Posts tagged as:

mortgage

3 Reasons Mortgage Modifications Are Failing

by Moe Bedard

Here is an article from Motley Fool and I thought it was pretty spot on. The media is finally catching on. Check it out when you get a chance.
1. They called your bluff
Modifications cost banks money.
2. They think you’re a lost cause
As I showed last month, the redefault rate on modifications is ghastly.

3. They’re basking [...]

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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 Safe Harbor Protection for Servicers Under Attack

by Moe Bedard

By Moe Bedard
It seems that Main Street isn’t the only important party angered by safe harbor clauses in the pending cramdown bill, mortgage investors are agitated as well. While Main Street looks at safe harbor clauses as an appeasement to banks to allow cramdowns under extreme circumstances, mortgage investors are also asking themselves…”Hey, wait a [...]

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Wall Street Stranglehold on the Senate

by Moe Bedard

By Moe Bedard
Goodbye cramdown bill, hello reality! It seems like the cramdown bill might get shot down soon. The most depressing aspect of this isn’t that the cramdown bill will potentially be shot down, or at best, passed with multiple restrictions protecting Wall Street, but that our representatives are all but laying down to the [...]

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Senators Caught in Mortgage Fallout

by Moe Bedard

When Senator Kent Conrad of North Dakota wanted a mortgage for his beach house, he turned to a Washington insider. James A. Johnson, former head of Fannie Mae, the government mortgage giant, who then put the senator in touch with Angelo Mozilo, chief executive of the mortgage lender Countrywide Financial.
The ensuing telephone call between Mr. [...]

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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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Borrowers who negotiate loan terms with a mortgage broker in Spanish, must receive their loan documents in Spanish

by Moe Bedard

Borrowers Who Negotiate Loan Terms with a Mortgage Broker in Spanish, Must Receive Their Loan Documents in Spanish
Hablas Espanol? Su casa es mi casa!
“Just sign right here on this mortgage and real estate contract. I know you cannot speak or read English, but that’s not a problem. Everything I [...]

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Bank of America Buys Countrywide for $4 Billion

by Moe Bedard

This is huge news and it looks like Countrywide borrowers will now be dealing with Bank of America. I will get all the details I can on how this will affect Countrywide borrowers that are in the loan workout and loan modification process.
You need to know ASAP how this will affect you and what B [...]

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I Guess Countrywide Can?

by Moe Bedard

This is going to be my first post where I mention Countrywide and I do not bash them. I have said many times that Countrywide Can’t. This week they showed me that Countrywide Can.
3 real people ontained a loan modification from Countrywide. Thanks Countrywide. Geez, I never thought those words would cross my lips.
Yes, real live loan modifications. [...]

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We are looking for Countrywide borrowers that are in unaffordable and predatory loans

by Moe Bedard

We are looking for Coutrywide borrowers that are stuck in a mortgage that is unaffordable or predatory. We want to help you fight back against Countrwyide Home Retention Department and make them fix your mortgage with a loan modification.

If you are having no luck in obtaining help from Countrywide, the we want to hear from you. We want to [...]

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Here’s the deal, I get real cranky having to decline over 60% of what I am looking at, real cranky.

by Moe Bedard

By Poppy (30 year mortgage underwriting veteran) 
Well, I am back to underwriting again – and I have to say – WTF, you have not stopped with the Mis-Rep and Crap that you are submitting. Damn, you are more creative than ever folks. Here’s the deal, I get real cranky having to decline over 60% of [...]

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It saddens me that now a mortgage professional (Broker or Banker) has about the same credibility as a used car salesman

by Moe Bedard

I guess as an industry we’ve earned that reputation. We sold too many of the wrong types of loans to the wrong types of people. There were too many crooks out looking out for their own paychecks, and not their customers best interests.
Its really a shame because mortgage transactions are usually the biggest financial transaction [...]

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Countrywide Home Retention Department – My 16 week loan workout with Countrywide

by Moe Bedard

This is a post in my forum at LoanSafe.org from a struggling homeowner. I thought I would showcase these every now and then on my blog so people can see the troubles that homeowners face when they reach out to the Countrywide Home Retention Department for help.
Submitted by Andrea;
This is my first post on this forum [...]

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California Attorney General Jerry Brown Subpoenas Countrywide

by Moe Bedard

California AG Jerry Brown is very interested in investigating loans made to borrowers with yield spread premiums (YSP).
Some people characterize these “hidden” fees as broker “kick-backs” that are essentially built into your mortgage by bumping up the interest rate, and the lender pays the originator of that loan extra money for doing so.
Brokers have [...]

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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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