The Countrywide Financial Corporation fabricated documents related to the bankruptcy case of a Pennsylvania homeowner, court records show, raising new questions about the business practices of the giant mortgage lender at the center of the subprime mess.
The documents — three letters from Countrywide addressed to the homeowner — claimed that the borrower owed the company $4,700 because of discrepancies in escrow deductions. Countrywide’s local counsel described the letters to the court as “recreated,” raising concern from the federal bankruptcy judge overseeing the case, Thomas P. Agresti.
Read the rest of the NY Times Gretchen Morgenson article here
{ 29 comments… read them below or add one }
Thats scary how countrywide would do that.
Yes, this is common sswiz. I wrote about this the other day and I had these lending executive hot shots trying to silence me.
http://loanworkout.org/2008/01/04/is-your-lender-charging-you-for-questionable-fees-fight-back-against-predatory-fees/
Homeowners need to know what they are being charged for and make lenders “DOCUMENT” these fees with a section 6 RESPA “QWR”
Countrywide has been the home of liar loans for years. “Stated Income” Option ARMs are still legal, despite the fact that California’s housing market has been poisoned by them and is just waiting to die – just like Litvinenko after he was poisoned with polonium 210 by Putin’s goons. Catching Countrywide forging documents should come as no surprise.
I think this is H U G E!!! Homeowners facing foreclosure may be intimidated by banks because they DO in fact owe the lenders and they may be grappling with feelings of guilt, because they’ve failed to uphold their obligations. I personally spent a number of days feeling completely stupid for not having realized what I was getting myself into.
Well, H EL L O, you know what I realized? That’s the initial feeling you have when you’ve been duped and lied to.
Contrary to what many Mortgage Brokers and Loan Officers who come on here like to portray, fraudsters who tried to take advantage of a low paying ARM DO NOT FIGHT to keep their home — they’d just walk away!!!
If you’re like me, you were were preyed upon, fooled into signing documents that put YOU into a loan that was doomed to fail!!!!
Mortgage Brokers might come on here and say, “It’s the Buyers responsibility — they signed it; they knew”. But in my opinion, many of the Mortgage Brokers who speak this way COUNTED on the ignorance of the buyer so that they COULD put them into a loan that THEY KNeW (since they are industry professionals) would probably go into foreclosure or default in the near future.
They walked away with their commission but homeowners were left holding the bag — the bad loan. Now those of us in these loans need to fight to keep our homes and this is part of the way we can do it.
Homeowners should fight the banks tooth and nail and challenge the banks to PROVE that they have THE RIGHT to foreclose. There is nothing illegal or fraudulant about this process.
In the court of law, you have to prove that you have a case!
Many homeowners might be feeling guilty that they’ve been unable to pay their loan, they may feel like failures but you know what? THAT CAN HAPPEN TO ANYONE!
ANYONE CAN GET SICK, LOSE A JOB, LOSE A HUSBAND, FALL INTO DEBT. IT DOESN’T MEAN YOU’RE A BAD PERSON OR A DEAD BEAT!
Don’t listen to people who say that you don’t deserve to own a home!
You deserve it just as much as anyone else!
IF everything was above board, Countrywide would not be fabricating documents. The trail of fabricated documents will lead right to the closing table, I think, and the more people who challenge Countrywide and other unsavory lenders, the more this will come to light. It is the only way things will change!
“They walked away with their commission but homeowners were left holding the bag — the bad loan. Now those of us in these loans need to fight to keep our homes and this is part of the way we can do it.”
That is a rather disingenuous statement – the part about homeowners left holding the bag I mean. That bag you refer to quite often contained a nice little sum of cash. Many of these “bad loans” were cash out refinances on 100%+ LTV notes. The lenders will not recoup that cash and are left with a depreciating asset. It seems to be me that many people – borrowers and lenders – benefited from this bubble and now you are all refusing to be held accountable. You want the pain to be felt only by the lenders and that is wrong but you will never understand that because you are the quintessential victim – “what I did was wrong and irresponsible but they were badder than me therefore my mistake doesn’t count!” It’s the same sorry excuse my 18-year old nephew tried to offer for getting busted drinking on his school’s bus trip to the Gator bowl last week – “everybody was doing it, how come I gotta pay?” Because you got busted and they didn’t!
