August 2008

WE ARE NOT DEADBEATS!

Contributed by an American homeowner. A woman, mother and wife who is suffering in what was supposed to be her American dream……………………………………. From the movie:  The Terminator Kyle Reese: Listen. And understand. That terminator is out there. It can’t be bargained [...]


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Is Your Bank About to Implode? The FDIC is Hinting, YES!

The lender carnage, death and destruction litter the home page of Aaron Krowne’s Mortgage Lender Implode-O-Meter like the beach at Normandy on D-Day. The infamous list has grown from September 2006 when Aaron started the website with approximately 10 failed lenders to a [...]


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Should the FDIC & Sheila Bair be in Charge of Cleaning Up the Toxic Mortgage Crisis?

This blog and my life has been dedicated to following what lenders, servicers and our government have done and are doing to assist the millions of Americans that are facing foreclosure as a result of being sold defective credit instruments. AKA subprime [...]


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Are You a Countrywide Home Loans & KB Homes Client?

If you have a mortgage with Countrywide Home Loans and are in a KB home tract where Countrywide was the preferred lender, then please contact me right away. You may have legal rights that were violated and may be eligible [...]


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Barney Frank Says Americans Were Pushed Into Homeowership

“We made a mistake in this society. We assumed that everybody can be a homeowner. That was wrong. We ended up pushing people into home ownership – including a great many who weren’t ready for it.” Question: How on earth [...]


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States’ Countrywide lawsuits shift to federal court

SPRINGFIELD, Ill. (Legal Newsline)-Illinois Attorney General Lisa Madigan says its lawsuit against Countrywide Financial Corp. should not be lumped with others filed by California Attorney General Jerry Brown and San Diego City Attorney Mark Aguirre, as the lender requested. The [...]


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The Social Impact of Foreclosures: Homelessness, Crime & Death

For millions, the American Dream has become the “American Nightmare”. Many people have lost their jobs, their mortgages have become cancerous and they can no longer pay the loan on their overvalued homes. The social impact of these foreclosures is reaching every “dark” nook and [...]


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Fannie Mae & Freddie Mac Failure: The Lies, the Cover Ups and the Making of a Disaster

Wall Street Journal October 4, 2004: Fannie Mae isn’t an ordinary company and this isn’t a run-of-the-mill accounting scandal. The U.S. government had no financial stake in the failure of Enron or WorldCom. But because of Fannie’s implicit subsidy from [...]


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Remarks by FDIC Chairman Sheila C. Bair on the IndyMac Loan Modification Announcement

Good afternoon, thank you for taking the time to participate in this conference call. I would recognize John Bovenzi with IndyMac Federal, who is also on the line, and thank him for his contributions to today’s important announcement. John will [...]


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Loan Modification Program for Distressed Indymac Mortgage Loans

From the FDIC: IndyMac Federal Bank, FSB (“Indymac Federal”) will implement a new program to systematically modify troubled mortgages. The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by [...]


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California Senate Foreclosure Bill 1137 Q & A’s

TEN REALITY QUESTIONS & ANSWERS ON CALIFORNIA SENATE BILL 1137 Ronald D. Roup, Esq.Legislative Chairperson UNITED TRUSTEES ASSOCIATION Q1. – When does this bill take effect and become law? A1.- SB 1137 passed the California Senate and Assembly as urgency [...]


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The IRS on Shorts Sales, Foreclosures and Debt Forgiveness

He said, she said and then the IRS said. Who are you going to listen to? From the The IRS on Shorts Sales, Foreclosures and Debt Forgiveness Update Feb. 4, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 [...]


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Wachovia Says They are NOT Offering Loan Modifications to Struggling Homeowners

The Soup Nazi from the TV show Seinfeld was known for his abusive customer service skills and saying, “NO soup for you, to the back of the line!” Now, it appears that he is working at Wachovia in the loan modification [...]


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Breaking Down Overcharges by Brokers: N.C. Takes a Big Step

From the Center for Responsible Lending: In all the ongoing analysis of the foreclosure crisis, one point should not get lost: mortgage brokers played a key role in making the abusive subprime loans that continue to wreck the U.S. economy.  [...]


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Countrywide is trying to kill me

By a Countrywide Home Loans Client, American homeowner and mother, Shauna. I am a little nervous, as this is my first time posting….here is my story. Due to my 3 year engagement ending in Jan 08 and me assuming by [...]


