Posts tagged as:

Hope Now

Hope Now’s Numbers Mostly Going In The Wrong Direction

by Moe Bedard

Hope Now, the alliance of banks, mortgage servicers and non-profit mortgage counselors, came out with its July data this week and the numbers still look bleak.

While the actual number of foreclsoures in the month declined 3% to 89,100, the number of borrowers 60 days or more past due on their loans rose 6% to 3.1 [...]

0 comments Read the full article →

1.77 MILLION HOMEOWNERS RECEIVE MORTGAGE LOAN WORKOUT SOLUTIONS ACCORDING TO THE HOPE NOW ALLIANCE

by Moe Bedard

Washington, D.C. (September 1, 2009) – HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, announced today that its July data estimates that 1.77 million homeowners received workout solutions to avoid foreclosure since January 2009. HOPE NOW estimates a 20% improvement in foreclosure mitigation activity in July 2009 compared [...]

0 comments Read the full article →

A Hope Now employee says, “There is no hope for homeowners!”

by Moe Bedard

Hope Now Employee – I would have to agree not to call HOPE. I actually work there. From the day I started I felt so guilty because there is no help. I feel HOPE was set in place for people to leave the banks alone. We are like an escape goat for the banks. I [...]

11 comments Read the full article →

Hope Now Facts or Fiction?

by Moe Bedard

Loanworkout.org and loansafe.org are committed to providing data from various sources that may help to ameliorate the foreclosure crisis in America. Loanworkout.org and loanSafe.org are consumer websites that never accept corporate donations or advertising dollars from the entities we monitor…we feel taking anything from them would undermine our objectivity.
Not everyone feels the same.
This week, HOPE [...]

Read the full article →

Mortgage Modification Can Be Trying, Chaotic

by Moe Bedard

Hope Now, the mortgage industry’s alliance intended to help struggling homeowners, announced Monday it’s helped almost one-million home-owners get loan modifications this year. But, advocates for homeowners say the group is inflating its success.
Homeowners who’ve tried, say it can be trying – and time consuming – to get a bank to agree to change the [...]

Read the full article →

Homeowner Aid May Double Under Bush Loan Initiative

by Moe Bedard

Voluntary modifications by mortgage lenders are “too little, too late,” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. As mounting job losses cause foreclosure rates to rise, “we clearly need a more activist government intervention,” he said.
Hope Now projects 950,000 loan modifications for 2008, including 208,000 for [...]

Read the full article →

Key to the Crisis: It’s the Housing Market, Stupid

by Moe Bedard

“It’s the housing market, stupid.” That’s what an increasing number of policymakers and economists are saying as they push for widespread mortgage modifications as a way to address a root cause of the financial crisis. With more than 1.5 million houses in foreclosure (three times the normal rate), and about 3.5 million other homeowners behind [...]

4 comments Read the full article →

Loan workouts good for you and the bank?

by Moe Bedard

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 [...]

Read the full article →

Testimony Urging Passage of Foreclosure Moratorium Where Financial Institution Fraud Occurred

by Moe Bedard

By Robert Gnaizda
No efforts by the banking industry, by the federal regulators or Secretary of the Treasury Paulson will protect the vast majority of those who live from paycheck-to paycheck from foreclosure. Hope Now’s failures are a classic example of the failure of voluntary action without the threat of effective action via either class action [...]

3 comments Read the full article →

Mortgage Trouble? It Pays to be Subprime

by Moe Bedard

Amidst the second quarter earnings season, yesterday brought about a quarterly report of a different kind — this one from industry coalition HOPE NOW, which said that mortgage servicers helped a record number of homeowners avoid foreclosure during the second quarter.
In June 2008, mortgage servicers completed more than 181,000 mortgage workouts for home loans, HOPE

0 comments Read the full article →

Loan Modification Myths and Facts

by Moe Bedard

There are a lot of myths surrounding lenders and servicers as to what they will and will not do during the loan modification process. 
The confusion and inaccurate data that is propagating the internet and the news is based on ill-informed bloggers or journalists who really have no idea what is going on in the loss mitigation arena. This [...]

