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Lenders

Despite Housing Slump, Mortgage Lenders Making Record Profits From Fees

by Moe Bedard

Never ones to let an opportunity go unexploited, mortgage lenders are taking advantage of a market fueled by low interest rates and massive government subsidies to turn record profits. Their secret: The return of “junk fees.”

The Mortgage Bankers Association recently announced that independent mortgage lenders made an average profit of about $1,100 per loan originated [...]

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Obama Administration Expands Loan Modification Plan

by Moe Bedard

“If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” Geithner said. “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market.”
Homeowners  who do not qualify for a loan [...]

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Are homeowners getting REAL help or just the SAME old BS?

by Moe Bedard

From a Countrywide/Bank Of America Mortgage Holder:
Since I’m 55 and have lost most of my retirement fund, and am facing age discrimination in the job market, I don’t feel like I will be able to retire in the US, and Mexico is cheap but too dangerous/corrupt. I’m thinking of selling everything soon and moving to [...]

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Cramdown Dead, Banks Saved!

by Moe Bedard

By Moe Bedard
Under the cover of the cramdown bill another important piece of legislation was passed today, a bill that protects lenders and servicers from lawsuits if they modify or refinance their client’s loans. This bill, which passed with an overwhelming majority in the senate (91-5), is referred to as the safe harbor bill. Essentially, [...]

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An Unbalanced Equation

by Moe Bedard

By Moe Bedard
Major banks except Citi have formally cut off all negotiations with the Senate in an effort to limit even further the scope of the cramdown bill. Senators from both sides of the isle have given up hope on further developments as well. Bloomberg’s report on the cramdown bill today seems like the last [...]

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A Political Slight of Hand

by Moe Bedard

By Moe Bedard
While the cramdown bill dies, providing evidence of our representative’s willingness to sell us out, some may say that our representatives have already passed legislation to help Main Street like the foreclosure bill and the Hope for Homeowners plan. Whereas it may seem like these two programs are designed to help us, upon [...]

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Wachovia Option-ARM Mortgage Losses May Force Merger

by Moe Bedard

Sept. 29 (Bloomberg) — Wachovia Corp., under increasing pressure after shares of the sixth-biggest U.S. bank by assets plunged 47 percent last week, may be forced to seek a buyer or merger partner as losses from mortgage defaults mount.
Three days after Chief Executive Officer Robert Steel told employees Wachovia was “strong and performing well,” the [...]

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New Study Shows Wells Fargo Offers Very Little Help to Struggling Homeowners

by Moe Bedard

I had the privilege of receiving a new study done on Wells Fargo via email by Valparaiso University law professor and member of the Federal Reserve Board’s consumer advisory council, Alan M. White this past week.  The study concentrated on a pool of Wells Fargo mortgages and gives us all a not too common look under the hood [...]

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GOP: Probe Countrywide’s Sweetheart Mortgages

by Moe Bedard

House Republicans want the House Ethics Committee to investigate whether House members and aides received sweetheart deals on their home mortgages.
 
According to The Hill, Reps. Darrell Issa, R-Calif., and Mark Souder, R-Ind., told the Committee in a letter that the “serious and broad allegation that members of Congress, congressional staff, and other officials were given [...]

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Is Obama for the People or the Banks?

by Moe Bedard

Let’s get something straight here America.
The President of the United States is to work for the common good of the people for which they represent and serve. Yes, represent and serve. They do not take the oval office to work for the “special interests” of corporate America and the money that fills their campaign buckets.
Or do they?

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Should Lenders be Allowed to Participate in the Mortgage Clean Up Process?

by Moe Bedard

This has been bugging me for quite sometime now and I thought I would dedicate a blog post to voice how sickened I am by the fact that the very companies and people who have single handedly created this housing bubble and mortgage crisis are involved in the clean up process.
All these forums and seminars [...]

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“I believe that banking institutions are more dangerous to our liberties than standing armies” – Thomas Jefferson

by Moe Bedard

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their [...]

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Countrywide Home Preservation Foundation to Modify Billions in Loans

by Moe Bedard

CALABASAS, Calif., Oct. 23 /PRNewswire/ — Countrywide Financial Corporation today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of Countrywide loans for borrowers who are facing an adjustable-rate mortgage reset through the end of [...]

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