Message Board

Awww, He Means Well?

Artistic License — Sat, 06 Sep 2008 23:17:35 GMT

"I think that we've got to keep people in their homes," McCain said. "There's got to be restructuring, there's got to be reorganization, and there's got to be some confidence that we've stopped this downward spiral. It's hard, it's tough, but it's also the classic example of why we need change in Washington. It's an example of cronyism, special interest, lobbyists, a quasi-governmental organization where the executives were making hundreds of some billion dollars a year while things were going downhill, going to hell in a hand-basket. This is the kind of cronyism, corruption, that's made people HOMELESS, and justifiably angry."

source
http://news.yahoo.com/s/ap/20080906/ap_on_el_pr/candidates_mortgage_giants

US Plans to Seize Fannie and Freddie

Blossom — Sat, 06 Sep 2008 03:41:55 GMT

http://www.nytimes.com:80/2008/09/06/business/06fannie.html?hp

Ignore denials: State exposed to subprime

Big Mac — Fri, 05 Sep 2008 17:49:25 GMT

Ignore denials: State exposed to subprime | theage.com.au

Ignore denials: State exposed to subprime

Malcolm West

September 6, 2008

Page 1 of 2

WHILE leading banks and insurance companies around the world have conceded billions of dollars in losses on their structured finance holdings arising from the credit crisis, the Victorian Government has clung to the line that it has "no direct subprime exposure".

That none of its agencies owns a home mortgage in Milwaukee misses the point. The credit crisis moved beyond "subprime" residential mortgages in the US last year. It has since engulfed myriad structured finance products that once boasted prime AAA and AA ratings, and for which there are at present no buyers.

As revealed by The Age, hundreds of local councils, charities, churches, government agencies and super funds across the nation including Victoria are exposed to losses as a result of buying these products from financiers such as Wall Street investment bank Lehman Brothers (then Grange Securities).

The Age has now identified a number of Victorian agencies including Northern Health, Western Health, Gippsland Ports, East Gippsland TAFE, Benalla & Memorial Hospital and the Metropolitan Ambulance Service which hold or have held synthetic CDOs (collateralised debt obligations).

The "referenced" assets underlying these securities include securitised bonds issued by US subprime mortgage providers and monoline insurers such as Countrywide and Washington Mutual. To take one example, Countrywide now faces Chapter 11 bankruptcy and US federal probes by both the FBI and the corporate watchdog, Securities & Exchanges Commission (SEC).

There is now no market for these products although they continue to deliver distributions to their holders and these holders are, in many cases, yet to take write-downs.

In this light, the stubborn denials from Premier John Brumby and his Treasurer John Lenders have proven ever more hollow as evidence trickles in from various Victorian government agencies exposed to losses from this strain of fancy structured products alone.

Initially, the state was said to have had an "extremely limited" exposure to subprime that was "non-direct", then there were said to be "no direct subprime exposures". A few days later came the concession from the First Mildura Irrigation Trust that it had been "impacted by the US subprime market problem" thanks to its CDO holdings. The position was tweaked once again. "Direct exposure to subprimes in the Victorian Government is limited to the First Mildura Irrigation Trust," said the Treasurer.

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The Lender committed fraud initially

MAYAH — Fri, 05 Sep 2008 00:11:36 GMT

In a fractional reserve system, the lender committed the initial fraud.

If you would like a copy of a REAL mortgage note that has been deposited - you can email me at:

thefraudstopshere@gmail.com

PAY TO THE ORDER OF - only means one thing...

We need to wake up people... the lenders are not giving us their assets.
They are committing fraud of conversion of the mortgage note.

For those of you, who want to stop your foreclosures....

File an affidavit of Illegality in the court where your security deed/mortgage note is recorded before the bank attempts to foreclose on you. Especially for those individuals who are in non-judicial states.

If MERS is foreclosing on you:

Write the following individual at MERS: I did it
and tell her directly that she has no beneficial interest in your property and the foreclosure will be yet another fraudulent transaction

Sharon McGann Horstkamp

Vice President and General Counsel

MERS

1595 Spring Hill Road, Suite 310

Vienna, VA 22182

File a compliant with FDIC

This would at least get you the name of the bank the original lender sold your fraudulent loan if they did not record the assignment/sale.

