Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.

Thus far, servicers have been playing by their own rules and their own game of what I like to call “predatory servicing.” They (The Countrywide’s, ASC’s and AHMSI’S) are the big sharks on main street that troll for scraps left over from the predatory lending spree by their close cousins (lenders) and cause struggling homeowners to bleed a slow and painful foreclosure death. Read the rest of this entry »

A number of senators on the banking committee - from both parties - characterized Paulson’s request as asking lawmakers for a “a blank check,” and they were none too keen on the idea, knowing they have to answer to taxpayers.

How lawmakers might alter the Treasury’s proposals isn’t clear yet. But if the government uses federal dollars to help Fannie and Freddie, the cost to taxpayers could be minimal if the rescue plan works. That is, if government efforts bolster the companies, they likely would be able to pay back what they owe. Read the rest of this entry »

It looks like our president is more worried about saving his boys on Wall Street, like the $35 million dollar bail out of Bear Stearns , then helping millions of suffering homeowners who are losing their homes.

AP:

The White House says President Bush would veto a foreclosure rescue the Senate began debating Thursday.

Administration officials object to the federal government helping states buy foreclosed property and don’t like having Fannie Mae and Freddie Mac pay for the rescue.

Two GOP senators said they’ll try to block the broad housing package until a committee can investigate how much Countrywide Financial Corp. stands to gain from it.

Attention Washington: Countrywide is a sinking ship that has really already sunk. It is just really a mirage in the foreclosure desert held up by propaganda, and funny accounting allowed by the SEC. It’s just buying time until the glorious US government comes in with a US citizen tax based bill to bail them out, and Bank of America can take over their massive portfolio and rule the world!

My best advice is to examine their books, demand accurate and real time accounting on their “actual losses,” and do not let the B of A deal proceed until this mortgage and housing crisis is over.

I think you will find that Countrywide was made the #1 lender by selling snake oil, and all the other lenders just jumped in line. The ever creative boys on Wall Street sweetened the selling power of this oil by dilluting it in CDO’s and SIV’s. They fill their snake oil coolers to get in on the action, and sell these toxic invetments across the world.

By the time this is all said and done, special mortgage deals for our senators will be the least of our worries.

Banking Committee Chairman Christopher J. Dodd, D-Conn., and Budget Committee Chairman Kent Conrad, D-N.D., were part of a Countrywide program that gave cut-rate mortgages to influential people.

The move, if successful, would send the housing package back to Dodd’s panel, essentially killing it.