August 2009

It looks like Senator Chris Dodd is going to bat for one of his Connecticut mortgage buddy’s, Bruce Rose (pictured) and one of the worst mortgage servicers in the country, Carrington Mortgage Services. Forbes is reporting  that Dodd wrote a letter to [...]

“The center does double the loan modification submissions than any other in the country,” said Rod Tawasha, home preservation manager. This month, the foreclosure prevention center moved to a bigger location on Haven Avenue to meet the growing demand. At [...]

From a broader perspective, Mozilo is also awaiting the verdict of history: Was he the No. 1 culprit of the financial crisis, as some (including Time magazine) have suggested? Or was he merely an aggressive executive who made mistakes while [...]

Orange County, California was the capital of mortgage broker lending back in the home loan gold rush days. Some of the nation’s largest brokers set up telemarketing chop shops in the county where there are more BMW’s and fake boobs per capita than [...]

Housing Advocates Say Industry Is Skirting Health and Safety Ordinances, While Taking Taxpayer Money The end result: Some of the same servicers the Obama Administration is urging to complete more loan modifications still are walking away entirely from vandalized homes, [...]

They can’t reach anyone at their lender’s office. When they do, they never speak to the same person twice. “It’s been horrendous,” one man told Gardner about dealing with his bank. Another woman wrote a letter to her lender’s attorney [...]

This is a great article from the New York Times about a Brooklyn judge who is standing up to the banks by making them follow the law. Imagine that? From the banks making bogus signatures to not proving they own [...]

I would like to thank Moe and all of you for your posts. I went to Mod By Lawyers (aka The Firm) last week and I have to say they were very convincing. – Leslie the Homeowner I get chills [...]

Looks like another family will loose their home to the Federal Loan Modification Center/ Fed Mod nation wide scam. There must be thousands of families that are in the exact same position as the family below. My only advice to [...]

Homeowners will have more protection beginning Jan. 1. That’s when a new law passed by the Legislature this year will require all unlicensed modifiers, loan originators and mortgage lenders to get a broker’s license through the state’s Office of Financial [...]

My clients are calling me like crazy, we as agents have done everything that we could, even at this very moment, while Green credit solutions is gone, and operating under different name. In my opinion that’s unethical, and more close [...]

VAN SUSTEREN: You are living — if the house cost $3000 to carry the mortgage, you make $4000, you are living on $1000, and your turn to figure out a way to make this more economical and better for your [...]

I suspect that hundreds of banks will fail in the coming months and years. The FDIC’s troubled bank list has doubled since last year. This is inevitable as local economies collapse like domino’s and their loans go bad. The signs of a coming [...]

“LendingTree recently learned that Google imminently plans to launch a loan aggregation service in late August or early September of this year that would compete with LendingTree,” the complaint says. “Lending Tree has also learned that Mortech intends to make [...]

Let’s face reality America, you have been scammed in every which way. They got you coming, going and now they are beating you while you are down. All the while you sit there depressed, confused and paralyzed because you don’t [...]

Much “of this money is going directly to the same financial institutions that helped create the sub-prime mortgage mess in the first place,” Bill Buzenberg, executive director of the center, said in a statement. For example, J.P. Morgan Chase, Wells [...]

Overall, about 15 percent of borrowers across the country who are eligible for the program have been offered help from their lender, according to a recent U.S. Treasury Department report. Of those homeowners, 9 percent have participated in a trial [...]

It’s emails and comments like the one below that was just left on my blog that really keep me going. I have been at this for over two years now and it does get tiring sometimes. I do my best [...]

“Banks don’t want to acknowledge losses,” she said. “They need staff. And there’s fear of redefault risk,” since about 40 percent of loans that are modified end up back in default, she said. Perhaps the biggest obstacle to resolving delinquent [...]

2. In my view, this global crisis has been caused by the Federal Reserve Bank, the U.S. Treasury, Wall Street, and the central banks of the world. They caused the problem, profited excessively in doing so, and now profit by [...]

In the past, I have gone so far as to imply the Realtors group are spinmeisters. This month, I will be more blunt: Their actual data has become untrustworthy, their spokesmen lie for a living, and their “news releases” is [...]

Loss Mitigation Successes Outnumbered Foreclosures Completed By More Than 12 to 1 NEW YORK–(BUSINESS WIRE)–Today Citi announced that the company’s consumer mortgage lending and foreclosure prevention efforts for the second quarter successfully helped 108,000 mortgage holders across the country avoid [...]

More and more reports are coming out of homeowners who are stripping their homes before they are foreclosed on. Some are taking a few light fixtures and the water softener. Others are taking everything down to the kitchen sink. I [...]

Q-Are you spending more time in Washington D.C.? A-It gets written about more than is actual. The only difference now [when I travel there] is that I tend to go visit some senators and congressmen and the Fed. Q-You’ve modified [...]

Now, the Fusaro sons might lose the homes Umberto worked so hard to buy. The sons, Carmine, 46, and Biagio, 37, are suing their mortgage broker and the attorney who helped him for what they say were predatory lending practices, [...]