WTF — really, what nonsense. What large amount of cash are you talking about? Let’s say the homeowners cashed out 10, 20, 30 even 50K — the homeowners fighting to save their homes — how fast did the bank make that back when they started hiking up the rate and charging their outrageous fees, how fast did they make that back in negative amortization — how fast will they make it back when they start charging their foreclosure fees?
If the defaulted borrower doesn’t pay a dime, the bank will still get the asset BACK! What will the borrower walk away with — nothing!
YOu need to start differentiating in your mind, all of the people on here who want to hop on the greedy borrower band wagon, between those who were defrauded and preyed upon and those who might have wanted to make a buck.
THere is a BIG difference, and I will repeat what I said: Fraudsters don’t fight to save their home — they walk away with the money they cashed out on.
I think there is a big problem with perception and an US vs. THEM mentality in operation here. A mentality intent on creating a group that can be the target of ridicule so the “US”s can feel better, smarter and superior.
Those who are so intent in bashing the bad choices of the borrower, labeling them as spend-crazy, debt addicts refuse to expand their perception to include the elderly, the targetted less-than-savvy minorities and all the others who were D E F R A U D E D.
Those who were defrauded DIDN’T cash out, didn’t make a buck and are facing the reality that a large chunk of their hard earned money will be gone and they’ll be left with nothing.
REALITY CHECK: Let’s stop thinking in black and white and start seeing the shades of grey.
If borrowers made bad choices, they can “pay” by dealing with the foreclosure and fighting for their home but no one deserves to be homeless, for goodness sake!
“If the defaulted borrower doesn’t pay a dime, the bank will still get the asset BACK! What will the borrower walk away with — nothing!” How not true! These were loans made with no down payment even if there was never a cash out refi (very rare). Many of these borrowers are in trouble long before their rates even reset so, at they very least, they will get to live rent/payment free for however long it takes to remove them from a house that was never really theirs. In addition quite a few of them will trash the “asset” on the way out.
YOU need to get it through your head that not all borrowers are victimized and not all lenders are evil incarnate. Sometimes borrowers are just irresponsible and lenders simply incompetent.
“REALITY CHECK: Let’s stop thinking in black and white and start seeing the shades of grey.” That’s rich coming from you – I have been reading this blog from the beginning and you wouldn’t wouldn’t know “shades of grey” if they swam up and bit you in the a$$. Try taking taking some of your own advice.
I would never advocate that anyone “deserves” to be homeless but I will that not every one deserves to be a homeowner. Get the distinction – it’s a shade of grey!
I LOVE YOU JACMAC
WTF – “I would never advocate that anyone “deserves” to be homeless but I will that not every one deserves to be a homeowner.”
Well, thank the Lord and all his Angels that it aint up to you! You can spout your rhetoric about not all borrowers being defrauded all you want — I have conceded time and time again that borrowers I’m sure made an effort to defraud banks, and if your “CLAIM” to have read through this blog “from the beginning” were true, you would know that.
But the TRUTH is you’ve read what you wanted to read, and until I scream along with you that ALL borrowers who have defaulted deserve what they got because they were dead beats and ALL the banks are just operating business as usual and making money, we will never meet in the middle.
YOUR shade of grey is actually shades of GREEN — the only color that true capitalists see.
Any home doesn’t belong to ANY ONE of us (that means you, too buddy) as long as we haven’t paid cash for it.
I pray to God no serious illness ever befalls you, or financial travesty so you won’t have to L E A R N first hand what it means NOT to be able to pay for something, NOT to have . . . but from the way you are writing it seems that is the ONLY thing that would help balance out your right-wing point of view.
Also, I know I speak for many who are reading along here, that’s why I bother to respond at all half the time because it can be EXASPERATING!
