CORONA, Calif.: 25 November 2008 — In the current mortgage and foreclosure crisis, the data and feedback from actual homeowners in regards to outreach and customer service by mortgage servicers during the loan workout process is crucial. Improving communication, customer support and timely [...]
Predatory lending begets predatory servicing, begets predatory loan modifications, begets predatory foreclosures. You simply cannot have one without the other. You cannot have millions of predatory loans without having millions of predatory foreclosures because they are all inherently bound together [...]
After months of sitting on the sidelines, hoping that private lenders would take advantage of government programs such as HOPE for Home Owners and the FHA Secure, the Federal Deposit Insurance Corporation (FDIC) and Sheila Bair are leading the home [...]
Fannie Mae and Freddie Mac are breaking out the foreclosure freeze guns during the holidays and suspending foreclosures on occupied homes until early 2009. (Sorry again investors. Freddie and Fannie are leaving you in the cold) Isn’t it amazing that they can [...]
Homeowner Alert: They went from selling you a toxic home and loan and now they want to “rescue” you from foreclosure from those same homes and loans they sold you last year. Should you trust these so-called loan modification and [...]
Polishing a turd definition: The act of trying to make something hopelessly weak and unattractive appear strong and appealing. An impossible process that usually results in a larger, uglier turd. Example: She tried to look more attractive by getting plastic [...]
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives to achieve a sufficient scale in [...]
Attorney General Alert: We at LoanWorkout.org “believe” that your recent unfair and deceptive predatory lending settlements can be parlayed and effectively used against the incredibly unfair and deceitfully deceptive mortgage servicing industry. A mortgage servicer’s fiduciary duty is “only” to [...]
Out of all the lenders and mortgage servicers out there, I would have to say that the most positive feedback and best results have come from Citi Mortgage / Citi Financial time and time again. They really seem like they [...]
SAN FRANCISCO (Reuters) – California Democrats who control the state Assembly said on Tuesday they would push for a 120-day moratorium on foreclosures after mortgage default notices have been filed, compared with a 90-day stay proposed by Gov. Arnold Schwarzenegger. [...]
Can our nation’s state attorney generals intervene in the markets based on the simple fact that from Wall Street to Main Street, the credit, mortgage and housing bubbles were built on nothing but unfair and deceptive business practices?” Massachusetts Courts: [...]
Finally, a ”true” foreclosure victory for homeowners in the great state of Massachusetts! In what I am suspecting will be common news in the coming months, Massachusetts Attorney General Martha Coakley office announced today that they have secured preliminary injunctions to [...]
The great debate facing our nation is over loan modifications and what lenders are doing to truly help struggling homeowners. Bottom Line: The American people simply cannot trust their lenders, mortgage servicers and Hope Now to do the right thing [...]
Fannie, Freddie, Countrywide, Bank of America, Chase and now Citi have all jumped on the proverbial billion dollar loan modification train. It makes me wonder if this has to do with Barack Obama becoming President and his “proposed” solutions for [...]
Homeowner Relief? The Recent Countrywide Settlement in Context A recent settlement between the California Attorney Generals office, joined by 10 additional states, resulted in one of the widest reaching predatory lending settlements in US history. Under the landmark agreement, Countrywide [...]
I have been blogging, stressing and ranting about loan modifications long before it became hip and cool to talk about helping struggling homeowners and taking the consumerist approach to the crisis. Even before Sheila Bair of the FDIC and most [...]
“I love LA!” Well, at least their new policies in regards to tenant rights of recently foreclosed homes. However, let me disclose that I am not from Los Angeles, I am from the IE (Inland Empire,CA.) and my city of [...]
Mortgage Servicer Survey – The Loan Safe Report The homeowner responses are coming in by the droves and to no one’s surprise, it is looking very bad for many home mortgage servicing companies. Apparently many of them simply, “suck!” Homeowners [...]
California Gov. Arnold Schwarzenegger is imposing 90-day stays on foreclosures and encouraging lenders to modify existing home loans as a way of keeping people out of foreclosure, state officials said on Wednesday. The Governor will ask lawmakers to back legislation [...]
Homeowner Alert: “Typically, the scam started with a flyer sent to the homeowner and many of these mailers look as if they may come from their lender or even the government. But, they are coming from scammers.” Many of these [...]
Paid to Fail? An Inside Look At Compensation and Bonuses for Wall Street’s Worst Since 2000, home mortgage lenders have made more than $2.5 trillion in “toxic” subprime loans and most all these mortgages are failing miserably. In fact, millions [...]
Below is a video by NBC that covers the investigation of Countrywide and their former CEO, Angelo Mozilo. In the video they interview one of Mozilo’s right hand men, Robert Fienberg, who was in charge of the secret “FOA” (Friends [...]
The Bush Administration is balking at helping Main Street homeowners after several bail outs on Wall Street in a New York second. Apparently the administration’s dilemma is concerns over a loan modification program that may help as many as 3 [...]
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