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Sunday, October 31, 2010

Richard Eskow my new favorite writer!

http://www.huffingtonpost.com/rj-eskow/getting-medieval-on-your_b_775482.html

Here is his article:

The current debate over foreclosure fraud has been a revelation, even for those of us who have become familiar with the power of moneyed interests to influence the national dialog. Despite overwhelming evidence of widespread lawbreaking and deception, there's still a popular point of view that says that fraudulent foreclosures are "just a technicality" and that what we're seeing is neither a systemic problem nor a crime wave of epidemic proportions.
Actually, it's both. Here are four reasons why the foreclosure fraud scandal is very important. They're counterarguments to the conventional "paperwork" wisdom, a point of view whose numbing effects threaten to anesthetize us to the profound significance of this scandal.
1. DragnetA recent New York Times article is just one of many that put names and faces to the foreclosure scandal: A man who paid cash for a vacation cabin found that foreclosure papers had been filed and his locks had been changed, despite the fact that there was no mortgage on the property. A couple was foreclosed upon -- successfully -- by a mortgage trust that court papers say doesn't exist. A woman in Colorado also had her locks changed by mistake, so the bank offered to let her skip a mortgage payment as an apology. When she did, foreclosure papers were filed on her.

The writers of the Times article also frame the counterargument: "Even if the paperwork was faulty, the fact remains that most homeowners in foreclosure have not paid their bills ... " That's Argument #1 in favor of downplaying the foreclosure fraud controversy: Sure, there have been some outrageous cases like the ones listed above. But the vast majority of people facing foreclosure really have mortgages, and they're really delinquent on them. So, the argument goes, what's the big deal? Fix the paperwork, weed out the errors, and let's all get on with our lives.
Here's the real problem: Any massive invasion of personal rights and liberties will catch some people who deserve to be caught. If we placed the entire country under martial law, initiated a state of siege, and rounded up every suspicious-looking person in America with a nationwide dragnet, many -- perhaps most -- of the people dragged off to jails would be guilty of something. But that's not how free societies operate. People have rights, even if they owe money.
The legal process around foreclosures has become a massive dragnet, run and managed by the financial services industry with the compliance of too many state and national legal institutions. The most egregious stories -- i.e., people who paid cash for houses and had them seized anyway -- are almost certainly a small minority of the foreclosure cases out there. But they show us how badly corrupt the entire process has become, and how far we've drifted away from fundamental principles of due process.
2. The Dukes of Moral Hazard
Here's the complete sentence from the Times article: "Even if the paperwork was faulty, the fact remains that most homeowners in foreclosure have not paid their bills, often because they bought more house than they could afford or because they lost their jobs. As a result, they will most likely lose their homes eventually, once the banks clean up their paperwork ..." That's a point the financial services industry is only too happy to underscore: "We believe that the overwhelming majority of the cases will be that the loan was seriously delinquent and needed to go to foreclosure," the article quotes an industry spokesperson as saying.
While the Times journalists did some excellent reporting for this piece, their sentence (above) framed the situation so well - from the financial industry's point of view, that is - that a quote from the industry itself was almost redundant. Sure, a lot of people "bought more house than they could afford," and some of them did so irresponsibly. But the financial industry's all too happy to leave it at that, characterizing all these foreclosures as problems of individual character rather what they really are: a breakdown of process, law, and ethics on a systemic level.
According to the most recent report from Lender Processing Services, Inc., 9.22% of all mortgages in the US are delinquent - and that's not counting those that are in foreclosure. 8.22% are either in foreclosure or more than 90 days overdue. All told, roughly 11% of all mortgages are either delinquent or in the foreclosure process. That's a problem with the system, not the product of millions of flawed individual characters.
Here's the bottom line: More than one in ten mortgages is in bad trouble. What's more, one in four mortgages is underwater, which means there's not enough collateral to cover billions of dollars in loans. The generous explanation for the banking industry is that they're completely incompetent at what they do. A huge chunk of the loans they've written are bad. Forgive the language here, but the bank-friendliest explanation for this systemwide breakdown is that bankers suck at what they do.
But the real explanation is that they knew these loans were bad -- and wrote them anyway.
Why? Because they intended to make quick and easy money by pumping up housing values, churning loans to customers who they knew couldn't pay. (The customers didn't know that, but the banks did.) They thought they could float this crap game forever, riding an ever-growing bubble and tossing the defaulting homeowners away when they couldn't pay the nut. But the bubble burst and the crap game got shut down.
They were able to walk away from this massive nationwide scam by convincing the country that the only irresponsible parties were people who "bought more house than they could afford." It worked, too. But now they've been caught in widespread fraud -- and they want to walk away from that, too. Nobody's suggesting there weren't irresponsible buyers out there, too. But so far, the bankers have been able to convince the country that the "moral hazard" was everybody's but theirs -- even though they were running the entire system, and it's the entire system that's broken down.
This time, the guilty parties should be made to pay for criminal behavior. And they should be forced to accept some of the financial consequences of their bad behavior by writing down some of the principal on the bad loans they've issued and sold.

