Home Loan News

Get the latest home loan news from LoanWorkout.org, This blog is operated by Moe Bedard, president of Loan Safe Solutions, and an online medium that provides “truthful” mortgage, and housing reporting to empower consumers, the media, and anyone else to uncover the truth.

Moe is the founder of LoanWorkout.org, www.LoanSafe.org and several other consumer activism websites.

This website was created to fill a need on the internet for timely news, and information in regards to possible solutions to the mortgage and housing crisis.

Is Your Bank About to Implode? The FDIC is Hinting, YES!

The lender carnage, death and destruction litter the home page of Aaron Krowne’s Mortgage Lender Implode-O-Meter like the beach at Normandy on D-Day. The infamous list has grown from September 2006 when Aaron started the website with approximately 10 failed lenders to a whopping 276 major U.S. failed lending operations today.
That comes out to about one failed [...]

Popularity: 13% [?]

Should the FDIC & Sheila Bair be in Charge of Cleaning Up the Toxic Mortgage Crisis?

This blog and my life has been dedicated to following what lenders, servicers and our government have done and are doing to assist the millions of Americans that are facing foreclosure as a result of being sold defective credit instruments. AKA subprime and ALT A mortgages.
In my hundreds of hours of research and work, only one agency [...]

Popularity: 4% [?]

Are You Countrywide Home Loans & KB Homes Client?

If you have a mortgage with Countrywide Home Loans and are in a KB home tract where Countrywide was the preferred lender, then please contact me right away.
You may have legal rights that were violated and may be eligible for mortgage relief. Please contact me here and I will contact you ASAP with possible [...]

Popularity: 3% [?]

Barney Frank Says Americans Were Pushed Into Homeowership

“We made a mistake in this society. We assumed that everybody can be a homeowner. That was wrong.
We ended up pushing people into home ownership - including a great many who weren’t ready for it.”
Question: How on earth did the U.S. mortgage market get here?
Answer: We had too little regulation at a point of [...]

Popularity: 3% [?]

States’ Countrywide lawsuits shift to federal court

SPRINGFIELD, Ill. (Legal Newsline)-Illinois Attorney General Lisa Madigan says its lawsuit against Countrywide Financial Corp. should not be lumped with others filed by California Attorney General Jerry Brown and San Diego City Attorney Mark Aguirre, as the lender requested.
The Illinois attorney general’s office confirmed on Friday that its legal team will join Aguirre and, presumably [...]

Popularity: 4% [?]

The Social Impact of Foreclosures: Homelessness, Crime & Death

For millions, the American Dream has become the “American Nightmare”. Many people have lost their jobs, their mortgages have become cancerous and they can no longer pay the loan on their overvalued homes.
The social impact of these foreclosures is reaching every “dark” nook and cranny in almost every city in the country. Homelessness, domestic abuse, crime, violence and instability are [...]

Popularity: 4% [?]

Fannie Mae & Freddie Mac Failure: The Lies, the Cover Ups and the Making of a Disaster

Wall Street Journal October 4, 2004:
Fannie Mae isn’t an ordinary company and this isn’t a run-of-the-mill accounting scandal. The U.S. government had no financial stake in the failure of Enron or WorldCom. But because of Fannie’s implicit subsidy from the federal government, taxpayers are on the hook if its capital cushion is insufficient to absorb [...]

Popularity: 6% [?]

Remarks by FDIC Chairman Sheila C. Bair on the IndyMac Loan Modification Announcement

Good afternoon, thank you for taking the time to participate in this conference call. I would recognize John Bovenzi with IndyMac Federal, who is also on the line, and thank him for his contributions to today’s important announcement. John will provide brief remarks following mine.
I am pleased today to announce the implementation of a systematic [...]

Popularity: 5% [?]

Loan Modification Program for Distressed Indymac Mortgage Loans

From the FDIC: IndyMac Federal Bank, FSB (“Indymac Federal”) will implement a new program to systematically modify troubled mortgages.
The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. This in turn will maximize value for the FDIC, as well [...]

Popularity: 6% [?]

California Senate Foreclosure Bill 1137 Q & A’s

TEN REALITY QUESTIONS & ANSWERS ON CALIFORNIA SENATE BILL 1137
Ronald D. Roup, Esq.Legislative Chairperson UNITED TRUSTEES ASSOCIATION
Q1. - When does this bill take effect and become law?
A1.- SB 1137 passed the California Senate and Assembly as urgency legislation to take effectupon execution by Governor Schwarzenegger. The Governor signed the bill on July 8,2008 and the [...]

Popularity: 7% [?]