Thanks above poster for confirming the voices of the many times silent.
“We can throw stones, complain about them, stumble on them, climb over them, or build with them”
~ William Arthur Ward
JacMac-
I usually go back and forth with you on most of topics. We usually don’t agree, but most of what you are saying here is correct. No one deserves to be homeless. I can speak from experience. I became homeless for a year and I accepted the responsibility for the part I played in that. At that time, I, by my own actions didn’t deserve a home so I lost mine. Other factors beyond my control contributed to that but the part I played was on me. EDUCATION, EDUCATION, EDUCATION.
The part I think you miss sometimes is that the system, which is purposely flawed is one NO ONE should ever trust. Ever. It’s designed to make you either successful or it will destroy you.
EDUCATION EDUCATION EDUCATION
The lack of education in this industry is done on purpose. Alot of people took and is taking advantage of that. Innocent people have been screwed, but to be fair, there are alot of situations that people entered into to make that quick leap, and it backfired. In your case, the result was you really didn’t know and unfairly got it up the ass. Not your fault and those people should pay. And I hope they have. The case where the doctor attacks his loan officer before Christmas……that was his fault and he and the rest of the crew should pay.
Not just CW but a majority of large lenders, some defunct, did and are doing the same thing. Screwing over people. To some degree it’s design to function that way.
WTF- The lenders are losing and to some degree that is correct. But there are cases where fees are arbitrarily tacked on. Attention letters are sent out and sometimes they aren’t. That’s real. Let’s not act like it’s not. And months later because of whatever, the borrower opens the letter and the fees are crazy and incorrect. Emotions are mixed in. Guilt is there……Embarrassment……Failure. The borrower knows they owe, but it’s more than that with the borrower. That’s real too, so let’s not act like it’s not.
Some know the deal and that is on them, but some really don’t know and to some degree, that on them too. The problem I have is regardless of who it’s on, be it the L.O. in the beginning because they didn’t explain or the borrower who didn’t listen, the system has made everyone liable.
However, the argument is also strong when the borrower is informed and does what they want to do despite good advisement. Everyone is trying to get into the psyche of people. No one will ever figure this out by blaming each other because it’s everyone’s fault. A product is put on the market to make money. That’s it. Whether it’s a good product or not, that doesn’t matter. If the L.O./Bank/A.E./Title Attorney, Real Estate Agent, Insurance Agent, Appraiser, or whoever is an idiot and the borrower is the deer in the head lights then that’s spells disaster for everyone.
We can go back and forth all year long with this. We will undoubtedly defend our side of the street. I want the best for less and the industry wants money all day long. In lies the problem. No one wants the get educated in the beginning where both sides can accomplish their goal without damage.
The industry is design to screw me as the consumer and also me as the L.O. With that, let’s strive to fix the industry with EDUCATION, real rules and consequences. With the consumer, let’s fix them with EDUCATION, real rules and consequences
Can someone please just tell the audience how to stop ignorant borrowers from continuing to fall prey and also how to make the industry who, so blatantly, on every level to stop fucking over people.
Chris, you have written a well reasoned response, looking at it from boths sides and I agree 110% with everything you’ve said EXCEPT for this:
You didn’t deserve to be homeless.
I’m sorry that you experienced that, but I’m so glad that you came out of it and got back on your feet.
It takes a lot of integrity to admit when you’ve made a mistake and even more and then some to actually do something about it.
I’m glad we’re continueing dialogue and even though we don’t sometimes see eye to eye, that we are still respectful of each other (well, I try — sometimes
)
Well, I’m looking over what you wrote, I guess you said “you didn’t deserve a home” not that you deserved to be homeless. I stand corrected.
But I’m still sorry that you ever went through such a life changing experienced, and my heart goes out to you for having lived through that.
Still I will say again, I’m glad you got back on top.