I did these things and the bank has not foreclosed on my home.  (I refuse to pay a debt that can't be verified and I haven't since 10/07). I don't owe the bank anything...the banks owe me.

Those who have ears let them hear...those who have eyes...let them see

BEWARE LOAN MODS-A true story

arkygirl — Thur, 04 Sep 2008 16:11:29 GMT

I am very skeptical about all these loan modifications being offered by just about everybody. I suspect that the true motives behind them are NOT to help the borrower at all but to get 1) financial information about the borrower in order to know how much can be milked from them before foreclosure occurs and 2)a chance to get borrower's signatures in case the servicer needs to "produce" documents for legal cases. My gut feeling is that both motives apply in most cases.

Tread very carefully when any servicer tells you it wants to "help" you. It seems that the end game is still to enrich themselves while "helping" borrowers into BK!

Check this out:

Countrywide/BofA - A Direct Threat to Borrowers & Shareholders

Posted on September 3rd, 2008 in Daily Mortgage/Housing News - The Real Story, Mr Mortgage's Personal Opinions/Research

I am infuriated. You will not believe this story. This sure looks as though Countrywide/BofA has conspired to deceive a homeowner and shareholders. They are getting these borrowers at their weakest moment with a plan that is portrayed as help but will ultimately lead to disaster. This is much worse than stated income, no doc and no appraisal loans were in the first place. WHERE ARE THE REGULATORS! If you cant see this train coming down the line in 5-years you are blind.

For those of you who do not believe the housing and mortgage implosion will be around for years, here ya go. I can talk about subprime being the proverbial canary in the coal mine, default rates, loan loss reserves, max-neg caps, Pay Option ARMs, cure rates, capital ratios, write-downs, Alt-A, Jumbo Prime and the GSEs faulty underwriting systems until I am blue in the face, but none of these things seem as overwhelming as this story. I understand and can quantify the prior list of threats. Countrywide has taken this to an entirely different level.

Meet The New Game in Loss Mitigation - Put it off for 5-years with 2% rates and 200% LTV workouts; make the borrower sign away their life waiving all future claims; then tell the shareholders it is performing. In 5-years this will bury the borrower beyond all recognition and force them into bankruptcy, but until then problem solved. WHERE ARE THE REGULATORS!

This is a true story that happened last week.

This borrower has an $800k Pay Option ARM obtained in 2005. Last month they hit their max negative cap of 115% and their payment went from roughly $3k per month to $5k per month. The total outstanding balance with the accrued negative amortization stood just above $900k. The home is now a rental and the gross rents are roughly $3k per month. The borrower moved out a few months back and are now renting closer to their jobs. The home is currently worth $515k according to Zillow.

They called Countrywide for help. Boy, did Countrywide helphelped themselves.

Countrywide immediately sent them documents making the new monthly payment less than $1600 per month by giving them 2% interest only for the next 5-years. At the end of 5-years it returns to its original terms, which will be a fully-amortizing loan that must pay off within the remaining 23-years. At this point undoubtedly the borrower will default. This 5-year deal is far worse than an original 100% 2/28 or Pay Option ARM ever was.

The borrower received the documentation on a Friday and had to have them back by the following Tuesday or the deal would be rescinded. The borrower also had to agree to waive their rights against any claims against Countrywide in the future for any purpose. The borrower accepted immediately. Countrywide saved themselves by throwing the borrower under the bus. WHERE ARE THE REGULATORS! They are too busy blaming everyone else and not doing their jobs.

Essentially Countrwide:

Refinanced a $515k home with a loan balance of $900k
Put the borrower underwater by $385k in a pen stroke without recourse
Stuck the borrower in a home that they cant sell or refinance
lured the borrower by using lo w monthly payments
Hid an ultimate default and subsequent foreclosure
Averted a 50% write-down and pushed out the loss indefinitely into the future
WHERE ARE THE REGULATORS!

This is why homeowners should never manage their own mortgage modification. Investors should never listen to the banks with respect to their exposure either. Banks are in such self-preservation mode, you do not stand a chance. Typical home owners have such little understanding of the market, interest rates, qualifying ratios, banks thresholds, the consequences of their actions or even of their own household balance sheet that a self-negotiated mortgage modification will end up looking like the one described here. The consumer stands no chance. I am all for banks working out loans but this out of control. WHERE ARE THE REGULATORS!

