From the monthly archives:

November 2008

Homeowner Survey Says Countrywide is the Worst Mortgage Servicer in America

by Moe Bedard

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 resolutions for struggling borrowers are critical components to easing the foreclosure crisis.

This independent survey of [...]

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Millions of Predatory Loan Modifications: Homeowners Left to Suffer in Their Toxic Assets

by Moe Bedard

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 in a tangled web of unfair, deceptive and fraudulent business acts and that is exactly [...]

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FDIC Loan Modification Program | Loan Mod in a Box

by Moe Bedard

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 saving charge in Washington.

This week the FDIC has put forth a model loan modification plan [...]

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Fannie and Freddie Put the Freeze on Foreclosures For the Holidays

by Moe Bedard

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 just flick the foreclosure switch like that?
“We felt it was in the best interest of both [...]

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Loan Modifications Scams

by Moe Bedard

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 short sale experts that are busting down your door to help you? Hopefully after you read [...]

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Polishing Mortgage Turds: The FDIC Loan Modification Plan Will Not Work Without Massive Principle Reductions

by Moe Bedard

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 surgery, but let’s face it, you can’t polish a turd.
“Bottom line America, thousands of homeowners are [...]

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FDIC Loss Sharing Proposal to Promote Affordable Loan Modifications

by Moe Bedard

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 loan modifications to stem the reductions in housing prices and rising foreclosures.
Modifications should be provided [...]

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Mortgage Disservice: Do Mortgage Servicers Have the Authority to Modify Investor Owned Mortgages?

by Moe Bedard

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 the investor for which they are servicing the pool of mortgages for and not the homeowner. [...]

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Citi Mortgage Loan Modification for This Grateful Homeowner

by Moe Bedard

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 are reaching out and going beyond the typical lip service I preach about here daily.
I [...]

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California lawmakers urge 120-day foreclosure halt

by Moe Bedard

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.
The rival plans will be debated during special session of the state legislature that Schwarzenegger called [...]

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State AG’s Take Up Fight for Scammed Homeowners: Are They the Answer to Protecting Homeowners?

by Moe Bedard

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: In roundly rejecting these contentions, the Court stated that Option One and H&R Mortgage “cannot credibly [...]

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Massachusetts AG Coakley Puts the Legal Brakes on Option One & AHMSI Foreclosures

by Moe Bedard

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 prevent Option One Mortgage Corp. and H&R Block Mortgage Corp. from initiating or advancing foreclosures [...]

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Lender Loan Modification Lip Service Part 3: Uncovering Lies by Exposing the Truth

by Moe Bedard

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 and it looks like our government has had about enough lip service.
I am going to [...]

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Lender Loan Modification Lip Service Part 2: Senator Schumer Says It’s All BS

by Moe Bedard

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 the mortgage and housing crisis…
Earlier today I wrote a post title, ‘Lender Loan Modification Lip [...]

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Countrywide & Bank of America Watch: The 11 State Attorney General Settlement in Context

by Moe Bedard

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 Financial’s new owner, Bank of America, agreed to proceed with loan modifications on nearly $8 billion [...]

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Lender Loan Modification Lip Service: Do Not Believe the Hype!

by Moe Bedard

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 of the non-profit advocates piped in on loan modifications, I was telling it like it [...]

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First let me disclose that I am a “renter” and my investor/landlord/Realtor is being foreclosed on

by Moe Bedard

“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 Corona and County of Riverside has done so little to address the foreclosure crisis that [...]

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Survey on Mortgage Servicers: Please help us help you

by Moe Bedard

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 get the foreclosure shaft and has they are losing their homes, they are being kicked in [...]

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Governor Schwarzenegger Proposes Loan Modification Freeze

by Moe Bedard

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  on California home foreclosures as part of an economic stimulus package, state officials said on [...]

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Illegal Loan Modification Companies: Welcome to the hottest business since subprime!

by Moe Bedard

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 mortgage brokers, loan officers and real estate agents literally make me sick. Not all of [...]

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