3. Contract Killers
A loan is a contract, an agreement between two parties. The lender agrees to provide a certain sum of money, which the borrower agrees to repay according to agreed-upon terms and conditions. One of the biggest problems with the foreclosure fraud scandal - and the systems, tricks, and traps that created it - is that it obscures the contractual record between the parties, leaving all the information (and all the power) on one side of the transaction.
Consider the woman whose bank offered to let her skip a monthly payment in return for accidentally changing her locks, and then proceeded to foreclose on her. With shell games like the mortgage industry's MERS, which obscures the actual trail of ownership and insulates the lender from court proceedings, the bank in question doesn't even have to show up during the foreclosure process. That means that she's denied the right to face her trading partner in court. Due process is trampled upon, and so is the right to legally enforce a contract.
People facing foreclosure aren't just people who lost their jobs or "bought too much house." They're people who had a deal with their bank. Then they were hit with late fees, or unilateral changes to their loan terms, or other surprises that caused them to fall into a spiral of debt. Of those who have missed payments, many of them have a legitimate case to make: that the other party broke the contract and that's why they've missed payments. The foreclosure fraud scandal has taken away their right to defend themselves in court.
4. Getting Medieval On Your Assets
The last counterargument is literally an ancient one. It's based on the long-established right of any citizen to be inviolable in their home and possessions. This goes back to the Magna Carta, which established that the will of the monarch wasn't arbitrary and that the property of "freemen" could not be seized without proper legal recourse. This principle was enshrined in the Fifth Amendment of the Constitution, which says "No person shall be deprived of life, liberty or property without due process of law." (emphasis mine)
It's bad enough that we've seen massive violations of the Constitution and people are saying it's no big deal. But we're also seeing massive violations of a legal principle that was established as an inalienable human right ... in 1215 AD! And people are still saying it's no big deal. This isn't a "technical" problem or a "paperwork" issue. It reflects on our national character, and our will to preserve the rights and liberties that have existed for eight centuries.
The problem isn't that some people bought "more house than they can afford." The problem is that we have more rights as free citizens than the banking industry can afford. So, naturally, they want us to pretend those rights don't exist. If we do, we'll lose them. And that will be a really big deal.
_______________________________________________________________
Richard (RJ) Eskow, a consultant and writer (and former insurance/finance executive), is a Senior Fellow with the Campaign for America's Future. This post was produced as part of the Curbing Wall Street project. Richard also blogs at A Night Light.
He can be reached at "rjeskow@ourfuture.org."
Website: Eskow and Associates

Saturday, October 30, 2010

BANK OF AMERCIA executive Rebecca Mairone

Is either a very stupid woman or she thinks the rest of us are.  She says Bank of Americia is doing well with Hamp because they have modified the most loans. What she didn't mention is that Bank of America has a pool of Delinquent loans that is much larger than the other servicers.  So in actuality Bank of America has done the worst by far!

It modified 21% of the eligible loans.

The other Big Four banks have done better: Citigroup has granted permanent modifications to 44 percent of potentially eligible borrowers. For Wells Fargo, it's 37 percent, and for JPMorgan Chase, it's 32 percent.

So Rebecca Mairone what do you have to say about that?

State Attorneys Generals to take down big banks.

Wooo Hooooo..look at this people!

The Treasury Department, the and the OCC are doing nothing but condoning what the banks are doing.  Its disgraceful, but finally the Attorney Generals are banning together and taking action.

This is a must read for anyone following this.



http://www.nytimes.com/2010/10/30/business/30nocera.html?pagewanted=2&ref=business&src=me

WHY WE NEED A FORECLOSURE MORATORIUM

http://www.huffingtonpost.com/sen-sheldon-whitehouse/why-we-need-a-foreclosure_b_776172.html

"The system is simply not working logically when it cannot answer the question, "why is the bank throwing me out of my house, to sell it to someone else who'll pay LESS than I'm willing and able to pay right now?"

THE BEST ARTICLE TO DATE, PLEASE READ AND RE POST!

