http://loanworkout.org LoanWorkout.org Fri, 04 Jul 2008 21:23:32 +0000 http://backend.userland.com/rss092 en 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 ... http://loanworkout.org/2008/07/the-tree-of-liberty-must-be-refreshed-from-time-to-time-with-the-blood-of-patriots-and-tyrants/ I have been advising homeowners to do this for the past year online and I even started a company (Loan Safe Solutions) to assist attorneys and homeowners in reviewing their loan documents for legal violations. Now, it appears that the Illinois attorney general feels that it is a great idea to have your ... http://loanworkout.org/2008/07/illinois-attorney-general-advises-homeowners-to-review-countrywide-loans/ Certain homeowners and investors seem to be collecting rent from unsuspecting renters and forgetting to send their mortgage payment to their lender. I like to call this new unfair and deceptive business practice perpetuated by American consumers, "predatory renting." I wrote about this in November of 2007: The perfect crime is being perpetuated across ... http://loanworkout.org/2008/07/predatory-renting-new-yorker-renters-may-be-the-next-victims-of-the-foreclosure-crisis/ By Frank D. Russo Legislation that would reform the foreclosure process in California for the benefit of homeowners trying to hold on to their homes passed the Assembly today on a 55 to 18 vote, just one vote above the two-thirds majority it required. Ten Republican Assemblymembers joined 45 of the ... http://loanworkout.org/2008/07/california-assembly-passes-foreclosure-reform-bill-but-more-needed-to-protect-future-borrowers-from-predatory-loan-practices/ Directors and officers of Countrywide Financial, the beleaguered mortgage lender, must answer shareholder accusations of insider trading and an overall failure to monitor lending practices that led to the company’s collapse, a federal judge in California has ruled. Rejecting the arguments of Countrywide executives and directors that they were unaware of ... http://loanworkout.org/2008/07/judge-says-countrywide-officers-must-face-suit-by-shareholders/ The message is out to struggling consumers and the Federal Reserve may be sorry they offered a helping hand to the millions of consumers who are drowning in credit card debt and in their homes. Apparently the Federal Reserve has been inundated with over 8,200 consumer complaints against various banking and lending institutions ... http://loanworkout.org/2008/07/angry-consumers-flood-federal-reserve-board-with-complaints/ A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law. The case began like hundreds of others filed since the U.S. ... http://loanworkout.org/2008/07/mortgage-ruling-could-shock-us-banking-industry/ Foreclosure bus tours touring foreclosed homes and now bikini girls banding together to save foreclosure victims. What next? I know sex sells, but does sex save homes? Only in America folks........ From LA Land: In general, the bar at L.A. Land In general, the bar at L.A. Land is set very high for news coverage. ... http://loanworkout.org/2008/07/subprime-slime-bikini-wearing-actresses-against-foreclosure/ Lawsuits"o" plenty are being fired at lending and servicing giant, Countrywide Financial and this is in the wake of the controversial Bank of America take over that is finally official today. Just last week attorney generals in Illinois and California filed predatory lending lawsuits accusing Countrywide of unfair and deceptive business practices. Now, Florida has jumped ... http://loanworkout.org/2008/07/florida-attorney-general-sues-lender-countrywide/ Investing in distressed assets, of course, can be extremely profitable. But Mr. Lewis’s shareholders have a right to be nervous about the deal, analysts say. As the nation’s largest home lender, Countrywide stands at the center of the mortgage storm and is being buffeted not only by woeful financial results ... http://loanworkout.org/2008/06/bank-of-america-is-firm-on-countrywide-buyout/ Countrywide CEO, Angelo Mozilo is set to officially step down from his position Tuesday and hand over the keys to Bank of America. Ending a 4 decade long run where Countrywide went from a small fish start up in 1969 to the king of ther lending sea as the nations largest lenders ... http://loanworkout.org/2008/06/countrywide-ceo-steps-down-cashes-in-and-leaves-a-trail-of-destruction/ Recent headlines have been gloomy: housing prices continue to sink, Wall Street executives knowingly pushed bad subprime investments, and mortgages keep failing in droves.  As Congress debates how to put the economy back on track, the good news is that the states are moving ahead to prevent another subprime crisis ... http://loanworkout.org/2008/06/new-york-tackles-reckless-subprime-lendingwill-california-be-next/ LOS ANGELES--California Attorney General Edmund G. Brown Jr. today sued Countrywide Financial, its chief executive Angelo Mozilo, and president David Sambol, for engaging in deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose of reselling the mortgages on the secondary market. “Countrywide exploited the ... http://loanworkout.org/2008/06/brown-sues-countrywide-for-mortgage-deception/ One of my long standing points of view on the mortgage and housing crisis is that, these creative loans that were invented, sold and sliced and diced over the last 3-5 years were incredibly unfair and deceptive. Defective credit instruments that were made to fail and are essentially "lemon loans." It ... http://loanworkout.org/2008/06/countrywide-accused-of-selling-defective-loans/ I am proud to announce that 131 families have received a loan modification, and 131 homes have been saved with our "Not for Profit: forum at LoanSafe.org. 131 people who now have mortgage relief, can focus on living instead of worrying about their loans. All this has been accomplished online and ... http://loanworkout.org/2008/06/loan-safe-testimonial-131-homes-saved-to-date-with-one-website/