From the monthly archives:

February 2008

Countrywide Sued Over ‘Excessive’ Fees on Defaults

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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.

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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?

by Moe Bedard

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.

by Moe Bedard

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

by Moe Bedard

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

by Moe Bedard

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

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

by Moe Bedard

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

by Moe Bedard

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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