I can see both sides of the fence here. I think I’m in about the same predicament as JacMac. I live in SoCal, I make more then the annual median household income. However, the median cost of a home here is well outside what the median income (or in my case much higher) can afford. Still, with the market going crazy financial institutions found a way to sell folks with the median income homes that they could not afford. It became a frenzy; I know I can’t afford to pay the fully ammortized payment on a half a million dollar home – but so did the loan officer who sold me the loan. I have an Option Arm, bought it hook, line and sinker. The option arm is a refi, yes it’s a cash-out refi only to pay the prepayment penalty and closing costs of the other “purchase money loan” (a libor adjustable) that adjusted so much and so often that I had couldn’t pay it any longer. How that got out of hand is a completely different story. Nonetheless, it happened.
When I got the Option Arm I heard so much about the options, but the only ‘option’ that was disclosed was the minimum payment. Had I seen the other ‘options’ I probably would not have signed this new loan and would have stayed with the struggling LIBOR loan. But again, a whole new story there and a separate book.
Anyway, here we are and this loan is unmanagable – so I seriously started reviewing the loan documents. I have been writing letters to the mortgage company since I saw the first statement and saw what the other four options are. The numbers I provide are for example but are a true reflection of market comditions only in the SoCal area. I do this to show you the negative cash flow I have endured. I didn’t take cash/equity out of my home, but bought in the fall of 04 near the prime time of rise, and yes it was 100% financing. I had 20 grand to put down but after closing cost, fees, etc. that was nothing, still acknowledgably much less than 20% of a half a million dollars. I knew going in that I could never ‘pay off’ a half a million dollar loan; but was shown repeatedly how easy it was to afford this interest-only, etc. Real estate always does . . .
Yes, I took a risk. I ended up with the option arm, yes. Back to reviewing the documents. My ‘agent’ with the brokerage firm was a woman – I won’t use her or any other corporate names here. I review my application (which has a block that is checked off as received telephonically by a gentleman) a gentleman I’ve never heard of. On this application, which yes I signed my income is overstated by 150%. I did not catch this at closing. I sent the broker all of my financials, I receive a salary and my income does not change. However, by signing this document I realize that I am as culpable as they are in this ‘fraud’ and yes, I would consider this fraud. Nonetheless, I do not appreciate being misled and misguided in these affairs. PERIOD!
Okay, back to values. In my neighborhood a 3-4 bedroom home, rents for about $1850 – 1950 per month. My negative ammortization payment on my 3 bedroom, 1800 square foot home is $3300. Therefore, to have please of 2 grand per month being added to the balance of my mortgage in a declining market I additionally pay about $1400 per month more to “rent my home that I don’t own anyway.”
I fully realize that was a gamble I was willing to make and if my home were still worth what it was appraised at during funding, or were still appreciating, this would be something I would endure. However, we all know that isn’t the case. Which is why I have been trying to seek a loan modification. You see, I didn’t lose and the lender (investors) didn’t lose – we both lost. Yet, the lenders (or investors) don’t want to give any slack to us borrowers who bought into this smoke and mirrors act. I am not saying I will not accept some of this responsibility, but they need to accept some responsibility to and help some of us get through this roller coster of a ride. I get further and further upside down every month, all while I am racking up additional debt (negative ammortization in a declining market). Oh, and the options on an option arm – they aren’t options at all. And if the lenders are truly legit, why don’t the show you what the ‘options’ are before you close on the loan. Therein lies my biggest mistake, I assumed the options would be a little more closely spaced (by like a few hundred dollars). In actuality, (I’m sure you know) but if you don’t there is a several thousand dollar per month spread there.
I want to work with my lender, but I want to keep my balance from going up (negam). Unfortunately for me, my broker qualified me on this loan soley on my ability to pay the negam payment. So yes, I am screwed – but to what point do I take this. When I get to 110% LTV I’ll have to stop paying. There are no good solutions here. I don’t want to walk away and I don’t want a foreclosre – but this is the road I’ve been led down. Eventually (unless the market rebounds in the next year to 14 months/when I expect my loan to recast) – foreclosure is the destination. I have asked repeatedly for a modification in the form of reduced interest rate or forgiving a portion of the debt/accrued interest or a combination of both or some other form of ‘modification’ that I may not know of. Several letters and unreturned phone calls later all I have to show for months of trying to find an arrangement to avoid foreclosure is a loss mitigator that I have never talked to and occasioanally his voice mail isn’t full and I can leave him a messsge.