HOMEOWNERS GET THE BOOT FOR BAD PAPERWORK WHILE BANKS GET MILLIONS FOR SAME!


From the article
"The contradiction highlights what many critics of the past two administrations' policies have claimed for some time: they exert overwhelming force when it comes to saving financial institutions, but merely modest assistance when it comes to distressed homeowners."

by Shahien Nasiripour

Actually they are merely "pretending" to assist homeowners and there are huge number of  personal hired to "pretend" to be working..  Those fax numbers are probably to some  paper  recycling factory.

http://www.huffingtonpost.com/2010/10/29/money-first-questions-later_n_776135.html

Friday, October 29, 2010

Sadly this is no joke.

this relates to short sales, which I do too, but its the same process to get a home mod for a borrower as what they do to Realtors.




http://www.youtube.com/watch?v=12PmtP1j7ts&feature=related

Thursday, October 28, 2010

HOW MUCH CAMPAIGN MONEY DID THE BANKS PAY OBAMA TO SAY THIS?

http://www.huffingtonpost.com/2010/10/28/obama-foreclosure-program-_n_775553.html

Obama says that more aggressive efforts would only help the undeserving.  He goes on to say that in June banks started documenting financial information so that people would not mistakenly be put into trials. This is a ridiculous lie because back in Sept. of 09 they fully documented my income and I have read stories or thousands of other borrowers whose income was fully documented prior to being put in a modification.

He has the NERVE to go on to say he has gotten letters thanking him.

How about the hundreds of thousands of letters protesting the abuse?
Sickening.  He is giving the banks carte blanche to steal from and manipulate borrowers.

off the subject

This is a really important aritcle about what is going on with the research and development for new medications to treat obesity.

A really important point is made here; there are 50 different medications on the market to treat High Cholesterol, and only 2 to treat obesity.  Obese people don't fight for funding or research  because they feel they are at fault.

You don't hear diabetics going around saying they feel responsible for their diabetes, when in fact in most type II diabetics are as much responsible for their illness as an obese person is responsible for being overweight.  The stigma has to change, and with a full third of the population in America being obese maybe it will.

Check it out.

http://www.nytimes.com/2010/10/29/health/policy/29drug.html?src=un&feedurl=http%3A%2F%2Fjson8.nytimes.com%2Fpages%2Fbusiness%2Findex.jsonp

Wednesday, October 27, 2010

Pro Publica's article on loan mods today.

The Government’s Incredible Shrinking Mortgage Mod Program


Pro Publica's analysis of the modification program is that it is shrinking.

Banks records of modifying loans has been meager.  So it looks like the Banks are winning, people are giving up and walking away. So Fannie mae and Freddie Mac pay the banks, the banks then sell the house. The tax payers ( the people) pay Fannie Mae and Freddie Mac, and the Banks continue doing business as usual. Execpt one small thing.  They got even more houses then they would have if the government didn't lead the borrowers to their door.


http://www.propublica.org/article/the-governments-incredible-shrinking-mortgage-mod-program

Tuesday, October 26, 2010

THE FILTH AND LIES CAN REALLY MAKE YOU SICK.

"Treasury official told HuffPost on Tuesday that no one who is current on their mortgage payments can become delinquent because of a HAMP modification."

So what ARE the consequences of the BLATANT LIES, that this Treasury official told the Huffpost? 

Treasury's wrong about that," said Diane Thompson, a lawyer with the National Consumer Law Center. "Everybody comes out of the trial modification period owing more than they did when they went in, and everybody comes out with their credit worse."

"even in circumstances where they never missed a payment, they may face back payments, penalties, and even late fees that suddenly become due on their 'modified' mortgages and that they are unable to pay, thus resulting in the very loss of their homes that HAMP is meant to prevent."

Arthur Delancy Huffington Reporter

I personally can testify that this is exactly what happened to me.  I went in current and came out in default.

DC Protest Hamp is a Scam

I still need 10 leaders who can each get 10 people to join them and meet at the White House to share our opinions of the HAMP program.

If you can be a leader, please comment below, and sign up.  We will pick a date when we get the 10 leaders.

A six person protest made the Huffington Post
http://www.huffingtonpost.com/2010/10/26/homeowners-protest-hamp-i_n_773582.html

Monday, October 25, 2010

GOT A CALL FROM A VULTURE TODAY

VULTURE:               hello I am calling about property abc
ME the REALTOR:  oh that is a short sale and the seller is not allowing showings at this time.
VULTURE:              why?
ME:                         he is trying to work it out with the bank.
VULUTURE:          Oh that's too bad.
ME:                         Well maybe I could find you something else, what area are you looking for?
VULTURE:              It doesn't matter as long as its a foreclosure.
ME:                          I understand you are looking for a good deal, I know of several estate sales that are   very well priced and there are a lot of good deals out there that aren't foreclosures.

