WE ARE NOT DEADBEATS!
Contributed by an American homeowner. A woman, mother and wife who is suffering in what was supposed to be her American dream…………………………………….
From the movie: The Terminator
Kyle Reese: Listen. And understand. That terminator is out there. It can’t be bargained with. It can’t be reasoned with. It doesn’t feel pity, or remorse, or fear. And it absolutely [...]
Popularity: 2% [?]
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% [?]
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% [?]
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% [?]
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% [?]
Countrywide is trying to kill me
By a Countrywide Home Loans Client, American homeowner and mother, Shauna.
I am a little nervous, as this is my first time posting….here is my story. Due to my 3 year engagement ending in Jan 08 and me assuming by ex-fiancé’s portion of the bills which included an additional car note (I have since returned the [...]
Popularity: 33% [?]
Countrywide pact challenged by Justice Dept
NEW YORK (Reuters) - The U.S. Justice Department has challenged an agreement that Countrywide Financial Corp reached in a bankruptcy court in Pittsburgh, saying it would make it harder to investigate and sue the mortgage lending giant.
Last month, Countrywide agreed to pay $325,000 to the Chapter 13 bankruptcy trustee in Pittsburgh, Ronda Winnecour, to cover [...]
Popularity: 6% [?]
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% [?]
New California Foreclosure Law Says Servicers Must Exhaust All Avenues in the Loan Modification Process
You can literally hear the clock tick when facing a looming and ominous foreclosure sale date. Tick tock goes the clock and the time just flies by. Now top that off with stress, lack of money, paralysis by analysis and we have a recipe for another lost home to foreclosure.
American homeowners need to know that [...]
Popularity: 8% [?]
Foreclosure Related Suicide and Murders on the Rise
The Experts:
Stress is a huge factor in suicide, and looming very large is stress related to the economy,” said Dr. Charles Nemeroff, chairman of psychiatry at Emory University in Atlanta, Ga., and president of the American Foundation for Suicide Prevention.
“Suicide is certainly a response to hard economic times,” noted Dr. Harold Koenig, professor of [...]
Popularity: 4% [?]
The House Approves Massive Housing Bill - But Will it Help You?
The House approved a massive plan Wednesday to try and put the brakes on the foreclosure crisis that is sweeping the nation and causing the worst housing decline since the Great Depression. The goal of this new bill is to provide aid to homeowners facing foreclosure and also a “bail out” of government backed mammoths Fannie Mae and [...]
Popularity: 4% [?]
The FBI Investigates Indymac for Mortgage Fraud - Next Please!
When it rains it pours and when a bank fails, the FBI is going to find out why.
The facts are that the fraud and financial crimes ran rampant from all sides of the mortgage and real estate equation.
From the loan officers, appraisers, Realtors, notary publics, underwriters, account executives, managers, investors, brokerages, borrowers and the list can go [...]
Popularity: 5% [?]
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants
Thomas Jefferson made that quote over 200 years ago and it has never rang more true than today.
Never has there been a time in our history where our freedom has bee over shadowed by our burdens of debt and war, as it is now. The time has come to unite in the streets of America [...]
Popularity: 4% [?]
Boiler Room 2.0 - Investors Press Lenders on Bad Loans
Two bad loans go around the outside, around the outside, around the outside……………………
Two fraudulent loans go around the outside, around the outside, around the outside. Now, dosie doe your investor.
Looks like investors have finally got hip to the fact that they bought a bunch of fools gold on Wall Street.
Imagine that? These gigantic investment brokerages [...]
Popularity: 6% [?]
Real Estate Agents Gone Wild - Homeowners Beware!
No, this isn’t a late night infomercial with the “Worlds Sexiest Realtors” showing off their assets. This is a sick and not so new phenomenon I call “Real estate agents gone wild.”
Take this article I picked up today in my Google Alerts:
Elias Escobedo, 41, lost his house earlier this month when it was foreclosed on, but not because he [...]
Popularity: 8% [?]
You have to jail the source. Wall Street, then the Banks/Lenders, then the brokers and maybe some consumers
Reader Contributed - Chris the Mortgage Broker - In response to this post
I’m a broker and let me lend a little light on who should go to jail first. And yes, JacMac is right; you will be attack for your comments before the day is over. Get ready
You have to jail the source. Wall [...]
Popularity: 1% [?]
Should Grandma be able to keep that house she refinanced at 125% to pay for her cruises to Hawaii or her “pretty” things, and now can’t cover her payments with her monthly social security check?
Reader Contributed - RC (in response to this post on the MBA)
I don’t comment to these posts on all the forms I read (seemingly all day long lately), but I felt I needed to put in my brief 2 cents on this one. While I respect your view that the Mortgage Bankers Association is the Big [...]
Popularity: 1% [?]
Home Loan Failure in the US Will Turn Into a World Economic Crisis
We are in the midst of one the biggest business model failures in our nation’s history. The snake oil subprime business was great over the last few years and up until about 6 months ago, you could find this cure all medicine at about every corner in America. This snake oil can’t be found and production [...]
Popularity: 1% [?]
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- JacMac … you are not ignorant … you got caught up in the “shell game” that was being promoted by several lenders to mortgage brokers (354)
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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 -
catan785 | 13Aug08 | More
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