From the monthly archives:

May 2009

Free Loan Modification Book & Online Community

by Moe Bedard

Hi! My name is Moe Bedard and I am the founder of LoanWorkout.org and LoanSafe.org. I am also the author of a new free do it yourself loan modification book for homeowners called Saving the Dream. This book is dedicated to the millions of suffering homeowners out there on Main Street who need some help [...]

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FBI arrests police officer, alleges mortgage fraud

by Moe Bedard

Looks like the FBI doesn’t mess around when it comes to sworn officers of the law and lying on mortgage applications (see story below).  I understand it is breaking the law, but I think that if everyone was actually arrested for doing this, then we would have millions of people going to prison.
I have personally reviewed [...]

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FTC Sues Foreclosure ‘Rescue’ Operations: Dinamica Financiera LLC, Soluciones Dinamicas Inc., Jose Mario Esquer, and Valentin Benitez

by Moe Bedard

The Federal Trade Commission has charged a mortgage foreclosure “rescue” operation with falsely promising Spanish-speaking consumers who are behind on their mortgage payments that it would stop foreclosure. Many people who paid the defendants ultimately lost their homes, and others avoided foreclosure only through their own efforts.

At the FTC’s request, a federal court temporarily halted [...]

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Can the Federal Government really provide HOPE FOR HOMEOWNERS?

by Nathan Fransen Esq.

By Nathan Fransen Esq.
Early on in the foreclosure fiasco we are now knee deep in, the Federal government announced a program that was billed as a proactive measure that would provide needed relief to some 400,000 homeowners. The program basically propped up the Federal Housing Authority by insuring loans that otherwise were not insured or [...]

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Good Housing Bill, But No Bankruptcy Help for You!

by Moe Bedard

Homeowners get more housing help from Washington, but no mortgage bankruptcy assistance. No bankrupcty help for you, to the back of the line!
The U.S. House of Representatives on Tuesday approved the final revisions to yet another housing bill that will offer more incentives for lenders to promote more refinance and loan workout options for more struggling homeowners. [...]

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Housing Starts at Record Lows

by Moe Bedard

A plunge in housing starts and permits is a key factor in today’s market malaise, with CNBC’s Diana Olick.

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FTC Obtains Court Order Halting Deceptive Mortgage Relief Internet Ads

by Moe Bedard

Marketers Falsely Claimed to Operate MakingHomeAffordable.gov
At the Federal Trade Commission’s request, a federal district court issued an order to stop an Internet-based operation that pretends to operate “MakingHomeAffordable.gov,” the official Web site of the federal Making Home Affordable program for free mortgage loan assistance. The FTC alleged that the defendants deceptively diverted consumers who searched [...]

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Stop Paying Your Credit Cards!

by Moe Bedard

By: Anthony E. Dietz, Esq.,MBA
“Focus on Making Your Mortgage Payment(s) First and Affordable-Stop Paying your Credit Cards!”
 
In the national best selling book “First Things First,” business management guru, Stephen Covey teaches his readers how important it is to budget their time on the things that matter most.  Homeowners who are in foreclosure or heading towards [...]

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Texas Attorney General Goes After Excel Loss Mitigation, United Servicing and Bell Investments

by Moe Bedard

Assets Belonging to Excel Loss Mitigation, United Servicing, others frozen by Attorney General
HOUSTON – A Harris County district judge froze several Houston firms’ assets after Texas Attorney General Greg Abbott charged the companies with running foreclosure “rescue” scams.
According to the state’s enforcement action, the defendants fraudulently charged their customers for worthless “rescue,” debt counseling and [...]

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Can all homeowners get free foreclosure help?

by Moe Bedard

There has been a great deal of negative press regarding paid foreclosure assistance and in particular, loan modifications.
The media has taken the loan modification ball and they are sounding the TV trumpets, mis-informing consumers by the millions, “DON’T PAY FOR LOAN MODIFICATION ASSISTANCE!” “If anyone asks for money to help you avoid foreclosure , run!” 
Personally, I [...]

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Finding a Fix for Housing

by Moe Bedard

Discussing what the obama administration can do to fix the housing crisis, with Gerald O’Driscoll, of the Cato Institute; Jonathan Cowan, of Third Way; and CNBC’s Diana Olick.

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Obama Administration Expands Loan Modification Plan

by Moe Bedard

“If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” Geithner said. “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market.”
Homeowners  who do not qualify for a loan [...]

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Scammed Hope Now Homeowners Left in the Cold?

by Moe Bedard

Just this last month, the FTC had issued court injunctions on two predatory loan modification companies. These companies were parading around advertising their services in a manner very similar to the 2008 Paulson formed Hope Now coalition of mortgage servicers dedicated to foreclosure prevention.
The Federal Trade Commission convinced a U.S. district court to order two [...]

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Are homeowners getting REAL help or just the SAME old BS?

by Moe Bedard

From a Countrywide/Bank Of America Mortgage Holder:
Since I’m 55 and have lost most of my retirement fund, and am facing age discrimination in the job market, I don’t feel like I will be able to retire in the US, and Mexico is cheap but too dangerous/corrupt. I’m thinking of selling everything soon and moving to [...]

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Goldman Sachs Agrees to Slash Mortgages for Massachussettes Homeowners

by Moe Bedard

BOSTON – Today, Attorney General Martha Coakley’s Office announced that it has reached a settlement agreement with Goldman Sachs & Company (Goldman), stemming from the office’s investigation of subprime lending and securitization markets.
The Attorney General’s Office has been investigating the role of investment banks in the origination and securitization of subprime loans in Massachusetts, leading [...]

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FDIC’s Bair says loan modifications working

by Moe Bedard

CHICAGO, May 7 (Reuters) – Efforts at mortgage loan modification are having positive results, but their ultimate success will depend on the trajectory of the economy, Sheila Bair, chairman of the Federal Deposit Corp., said on Thursday.
“My sense is that it’s having an impact,” Bair said in answering questions after a speech to the Chicago [...]

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Predatory Landlords: The Latest Foreclosure Scam

by Moe Bedard

By Moe Bedard
The simple act of renting a home for Main Street Americans has become a sick game of “Where’s the foreclosure?” or another popular rental hit, “Let’s see how long we can rent in this home before it falls into foreclosure?”
The scam of renting a home when it is in foreclosure and not paying [...]

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Are All Bankers Created Equal?

by Moe Bedard

By Moe Bedard
Not all bankers are created equally. Or are they? The President of the Mortgage Bankers Association gave testimony before a congressional subcommittee today explaining what he thinks Congress should do about widespread fraud and the means to improve lending conditions in the United States.
His plan includes the following:
#1 Borrowers should immediately communicate with [...]

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FTC Testifies on Efforts to Combat Foreclosure Rescue and Loan Modification Scams

by Moe Bedard

The Federal Trade Commission today told the U.S. House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services that, with the rapid increase in mortgage delinquencies and foreclosures, the FTC has intensified its efforts to protect consumers from foreclosure rescue and loan modification scams. The FTC also recommended legislative and other remedies [...]

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Cramdown Dead, Banks Saved!

by Moe Bedard

By Moe Bedard
Under the cover of the cramdown bill another important piece of legislation was passed today, a bill that protects lenders and servicers from lawsuits if they modify or refinance their client’s loans. This bill, which passed with an overwhelming majority in the senate (91-5), is referred to as the safe harbor bill. Essentially, [...]

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