58 comments Read the full article →

Lenders Pledge to Increase Their Anti-Foreclosure & Loan Modification Efforts – LOL

by Moe Bedard

More lender propaganda, more media lip service, and as Jerry Seinfeld would say, “Yada, yada, yada.”
How can these guys do anything without the proper staffing? How can they truly handle all the loan workouts, and loan modifications that are needed to really increase their anti-foreclosure efforts?
The fact is, they CAN’T!
Think about this ladies and gentleman, please??!!!!!!!!!
Over the last few [...]

9 comments Read the full article →

The OCC Wants the Real Loan Modification Numbers

by Moe Bedard

Hope Now and the MBA asked, “So, how many loan modifications did you do Litton?”
“3,235,” the Litton rep said.
The boys at the “round table” pick up the phone and call Angelo, “How many did you do Countrywide?”  
“We did 7,978 guys. Never mind that!” Mr. Mozilo said,”We’re going to have martinis later on  the golf course!”
Listen here [...]

1 comment Read the full article →

Hope Now Reports Record Loan Workouts in April – Moe Says, “It Still is Not Enough!”

by Moe Bedard

Yes, loan modifications and loan workouts are happening and it appears that most lenders and servicers have stepped up to the loss mitigation plate. Or have they?
Hope Now, led by US Treasury Secretary Henry Paulson, has just reported record loan workouts in April.
It is only common sense, that every month we are going to start to [...]

28 comments Read the full article →

Remarks by Secretary Henry M. Paulson, Jr. on the U.S. Economy, Housing and Capital Markets

by Moe Bedard

May 16, 2008
HP-981Before the Washington Post 200 Lunch
Washington – Thank you, Len. Over the last forty years, Washington has transformed into a diverse corporate center. Congratulations to the Post for recognizing this through their annual list of 200. And I am pleased to join you and represent the “old” Washington, the less than ten [...]

0 comments Read the full article →

House representatives argue that new Federal funds are needed to defend homeowners against foreclosure

by Moe Bedard

Amen!
It finally looks like members of our congress finally realize that the Hope Line, AKA 995-Hope, operated by Neighborhood Works, is not a cure all for distressed homeowners.
In fact, many who call the Hope Line are in need of legal assistance. HUD trained counselors who operate these phone lines, do not have the legal savy or mortgage skills to [...]

6 comments Read the full article →

Hope Now = Hopeless for Many

by Moe Bedard

I have been saying this from day 1, Hope Now is a joke and if the American people think that these guys “truly” have your best interests at heart, well then, you may be on the street soon with the other 1 million people that have been kicked out of their homes by the very [...]

30 comments Read the full article →

Please call 995 Hope if you want to get screwed by your lender, again!

by Moe Bedard

Let’s get one thing clear here, 995 Hope  is funded and supported by mainly banks and lenders. Not consumer rights activists, not Bill Gates and certainly not Warren Buffet.
The very banks and lenders that sold you the toxic loan that has caused you some serious stress and grief, are now posing as Hope Now ”do gooders” by giving millions [...]

19 comments Read the full article →

Paulson Sees New Capital Markets Proposals in `Weeks’

by Moe Bedard

March 3 (Bloomberg) — The Bush administration will release within weeks proposals that address deficiencies in the regulation and functioning of U.S. financial markets, Treasury Secretary Henry Paulson said.
“We’re looking at the mortgage-origination process, we’re looking at the securitization process, we’re looking at rating agencies, we’re looking at disclosure issues, we’re looking at capital issues [...]

0 comments Read the full article →

Mortgage Servicers Need to Change Their Mob-Like Collection Techniques

by Moe Bedard

Yes, you heard it right. I compared the mortgage servicing industry to the mob. Loan sharks. Pay up or we’ll break your knees! Well, at least, “pay up or we’ll take your house!”
This is business right? You don’t pay, you lose your home. That’s fair right?
In the old days it was fair for banks to [...]

0 comments Read the full article →

Paulson said the administration is fostering an effort to “prevent this market failure”

by Moe Bedard

I was reading this Smart Money article yesterday and I couldn’t help but notice a phrase that Paulson said a couple times.
WASHINGTON (Dow Jones) — U.S. Treasury Secretary Henry Paulson said Monday the administration is working to ensure that the subprime mortgage crisis doesn’t lead to a “market failure,” while urging Congress to pass bills to [...]

