Posts tagged as:

loan modification help

Local foreclosure SOS being heard

by Moe Bedard

After she was laid off two years ago, Rosemarie Cino tried talking to her mortgage lender when she fell $8,000 behind on her mortgage despite her jobs walking dogs, cleaning swimming pools and driving for Federal Express.

“They didn’t even want to talk to me,” said the Islip resident, who has two dogs. “They were like, [...]

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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 [...]

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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 [...]

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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 [...]

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The person asking the questions of the borrower is the first line of defense in a system designed to prevent fraud, period.

by Moe Bedard

Submitted by LoanWorkout.org Reader Rick 
You know as well as I do, the majority of people who are now underwater with their loans were all encouraged to go for it by the RE agent AND the Loan Officer. Why??? Because the RE agent and LO would get a commission for loaning out someone else’s money!
The person [...]

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Countrywide’s Mozilo Hushes Homeowner With an Unaffordable Loan Modification

by Moe Bedard

Emails, letters, and scandal, seem to be circling Mr. Angelo Mozilo has he scurries to cover up when the light is exposed on his famously tanned hide. 
The light flips on and BAM! Out goes the Countrywide Freeze Super Hero’s who are paid by Mozilo to fix PR problems, and put muzzles on homeowers who may expose what [...]

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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 [...]

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GOVERNOR PATRICK CALLS FOR FIRST IN NATION STANDARDS FOR LENDERS RESPONSE TO BORROWERS FACING FORECLOSURE

by Moe Bedard

New Regulation, Monitoring Lender Loan Modification Sets National Standard in Addressing Foreclosure Crisis
BOSTON— Friday, May 30, 2008— In order to increase the pace of lenders responding to homeowners hardest hit by the foreclosure crisis, Governor Deval Patrick has asked the Division of Banks (DOB) to begin evaluating all state licensed mortgage lenders on the basis [...]

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Countrywide Buys Homeowner’s Silence Over Angelo Mozilo’s “Disgusting” Email

by Moe Bedard

Welcome to the new way of putting muzzles on homeowners that can shed some light on Countrywide’s widely known practice of customer abuse. Fix their loan in record time, give them a deal they could have never have thought of in their wildest dreams and make them sign a confidentiality agreement.
Such as the case of [...]

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A Real Countrywide Email From the Office of Angelo Mozilo – Email Below Calls Homeowner Disgusting

by Moe Bedard

It isn’t every day that you get to see behind the scenes of the housing and mortgage crisis. Mainstream media usually tells the same homeowner story of pain and suffering and then the “made up” stories from the lenders and servicers who are masters of deception and lip service.
Here is an email that was forwarded [...]

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Your Loan Documents May be the Secret Key to Obtaining a Loan Modification

by Moe Bedard

Homeowners Warning: Beware of new scams using this as a tool to fight lenders by scammers and out of work mortgage brokers everywhere!!! This post is from early 2008 and the times have changed folks. Yes, it can work and help, but when used with a lawyer who can properly represent you.
I have studied and [...]

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The issuing power of money should be taken from the bankers and restored to Congress and the people to whom it belongs

by Moe Bedard

Thomas Jefferson was the third President of the United States (1801–1809), the principal author of the Declaration of Independence :
BANK (NATIONAL) (THREAT TO LIBERTY)
If the American People ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will [...]

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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 [...]

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PMI Streamlines Loan Modification Process and Helps More Americans Save Their Homes

by Moe Bedard

PMI Mortgage Insurance Co., the U.S. subsidiary of The PMI Group, Inc. (NYSE: PMI), today announced that it has issued new guidelines for modification of insured loans that will help more distressed borrowers save their homes. The new guidelines define the criteria for loans insured by PMI that qualify for modifications, and delegates the authority [...]

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Home Retention is just a deceiving name for debt collector

by Moe Bedard

This was submitted by a Loan Safe Forum member
A few days ago I discovered this forum when I had less than 2 weeks before the sale date of my property. Thanks to the advice discussed, I learned some very important things that I wish I would have known 3 months ago when I was 1st given [...]

