From the monthly archives:

February 2008

Countrywide Sued Over ‘Excessive’ Fees on Defaults

It looks like another Countrywide Home Loans lawsuit has surfaced and will be one of thousands that have and will be filed against the subprime slime giant for their notorious predatory lending practices.

Reuters:
LOS ANGELES (Reuters) – Countrywide Financial Corp (CFC.N: Quote, Profile, Research) charged thousands of borrowers facing foreclosure “excessive, unreasonable” fees and expenses, according to [...]

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Fannie Mae Introduces HomeSaver Advance(TM) Mortgage Workout Option Designed to Help Delinquent Borrowers

SunHerald:

Fannie Mae (NYSE: FNM) announced today that, as part of its HomeStay(TM) initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option — HomeSaver Advance(TM).
HomeSaver Advance is designed to help qualified borrowers bring delinquent mortgages current and keep their homes. With HomeSaver [...]

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Emergency, we have another subprime vicitim that needs emergency “triage” care

Gov. Martin O’Malley and mortgage industry representatives met yesterday to create a process for loan “triage” in Maryland by which homeowners at risk of foreclosure could be connected with lenders willing to refinance.
Eight loan servicers attended the event, including Baltimore-based CitiFinancial and Ocwen Loan Servicing. State regulators targeted Ocwen for an examination after receiving several [...]

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The people closest to you are about to lose their homes but they’re too embarrassed to tell you and to reach out for help

Until recently, the Bush administration has focused on getting banks and lenders to restructure or refinance home loans, but critics say it is unclear how many people will be helped.
Bruce Marks, the chief executive of the Neighborhood Assistance Corporation of America, which works with lenders to restructure loans under terms that homeowners can afford, said [...]

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Mozilo, O’neal & Prince Set to Testify before the House Committee on Oversight and Government Reform

Grab some popcorn, your favorite quilt and pull up the easy chair. It’s time for some great “reality” TV!
Mozilo, O’Neal and Prince are the stars and no, this isn’t the UFC. This is the good ole US of A corporate smackdown stuff right here!
Thursday, the House Committee on Oversight and Government Reform will grill [...]

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Wells Fargo Names Most of California Severely Distressed

I just got this information from fellow mortgage blogger , Morgan Brown over at BlownMortgage.com
Wells Fargo has named nearly every California county a “Severely Distressed Market” which requires LTV reductions of 5% for any conforming loan over 75% LTV and also eliminates financing over 75% LTV for any non-conforming loan. The Wells Fargo

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Bush to Veto Senate Bankruptcy & Foreclosure Bill

It looks like Bush is adamantly opposed to the new bankruptcy bill that will save American homeowners and it is no surprise. The Bush administration is failing the American people is every which way, shape and form.
Their interests are with the lenders and banks. Their Hope Now buddies, banks and servicers. Their pals that hold the [...]

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It Pays to Read The Fine Print

Borrowers who have refinanced their mortgages or taken out a home equity loan may be eligible for a refund if they make a claim within three years of taking out the loan. Statutory damages are limited to $2,000, while actual damages are not capped, but borrowers must apply for monetary relief within one year of [...]

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Kaine Seeks Help for Borrowers Facing Foreclosure

RICHMOND, Feb. 26 — Gov. Timothy M. Kaine (D) is planning to announce Wednesday a proposal aimed at regulating high-risk mortgage lenders and stemming the surge of foreclosures that could cause tens of thousands of Virginians to lose their homes over the next two years.
The plan, which was introduced in the General Assembly on Monday [...]

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Judges would be allowed to rewrite mortgage terms under a Democratic plan. Critics fear rate hikes.

WASHINGTON — Over the opposition of the nation’s lenders, Senate Democrats are seeking a change in the bankruptcy law that they say could keep hundreds of thousands of hard-pressed borrowers in their homes.
The proposal, part of the Foreclosure Prevention Act embraced by leading Democratic lawmakers, would allow judges to ease the terms of mortgage loans [...]