VULTURE:  No I only want foreclosures.  And isn't that freeze preventing the foreclosures. 

ME:   Listen you block head, what if you could get a great deal on a house that wasn't covered in BLOOD... WOULD YOU WANT IT OR ARE YOU JUST A FREAKIN VAMPIRE?
VULTURE:   NO THANK YOU I ONLY WANT FORECLOSURES.
ME:  FIGURES.

Saturday, October 23, 2010

IT is amazing how much manure is being shoveled around and how many are buying it.

In the same ridiculous article splashed acroses MSN Business News saying the US foreclosure mess chills market..
in small print it says

"One real estate investor in California said inventory has dropped 75 percent in the past two weeks, prompting a jump in prices" 

How about that?  So these last 2 weeks that the foreclosures have been kept off the market there has been a jump in prices, and how is this BAD?  OH right it is bad for the investors.  For Christs sake, can any one see reason in this.. so too bad maybe the investor who now owns 40 houses that he is renting out to poor people who lost THEIR HOMES... should not get such a good deal...

AND GOD FORBID HE ACTUALLY GETS OUT OF THE BUSINESS AND HOME OWNERS BECOME THE BUYERS AGAIN? 

CAN SOMEONE PLEASE SEE HOW MESSED UP THIS ALL IS?

Friday, October 22, 2010

FRONT PAGE OF THE HUFF POST, FORECLOSURE ON THE FRAUDSTERS!

FDIC TO PUT BANK OF AMERICA IN RECEIVERSHIP!
They are charging that the fraud is the work of the same people who crashed the financial system.

They are starting with Bank of America, my personal favorite!

"William K. Black, a former regulator and white-collar crime expert who cracked down on massive fraud during the savings and loan scandal of the 1980s, and his fellow economics professor at the University of Missouri-Kansas City, L. Randall Wray, write in the Huffington Post that it's time to "foreclose on the foreclosure fraudsters".

"The lenders, officers, and professional that directed, participated in, and profited from the fraudulent loans and securities should be prevented from causing further damage to the victims of their frauds, through fraudulent foreclosures."

Basically what they are saying is that the loans were fraudulently created, there is no paperwork so they have to commit more fraud to foreclose on the homes.


"This nation's most elite bankers originated and packaged fraudulent nonprime loans that destroyed wealth -- and working class families' savings -- at a prodigious rate never seen before in the history of white-collar crime. They created the worst bubble in financial history, echo epidemics of fraud among elite professionals, loan brokers, and loan servicers, and would (if left to their own devices) have caused the Second Great Depression."
Black and Wray


"If the government does not hold the fraudulent CEOs responsible, who is supposed to stop the epidemic of elite financial fraud? The Obama administration's answer is the fraudulent CEOs themselves. You can't make this stuff up."

Monday, October 18, 2010

DO LOAN MODIFICATIONS REALLY EXIST?

According to a Bank of America employee and an alleged phone recording they do not.  Could this be true?  Even I, as sinister as I am find this hard to believe, but the source says the employees were in trained in group sessions to lie, and to "give hope," to homeowners.

Wow this is getting even weirder than I thought it was.

WHY DOES THIS NOT SURPRISE ME?

The big banks now own companies, or at least phantom companies that are actually that same bank.  These companies buy tax debts from the government.  Then they tack on excess fees, threaten homeowners with foreclosure if they don't pay these taxes and pumped up fees IN FULL IMMEDIATELY. 





http://www.huffingtonpost.com/

Sunday, October 17, 2010

I am sorry to say this but....

This couple is who wanted to buy something that probably shouldn't have been sold, are now in the same boat as the rest of us.

Very important article.  Please post on your facebook pages and lets try to scare people away from buying foreclosures!


http://www.nytimes.com/2010/10/16/your-money/mortgages/16money.html?_r=1

Saturday, October 16, 2010

The moratorium is NOT THE PROBLEM

Here is a good article from the Huff Post that hits on a lot of the bullshit that is being thrown around.


Look at how this idiot contradicted himself:

A national moratorium would be very damaging to exactly the kind of people we're trying to protect," Treasury Secretary Tim Geithner said on Wednesday, "because the consequence of that would be in neighborhoods that have been most affected by the foreclosure crisis, where you see lots of houses on the block empty, unoccupied, what it means is those communities will be living longer with houses unoccupied, with more pressure on their house price with the people still in their houses."

