From the monthly archives:

December 2008

Skaters Find Silver Lining in the Foreclosure Crisis

by Moe Bedard

This “skate” story really hits home for me.
I used to be one of those kids that would skate abandoned homes with pools throughout my childhood in my hometown of Anaheim, Ca. in the 1980’s. Even though it wasn’t the most legal of things to do, it kept my friends and I out of trouble because we would [...]

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IndyMac to Be Sold to Group of Equity, Hedge Funds, NYT Reports

by Moe Bedard

Dec. 28 (Bloomberg) — IndyMac Bancorp Inc., which failed in July after a run on its deposits, is close to being sold by the government to private equity and hedge fund firms, the New York Times reported, citing people briefed on the deal.

The buyers are J.C. Flowers & Co. and Dune Capital Management, New York-based [...]

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For Desperate Homeowners, Scams Abound

by Moe Bedard

Craig agreed to pay $30,000 and to share title on her house to a foreclosure rescue company. The company said it would use equity in her house to pay off her debts, and that her credit would be repaired. After a year she thought she’d get her house back.

The company’s agreement promises that clients have [...]

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This is Why California Has 8 of the 10 of the Worst Real Estate Markets in the US

by Moe Bedard

I have always said that lenders targeted homeowners in the Golden State of California. The reason that lenders made more loan here is simple, more money per unit.
Why set up operations in Alaska or New Mexico, when you can open up several mortgage chop shops in Cali, place your street level dealers on every [...]

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Mortgage Modification Can Be Trying, Chaotic

by Moe Bedard

Hope Now, the mortgage industry’s alliance intended to help struggling homeowners, announced Monday it’s helped almost one-million home-owners get loan modifications this year. But, advocates for homeowners say the group is inflating its success.
Homeowners who’ve tried, say it can be trying – and time consuming – to get a bank to agree to change the [...]

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Homeowner Aid May Double Under Bush Loan Initiative

by Moe Bedard

Voluntary modifications by mortgage lenders are “too little, too late,” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. As mounting job losses cause foreclosure rates to rise, “we clearly need a more activist government intervention,” he said.
Hope Now projects 950,000 loan modifications for 2008, including 208,000 for [...]

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Washington Foreclosure Flops: New Washington Efforts Will Fail Without Mortgage Servicer Regulation

by Moe Bedard

Many people wonder why lenders and mortgage servicers are not helping struggling homeowners as much as they should. Please read below and I’ll try and help you understand.
I have been researching mortgage servicers and analyzing what they will and will not do during the loan modification process for almost two years. So, I thought that [...]

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Systematic Foreclosure Prevention and Mortgage Modification Act

by Moe Bedard

Rep. Maxine Waters, chairwoman of the Subcommittee on Housing and Community Opportunity and most senior member of the Financial Services Committee from the state of California, has introduced the Systematic Foreclosure Prevention and Mortgage Modification Act of 2008 (H.R. 7326).
The legislation is designed to dramatically reduce the number of foreclosures by establishing a systematic approach [...]

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Angelo Mozilo Email on Loan Safe Voted #1 Business Blunder in 08′

by Moe Bedard

Choosing only 10 this year was next to impossible, but somehow we managed. Incidentally, we’d like to throw a special shout out to Angelo Mozilo of Countrywide for making this year’s list extra debacle-riffic. Thanks! – The Consumerist
It’s nice to know that our work at Loan Safe and Loan Workout has somewhat of an effect [...]

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Loan Modification Funny Business: Loan Mods From Your Kitchen Table

by Moe Bedard

Loan modifications are the talk of the town and a new service sector of business that is quickly getting a bad name for the few and the proud. When I see ads like the one below hit my Google alert inbox, I just say, “Holy $h@ It’s some of the same ole slimy mortgage brokers [...]

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IRS Speeds Lien Relief for Homeowners

by Moe Bedard

WASHINGTON — The Internal Revenue Service today announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there [...]

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Dumb and Dumber: Loan Modification Firm Sends Fake Press Release

by Moe Bedard

“However, just hours later, a Bank United spokesperson said the release was false and that the bank had no agreement in place or any intention to sign one.” Bank United spokeswoman said in regards to a fake press release issued yesterday by the Mortgage Modification Legal Network.
The ole subprime wolf in home saving sheep’s clothing seems [...]

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Mortgages Doomed to Foreclosure

by Moe Bedard

The court reasoned that “Fremont as a lender should have recognized that loans with the first three characteristics …were ‘doomed to foreclosure’ unless the borrower could refinance the loan at or near the end of the introductory rate period, and obtain in the process a new and lower introductory rate.” The court also found that [...]

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Justice Department Resolves Investigation Under Servicemembers Civil Relief Act of Homecomings Financial, LLC

by Moe Bedard

The Justice Department Resolves Investigation Under Servicemembers Civil Relief Act of Homecomings Financial, LLC
WASHINGTON, Dec. 15 /PRNewswire-USNewswire/ — The Justice Department today announced the resolution of its investigation of Homecomings Financial, LLC (Homecomings), under the Servicemembers Civil Relief Act (SCRA). The SCRA suspends or modifies certain civil obligations of individuals serving on active duty [...]

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Meet My New Landlord, Fannie Mae

by Moe Bedard

“While it may be sometimes tougher for us to sell a property when people are in it, we understand that lots of people are in tough situations right now,” said Chuck Greener, a Fannie Mae spokesman. “If a renter wants to stay in their home, we’ll make that happen. And if they [...]

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Do it Yourself Mortgage Modifications | Free Tools, Free Help and Safe Websites

by Moe Bedard

You obtain a mortgage modification on your own for free or without buying a book!I have proven over the last year and a half that homeowners can get a loan modification on their own. If you visit my forum, www.LoanSafe.org, you will see over 200 documented successful stories of people just like you who have [...]

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Investors Prove Countrywide Lawsuit 100% Valid

by Moe Bedard

The facts are the facts. I am not going to add much commentary to this damaging blog post because it is what it is. All I know is Angelo (Ex-Countrywide CEO) is gonna have some explaining to do to Mr. Lewis (CEO for Now of B of A) over some egg nog and whiskey.
Here are links, facts, data and concrete [...]

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Waters Backs Bair and Turns Up the Loan Modification Heat in Washington

by Moe Bedard

“And so here we are and we don’t have any systematic way to help homeowners to modify these loans,” Rep. Maxine Waters (D-Calif.) said. “I’m not even going to cooperate with you anymore,” Waters said, turning to Chairman Barney Frank (D-Mass.) whose tireless efforts she praised.
“I just want you to know as much as [...]

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The #1 Reason Why Loan Modifications Are Not Working: Mortgage Servicers Suck!

by Moe Bedard

Many people in the media and our government are trying to figure out why loan modifications are not working and it is really quite simple to figure out. Yet, here we are almost two years into this foreclosure mess and it’s as if we are all stuck on stupid.
One doesn’t have to look further than [...]

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Fannie Mae Finally Gets Loan Modification Friendly

by Moe Bedard

It looks like Fannie Mae is finally implementing stronger loan modification methods and starting to progress with the foreclosure prevention times by implementing their new “Stream Lined Loan Modification Program” or (SMP).
Read the Fannie Mae Guidelines here

What does this mean “only” to Fannie Mae borrowers?
Key changes are that Fannie Mae mortgage servicers will now [...]

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