Oh, and why didn’t I complain too much when I didn’t see all of those ‘options’ when I signed the loan. Well, the broker told me “Even if you pay the minimum payment for the 5 years of the ‘option’ portion of the loan your balance will not grow greater than 52 grand.” Well, that was a half truth and leads me to believe that the loan officer didn’t really understand the loan either. My thought was if I pay the minimum and the mortgage ammortizes negatively over 5 years on a half a million dollars and only adds 52 grand or so, this isn’t that bad of a deal. Well, the 52 grand is the 110% LTV cap (I found this when I reviewed my loan documents and found the overstated income) and I am over halfway to that cap in just over a year in this loan.
I know, I’m an idiot and this is shit sandwich – but when is the lender (investors) going to realize that perhaps they should take a bite also. Foreclosure isn’t cheap, and short sales are selling just that – short! All they really need to do is realize this is a losing situation and MEDIATE to some place in the middle saving themselves money and possibly saving our homes (and the value or our neighbors homes as well) in the process.
Just a thought or two, randomly put together by an idiot who will walk away from dumping forty-thousand dollars per year on a home I could have rented for twenty all to get the pleasure of possibly having a 710 FICO score ruined and a possible judgement in excess of $100,000 filed against me.
You know, it has finally dawned on me – the reason the folks with the median incomes couldn’t afford the homes in their neighborhoods was because they weren’t really worth their inflated prices to begin with.
Maybe I’m not all idiot – so I’ll claim to be partially; be that in the black, white, or gray.
JacMac,
You are “good people.” I see pass some of what you say because I know in the in the end you mean well. You sometimes have to argue back and forth to get to the root of an issue. Keep it up. The answer is out there. Like WTF said earlier. It makes you think about how you are going to handle your future business. Self checking.
My situation was one of bad decisions I knew I was making from the beginning. Some of it was from ignorance and some because I was just being an asshole. I paid for it. I know more now and I don’t regret any of it because I can now tell someone going down the same road how not to live in a park
Gosh, Tom, thanks for sharing your story with us and being so damned honest.
No, you’re not an idiot, not in the least.
Can I ask, who is your loan with, and have you considered joing the homeowners forum?
Moe has a lot of good information on there about how to deal with modification with different lenders. I can help and it sure can’t help.
I love your analogy. This is a shit sandwhich, and when are the lenders gonna take a bite.
You’re right, it’s not fair to let us eat it up all by ourselves.
Sounds like, like I, you should have never been put into that loan, it was doomed to fail. I think if we fight this, we can see the light at the end of the tunnel.
Really, what will the banks have but an once overinflated, now deflated property in a market where who will be able to buy it?
I’m thinking out loud here, but it doesn’t sound good to me.
Best of luck to you, Tom and thanks again for sharing.
I meant it sure can’t hurt but I wrote “it sure can’t help” — hope that wasn’t a fraudean slip — it’s late. better get to bed!
I stress education in all of my posts because that’s all the consumer has as weapon. Nothing else. You will never know completely how the industry is functioning…….. But do know that the less you know, the more prone you are to being ripped.
Consumers for the most part won’t completely understand the system. Cool. However if you prepare yourself as best you can and stay on top of your business, you won’t lose your home. If possible, take the emotion out of it. The consumer is the only one with emotion. You can make a better decision without it. No one else cares about you. If everyone around you is going crazy, telling you to just do it, then get up and leave and find what you need somewhere else. The only thing you have lost is time.
I’ve said this many times. When you step out of your house, it’s you against the world. You have to keep it that simple
Hey, Chris, yes, education, education, education.
You know what I just realized frm reading your last two messages here?
You’re so hard on others because you’re so hard on yourself.
