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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: 8% [?]

Testimony Urging Passage of Foreclosure Moratorium Where Financial Institution Fraud Occurred

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 [...]

Popularity: 5% [?]

Mortgage Trouble? It Pays to be Subprime

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
Popularity: [...]

Popularity: 8% [?]

Loan Modification Myths and Facts

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 [...]

Popularity: 21% [?]

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

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 [...]

Popularity: 3% [?]

The OCC Wants the Real Loan Modification Numbers

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 [...]

Popularity: 2% [?]

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

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 [...]

Popularity: 26% [?]

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

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 [...]

Popularity: 6% [?]

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

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 [...]

Popularity: 1% [?]

Hope Now = Hopeless for Many

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 [...]

Popularity: 1% [?]

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

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 [...]

Popularity: 30% [?]

Paulson Sees New Capital Markets Proposals in `Weeks’

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 [...]

Popularity: 7% [?]

Mortgage Servicers Need to Change Their Mob-Like Collection Techniques

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 [...]

Popularity: 25% [?]

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

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 [...]

Popularity: 1% [?]

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

First we had the FHA Secure that was rolled out by FHA and the Bush administration back in August. It was reported that the new refinancing program would assist 80,000 borrowers in the next couple of years.
On December 4th, HUD announced in a press release on their website claiming to have refinanced over 40,000 borrowers with [...]

Popularity: 11% [?]

Secretary Paulson Prepared Remarks in Orlando, Florida

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 [...]

Popularity: 7% [?]

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

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 [...]

Popularity: 26% [?]

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

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 [...]

Popularity: 25% [?]

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!

     
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 [...]

Popularity: 1% [?]

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

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 [...]

Popularity: 19% [?]

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

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 [...]

Popularity: 1% [?]

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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