For those of who who did not read my mortgage modification posts a couple of months ago or watch the Youtube versions, please review. It could save your financial future. -Best, Mr Mortgage

http://tinyurl.com/5frvqm

Bin Boned? Me Too!

Bone Daddy — Wed, 03 Sep 2008 15:49:53 GMT

Did your American Dream turn in to a nightmare? Mine did. Foreclosure take place or about too. Come share with us. We must not take it lying down. Don't be shy.

http://binboned.uber.com/homepage

"MOTION TO SUBSTITUE AND TRANSFER OF PROPERTY

QUESTION, QUESTION!!! — Tue, 02 Sep 2008 23:22:15 GMT

A lawyer for the other party had a frivolous case against me from the beginning to get money out of me for his client. This attorney has done every unethical trick in the book to try to discourage me to get money.

Now the latest stunt is trying to "Motion to Substitute" another party. Is this legal and can the attorney substitute another party even though his clients lawsuit is asking for damages that would not be relevant to this new person (party)?

Also, this same lawyer claims he has transferred the property this is subject to two (2) Lis Pendens filed by me against his client. Is this legal and can a deed, title or property be transferred when there is pending litigation?

I never knew that other litigants could substitute other parties, I thought that was just for banks, lenders, mortgage companies and their lawyers.

Lack of Standing/Jurisdiction/Jury Trial

JOhn R — Tue, 02 Sep 2008 21:19:00 GMT

I had not included in my First Answer to foreclosure that I wanted a Jury trial. My case is such, I believed the Plaintiff would drop it almost immediately and then refile with proper paperwork. That has not been the case. I then asked for a Jury trial due to "lack of Jurisdiction" caused by "Lack of Standing". I'm told now it's to late to ask. I have previously seen decisions that allow a request for Jury "anytime" when the issue is raised as to "Lack of Jurisdiction" but can't find any now. Anybody out there know of any cases that are pertinent? Thanks! John R.

Gustav

srsd — Sun, 31 Aug 2008 18:49:37 GMT

To all of the people on the message board ( especially one lady that has fought hard )that lives on the southern coast....our thoughts and prayers are with you as you face another terrible storm. Be careful and safe and if there is anything our family can do to help , please drop us an e-mail. Let us know how you are when this passes.

GOD BLESS YOU AND YOUR FAMILIES

Foreclosure

blondy — Sun, 31 Aug 2008 05:36:30 GMT

I was served a foreclosure notice 5 weeks ago. I requested an adjournment and was allowed 2 weeks. I am legally entitled to another one here in NJ. I have tried repeatedly working with my the servicer who is America's Servicing Company aka Wells Fargo....one of the worst companies. The original holder was Mortgage Lenders Network, which went bankrupt. When I contacted ASC they said I could do a short sell, within 5 days of contacting them I had a Sheriff's notice on my door????? ASC has led me around in circles...it has been a nightmare. I was trying to do the right thing and get out from this house, they just won't let me. I even had a buyer...they just ran in circles with me. I contacted a Senator who witnessed first hand on the phone what they have been putting me thru. I am also going to be filing fraud charges against MLN. The orig. note I signed for was 10,000 less and the interest rate 3/4 points lower. Apparently along the way they changed it. My signed documents say the opposite of what they are charging me!! Is there a way I can get this Foreclosure thrown out based on this? Also I need a good lawyer to file a lawsuit. Any advise is welcomed. I found this website looking .for any help about this whole mess.

mortgage note sold but no one filed assignment

lindsay — Sat, 30 Aug 2008 13:50:45 GMT

in nys-my mortgage note was sold 5 times yet none of the banks it was sold to ever filed assignment of mortgage with the county clerk. also-imc claims to have bundled and sold my loan original loan 2 months after i got it to imc home equity loan trust. i have all docs oon record with the county clerk and they never filed the assignment to the home equity trust which is sec requirement. can all these banks listed be the plaintiff and foreclose? they do have the original mortgage note which says it can be sold but no one ever filed a lien..

PRODUCE THE NOTE

Looker — Fri, 29 Aug 2008 00:36:11 GMT

Hi,
Has anyone used the PRODUCE the NOTE strategy with SAXON?

1) Does Saxon have the ORIGINAL note?
They CANNOT foreclose without proving that they have the original note!!!!

