From the monthly archives:

July 2008

Frank calls for restructuring of the mortgage servicing industry if servicers fail to cooperate

by Moe Bedard

Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.

Thus far, servicers have been playing by [...]

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Where Are Congress’ Ethics Hearings into Countrywide’s VIP Loans?

by Moe Bedard

Sweetheart mortgages given by Countrywide Financial, the nation’s biggest mortgage lender, to elected officials and government bureaucrats seem tailor-made for an ethics inquiry by Congress, especially as the country is seeing a rising tide of voter anger in this presidential election year due to the massive $300 bn bailout of the housing industry at taxpayers’ [...]

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Barney Frank Calls for Foreclosure Freeze

by Moe Bedard

The chairman of the House Financial Services Committee called on lenders to stop filing foreclosures until a new foreclosure-prevention program takes effect.

On Wednesday, Rep. Barney Frank (D-Mass.) had called on lenders to make immediate use of the program, which is included in a massive housing package that passed the House this week and is [...]

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Bush Makes Fun of the Housing Crisis and it’s All Caught on Tape

by Moe Bedard

President Bush really pisses me off sometimes. This guy has done so little to help the American people suffering on main street during his tenure has president that it has become a bad joke that gets worse and worser by the day.
The sad fact that the great people of this country face is that we have to live with [...]

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San Diego City Attorney Sues Countrywide for a “Pattern of Unlawful, Fraudulent or Unfair Predatory Real Estate Lending Practices”

by Moe Bedard

SAN DIEGO — City Attorney Mike Aguirre filed a civil complaint Wednesday against Countrywide Financial Corp. in an attempt to stop foreclosures in San Diego.
Aguirre said the suit targets subprime loans where homeowners face balloon payments after two or three years of the loan. City officials say San Diego saw 22,000 notices of foreclosure last [...]

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Foreclosure Related Suicide and Murders on the Rise

by Moe Bedard

The Experts:
Stress is a huge factor in suicide, and looming very large is stress related to the economy,” said Dr. Charles Nemeroff, chairman of psychiatry at Emory University in Atlanta, Ga., and president of the American Foundation for Suicide Prevention.
“Suicide is certainly a response to hard economic times,” noted Dr. Harold Koenig, professor of [...]

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Fannie, Freddie: Taxpayers on the hook

by Moe Bedard

A number of senators on the banking committee – from both parties – characterized Paulson’s request as asking lawmakers for a “a blank check,” and they were none too keen on the idea, knowing they have to answer to taxpayers.
How lawmakers might alter the Treasury’s proposals isn’t clear yet. But if the government uses federal [...]

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The House Approves Massive Housing Bill – But Will it Help You?

by Moe Bedard

The House approved a massive plan Wednesday to try and put the brakes on the foreclosure crisis that is sweeping the nation and causing the worst housing decline since the Great Depression. The goal of this new bill is to provide aid to homeowners facing foreclosure and also a “bail out” of government backed mammoths Fannie Mae and [...]

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Thousands of Homeowners Plan to Storm Capitol Hill to Save the American Dream

by Moe Bedard

The line of eager people was wrapped around the Capitol Hilton in downtown Washington D.C. as my crew and I unloaded our gear out of our taxi. The crowd was thick and deep as a sea of yellow shirts offered smiles and encouragement to the children as they waited patiently with their mothers and fathers. [...]

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Loan Safe Goes to Washington with NACA to Save the Dream of Homeownership

by Moe Bedard

I am proud to announce that the Loan Safe crew will be heading to Washington D.C. this evening to assist NACA and struggling homeowners in this historic 5-day event .
Yesterday evening I had the privilege to speak with Bruce Marks, Executive Director of Neighborhood Assistance Corporation of America (NACA), as he was unloading over 300 lap [...]