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Classes of subprime mortgages ruled “structurally unfair” under state law

These subprime loans are lemons. Made to fail. Destined for ruin. Defective credit instruments that never should have been sold to the American people. These loans were never meant for long term affordability and these very mortgages are destroying the every fabric of our economy.
A Suffolk Superior Court judge has issued a potential landmark ruling that [...]

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Beware of Foreclosure Resue Scams

Homeowners facing foreclosure are often desperate for a way out, but the agencies that claim they can save your home may not be able to help. Foreclosure filings topped 2 million in the United States last year — a 65 percent increase over the previous year.Mave Elise Brown of Housing and Economic Rights Advocates in [...]

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A Big Week on the Foreclosure Front With Congress

Proposals include easing bankruptcy rules, shielding banks from lawsuits and providing government assistance to homeowners facing foreclosure.

Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, has proposed the creation of a federal corporation, funded with as much as $20 billion, to buy distressed mortgages and help struggling homeowners refinance into affordable loans.
The federal Office [...]

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Will bankruptcy judges get the power to modify the terms of troubled borrowers’ mortgages?

The lenders and bankers are fighting the new bankruptcy bill big time because they hate when government meddles in their business. Well, they hate it when it affects their bottom line. But hey, they sure don’t mind government assistance if it means bailing their butts out of the the mortgage waters. Even if they were the ones that caused the [...]

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Remarks by FDIC Chairman Sheila C. Bair to the Joint Venture Silicon Valley Network State of the Valley Conference, San Jose, Calif.

Press Release from the FDIC
It is truly a sign of unusual economic times when a group of high tech leaders asks a bank regulator of all people to speak to them.
But bank regulation – or perhaps I should say weaknesses and holes in our bank regulatory structure — lie at the heart of our current [...]

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The Countrywide Shuffle

Alright staff. I am under investigation by the SEC. Our stocks are down big time. All those toxic loans we made over the last few years are going bad. Our share holders and the media is on my a$$ big time. I know, let’s go skiing!
Another fabulous idea from Angelo Mozilo and the Countrywide camp. What [...]

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Welcome to LoanWorkout.org

LoanWorkout.org is the only blog on the internet dedicated to following what lenders and servicers are “really” doing in regards to their loan modification and loss mitigation efforts.
Are you having trouble with your home loan? Has your mortgage adjusted and you cannot afford the new payment? Were you placed into a bad loan and you [...]

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Need Help With Your Mortgage or a Loan Modification?

By Moe Bedard
If you have been looking for mortgage help or assistance with a loan modification, then you have came to the right website for safe and accurate information. This blog and our forum at LoanSafe.org was created for the sole purpose of assisting homeowners who are struggling with their mortgages to find the “real deal” [...]

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The American dream was a death sentence for my husband and myself

Homeowner story submitted by broken and frazzled
I am one of those dead beats in a subprime loan and also upside down on the loan the minute we signed the papers. First of all we tried to talk to someone at Wells Fargo and we were unable to get anyone to return our calls and on [...]

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A message from a homeowner to mortgage brokers

I’m sure these comments are from the fraudsters who sit all high and mighty behind their computers. Fat on grease from the fat they have fed upon as they drive their not paid for almost repossessed BMW’s bought by burning the American people.
All the while you claim as if your some kind of professional or [...]

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Yup, you read that correctly! WE GOT A LOAN MODIFICATION!

Loan modification story submitted by Momof3boys
Yup, you read that correctly!!!!! WE GOT A MODIFICATION!!!!!!!!!!
Home Eq called us today with an offer we COULDN’T refuse!!!!!!!!! Our initial starter rate was 9.95% going up next month….Well, they called tonight and gave us 8% fixed for 5 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!! WOW!!!!!!!!!

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Picture of the Countrywide “McForeclosures” Tour Bus

Picture stolen from Angry Voodoo at ML-Implode.com – Thanks

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Mortgage Servicers Need to Change Their Mob-Like Collection Techniques

Yes, you heard it right. I compared the mortgage servicing industry to the mob. Loan sharks. Pay up or we’ll break your knees! Well, at least, “pay up or we’ll take your house!”
This is business right? You don’t pay, you lose your home. That’s fair right?
In the old days it was fair for banks to [...]