So are the houses unoccupied or are people still in their houses Tim?

How is the person still in his house, maintaining it bad for the neighbor?  HELLO WON'T THE NEIGHBOR BE HARMED MORE BY THE FORECLOSURE WHICH IMMEDIATELY BRINGS DOWN THE VALUE OF HIS HOUSE!

Are these idiots saying that vacant houses are bad for neighborhoods?  That's true, so stop throwing people our of their houses and MODIFIY THEIR LOANS>>>>>>>these people are willing to pay a principal balance that is the same as what they are going to sell if for at auction... why not NOT SELL IT?


"Wall Street agrees: SO ARE THEY SAYING THAT WE SHOULD BELIEVE WALL STREET?"It would be catastrophic to impose a system wide moratorium on all foreclosures and such actions could do damage to the housing market and the economy," the Securities Industry and Financial Markets Association, a Wall Street lobbyshop, said in a statement. "It must be recognized that the mortgage market, investors and the health of the economy are all inter-related. Investors in the housing market--including American workers with pension funds, 401k plans, and mutual funds--would unjustly suffer losses in their savings from these actions."

RIGHT SO DON'T FORECLOSE... MODIFY THE LOANS SO ONLY THE BANKS LOSE MONEY..

OH OH OH, HOW ABOUT A NOVEL IDEA.

USE THE TARP MONEY TO MODIFY THE LOANS.. AND DON'T FORECLOSE!

Dean Baker, co-director of the progressive Center for Economic and Policy Research, said in an email to HuffPost that the threat of a foreclosure moratorium would give homeowners leverage to win mortgage modifications while doing nothing to hurt banks.


"If a bank realizes that it will have to spend a lot of time and money cleaning up its paperwork to go through a foreclosure it may suddenly get more serious about offering a modification that will people to stay in their home," wrote Baker in an email to HuffPost. "Also, even if that doesn't happen, homeowners may be able to stay in their homes (rent and/or mortgagefree) for another 2-3 months while the banks get the paperwork in order. What's the down side for the homeowner?"


As for banks, Baker calls bull on fears that a moratorium could have catastrophic consequences. "The fact that the banks say a moratorium would be catastrophic should be taken as having absolutely zero value. There are few people on the planet with less credibility," Baker wrote. "For the last two years everyone familiar with the housing market has been talking about the 'shadow inventory.' These are the hundreds of thousands of foreclosed homes that banks have deliberately kept off the market. The reason is presumably that they were worried about glutting the market with foreclosed properties, depressing prices even more."

What's damaging homeowners is the failure of Secretary Geithner and others in the administration to hold the servicers accountable for breaking the mortgage system and for violating the law. What's damaging is Treasury's failure to create and mandate a loan modification program that would actually help homeowners stay in their homes and stabilize their communities," wrote Rheingold. "What would be helpful would be the imposition of this necessary timeout so that servicers can use this time to learn how to comply with the law and Treasury can finally figure out a solution to the problem of hundreds of thousands or millions of unnecessary foreclosures."
http://www.huffingtonpost.com/2010/10/14/foreclosure-moratorium-home-prices_n_762800.html

Friday, October 15, 2010

RETIRED LAYWER STARTS FORECLOSURE MORATORIUM

Thomas A. Cox worked for years at Maine National Bank at at a job he describes as unpleasant.  His background of calling in small business loans and using homes as collateral was the basis for his thorough understanding of foreclosure paperwork.  Eventually he gave up law and struggled with his own personal issues, until he decided give his time and expertise FOR FREE to help the people on the other end of the foreclosure experience.

He stumbled across Nicole Bradbury's file, a woman in Denmark, Maine who was losing her $75,000. home after losing her job and her husband falling ill. 

The three words "limited"signing officer" were the words which jumped out to Cox and started  the Foreclosure Moratorium in 50 states!

Cox vowed that he would expose GMAC's process!  I dare say......... expose it he did!


Wednesday, October 13, 2010

Finacial sector the TOP DONER to Republican or Democratic Candidates

Why would politicians allow banking fraud?  It would reveal systematic and criminal fraud... if they allowed it to be investigagted.

This is a good piece check it out!


http://www.youtube.com/watch?v=P76Djeo5-4w

The Vultures are very angry.

The latest counter news.  The vultures are really pissed off.  Apparently there are a large number of people who claim  they are quality human beings. (They did not lose their jobs, they were not self-employed so their earnings did not plummet.) 

