAGE TO GAIN THE CONFIDENCE OF THE NON-ENGLISH SPEAKING BORROWER to fly under the radar and place them in high costs loans and homes that they never should have bought.”
And Susana, by making your racist statement, you changed the focus of this article and the topic FOR SOME PEOPLE and opened the door to comments like this:
“Susana, you are right about the Hispanic/Hispanic rip-off. Personally, I am sick to death of whitey being the bad guy.” Texas9
“Perhaps THESE FOLKS should have learned English and spoken the language of the land! I was born here and speak English. Why am I always the one who is expected to accomodate SOME IMMIGRANT who doesn\’e2\’80\’99t want to assimilate and speak our language? You think Mexico would enforce a law that says my contracts in that country would have to be in English? FAT CHANCE!. . . Frankly, I could care less. They got what they deserved.” ~ DB
“Last year I worked for a LARGE Hispanic mortgage broker because I speak Spanish. Well, let me tell you about how borrower after borrower was screwed in the huge fees they paid the loan officers of this broker. . . . And do you know why?? Because the borrowers \’e2\’80\’98trusted\’e2\’80\’99 their loan officer. WHAT A STINKIN’ JOKE! SO IF AN ANGLO DID THAT TO A HISPANIC IT WOULD BE RACISM, BUT IF A HISPANIC DOES IT TO A HISPANIC, IT IS JUST “HELPING” THE COMMUNITY OUT!?!?!?! Gimme a break!” ~ David
Susana, I am taking the time out to write this for your edification. I hope you can see what I am saying.
You know what, if a Hispanic did this to a Hispanic it is FRAUD.
I believe what Moe’s purpose here in creating this blog is to talk about the fraud being committed against the AMERICAN PEOPLE, not one race against another, but ALL AMERICANS no matter the color, race, nationality, creed or language they speak. And his position on this topic is fully supported by the law.
point taken
… (whew! )
JacMac. Seriously, how old are you? Do us a favor and go away. You seriously have way too much time on your hands.
No.
My family of 6 bought our first house in 2004 1 hour away from family, friends, and work. It was a brand new home that we could all be in but a little small, 4 bed rooms. It was new but $100,000.00 plus less than homes near work and where we rented. A little drive daily, save some big dollars, all new homes/community, whats not to think it is a great deal. Everything was great and with things foreclosing in other counties I decided to see what may happen to me. Finding out what my payment is adjusting to I called Countrywide 2 months before the adjustment. They said nothing can be done until I am 90 days late and maybe I should refinance. After speaking to many lenders the value was not there anymore, being I already had a 2nd mortgage no one could consolidate the 2 loans or even refinance the 1st. Called Countrywide to be proactive about my situation and I was mailed a letter to submit some information. I sent it out right away never received a phone call so I called after 10 days of sending in the documents and I was told a negotiator would call me back. Never received a phone call, I called just before the due date for the new rate and was told not to submit a payment. Waited many days for phone calls and made many phone calls to get answers. People answering the phones said to submit updated documents as the olds ones are void, did that right away. Called again found out I have a new negotiator assigned to me and I ask for him to call me, never called back after 4 different phone calls requesting to know what is going on.
I am now 3 months behind, dont know what is going on, cannot refinance as I am sure credit is trashed now, dont have any equtity, ashamed of my situation to even speak about with neighbors or co-workers, keep spending money on gas to commute, working hard to pay bills as always, and I rather just pack it all up and move to a rental close to work. I would save tons of money monthly but I know it would comback to bite me big time. Alot of stress and tension to keep a home we thought would be part of the American dream with a little sacrificing, no big deal right? At this point it is wrong as I spent thousands of dollars for the house and I also added some stuff to make it better as we planned on living there for a long time at least 10 years. What to do? Does anyone have any ideas? Thank you for any input!-Erik
CW is getting very selective in who gets the good money. They tell my neighbor who is the same situation as I that she is good for 5.6% almost a 100 basis point improvement over her current rate. They tell me I am good for nothing. Screw CW
Erik, join the forum in the upper left hand corner of this page. YOu’ll get plenty of help there.
Look folks………….If Countrywide is unwilling to help, then tell them to kiss your ass, and give them the house! If there is a deficiency balance, file BK and wash it out.
This process of selective help is financial discrimination at its best! IF COUNTRYWIDE helps 1 person, then they should be obligated to help everyone regardless of type loan. How can you say, OH, Im gonna help johnny with a loan mod. @ 9.5%, but not ruth @ 8.75%??
Countrywide may as well say only Blacks get the help, while Whitey get nothing. Fuck’um all!
I’ll tell you what’s bullshit. I just did a refinance with good credit and full documentation and only got a 6.1% interest rate. Why are people under these circumstances getting a better rate than I did? WTF
JMAC,
Thank you for your eloquent articulate and easy to follow post! I appreciate you taking the time and addressing the racist overtone of this blog. I look forward to reading all your post and absorbing more knowledge from you. Tx
I know of an organization that is trying to help all of these people that have been caught up in this mess. Regardless of race or language through a non profit call them at 866-563-1669 if they can’t help I don’t think anyone can.
I went to sell my house and it appraised for about what I owed but it turned into a short sale. But, because CW took so freaking long to do anything I lost my sellers. I called and harassed them twice a week and told them if they didn’t step on it I would lose the buyers and the house would wind up in foreclosure. They didn’t seem to care and told me there was nothing they could do about it. They would rather the house foreclose then speed up the paperwork (originally told me 30 days then later told me 30 days before anyone would even look at it). This was my first house now I’m going to lose it because I already moved and can’t make rent and mortgage payments. They SUCK
Dear Mr. Chairman Angelo Mozilo
As a long time customer of Countrywide Financial I would like to take this opportunity to express my heartfelt thanks to yours one of your Teams Leaders, Workout Department at 1515 W 14th Street, Tempe Arizona.
Yours Teams representative, Jacqueline Kemmere and Alma Willis, went out of there way to ensure that I will keep my dream house and they put me in the program that would work best for me and my family. This was especially so important for me since we are experiencing in the U.S. Housing Market inevitable downturn with adjustable rate schedule to reset in 2008 and I will not able to afford my new payments.
Again, I wanted to let you know that I appreciate the help and support I received in the Modification Program and especially many thanks those two wonderful employees you have. Thank you for your attention.
Home Mortgage Refinance…
It is being reported that American Home Mortgage will cease business today and is declaring bankruptcy. In the very near future Accredited Home Lenders will also probably file. Both cite recent losses and their inventories of less than high quality mor…
I met him once, and he seems like a bit of a scum bag. I have a feeling he ran his mouth a little too much when he was drunk and got into a fight. As for being gay, I’m pretty sure he’s not. When I met him he was hitting on everything that walked.Report this comment as spam or abuse