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House debates foreclosure rescue

by Moe Bedard

Barney Frank: We’re telling people, “We wish you would use this alternative process.” Some of them will say, “Well, I can make more money foreclosing, so the hell with ya.”
Lenders are lobbying furiously against any move to give judges the power to adjust mortgages.
The House is expected to consider a $300 billion housing rescue package [...]

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New York Governor Paterson Calls for More Action in Mortgage Crisis

by Moe Bedard

Further evidence of the crisis came last week, with the second report published by the State Foreclosure Prevention Working Group, which also found that industry efforts to avoid unnecessary foreclosures are not keeping pace with the rising rate of homeowners in trouble. The report provides analysis of data from October 2007 through January 2008, and [...]

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Will Bank of America Step Up to the Loan Modification Plate?

by Moe Bedard

Bank of America is in the process of finalizing the deal in acquiring Countrywide Financial. Along with the Countrywide deal, B of A stands to inherit all of Countrywide’s baggage and this is no carry on bag for your favorite weekend getaway.
It’s a super duper, toxic sludge bag of mortgages with sprinkles of good loans [...]

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Foreclosure Prevention Efforts Falling Short of Need, Miller Says

by Moe Bedard

Industry measures to keep homeowners out of foreclosure are barely keeping pace with the rising rate of homeowners in trouble, according to Iowa Attorney General Tom Miller and other state officials. “The number of borrowers in loss mitigation has increased,” Miller said, “but the gains have been matched by an increasing level of delinquent loans.”
The [...]

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Lender & Servicer Loss Mitigation 2.0 – The Homeowner is Now in Control

by Moe Bedard

Let’s face reality America. Almost every home in America is sitting in quicksand.
Slowly, but surely your home is sinking down, further and further and it looks like main street America is getting hip to the fact that lenders, servicers, Hope Now and our mighty government isn’t going to help them.
A new study, compiled by the [...]

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The Fed’s Krozner Wants Loan Modifications Streamlined

by Moe Bedard

Federal Reserve Board Governor Randall Kroszner said on Monday, ” With the continuing high rates of foreclosure and the high costs associated with foreclosures, it is in the interest of lenders, investors, and borrowers to develop prudent loan modification programs to help borrowers on a larger scale and at sustainable levels.
Efforts to streamline or standardize [...]

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Lawmaker Steps Up Modification Pressure

by Moe Bedard

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said in an interview with reporters and editors of The Associated Press that loan servicing companies – which collect mortgage payments and distribute them to investors – should help modify and refinance more home loans.
“If there’s not a lot of voluntary participation now, that’s [...]

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Banks Must Write Down Loans to Prevent a Mass Homeowner Exodus

by Moe Bedard

The word is out and the banks and servicers need to get a clue. People are walking from their underwater homes in droves. What was once taboo has become the “smart” thing to do for many Americans.
This rhetoric that 50% of homeowners do not speak with their lenders or servicers is actually true.
But it isn’t because they [...]

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FDIC Chief Calls for a Housing Rescue

by Moe Bedard

 Sheila Bair says government intervention is needed—soon
As chairman of the Federal Deposit Insurance Corp.—the agency charged with protecting accounts at the nation’s 8,500 banks—Sheila Bair is knee deep in the government’s efforts to resolve America’s most harrowing financial crisis in a generation. She recently sat down with U.S. News to discuss the cancerous effect of [...]

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Key House lawmaker warns mortgage servicers to cooperate or face more regulation

by Moe Bedard

WASHINGTON (Thomson Financial) – Mortgage servicing companies which are resisting loan modifications aimed at preventing foreclosures need to stop fighting the idea or face tougher regulation, Democratic Chairman of the House Financial Services Committee Barney Frank of Massachusetts warned today.
Read the rest of the Forbes Story

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Statement From Michael Calhoun – President, Center for Responsible Lending

by Moe Bedard

WASHINGTON, March 19  /PRNewswire-USNewswire/ — The Federal Reserve Board has repeatedly tried since September to contain the foreclosure crisis damage that’s spreading rapidly into the general economy. It has lowered key interest rates a half dozen times and, to quote the Wall Street Journal, “undertaken the broadest expansions of its lending authority since the 1930s.” [...]