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House Republican Leader Confident in Rescue Plan

by Moe Bedard

WASHINGTON — After a tense and at times testy meeting on Wednesday between Congressional Republicans and the Treasury secretary, Henry M. Paulson Jr., over his plan for a possible government rescue of the nation’s two largest mortgage finance companies, the House Republican leader said he expected the plan to be approved soon.

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The FBI Investigates Indymac for Mortgage Fraud – Next Please!

by Moe Bedard

When it rains it pours and when a bank fails, the FBI is going to find out why.
The facts are that the fraud and financial crimes ran rampant from all sides of the mortgage and real estate equation.
From the loan officers, appraisers, Realtors, notary publics, underwriters, account executives, managers, investors, brokerages, borrowers and the list can go [...]

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The SEC Finally Does Their Job and Puts a Stop to Naked Investing

by Moe Bedard

Wall Street is playing games with our economy and betting on the consumer and also the down fall of many financial institutions. Welcome to the wonderful and highly profitable world known as “shorting” or “hedging”.
The Securities and Exchange Commission (SEC) has finally said enough is enough and issued a moratorium on what is known in [...]

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G.O.P. Resistance May Delay Housing Legislation

by Moe Bedard

WASHINGTON — Democratic Congressional leaders on Tuesday pushed back their timetable for approving emergency housing legislation after Republicans voiced growing skepticism and, in some cases, angry opposition to the Bush administration’s proposal to rescue Fannie Mae and Freddie Mac, the government-chartered mortgage finance companies.

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FDIC Chairman Sheila Bair’s Statement on the Federal Reserve Board’s Final Rule for Home Mortgage Loans

by Moe Bedard

FOR IMMEDIATE RELEASE
July 14, 2008

Media Contact:
Andrew Gray (202) 898-7192
angray@fdic.gov

Federal Deposit Insurance Corporation Chairman Sheila C. Bair today issued the following statement on the Federal Reserve Board’s approval of a final rule for home mortgage loans.
“I applaud the Federal Reserve Board’s decision today to issue final, strengthened rules under HOEPA that will correct many [...]

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FDIC Chairman Sheila C. Bair Issues Statement on IndyMac Federal Bank, FSB, Conservatorship

by Moe Bedard

FOR IMMEDIATE RELEASE
July 13, 2008

Media Contact:
In Washington: Andrew Gray (202) 898-7192,
Cell: 202-494-1049
angray@fdic.gov

 
FDIC Chairman Sheila C. Bair, today issued the following statement about IndyMac Federal Bank, FSB, the conservatorship created by the FDIC to continue to provide banking services in communities served by the former IndyMac Bank, F.S.B.

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Predatory Lending Begets Predatory Lending – Only in America

by Moe Bedard

Can’t afford your home or your loan? Heck, just put in on your charge card and forget about it.
Well, at least until your credit card bill comes due next month and now Guido wants his money. One more month with your head above the toxic water and a temporary plug in your foreclosure boat for a few more [...]

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IndyMac to reopen ’strong and safe,’ new boss says

by Moe Bedard

PASADENA, California (CNN) — California bank IndyMac will reopen as a “strong and safe institution” under federal management and a new name Monday, days after regulators closed it, the firm’s new CEO said Sunday.
“Come Monday morning, it will be business as usual for all insured customers,” said John Bovenzi, who was placed in charge of [...]

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Silence of the Lenders: Is Anyone Listening?

by Moe Bedard

Loan Safe & Moe Bedard in the New York Times By Gretchen Morgenson
DAN A. BAILEY JR. was desperate when he sat down on May 19 to send an e-mail message to his mortgage lender, the Countrywide Financial Corporation, pleading, yet again, for help.
Behind on his payments and fearful of losing his home of 16 years [...]

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BofA CEO Lewis On Mortgage Business And Countrywide

by Moe Bedard

He is speaking to a packed house at a Town Hall Los Angeles luncheon, and I will update later with video clips and Q&A. But here are highlights from an advanced copy of the speech.
Lewis says BofA wants to help struggling homeowners stay in there homes, but admits he can’t help everyone.
“The first step [...]

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