0 comments Read the full article →

The FHA Secure Flop and The No Hope Now Plan = 2 Strikes for the Bush Administration

by Moe Bedard

In only the first 4 months of FHASecure, more than 40,000 households have refinanced under the new housing insurance program to protect their families’ investment in the American Dream.  Announced by President Bush on August 31, 2007, along with HUD Secretary Jackson and Treasury Secretary Paulson, FHASecure is already helping thousands of American families, faced [...]

0 comments Read the full article →

Secretary Paulson Prepared Remarks in Orlando, Florida

by Moe Bedard

December 17, 2007
HP-740

 
Orlando, Fla. – Good afternoon. Thank you, Congressman Feeney and thanks to all of you for joining me to discuss the current housing market.
After years of unsustainable home price appreciation and an abundant supply of easy credit, the U.S. housing market is experiencing an inevitable downturn. Here in Orlando, house prices increased by [...]

0 comments Read the full article →

Please do not call 888-995-HOPE for Hope Now, if you are not late on your mortgage

by Moe Bedard

This is from the lips of a nice woman that answered the 888-995-HOPE foreclosure prevention hot line. “If you are not late on your mortgage, there is nothing we can do to help you. You have to be “late” for us to assist you.”
Wow, talk about a mixed and convoluted message to struggling homeowners.
You can’t be late, oh [...]

18 comments Read the full article →

Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation on Accelerating Loan Modifications

by Moe Bedard

Improving Foreclosure Prevention and Enhancing Enforcement before the Financial Services Committee; U.S. House Of Representatives; 2128 Rayburn House Office Building
December 6, 2007
Conclusion of Statement
Poor underwriting and abuses in the subprime mortgage market are having a significant negative impact on the housing markets and the U.S. economy. In the coming months, large numbers of subprime adjustable [...]

8 comments Read the full article →

Bad guys wear suits now, they’re angels with soft telephone voices, the bad guys have left the streets and they are among us and they’re better at what they do than you are at what you do!

by Moe Bedard

     
The capitalistic pigs hate me and the grandma/homeowners love me. I can live with that!
Not ALL homeowners were speculators! Not ALL homeowners deserve foreclosure!
My guess is none of Mr. Mozilo’s or Secretary Paulson’s family members are “stuck” in a toxic mortgage.
Submitted By  Vickie Cruz  December 9th, 2007 at 4:48 am  (a real homeowner, grandma and [...]

0 comments Read the full article →

American Securitization Forum Outlines Procedures for Servicers to Follow in Streamlining Loan Modifications

by Moe Bedard

By Moe Bedard 
American Securitization Forum, which represents companies that issue mortgage backed securities, as well as investors, loan servicers and rating agencies, issued a 34 page document outlining guidelines for servicers to follow in streamlining refinancing or loan modifications on adjustable rate mortgages that are scheduled to adjust in the next 2 1/2 years.
ASF Executive Director George Miller [...]

33 comments Read the full article →

Statement by Secretary Henry M. Paulson, Jr. at Press Conference to Announce Framework to Help Preserve Communities by Preventing Foreclosure

by Moe Bedard

December 6, 2007
HP-716
Washington, DC – Good afternoon. Thank you, Secretary Jackson, Chairman Bair, Comptroller Dugan, Governor Kroszner, Director Lockhart, Director Reich and representatives from the American Securitization Forum, HOPE NOW, the Mortgage Bankers Association and the Housing Policy Council for your creativity and flexibility during these recent months. We have worked through an evolving process [...]

0 comments Read the full article →

No Hope Now for These Homeowners

by Moe Bedard

JacMac December 6th, 2007 at 7:56 pm  - “But for now, many homeowners will have to fight the battle with their lenders or servicers one call, one fax, one headache at a time and many, will succumb to the pressure and just give up out of frustration or run out of time and face the inevitable, [...]

38 comments Read the full article →

Will Homeowners Have Hope Now?

by Moe Bedard

Today is a great day for “some” homeowners across the country. Many will have Hope Now, but only ”some”, not “all” struggling homeowners will receive mortgage relief.
Our government has spoken and it appears that they are doing what they “can” to asist  borrowers in exploding adjustable rate mortgages. The plan is far from perfect, but it’s a [...]

26 comments Read the full article →