Cut yourself some slack! Life is about living, making mistakes and learning from them. When I was 20, you couldn’t tell me anything. I was an absolute complete know it all. By the time I got to be 25 I was a little less cocky and arrogant, a bit unsure.
By the time I reached about 30 I realized that I didn’t know squat, and I’ve been working my way up from there since then.
I look at all of my mistakes as opportunities to grow and become a better person, smarter, kinder, more compassionate and understanding.
For instance, I bet you can look at a person who is homeless and really understand how they must feel.
I guess personally this is what I wish every MB, LO could do, understand how the homeowner facing foreclosure might feel.
I know you’re a guy, but when we start to deal with people on a human level and not regard them as numbers or pay checks it changes the way we relate, at least that’s my opinion.
That is the antedote to the “you against the world” syndrome that many people suffer from.
We’re all in this together is the real truth, in my opinion, even though so many do not behave that way.
JacMac,
My reasoning behind the education emphasis is because when you and I go to our loan officer to do some business, we expected a level of understanding and to some degree some compassion to our situation.
Why, because you are dealing with another human being. To consumers it makes sense. However, when things go left, then the humanity on the business side is disgarded and everyone stands behind “it’s business.” That’s when some of those who have been taken advantage of feel like tearing their L.O. to pieces. So I just circumvent the emotional thing and just go straight business. To do that, I must arm myself with the necessary knowledge to get what I want and to get it just how I want it.
In this industry the consumer needs to have these things already figured out:
1. The credit must in good. 700 good
2. If It’s a purchase, be prepared to spend money and spend it.
3. If it’s a refinance, make sure it does just what you need, nothing more.
4. If you are investing, be prepared to lose. People lose site of what investing entails. You can win and you can lose.
5. Understand in detail 1-4
6. Make a plan from finish to start and then execute from start to finish
7. Plan in advance what you will and won’t accept and stick to that.
8. Once you are satisfied, then and only then sign your life away.
JacMac, my syndrome kicks in only when doing business.
. I shut it off when I get home. If I acted like that all day I would probably explode. You are right. Life is all about living it. To make good sound decision, one needs to know how a thing works. Don’t just rely on the professionals to tell you. That’s the issue in this industry. Not all, but alot of people on both sides don’t know what they are doing.
Chris: “Not all, but alot of people on both sides don’t know what they are doing.”
Absolutely, I used to be one of those people. Am still, in some ways but I am learning. I like your list. We all have to armed like that when entering the business world. And we especially need what you described, the “off” switch
— maybe MBs can come up with a list of what a borrower needs to know, the basics of what a borrower should absolutely understand when coming to a closing table.
For instance, the talk about YSP. What do I care if the broker get’s paid a YSP? I think a broker deserves to be paid for work he/she has done.
I want to know about the YSP because I want to know that there is a possibility that I can get a loan at a lower rate. I want to know what kind of loan that would be and make an informed decision about what kind of loan I’m gonna close on.
So what would MBs here advice as a 1-10, must know for borrowers?
JacMac
And in your first paragraph lies the moment things go wrong. When the L.O. recognizes that the borrower is either lacking on paper or in the mind. The evil L.O. does bad. He/She realizes that the borrower is not working from a position of knowledge. No list will be provided in this one. The good ones will stop and suggest or advise not to do the loan. The list here is the good advice. You must heed good advice. But the bad ones don’t say anything and there you have it. Problems
In terms of the YSP. It’s there. It’s always there. The use of the YSP for brokers is case by case. The use of the YSP is slightly different when dealing with a banker.
When shopping for rates, understand that the market is setting a rate that lenders and banks will all follow suit from and present to you. It’s an almost “it is what it is” thing with that. The golden rule theory. You will see small deviations here and there but it’s basically consistent throughout. The criteria are usually the same.
If your situation applies to what they are offering, then there it is. You get the good rate. Verify the rate with several lenders and banks. If it’s the same, then that’s where you start. At that point it’s service and a feeling of comfort. Remember this is not you mom or your grand moms. Comfort can still get you caught up. Stay on guard.
