From the monthly archives:

March 2008

Please call 995 Hope if you want to get screwed by your lender, again!

Let’s get one thing clear here, 995 Hope is funded and supported by mainly banks and lenders. Not consumer rights activists, not Bill Gates and certainly not Warren Buffet.
The very banks and lenders that sold you the toxic loan that has caused you some serious stress and grief, are now posing as Hope Now ”do gooders” by giving millions [...]

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Barack Obama was in Chicago at the time of the Superior Bank failure & has full knowledge of what went on and the cause of the collapse.

I wrote a blog post about Penny Pritzker, 2008 campaign finance chairman for Barack Obama 2 weeks ago titled, “Is Obama for the People or the Banks?” and in that post I quoted Earl Ofari Hutchinson from the Huffington Post.
I had to do more research into this and expose the truth behind the Pritzker [...]

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Obama Remains Silent on the Foreclosure Front as Clinton Takes Command

Homeowners need a voice in government. I have been watching to see what democratic presidential candidate would step up to the foreclosure plate and it looks like we have a slugger at the plate. Hillary Clinton!
Hillary Clinton seems to address the American peoples concerns as Barack Obama tends to ignore them. A quick visit to [...]

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Clinton Calls For Bold Action To Halt Housing Crisis

Plan Would Help Families Avoid Foreclosure And Unfreeze Mortgage Markets
Hillary Clinton delivered a major speech in Philadelphia today on the state of the American economy and announced a four-point plan to stem the tide of home foreclosures, which has been a key driver in the weakening economy. Her plan includes new action to help at-risk [...]

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Hillary Clinton’s Plan to Protect American Homeowners

Impact for African American Families and Communities
Today, Senator Clinton announced her plan to protect American homeowners from the growing housing crisis, which threatens to drive our economy into a painful downturn. The housing crisis has a disproportionate impact on African-American families, and threatens to set back the gains in homeownership among African-Americans that we have [...]

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Statement From Michael Calhoun – President, Center for Responsible Lending

WASHINGTON, March 19 /PRNewswire-USNewswire/ — The Federal Reserve Board has repeatedly tried since September to contain the foreclosure crisis damage that’s spreading rapidly into the general economy. It has lowered key interest rates a half dozen times and, to quote the Wall Street Journal, “undertaken the broadest expansions of its lending authority since the 1930s.” [...]

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It’s the banks and investors (secondary markets) that are causing this mess.

Submitted by Brian Hall
The hype of “subprime” mortgages needs to really focus on what brought the housing down to where we are today. For everyone out there that does not have a true grip on the mortgage industry/lending, subprime mortgages made up only 2.7% of all mortgages. Out of the 2.7% of subprime, it started [...]

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Loan Recall – Should our government place a recall on ALL toxic mortgages?

Johnny gets sick at McDonald’s from a double cheeseburger tainted with ecoli. Results, a massive recall of all beef associated with the meat packaging facility and eventually the complete shut down of the company that sold the tainted beef to Johnny.
Meanwhile Johnny is OK now and still eating double cheeseburgers. The beef company is out of business. Kaput, el finished, sayonara, GOOD [...]

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In 1968, Congress passed Proxmire’s Truth in Lending Act, a major piece of legislation that for the first time required lenders to make the interest rate and total cost of a loan absolutely clear.

By Moe Bedard
Will the Truth in Lending Act be the law that saves the American consumer from foreclosure and financial death? Will attorneys finally get a clue and learn this area of ”mortgage law” and start the massive wave of class action lawsuits that have yet to make noise in our Federal Court system?
The facts are [...]

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The Consumer Continues to be Mislead and Swindled = Business as Usual in America

Consumers do not have a chance in America. This country is ran by greedy snake oil salesman who peddle their wares in just about every imagineable form of commodity and service.
The Great American Swindle has been going on for ions folks.
We are just now in the “Great American Homeowner Swindle” phase. These snake oil salesman [...]

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Bear Stearns #2 – It’s confidence, not capital, that topples even the savviest financial institutions.