These so called "good people"  I will call them vulutres, are really upset about the foreclosure moratorium.  I kid you not, they are saying this out loud, on the news, on youtube, and anywhere else that they can get an audience.  Freezing foreclosures is taking good opportunities away from them.  They deserve to get houses at rock bottom prices, and now they can't.  The people living in these houses can't afford them and THESE PEOPLE SHOULD BE LIVING IN APARTMENTS.  I actually heard someone say that.

Silent scream.

Their more eloquent moron speakers are explaining it this way, let the market crash so it can recover.  This is exactly the opposite of what will initiate a market recovey. 

Force the banks to modify loans, and the market WILL recover.

Let the market crash and it snowballs and more people lose value in their homes.    When you let my house foreclose, guess what happens?  Your house is now worth what my foreclosed house sold for. Its really simple.  Let me give you an example since these people cannot seem to see one move ahead.

We live on the same block.  You were a good upstanding citizen.  You bought your house for 150  you paid it down to 130 (by being careful and not losing your job.) 

I bought my house for 200.    I paid it on time, just like you, until the market crashed, I lost my job, my income dropped, or I tried to sell to buy a smaller house, but since the market dropped I could not sell.  There are any number of reasons this happened to me.  When one person doesn't pay his mortgage you can blame him, when hundreds of thousands of people don't pay their mortgage common sense SHOULD tell you SOMETHING IS GOING ON.   

Both our houses were worth 250.  Now they are both worth 175.  You neighbor, are still ahead....I am behind.  But... let me fall and guess what is going to happen to you?

SOLUTIONS VS. CATASTROPHE

1.  Banks give me a modification, so I can afford to pay my mortgage and stay in my house
end result....

YOUR HOUSE RETAINS ITS VALUE. 

                  OR
2. Foreclose on my house, sell it for 100. 

THE VALUE OF YOUR HOUSE PLUMMETS!

YOUR HOUSE IS ALSO WORTH 100 AND YOU OWE 130.  GUESS WHO'S IN TROUBLE NOW NEIGHBOR.  SO IF YOU HAD A LICK OF COMMON SENSE YOU WOULDN'T BE FIGHTING FOR THE MORATORIUM TO BE LIFTED, YOU WOULD BE FIGHTING FOR THE MODIFICATIONS TO BEGIN..

Its pretty much that simple.  As my brother always says..... MEMORIZE IT!

Tuesday, October 12, 2010

FOX news..

Is there anything more infuriating!

OHIO STATE ATTORNEY RICHARD CORDRAY SUES GMAC

Justice department looking at Criminal prosecution against the banks that defrauded the courts.

 Banks used the courts by falsifying affidavits on a mass scale. Th

http://www.youtube.com/watch?v=QaGCKWst0eA

Halt all foreclosure that was using "robo signers."

Saturday, October 9, 2010

its infuriating

They are trying to convince the public that the moratorium is bad for the taxpayers.

It simply IS NOT TRUE.

They are blaming the homeowners AGAIN.  SHE IS ACTUALLY SAYING THAT THESE FORECLOSURES ARE VALID.

If the banks do modifications everyone wins.  If they don't everyone loses its that simply.  "Letting the foreclosures happen"  will further devalue the market for homeowners who are not presently in trouble,  so they too will have to foreclose, the decline will become so horrendous that a full depression may be the end result.

No one is talking about the real issue.  The banks need to cut their losses and give the modifications which  will stop the foreclosures not pick up speed or slow down the speed of the foreclosure.......

the modifications if done, will save the market.  Nothing short of that will.

But I just don't think it is going to happen.


http://www.msnbc.msn.com/id/39582924/ns/business-real_estate

Will the Moratorium last or is it an election Ploy?

Are we at the beginning of the end for the banks, or IS THIS JUST another game being played on the US citizens?  Do we vote people into office who say they are going to help, only to be scammed again? 

What choice do we have?  What are they really planning? 

Government to Deploy Broader Mortgage Aid


The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.
 underwater loans could be  modified through the program,

(REALLY IF IT COULD BE THEN IT COULD NOT BE  Right?)

 the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.

REALLY COULD DO SO AGAIN?  YOU MEAN THE BANKS COULD TIE THINGS up, THE LOAN MODS DIDN'T TIE THEMSELVES UP. 

Under the new "short refinance" program, banks and other creditors that write down mortgages to less than the value of the property ( can) essentially hand off the reduced loan to the government.


 The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
While the program puts taxpayers at risk—officials estimate one in five loans in the program could default—

THIS PART IS IMPORTANT.