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Has the Mass Homeowner Exodus Already Begun?

by Moe Bedard

Filed under: You Walk Away
NY Times:
Mr. Paulson reiterated his opposition to proposals for a government bailout of subprime borrowers, which would also bail out many lenders. But he acknowledged that mortgage lenders and mortgage-servicing companies were not moving as rapidly on loan modifications as he would have liked.
“Am I satisfied? No,” he said. “Am I [...]

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The CRC Says, “Loan Modifications are Falling Short.” I Say, “Non-Profits are Not Helping Homeowners Correctly!”

by Moe Bedard

Yes, you heard it right and I am going to stand by these comments and this post 110%.
Non-profits serve a great need in helping homeowners work out their loans. But in their attempts to be of service, they are actually performing a disservice to the homeowner. They are missing the most important ingredient in assisting a [...]

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Principal reductions that restore equity for the homeowner may be more effective means of avoiding delinquency and foreclosure,” Bernanke said.

by Moe Bedard

This blog was started a little over 8 months ago with one purpose. To promote massive loan modifications. My blog was actually the only website on the internet that disseminated information about loan modifications to the media and to consumers.
8 months ago, a loan modification was like a white elephant. Rare, never talked about and rarely will [...]

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Countrywide Sued for Predatory Servicing by US Trustee

by Moe Bedard

It is about time that these lawsuits start to hit our court system. I am not a big fan of court and everyone suing each other. But what needs to be done, needs to be done and it’s all for the better. Especially against these mortgage servicing companies that are abusing homeowners and charging bogus fees.
Attention [...]

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Jane says no skiing and no surfing for Mozilo and the Countrywide gang

by Moe Bedard

Two Countrywide trips go around the outside, around the outside, around the outside. Two Countrywide trips go around the outside, around the outside. Now, dosie doe Mozilo.
Jane Wells CNBC – Countrywide Cancels Second Florida Event

Friday night Countrywide informed me that an employee sales event planned in April at an expensive Florida resort has been cancelled.
I’ve been blogging [...]

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U.S. Office of the Comptroller of the Currency Orders 9 Banks to Provide Monthly Data on Their Home Loans

by Moe Bedard

Finally these banks Will have some accountability for their actions. Up until now, it has been all public and media lip service. Puff and fluff press releases and merry Hope Now meetings no more. They will have to report the truth or suffer. What they will suffer, I don’t know?
LA Times:
The U.S. Office of the [...]

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Will bankruptcy judges get the power to modify the terms of troubled borrowers’ mortgages?

by Moe Bedard

The lenders and bankers are fighting the new bankruptcy bill big time because they hate when government meddles in their business. Well, they hate it when it affects their bottom line. But hey, they sure don’t mind  government assistance if it means bailing their butts out of the the mortgage waters. Even if they were the ones that caused the [...]

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Remarks by FDIC Chairman Sheila C. Bair to the Joint Venture Silicon Valley Network State of the Valley Conference, San Jose, Calif.

by Moe Bedard

Press Release from the FDIC
It is truly a sign of unusual economic times when a group of high tech leaders asks a bank regulator of all people to speak to them.
But bank regulation – or perhaps I should say weaknesses and holes in our bank regulatory structure — lie at the heart of our current [...]

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The Countrywide Shuffle

by Moe Bedard

Alright staff. I am under investigation by the SEC. Our stocks are down big time. All those toxic loans we made over the last few years are going bad. Our share holders and the media is on my a$$ big time. I know, let’s go skiing!
Another fabulous idea from Angelo Mozilo and the Countrywide camp. What [...]