By Nye Lavalle – Bear Stearns Share Holder & LoanWorkout.org guest blogger
PMorgan Chase stands behind Bear Stearns,” Jamie Dimon, JPMorgan’s chief executive, said in a statement. “Bear Stearns’s clients and counter-parties should feel secure that JPMorgan is guaranteeing Bear Stearns’s counter-party risk.”
The talks between the companies, which were overseen by the Federal Reserve and the Treasury [...]

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Bear Stearns – The mighty great Bear who preyed upon helpless Americans has been wounded to the point of death.

By Nye Lavalle – Bear Stearns shareholder and defendant in an “unlawful” foreclosure action
Gentlemen,
As a shareholder, and for the last time probably before you each finally go away into the sunset, I am attaching the reports I sent each of you almost ten years ago. Instead of listening to me, you sued my family and [...]

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Fact Sheet: Taking Responsible Action to Help Homeowners and the Economy

President Bush Sets Forth Principles For Appropriate Government Action To Address The Economy And Housing Market
Today, President Bush delivered remarks at the Economic Club in New York and discussed the appropriate role the government must play to strengthen the economy and protect our communities.
The U.S. economy is structurally strong, but we are experiencing a period [...]

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Investigation into Mortgage CEO Compensation Expands

countrwyide home loans – complaint forum for homeowners
As part of its ongoing investigation into executive pay, the Oversight Committee asked Countrywide Financial, Citigroup, and Merrill Lynch to provide documents relevant to the compensation of Angelo R. Mozilo, Charles Prince and E. Stanley O’Neal.
In addition, the Committee invited the chairs of the compensation committees at these companies [...]

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WaMu board protects 2008 executive bonuses from mortgage crisis

The U.S. housing crisis slashed Washington Mutual earnings, but it won’t drain executive bonuses.
WaMu’s board will exclude costs related to mortgage defaults and real estate foreclosures when it comes time to calculate executive compensation for the year.
The Seattle thrift made that disclosure Monday in a Securities and Exchange Commission filing.
The move protects bonuses for WaMu [...]

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Mortgage Titans (Tyrants) Will Have to Answer to Congress Friday

These CEO’s made a killing to the tune of tens of millions of dollars. They are living lavish lifestyles of the rich and famous that was bought on the backs of mostly lower and middle class American homeowners.
While millions of these homeowners/people suffer, the 3 CEO’s are living large without a care in the world. They [...]

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Has the Mass Homeowner Exodus Already Begun?

Filed under: You Walk Away
NY Times:
Mr. Paulson reiterated his opposition to proposals for a government bailout of subprime borrowers, which would also bail out many lenders. But he acknowledged that mortgage lenders and mortgage-servicing companies were not moving as rapidly on loan modifications as he would have liked.
“Am I satisfied? No,” he said. “Am I [...]

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Feds prosecuting foreclosure scam of California man

A warning to all homeowners. Beware of scammers that are acting as foreclosure and loss mitigation consultants.
TOPEKA, Kan.—An Israeli citizen living in California remains jailed until his federal trial over allegations he ran a foreclosure scam.
Forty-one-year-old Isaac Yass is accused of filing fraudulent bankruptcy petitions in Kansas that were part of a scheme to bilk [...]

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Countrywide Is Sued Again by U.S. Overseer

The United States Trustee has filed a second lawsuit against the mortgage lender Countrywide Financial, accusing the company of abusing the bankruptcy process.
In a complaint filed Saturday with the Federal Bankruptcy Court in Miami, the United States Trustee for the Southwest region, Donald Walton, accused Countrywide Home Loans, a unit of the mortgage lender, of [...]

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Paulson Sees New Capital Markets Proposals in `Weeks’

March 3 (Bloomberg) — The Bush administration will release within weeks proposals that address deficiencies in the regulation and functioning of U.S. financial markets, Treasury Secretary Henry Paulson said.
“We’re looking at the mortgage-origination process, we’re looking at the securitization process, we’re looking at rating agencies, we’re looking at disclosure issues, we’re looking at capital issues [...]

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The CRC Says, “Loan Modifications are Falling Short.” I Say, “Non-Profits are Not Helping Homeowners Correctly!”

Yes, you heard it right and I am going to stand by these comments and this post 110%.
Non-profits serve a great need in helping homeowners work out their loans. But in their attempts to be of service, they are actually performing a disservice to the homeowner. They are missing the most important ingredient in assisting a [...]