(THE LOANS THAT RE-DEFAULTED WERE THE ONES GIVEN IN HOUSE MODIFICATIONS THAT WERE NOT MODIFIED ENOUGH TO HELP THE HOMEOWNER)  LETS CALL IT WHAT IT IS. THE IMPLICATION IS THAT THESE PEOPLE ARE DEADBEATS AND WILL DEFAULT NO MATTER HOW MUCH HELP IS GIVEN THEM, WHEN IT IS the banks that are stealing from the poor.  Like of like the opposite of Robin Hood.  Steal from the poor and give to the rich.
the government has set aside $14 billion previously earmarked for housing aid from the Troubled Asset Relief Program to cover losses.
  WHOSE LOSSES ARE BEING COVERED?  THE BANKS?  THE GOVERNMENT?  HOW ABOUT THE HOMEOWNERS?  ARE THEIR LOSSES BEING CONSIDERED?


"The new program, which was announced in March, is starting as the housing market shows signs of renewed trouble and as the Obama administration's signature Home Affordable Modification Program, or HAMP, falls short of its goals of helping three million homeowners. Half of the 1.3 million borrowers that enrolled in temporary loan modifications have fallen out of HAMP because they didn't qualify.


THIS PART IS INFURIATING TO SAY THE LEAST.  BORROWERS FELL OUT OF LOANS BECAUSE THEY DIDN'T QUALIFY???????

Only one-third has received permanent modifications.

 NOT BECAUSE THEY DIDN'T QUALIFY...............BUT BECAUSE THE BANKS COULD MAKE MORE MONEY FORECLOSING THAN DOING A MODIFICATION they were put into temporary mods to trick then into paying less than their original payment so the bank could then steal their home.


The initiative also comes as mortgage rates fall to their lowest levels in more than 50 years. Average rates on 30-year fixed-rate loans dropped to 4.43% last week, down from 4.55% during the previous week, according to a survey published Wednesday by the Mortgage Bankers Association."

"But not every homeowner who is underwater can participate. The bank or investors that own the loan must be willing to write down its value"  CAN'T PARTICIPATE?   WHAT?  YOU MEAN IS NOT GIVEN A MODIFICATION. PERIOD.  THEY CAN PARTICIPATE BUT ARE NOT OFFERED THE OPTION... FOR GOD'S SAKE CALL IT WHAT IT IS.

Friday, October 8, 2010

Bank of America to Halt Foreclosure in all 50 states.

Attorney Generals in several states have put moratoriums on foreclosures in many states, but Bank of America is the first bank to put a HALT on Foreclosures in ALL 50 States...

Politicians are pushing for federal investigations!

Thursday, October 7, 2010

BREAKING NEWS


Obama won't sign the two page bill passed by lawmakers which would allow legislation to loosen standards on foreclosure documents.

 I am probably being overly optimistic, but I feel like underneath the surface the truth is erupting.


http://www.huffingtonpost.com/2010/10/07/obama-pocket-veto-foreclosures_n_753987.html

Wednesday, October 6, 2010

Congressional Democrats Request Big Bank Investigation

October 4, 2010

Excerpts from the Congressional letter to Attorney General Holder, Chairman Bernanke and Acting Comptroller Walsh.


The problems are no longer personal.

Systemic Problems exist with the way the banks are dealing with homeowners.

The excuses we have heard from the banks are simply not credible.
_________________________________________________

http://www.foreclosureindustry.com/2010/10/ohio-ag-files-suit-against-gmac/

JUST FILED TODAY!

OCTOBER 6, 2010

Ohio State Attorney General Richard Cordray
v.
GMAC
and
ALLY
http://www.huffingtonpost.com/pat-choate/legalizing-the-bank-forec_b_752426.html

"In the process of quick foreclosures and panic sales, the banks are creating a second national housing crisis by discounting the price of the foreclosed houses, often by 40 percent or more, thereby driving down the value of neighboring houses. Also, many title companies are refusing to issue title insurance, a basic requirement for securing a mortgage by even the best-qualified purchaser, further stifling an already weak sector of the economy."

Pat Choate
Huffington Post

BANKS BREAKING AND ENTERING WITHOUT REPERCUSSIONS.

Bank breaks into home with woman in it, to changes locks, while she is there.  She was not in foreclosure but was working with the bank for a loan modification.



http://mattweidnerlaw.com/blog/2010/10/here-is-the-video-from-msnbc-bank-burglaries-go-unpunished-watch-and-share/

WE MUST TAKE ACTION.

VOTE AGAINST HR 3808.

 email or call the President at 202-456-1111 to ask him not to sign the bill.