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Judge Rejects Countrywide Settlement

A federal bankruptcy judge has rejected a settlement involving the Countrywide Financial Corporation, the mortgage lender, saying he was not convinced that it was fair to nearly 300 borrowers who claimed to have been hurt by the company’s abusive practices. [...]


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Countrywide pact challenged by Justice Dept

NEW YORK (Reuters) – The U.S. Justice Department has challenged an agreement that Countrywide Financial Corp reached in a bankruptcy court in Pittsburgh, saying it would make it harder to investigate and sue the mortgage lending giant.   Last month, [...]


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GOP: Probe Countrywide’s Sweetheart Mortgages

House Republicans want the House Ethics Committee to investigate whether House members and aides received sweetheart deals on their home mortgages.   According to The Hill, Reps. Darrell Issa, R-Calif., and Mark Souder, R-Ind., told the Committee in a letter [...]


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Suicides, Murders and Stand Offs With Swat. Welcome to the world of foreclosures.

The social impact that foreclosures are having in our communities is nothing short of disturbing. From suicides, murders and as in this case, a stand off with swat. NewsDay: SADDLE BROOK, N.J. – Authorities say a son held Bergen County sheriff’s [...]


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Lenders & Servicers Are Overwhelmed

NACA Durren Duarte - As for why it’s taking so long, the lender/servicers are overwhelmed. When you send lenders thousands of proposals, they get backed up, and it takes them longer to respond. Also, many of the lender/servicers who promised to be [...]


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Loan workouts good for you and the bank?

The pace of loan modifications has quickened in recent months. According to data from Hope Now, modifications made up 42.2% of total workout plans in June, or 76,000 modifications, compared with 18.6% in July last year, or 23,000 modifications. About [...]


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The Enronization of America & the Economic Cartel

Kenneth Lay, CEO of Enron is lead in handcuffs after Lay was found guilty on all six counts of conspiracy and fraud by a jury of eight women and four men. In a separate bench trial, Judge Lake ruled Lay [...]


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Foreclosure Prize Fighters: Obama vs. Mccain

Obama wants the government to step in to help homeowners facing foreclosure. McCain has gradually broadened his position to support government intervention, but wants stricter requirements for borrowers seeking aid. Obama’s plan to fight foreclosures:   Give homeowners the chance [...]


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New California Foreclosure Law Says Servicers Must Exhaust All Avenues in the Loan Modification Process

You can literally hear the clock tick when facing a looming and ominous foreclosure sale date. Tick tock goes the clock and the time just flies by. Now top that off with stress, lack of money, paralysis by analysis and [...]


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The Housing Circus: American Tax Payers Bail Out Fannie Mae & Freddie Mac

Please watch this 1 minute video on the truth behind the Freddie Mac and Fannie Mac bail out. Housing Circus: Why Should You Bail Out Fannie Mae & Freddie Mac?


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I must confess: I am a renter and my landlord is being foreclosed on

I have now officially become a “victim” of the foreclosure crisis. I don’t own a home, I do not have a mortgage and the ironic part of this is that my job actually entails assisting borrowers online that are in foreclosure.  Never would [...]


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Bank Failures Have Customers Wondering About FDIC Protection

Aug. 8 (Bloomberg) — As U.S. regulators brace for more bank failures, consumers are wondering for the first time since the savings-and-loan crisis of the 1980s about the safety of their money. Harry Newton, a former publisher who lives in [...]


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Home Equity Freeze Could Back Fire on Trigger Happy Lenders

A couple gentlemen came into the office today and the subject came up about home equity loans. The conversation started with the notorious recent freezes implemented on home equity lines of credit and then quickly went down the road of loan modifications and they were [...]


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CA Attorney General Urged to Seek Injunction Halting Foreclosure on Deceptive Countrywide Mortgages

The California Reinvestment Coalition and the Greenlining Institute today sent an urgent letter to California Attorney General Jerry Brown urging him to take immediate action against Countrywide Financial/Bank of America. The community groups are asking Brown to secure a foreclosure [...]


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Milwaukee man faces foreclosure because he didn’t pay parking fine

In what city officials believe is the first case of its kind, the city foreclosed on Tubic’s house on W. Verona Court after repeated attempts to collect the fine – which over the years had escalated to $2,600 – had [...]


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