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Federal overseer seeks sanctions against Countrywide

NEW YORK (Reuters) – A federal official appointed to oversee bankruptcy proceedings involving customers of Countrywide Financial Corp (CFC.N: Quote, Profile, Research) accused the largest U.S. mortgage lender of abusing the country’s bankruptcy system.
According to papers filed on Thursday in U.S. bankruptcy court for the Northern District of Georgia, U.S. trustee Donald Walton urged the [...]

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Principal reductions that restore equity for the homeowner may be more effective means of avoiding delinquency and foreclosure,” Bernanke said.

This blog was started a little over 8 months ago with one purpose. To promote massive loan modifications. My blog was actually the only website on the internet that disseminated information about loan modifications to the media and to consumers.
8 months ago, a loan modification was like a white elephant. Rare, never talked about and rarely will [...]

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Remarks by Secretary Henry M. Paulson, Jr. U.S. Housing and Mortgage Market Update before the National Association of Business Economists

March 3, 2008 US Treasury Press Release
HP-856
Washington – Good morning. Thank you, Tom. It is a pleasure to be with you. Last week we had several significant data releases updating us on the status of the housing market correction. And just this morning, we are reviewing data released by the HOPE NOW alliance, marking the [...]

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ABC News is working on a story looking at the troubles the subprime mortgage industry and Countrywide Financial

Filed under: Countrywide Wrongful Termination Lawsuits & Countrywide Investigation
As most of my readers know, I have been busy off line trying to spread the word about the abuses that people are suffering at the hands of many lenders and servicers.
In particular, Countrywide Home Loans. Since their name seems to be coming up, over and over again.
In [...]

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Countrywide Sued for Predatory Servicing by US Trustee

It is about time that these lawsuits start to hit our court system. I am not a big fan of court and everyone suing each other. But what needs to be done, needs to be done and it’s all for the better. Especially against these mortgage servicing companies that are abusing homeowners and charging bogus fees.
Attention [...]

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Mortgage Scam May Have Driven This Doctor to Stab His Broker

Losing your home is very stressful. Losing tens of thousands of dollars to a mortgage scam can really drive a “sane” person over the edge.
From ABC 12:

GENESEE COUNTY (WJRT) — (02/25/08)–Several banks call it one of the largest mortgage schemes ever in Mid-Michigan. A Grand Blanc Township man is accused of ripping off banks and [...]

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Is Obama for the People or the Banks?

Let’s get something straight here America.
The President of the United States is to work for the common good of the people for which they represent and serve. Yes, represent and serve. They do not take the oval office to work for the “special interests” of corporate America and the money that fills their campaign buckets.
Or do they?

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Jane says no skiing and no surfing for Mozilo and the Countrywide gang

Two Countrywide trips go around the outside, around the outside, around the outside. Two Countrywide trips go around the outside, around the outside. Now, dosie doe Mozilo.
Jane Wells CNBC – Countrywide Cancels Second Florida Event

Friday night Countrywide informed me that an employee sales event planned in April at an expensive Florida resort has been cancelled.
I’ve been blogging [...]

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Mozilo says, “Screw skiing. Let’s go surfing in Florida!”

The Countrywide Crock continues. I am beginning to think this that this is all really a big joke and Mozilo is going to come out April 1st and say “April Fools Day!” Jane Wells from CNBC calls these blog posts “funny business.” I call it downright sickening.
Jane Wells of CNBC:
I’ve been hearing from sources [...]

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U.S. Office of the Comptroller of the Currency Orders 9 Banks to Provide Monthly Data on Their Home Loans

Finally these banks Will have some accountability for their actions. Up until now, it has been all public and media lip service. Puff and fluff press releases and merry Hope Now meetings no more. They will have to report the truth or suffer. What they will suffer, I don’t know?
LA Times:
The U.S. Office of the [...]

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Attention Countrywide Insiders – ABC is looking for any information on Angleo Mozilo for a TV Special

Aaron Krowne (co-owner of this and our other foreclosure sites, and ML-Implode.com) and I do whatever we can to help the media because we are the pulse on the internet in regards to the mortgage industry. The work we do daily actually assists mainstream media with insider tips and breaking news for their mortgage and [...]

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