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Welcome to LoanWorkout.org

by Moe Bedard

LoanWorkout.org is the only blog on the internet dedicated to following what lenders and servicers are “really” doing in regards to their loan modification and loss mitigation efforts.
Are you having trouble with your home loan? Has your mortgage adjusted and you cannot afford the new payment? Were you placed into a bad loan and you [...]

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All Aboard the Countrywide Foreclosure Bus Tour

by Moe Bedard

First Countrywide sold you a toxic loan that caused you to lose your home to foreclosure and devastate you financially and emotionally. Now, they are profiting from your misery by touring your foreclosed home with would be Donald Trumps, AKA foreclosure investors, in the new sick “for profit” service known as “foreclosure bus tours”.
First they had “Flip This House” [...]

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Get FREE Help in the Inland Empire, CA. with Your Loan Modification or Foreclosure

by Moe Bedard

The Loan Safe Advocacy Group in association with the Law Offices of Marshall E. Rosesnbach and the media is proud to announce that we are now offering for a limited time FREE help to 10 lucky homeowners that are facing mortgage issues or foreclosure in the Inland Empire of California.
The only catch is that in [...]

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Will Project Lifeline be Another Foreclosure Flop?

by Moe Bedard

First we had the FHA Secure loan that was “supposed” to be a life raft for hundreds of thousands of homeowners. Then we had the Hope Now coalition led by US Secretary Paulson and his army of lenders that took out their freeze guns and placed a “limited” amount of loans in a “secret” freezer [...]

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FDIC: Subprime Modifications ‘Lagging’

by Moe Bedard

WASHINGTON — The pace of loan modifications on adjustable subprime mortgages is lagging, which could prompt regulatory action on the mortgage industry, U.S. Federal Deposit Insurance Corp. Chairman Sheila Bair warned Thursday.
“Unfortunately, at this point, the available information seems to show that foreclosures continue at an unacceptably high level while true loan modifications are lagging,” [...]

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Stop Foreclosure and Learn to Fight Back Against Your Lender

by Moe Bedard

 Please join our one of a kind homeowner’s forum to help you stop foreclosure and where you can ask questions and get answers in this unique and interactive community. This forum was created to assist people in an anonymous, yet open question format. Meet other homeowners that are trying to get a loan modification and are going through [...]

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The SEC – Servicers allowed to modify mortgages where defaults are “reasonably foreseeable,” without jeopardizing the trusts’ off-balance-sheet treatment

by Moe Bedard

There has been a recent change in the air and it looks like the tides are starting to change for the better for those homeowners who are wishing and a hoping to modify their exploding, adjustable rate mortgage.
There has been strong resistance in the recent past with lenders and servicers willingness to work with borrowers in fixing their toxic [...]

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Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths

by Moe Bedard

The the U.S. House of Representatives Committee on the Judiciary, Subcommittee on Commercial and Administrative Law holds a hearing today. The subject of the hearing is the “Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths” and the new bankruptcy bill is on the agenda.
The Mortgage Bankers Association  (MBA) has an agenda and their agenda [...]

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These Loans Were Destined to Fail

by Moe Bedard

By Poppy (36 year mortgage industry veteran & senior underwriter)
This is a challenging and open statement to those of you in the Servicing game, Modification, Short Sale, Deed in Lieu, Collections, better known as the Work Out phase of our industry. 
This is where I started in this industry in 1972, at a little tiny, itsy bitsy [...]

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The federal government will “step up the pressure” on the lending industry to work out America’s mortgage mess so fewer people lose their homes – FDIC’s Sheila Bair

by Moe Bedard

“This is deadly serious,” Sheila Bair said  in a speech Downtown. “Foreclosures are too high in Pittsburgh and around the country.”
The FDIC chairman seems to speaking out more and more in regards to the efforts of lenders and servicers to perform loan workouts and loan modifications. Bair spoke at a downtown Pittsburg, Pa. to more [...]

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