Anyway, you have the option of discount points to lower your rate, but it cost money to do that. No way around that. Sometimes it’s worth the money, sometimes it’s not. The biggest thing is to know what you will and won’t settle for. In realistic terms.
If the going rate is 5.875%, pressuring for the 5% just because, will not be taken serious and you’ll be handled accordingly. Not good. Always have logical reasoning behind all of this, especially the rate. When a customer asks me for a rate other than the one I’m presenting them, my response is why and based on what?
Keep in mind, if even one aspect of there criteria is not met, and then everything can be affected, including the rate you receive. The more you stray away from their criteria, the worst you get. Keep in mind, the YSP is still there. I know there are constant debates about the YSP but that is really a small part of the problems in this industry.
I’ll let the lender make YSP all day over a crazy product. The product is what hurting people. The lender can only make so much. If I can’t handle the rate, then no deal. He gets a YSP of nothing. If it’s a deal I can get better somewhere else, he knows from the start. It’s worth a try for him. I not mad at that. I probably hit him with some “but can you do this.” Then when the blue dust settles, I’ll let him call me the next day with a good story on how he had to “Kill the Dragon” to get this rate for me.
JacMac,
Thanks, I am in the other forum as StangFlyer70. Appreciate the insight. I just get really bent when reading about the free ride some are led to believe some of us our on. I took it in the tailpipe from the beginning and now its being pulled through the urethra. Certainly isn’t a free ride in my neck of the woods.
Tom
By List, Chris, I meant here in this forum, Iwas suggesting that the mortgage professionals posting here could come together and compile a list to help consumers come to the table as educated consumers and not uninformed, a sort of 10 things to Know Before You Go to Closing.
You said: “When the L.O. recognizes that the borrower is either lacking on paper or in the mind. The evil L.O. does bad. He/She realizes that the borrower is not working from a position of knowledge.” — t
This is just plain wrong and needs to change.
Tom, you’ve got a great way with words.
Those who want to label all of the struggling homeowners as greedy, self-serving debt addicts are just trying to keep their own demons at bay.
It’s easy to piont fingers and blame others, easier than it is to look in the mirror and think about what YOU personally might have done wrong.
I read all of those posts in that light. See ya on the other side of the forum!
Good morning!
I found this blog as I was seraching for information on renting to persons who are soon to foreclose on their homes. I have a potential renter who is foreclosing on the 18. I found that out as I searched the address he gave me as his current home and property. What to do? I am concerned most of my calls are coming from foreclosing homeowners.
“I believe that banking institutions are more dangerous to our liberties than standing armies” – Thomas Jefferson
07
Jan
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 – 1826)
These are the words from one of the most influential presidents to ever serve “our country” in the White House and one of the authors of the declaration of independence.
Let’s face it..Bankers and Lawyers are STEALING us ALL blind!!! When it’s all over, and China moves in, and parts us out to Russia..and/or whoever, it will be becasue Bankers and Lawyers have Sold us out!
EVERYONE needs to get prepared to live in poverty…Our forefathers would JUST SHIT!!
The ONLY way to turn it around, is to STOP electing Lawyers, and STOP borrowing money….Pay as you go!!!! Like our Grandparents used to!
I’m not surprised…just look at how they handle their reo’s…forcing my client to get pre-approved through them, when i’ve already pre-approved my client. then, when my client refuses to give up all info to countrywide, countrywide then refuses to negotiate…if that isn’t steering…
I have a “stated income” fraud case against countrywide. 86 year old client, who purchased a home just about to go into foreclosure, with a sign “no money down”. The realtors and the lender told her don’t worry we’ll make the numbers work, just show up at closing. Countrywide raised her income from under $2500 to almost $6300 on the application. Her monthly payment was more than her monthly income. The realtors kept $22,000 of commission, and countrywide got fees related to the loan. The client mailed the keys back to countrywide after the first payment and moved out. Countrywide did an 80% first, interest only for 10 years, and a piggyback second of 20% to avoid the mortgage insurance. The client got nothing from the transaction, it is pure fraud.