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Lawyers should volunteer to give homeowners in foreclosure help

Ohio needs effective tools to thwart this poison seeping through the community.
One such antidote is the plan Ohio Supreme Court Chief Justice Thomas Moyer has backed that would provide free legal representation to some borrowers facing foreclosure. It’s the biggest effort of its kind in this state.
Joining in support of the idea are Gov. Ted [...]

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Millions of Americans could ditch homes

Millions of U.S. homeowners who bought homes with sinking value are set to abandon the properties and cut their losses on bad investments, a leading housing market economist said on Tuesday.“We may face something unprecedented … that is a situation where millions of homeowners are going to walk out of their homes in the next [...]

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No Responses to Governor’s Call For Foreclosure Summit

Gov. Martin O’Malley has called for an emergency work session with mortgage companies to hammer out solutions to the foreclosure crisis. Letters have been sent to about a dozen loan companies requesting they attend a summit on Feb. 28. But so far none of the loan companies have responded.
Read the rest of the WBALTV.com article [...]

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Fighting mortgage disservice

Late-fee profits
Some say one problem is that mortgage servicers make their money from late fees and other penalties charged to borrowers.
“There’s a built-in incentive for the servicing industry to really rip people off,” contends Richard Gaudreau, a Salem attorney who specializes in consumer bankruptcy law. “If they can throw your payment into a suspense account [...]

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All Aboard the Countrywide Foreclosure Bus Tour

First Countrywide sold you a toxic loan that caused you to lose your home to foreclosure and devastate you financially and emotionally. Now, they are profiting from your misery by touring your foreclosed home with would be Donald Trumps, AKA foreclosure investors, in the new sick “for profit” service known as “foreclosure bus tours”.
First they had “Flip This House” [...]

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Why does Countrywide appear to have so many folks with troubled loans?

Question to Moe from a reader and Countrywide borrower, Melena
Several years ago when I worked for a local builder, Countrywide was one of our preferred lenders. They seemed to have a strong customer service base but is apparent that has changed. Why? Did they grow too fast? New management perhaps? Why don’t they seem to [...]

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Foreclosures on Subprime Mortgages

Senator Durbin is behind a Democratic Foreclosure Prevention Package that would allow home owners to renegotiate their interest only loan terms.A surprising twenty-four percent of all mortgages in Peoria County are subprime or interest only which is above the national average according to The Center For Responsible Lending.
Read the rest of the Central Illinois Proud [...]

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Mortgaging the future – Foreclosure plans highlight key difference between Obama, Clinton

Clinton has a stunningly simple solution, as stated in one of her TV ads: “freeze foreclosures” for 90 days and “freeze rates on adjustable mortgages.” Those are a perfect answer, assuming this is the question: How can the government reward irresponsibility, discourage mortgage lending and increasing the cost of financing a home?
After all, it’s easy [...]

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Foreclosure study says vacant properties cost Cleveland $35+ million

Vacant properties – abandoned in part by a mountain of foreclosures – so far have cost Cleveland more than $35 million, says a study of eight Ohio cities to be released Tuesday.
The tally includes property tax dollars lost, as well as wages paid for workers to fight fires, mow weedy lawns and board broken windows, [...]

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Brokers & Real Estate Agents are Now Scamming Homeowners in Foreclosure

First your wonderful real estate agent sold you a home you cannot afford and then her mortgage broker buddy placed you in a fraudulently, toxic loan that has literally eaten you alive. Now, these same snakes want to help you “cure” your woes with their special foreclosure anti-venom knows as “loss mitigation” or “foreclosure prevention”.
Welcome to the [...]

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Countrywide Borrow …feedback on your article…

Email Contributed by Brandy
Hi Moe,

Your article Countrywide Hope Department Blues dated Aug 22nd is so true. I’ve been on the merry-go-round for nearly three months now and we have finally come to a reasonable loan modification, but we’re still hashing out some details. Like you suggested, I refused to accept terms that I knew I [...]