H.R. 3808 requires federal and state courts to recognize notarized documents from other states,

"Mortgages are now being used as backing for securities traded all over the world by financial institutions. When a mortgage goes into default, a “chain of title” (list of its owners) must be created. It’s being discovered that many financial institutions have taken shortcuts in creating lawful chains of title that allow them to foreclose and take homes when they would not otherwise have the right under the law. "

Jennifer Brunner
Ohio Secretary of State

Tuesday, October 5, 2010

Richard Zobeck,

Good Article.

http://www.huffingtonpost.com/richard-zombeck/homeowner-activists-and-a_b_749477.html

FONT MATTERS or so they say.

So apparently the font I use is important when I file my lawsuit.  I guess the Judges don't want to have to sift through fruity fonts in pink.  Although that would be my preference.  I guess I will have to follow the rules. 

Word gave me a run for my lack of money, by adding extra paragraphs and pages everywhere.... why I ask you, why are these silly details driving me nuts?  But Hampwarrior took word DOWN, that's right, there is a tiny paragraph symbol mixed in with a lot of other mysterious symbols,  and when you click it you see that there are hidden paragraphs of nothing everywhere.  Why I have no idea... and the page breaks, whose idea were those?  So you click control and enter and viola there are mysterious page breaks all over your work.   BUT NO MORE WILL WORD CONTROL ME..

Not today anyway. 

What better way to spend a day than working on a lawsuit complaint to the company that stole the last year of my life, while watching Lassie?

ONE HOMEOWNER'S PERSPECTIVE SAYS IT ALL....

ANOTHER ONE OF BANK OF AMERICAS VICTIMS SPEAKS TO ALL OF US... EXCEPT THE CEO'S AND BANK PRESIDENTS, POLITICIANS WHO ONLY CARE ABOUT THEIR OWN BOTTOM LINE AND SUCCESS, THEY DON'T CARE THAT THERE ARE FAMILIES AND PEOPLE WHO ARE BEING DESTROYED BY THEIR EVIL GAMES.


"Im hoping that by now that terrified feeling has subsided for you. You need to know how many of us are out here going through our own scenario of this same kind of experience. There are more of us than you can even imagine. You can't tell by looking at us just who we are. We look like your neighbors, teachers, co-workers, your nurse, your bank teller, grocrey checker, your family and friends. I know. And I am not ashamed anymore to tell my story. And it's in the telling that I have been set free and have allowed others to open up about their situation in turn. Also, once I did let go of the secret I had been keeping, it no longer held the same power over me that it did when I had felt shame over it. It began to matter less and less if I got to keep my house or not. I soon felt my destiny was mine to choose... No longer Bank of America's. I know that they can allow me a modification...or not. That is still up to them, but I'm just not sure if I will accept it or not anymore. If they don't offer one, then I just figure it's the way it's meant to be. It would be a fine time to move on. I am not stressed or sick or scared anymore. It isn't my circumstances that have changed, but my attitude has. I so wish for you this same peace as well. "

kimmyg

Monday, October 4, 2010

SHORT SALES ARE SCAMS TOO.

I am a realtor, I should know.  I have two of them supposedly going on right now.  Every time I bring the banks an offer they manange to find a way out of taking it.  So I spent 8 hours today working on mountains of paperwork that they ask a seller to produce for a second lien holder who may get 5% on his loan.  I suppose it is much better to have the full  write off than to get a small payout.

SO STOP PLAYING THESE GAMES with seller's and with Realtors who are trying to earn a living.    Are we selling the house or not?  I had one bank, who turned down a deal for $1250.  WHAT?  This makes no sense.  Then they get another offer FOR 10,000 MORE, but they would have to pay out closing costs. They would still walk away with 10,000 more after the payout but they say no we don't pay closing costs.  WHAT?  Same bank, same house which has been on the market for a year and a half.  At this point anyone intersted is waiting for the Sherriff sale, and isn't that the goal anyway Mr. Bankster?

So if you are thinking of doing a short sale keep in mind that you will have to WORK AND WORK HARD FOR IT... AND IN THE END IT MAY NOT HAPPEN.

Its just another game for gain.

Sunday, October 3, 2010

Friday, October 1, 2010

Bank of America executive signing 7-8 thousand Foreclosure notices a month

Without reading them.  That's just in Massachusetts too! 

You can't blame her there were so many it just made sense to push them through.  Its better for the economy anyway to get rid of the rif raf.  If they are going to die they should do so and decrease the surplus population.


http://www.cbsnews.com/stories/2010/10/01/business/main6919520.shtml