Posts tagged as:

loan modifications

FTC Obtains Court Order Halting Deceptive Mortgage Relief Internet Ads

by Moe Bedard

Marketers Falsely Claimed to Operate MakingHomeAffordable.gov
At the Federal Trade Commission’s request, a federal district court issued an order to stop an Internet-based operation that pretends to operate “MakingHomeAffordable.gov,” the official Web site of the federal Making Home Affordable program for free mortgage loan assistance. The FTC alleged that the defendants deceptively diverted consumers who searched [...]

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Can all homeowners get free foreclosure help?

by Moe Bedard

There has been a great deal of negative press regarding paid foreclosure assistance and in particular, loan modifications.
The media has taken the loan modification ball and they are sounding the TV trumpets, mis-informing consumers by the millions, “DON’T PAY FOR LOAN MODIFICATION ASSISTANCE!” “If anyone asks for money to help you avoid foreclosure , run!” 
Personally, I [...]

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Predatory Landlords: The Latest Foreclosure Scam

by Moe Bedard

By Moe Bedard
The simple act of renting a home for Main Street Americans has become a sick game of “Where’s the foreclosure?” or another popular rental hit, “Let’s see how long we can rent in this home before it falls into foreclosure?”
The scam of renting a home when it is in foreclosure and not paying [...]

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Loan Modifications a Bad Deal for Main Street?

by Moe Bedard

By Moe Bedard
Today’s New York Times ran an article about the downsides of the incentivized loan modification plans citing potential contractual violations between lenders, servicers and the investors that expect returns on their investments. With the government paying $1000.00 or more to banks that play ball, that is, provide loan modifications per government guidelines, I’m [...]

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In Exchange for Playing Ball B of A to Get $2.66 Billion

by Moe Bedard

By Moe Bedard
Of course we all already know that Bank of America, Wells Fargo, Citi and other lending giants have received trillions in bailout aid and now, because they’re willing to modify loans based on Federal guidelines they’ll get another nice chunk of change…$2.66 Billion according to the Treasury.
Perhaps this should be another “I’m [...]

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Loan Modifications Stalling the Foreclosure Recovery Effort?

by Moe Bedard

By Moe Bedard
It’s getting to be rather old news indicating that notices of default have hit record highs. Most everyone is aware of the fact that we are in a housing crisis. However, few people claim that lenders offering loan modifications are to blame for elongating the housing crisis. President Obama has sponsored loan modification [...]

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No Economic Turn Around in Sight

by Moe Bedard

Last week I featured a blog titled “Two Economies at War.” The subject was about CEO of Bank of America’s positivity regarding economic recovery. He thinks the economy and housing market are on the up and up while Main Street continues to suffer. Anyone or any company getting multi billion dollar bailouts is bound to [...]

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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 [...]

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