2) when they bought the loan from Novastar, did they pay the appropriate taxes on the sale. The back of the ORIGINAL NOTE should have the endorecement on it. You must see this, make them show it to you in court.

I will file an injunction in court to stop the forecloaure until they can produce the original note.

Did you know that over 40% of all notes are LOSt or destroyed?

Read this: http://www.bloomberg.com/apps/news?pid=20601109&sid=aejJZdqodTCM&refer=home

Anyone?

Report On Scott Anderson Of Ocwen, MERS, Ameriquest & Judge Schack Fame

Nye Lavalle — Wed, 27 Aug 2008 20:17:43 GMT

http://livinglies.files.wordpress.com/2008/07/pmiocwenreport.pdf

NeighborWorks Controlled by Government and Lenders to Borrowers Detriment

Inside CIA — Wed, 27 Aug 2008 20:11:36 GMT

NeighborWorks Controlled by Government and Lenders to Borrowers Detriment (NW Coverage Part 1)

Posted on August 27, 2008 by Robert Doggett

This is the first in a series regarding NeighborWorks.

You may have heard about Neighborhood Reinvestment Corporation, doing business as NeighborWorks America (NW) the nonprofit corporation that continues to receive hundreds of million of dollars to counsel or fund other agencies to counsel troubled borrowers facing foreclosure. (They just got another $180 million as a part of the new federal lender bailout law just passed in July 2008 described in part here, after previously receiving $180 million in December 2007.) NW performs other activities besides mortgage counseling; over the past ten years NW has received over one billion dollars in government grants and other revenues to perform all of their activities. See NW press release here, IRS Forms for 2003, 2004, 2005.

Fast becoming the Counselor Kingpins

As the nations largest certifier of homeownership counselors, NeighborWorks America trained over 3,300 foreclosure counselors in the last four years. In 2008, NeighborWorks expects to train an additional 3,000 foreclosure counselors through forty place-based trainings around the country, an online course on foreclosure counseling fundamentals, and four NeighborWorks Training Institutes.

NeighborWorks Press Release July 30, 2008 here.

NWs CEO has a different training stat that appears more impressive:

Since its launch in 2004, has issued nearly 25,000 certificates of completion to housing counseling professionals in pre and post purchase education and counseling courses focused on homeownership and community lending, including more than 5,500 staff from HUD-approved counseling agencies.

Kenneth Wade, CEO of NW, Statement to Senate Banking, Housing and Urban Affairs Committee, Economic Policy Subcommittee, May 1, 2008 here.

Executive Branch and Lenders Control It

Who is on the board of NW? Government political appointees (hardly a group dedicated to ensuring borrowers are protected).

Thomas Curry, Chair board member of FDIC
Julie Williams, Vice Chair deputy comptroller and chief counsel of the federal Office of the Comptroller of the Currency (OCC)
Gigi Hyland, Board member National Credit Union Administration.
Brian Montgomery Board member Assistant Secretary, HUD.
Randall Kroszner Board member Board of Governors of Federal Reserve System.
John Reich Board member Director of the Office of Thrift Supervision.
Source here.

NWs partners are equally diverse: Citi, Countrywide, Fannie Mae, HUD, Freddie Mac, USDA, State Farm Insurance, Department of Justice, JP Morgan Chase, Wachovia, E Trade Financial, Bank of America, Genworth Foundation, Home Depot Foundation, MetLife Foundation, Safeco Insurance, Wells Fargo Housing Foundation. Source here.

NW operates their trainings under NeighborWorks Center for Homeownership Education and Counseling (NCHEC). Source here. Who are their partners? Another borrower-friendly group:

Citi
Countrywide (now Bank of America)
Freddie Mac
National Association of Realtors
HUD
Fannie Mae
JP Morgan Chase
MetLife
Source here.

NCHEC facilitated the development of National Industry Standards for counselors utilizing an advisory council. Who is on that council? A broad representation of industry stakeholders including: Bank of America, Chase, Citi, NeighborWorks, CountryWide, Wells Fargo, Freddie Mac, Fannie Mae, HUD, etc., with some other groups not previously listed like Chrysalis Consulting Group, LLC, Minnesota Housing, NHS of Great Falls, etc. Source here. Clearly the council is a broad representation of the industry the lending industry.