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Get FREE Help in the Inland Empire, CA. with Your Loan Modification or Foreclosure

The Loan Safe Advocacy Group in association with the Law Offices of Marshall E. Rosesnbach and the media is proud to announce that we are now offering for a limited time FREE help to 10 lucky homeowners that are facing mortgage issues or foreclosure in the Inland Empire of California.
The only catch is that in [...]

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Will Project Lifeline be Another Foreclosure Flop?

First we had the FHA Secure loan that was “supposed” to be a life raft for hundreds of thousands of homeowners. Then we had the Hope Now coalition led by US Secretary Paulson and his army of lenders that took out their freeze guns and placed a “limited” amount of loans in a “secret” freezer [...]

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Non-Profit Mortgage Brokers Have Begun Their “Secret” Attack on the Mortgage Industry

The era of the non-profit mortgage broker has begun and it looks like the non-profit armies are rounding up the troops for battle.
I know, I know, for profit loan officers and brokers are saying, “Yeah, right! They can’t do what we can do? They are not has smart as we are and how can they help [...]

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Should Lenders be Allowed to Participate in the Mortgage Clean Up Process?

This has been bugging me for quite sometime now and I thought I would dedicate a blog post to voice how sickened I am by the fact that the very companies and people who have single handedly created this housing bubble and mortgage crisis are involved in the clean up process.
All these forums and seminars [...]

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Countrywide to Announce New Deal With ACORN

Countrywide Home Loans has cut a new deal with and organization that used to be a formidable foe, the Association of Community Organizations for Reform Now, or ACORN. Apparanetly this new agreement, states that Countrywide will work with struggling h0homeowners and to try to manage payment plans for borrowers that are already behind in payments, regardless of which type [...]

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Loan servicer Homecomings sued over fees

A group of homeowners is suing Homecomings Financial, a Bloomington-based loan servicer handling nearly 800,000 mortgages, accusing it of charging dubious fees as it processes homeowners’ monthly payments.
The lawsuit, filed Thursday in U.S. District Court in Minneapolis, is the latest in a slew of legal actions around the country against mortgage lenders and the servicers [...]

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Foreclosure Hall of Shame – Clark County Nevada & Riverside California

Clark County, Nevada and Riverside, California are leading the pack of counties in the country with the most foreclosures per zip code. This foreclosure contest will not put these counties in the hall of fame. But rather the “Foreclosure Hall of Shame.”
CNNMoney had just came out with the “Foreclosures: 100 worst hit zip codes” and I [...]

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Blogger Helps Save 19 Homeowners From Foreclosure

By Moe Bedard – I don’t really like to toot my own horn, but sometimes it is necessary to get the word out there. I am proud to announce my website at www.LoanSafe.org has helped 19 homeowners save their homes from foreclosure since it inception in August of 2007. It is quite an accomplishment [...]

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The Truth in Lending Act – Let the lawsuits begin!

In the past, no one really sued anyone over their mortgage. Hell, if you had a problem with your loan, you just refinanced right out of the bad loan and into a new one. No harm, no foul. Now, the home loan tides have changed and the tsunami of mortgage lawsuits have begun.
Federal laws like the Truth in Lending Act(TILA), The Home [...]

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Senator Chris Dodd proposes setting up a fund that would buy defaulting subprime mortgages and restructure loans for borrowers

NEW YORK (CNNMoney.com) — A proposal to bail out subprime mortgage borrowers who are at risk of foreclosure was floated at a Senate Banking Committee hearing Thursday.
Senator Chris Dodd, the committee chair, said he is working to create a Home Ownership Preservation Corporation, which would purchase mortgage securities that are backed by at-risk, subprime loans [...]

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Mortgage Bankers’ Defense Remains Unconvincing: Voluntary Foreclosure Prevention Is Not Working

DURHAM, N.C., Jan. 31 /PRNewswire-USNewswire/ — Recently the Center or Responsible Lending (CRL) released an analysis showing that during the third quarter of 2007, mortgage lenders initiated foreclosures seven times more requently than they modified mortgages, and 13 times more frequently than they modified problematic adjustable-rate subprime loans. In addition, CRL estimated that under the Treasury [...]

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