The IRS on Shorts Sales, Foreclosures and Debt Forgiveness

He said, she said and then the IRS said. Who are you going to listen to?
From the The IRS on Shorts Sales, Foreclosures and Debt Forgiveness.
Update Feb. 4, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced [...]

Popularity: 5% [?]

Wachovia Says They are NOT Offering Loan Modifications to Struggling Homeowners

The Soup Nazi from the TV show Seinfeld was known for his abusive customer service skills and saying, “NO soup for you, to the back of the line!” Now, it appears that he is working at Wachovia in the loan modification department.
Attention American homeowners, the FDIC, the OCC, the FTC, Barney Frank and anyone else who [...]

Popularity: 7% [?]

Breaking Down Overcharges by Brokers: N.C. Takes a Big Step

From the Center for Responsible Lending:
In all the ongoing analysis of the foreclosure crisis, one point should not get lost: mortgage brokers played a key role in making the abusive subprime loans that continue to wreck the U.S. economy. 
Today North Carolina became the first state to ban systematic overcharging by brokers.  Governor Mike Easley signed [...]

Popularity: 5% [?]

Judge Rejects Countrywide Settlement

A federal bankruptcy judge has rejected a settlement involving the Countrywide Financial Corporation, the mortgage lender, saying he was not convinced that it was fair to nearly 300 borrowers who claimed to have been hurt by the company’s abusive practices.
The settlement called for Countrywide, acquired by Bank of America last month, to pay $325,000 to [...]

Popularity: 31% [?]

Suicides, Murders and Stand Offs With Swat. Welcome to the world of foreclosures.

The social impact that foreclosures are having in our communities is nothing short of disturbing. From suicides, murders and as in this case, a stand off with swat.
NewsDay:
SADDLE BROOK, N.J. - Authorities say a son held Bergen County sheriff’s officers at gunpoint as they tried to evict his 88-year-old mother from her foreclosed home.
Officials say John [...]

Popularity: 5% [?]

Lenders & Servicers Are Overwhelmed

NACA Durren Duarte - As for why it’s taking so long, the lender/servicers are overwhelmed. When you send lenders thousands of proposals, they get backed up, and it takes them longer to respond. Also, many of the lender/servicers who promised to be in their offices working on cases from the event Sunday, July 20th, did not show [...]

Popularity: 9% [?]

New FTC Scrutiny Deemed Likely for Servicers

An attorney who spoke at the Western States Loan Servicing Conference in Las Vegas predicts that the Federal Trade Commission will produce a “significant enforcement action” involving a major mortgage servicer within the next several months. Anand Raman, a partner at Skadden, Arps, Slate, Meagher & Flom, said the FTC has broad authority to scrutinize [...]

Popularity: 5% [?]

Loan workouts good for you and the bank?

The pace of loan modifications has quickened in recent months. According to data from Hope Now, modifications made up 42.2% of total workout plans in June, or 76,000 modifications, compared with 18.6% in July last year, or 23,000 modifications.
About 220,000 modifications were completed in the second quarter, as opposed to 64,000 in the same period [...]

Popularity: 7% [?]

The Enronization of America & the Economic Cartel

Kenneth Lay, CEO of Enron is lead in handcuffs after Lay was found guilty on all six counts of conspiracy and fraud by a jury of eight women and four men. In a separate bench trial, Judge Lake ruled Lay was guilty of four counts of fraud and false statements. Will we see similar indictments [...]

Popularity: 6% [?]

Foreclosure Prize Fighters: Obama vs. Mccain

Obama wants the government to step in to help homeowners facing foreclosure. McCain has gradually broadened his position to support government intervention, but wants stricter requirements for borrowers seeking aid.

Obama’s plan to fight foreclosures:
 

Give homeowners the chance to have their loan modified, provided they meet certain criteria.
Popularity: 5% [?]

Popularity: 5% [?]

I must confess: I am a renter and my landlord is being foreclosed on

I have now officially become a “victim” of the foreclosure crisis. I don’t own a home, I do not have a mortgage and the ironic part of this is that my job actually entails assisting borrowers online that are in foreclosure. 
Never would I have thought that I would be caught with my family in a home that is soon [...]

Popularity: 7% [?]

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    • I can relate with this couple. I contacted WaMu in a proactive effort to get assistance during a hardship ...
      disillusionedVeteran | 3Sep08 | More
    • Did they change the terms of your loan to an arm? This is too risky
      catan785 | 13Aug08 | More
    • I am in limbo myself. Countrywide offered me a modification however the interest rate would adjust in five years. ...
      catan785 | 13Aug08 | More