Who is missing? Borrower advocates like National Consumer Law Center, Center for Responsible Lending, National Community Reinvestment Coalition, Association for Community Organizations for Reform Now (ACORN), National Association of Consumer Advocates, National Low Income Housing Coalition, National Housing Law Project, legal aid organizations.

Developed Flawed Industry Standards for Counselors

One of the national industry standards developed by NWs industry council was the Foreclosure Intervention Specialty. It was adopted in January 2008 and is comprised of nine whole pages including exhibits. One of the core operating standards adopted requires competency of foreclosure counselors.

Competency: Possess a strong knowledge in the area of mortgage default and/or foreclosure intervention counseling, specifically relating to the current industry practices of loss mitigation to include loan repayment, forbearance, modification, refinance, loan assumption, short sale, deed-in-lieu, community referrals, and other remedies available to the homeowner to avoid foreclosure. The counselor should understand the structure of the primary and secondary markets, the collection and loss mitigation functions of those entities collecting mortgage payments, financial management and budgeting, and be familiar with state and federal regulations regarding the foreclosure process. The counselor should possess the skills to obtain pertinent client information, analyze financial and property data and draft a comprehensive written Action Plan (see Exhibit B) based on the clients goals outlining the resultant recommendations for foreclosure avoidance or sale.

National Industry Standards for Homeownership Counseling - Foreclosure Intervention Specialty, January 2008 here.

Notice that there is a requirement to be familiar with the foreclosure process. There is no requirement that counselors know anything about state or federal laws that relate to improper, illegal, predatory lending practices. Nothing in the advisory suggests counselors should know anything much except current industry practices of loss mitigation to include loan repayment . Just like the Hope Hotline, the counselors are to be trained to help the industry. See Hope Hotline created to save lenders money. Counselors are to be told what lenders want either pay up our way, or get out and save us the time, money and trouble of foreclosing: foreclosure avoidance or sale.

Counselors Taught to Avoid Advocating and Steer Borrowers to Pay or Vacate

What is NeighborWorks actually teaching to these counselors? Advocates decided to find out and attended a NeighborWorks Training not long ago. Following the direction of NWs board, the advisory council and their partners, and abiding by their industry standards, NW trainers over a two-day period belittled and blamed borrowers, instructed would-be counselors how to avoid helping borrowers, and instructed attendees to avoid advocating for borrowers and instead view themselves as extensions of mortgage servicers. Attendees were not told about state laws that might help a borrower, other than the basic foreclosure timeline, and were sure not told about any federal law besides bankruptcy and the servicemembers relief act. Contact the attendees to confirm. List here. Most importantly, it is not the fault of the individual trainers they followed the book written and published by NeighborWorks. More about the content of their trainings and manual will be covered in subsequent postings.

It is no wonder that NW was selected to receive funds judging from their two day foreclosure training for new counselors the priority is saving money for lenders, not preventing foreclosures.

litton loan battle

phillyjoe — Wed, 27 Aug 2008 19:38:56 GMT

Greetings everyone,
just wanted to update my battle with Litton on their motion for relief from the automatic stay,today was scheduled as a court date on the motion , it had been delayed twice before by their attorneys,I had filed an answer on standing and after much research ,which include ahve a phone conversation with the VEEPs of both j.p morgan and mellon/bony i was confident that they
were not the trustee as listed on the motions.In the meantime Litton had proimsed the court a modifaction to be rushed thru the system ,I even had a home inspection by them .late yesterday i received a call from the attorney informing me that they were filing a motion to dismiss the original motion as they discover that the "filings were flawed and the assignments were incorrect" I had told the attorney in the beginning that was the case at which he retorted "somebody owns the note" lol ,I agreed but said it was them.I had hope today to go forward with the motions and use the "standing is the threshold agrument that this site had posted , thought i would look just like clarence darrow with that argument.I was also going to ask for sanctions for the delays that were caused by them.I do know that litton is a legal wolf at the door and was wondering if anyone else had have them withdraw moitions and also is this a sign of a lost note.I am meeting with the trustee
on thursday to ask that he inquire to whom is litton paying monies from the BK from,as they insist it is bank of newyork .who has only a record of me from a 1998 loan that was paid in full and see no other assigments .keep up the good fight here folks ,it does make a difference.
gary waite , good luck on fri