AzGryffindor
LoanSafe Member
Holy cow! AZ isn't projected to turn around until 2023!!
PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is
- Thread starter THANKS2U
- Start date
hope67
LoanSafe Member
I know! This report is too pessimistic, it's SCARY!! I hope they are totally off..Holy cow! AZ isn't projected to turn around until 2023!!
Here is another article..scroll down you'll find a link : In Depth: City-By-City Multi-Year Home Price Changes
THANKS2U
LoanSafe Member
sniglet WA
LoanSafe Member
Philadelphia Field Hearing on Mortgage Foreclosures
Click on every TESIMONY link and read or print out.
This is just amazing information the most current that I found.
Sniglet in WA
Click on every TESIMONY link and read or print out.
This is just amazing information the most current that I found.
Sniglet in WA
THANKS2U
LoanSafe Member
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Philadelphia Field Hearing on Mortgage Foreclosures
Sniglet WA
Excellent find !!!! A HUGE THANK YOU
I have never even seen this website before -
It is a MUST SEE for ALL of us here on Loansafe. And indeed for anyone involved in this mortgae crisis, which is nearly everyone
Moe Bedard needs to give this site and many of its key testimony statements, to Dan Frahm of Bank of America, during their upcoming meeting this week....
I will post this as a separate post - Hope you don't mind
Everyone must currently see this site
Thank you Sniglet WA
I copied every single testimony given to my documents and will burn all testimony onto a cd for future reference
Philadelphia Field Hearing on Mortgage Foreclosures
Appreciatively,
Thanks2U
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THANKS2U
LoanSafe Member
Thanks housebroken13
The Institutional Risk Analyst: Bank of America: How Much Should Bond Holders be Haircut to Restore Solvency?
A bit complicated but worth reading
The Institutional Risk Analyst: Bank of America: How Much Should Bond Holders be Haircut to Restore Solvency?
A bit complicated but worth reading
I went back to CDIA and did find the reporting guidelines (I guess the site was down or something). Now you have to register on the site to access the details...
Non-CDIA Members:
If you are not a member of CDIA and this is your first purchase from the CDIA Web site, please create a username and password to continue shopping.
So, for whatever reason, you now have to sign up to see this information and it requires name, address, phone, etc. Even a fax number is required! Guess I should have saved this file to my computer!
News for option ARMs... U.S., Lenders Seek Ways to Head Off New Mortgage-Default Wave - WSJ.com
Ken Lewis is on his way out at Bank of America. But not without one more parting gift from all of us.
Despite helping to drive us into one of the worst financial meltdowns in history, it's been revealed that Bank of America plans to send Ken Lewis out the door with a $53.3 million pension on top of the hundreds of millions he's already made during his failed tenure as CEO.
We're the ones paying billions in tax dollars to bail out Bank of America for the mistakes Ken Lewis made. We shouldn't let him take one more penny of our hard-earned money.
The Obama administration has appointed a 'pay czar,' Kenneth Feinberg, to make sure our tax dollars aren't being used to pay outrageous earnings to bank CEOs.
http://action.seiu.org/page/m2/18a1e46d/16bb272/5a20dea6/ce6760c/2385298388/VEsE/
Will you tell the pay czar to stop payment on the Ken Lewis bailout? http://seiu.org/stoppayment
SEIU Secretary Treasurer Anna Burger will be delivering a letter to Mr. Feinberg, asking him to withhold Lewis' absurd compensation until Bank of America agrees to stop hurting our communities with reckless financial practices. But we want you, as a taxpayer, to sign on to the letter before we deliver it to Mr. Feinberg: http://seiu.org/stoppayment
The changes we're asking for are simple - and they're necessary to stop greedy banks from driving us toward another financial meltdown. Help make sure Ken Lewis doesn't get another dime of our money until Bank of America cleans up its act.
http://action.seiu.org/page/m2/18a1e46d/16bb272/5a20dea6/ce6760c/2385298388/VEsD/
Sign on to Anna Burger's letter at http://seiu.org/stoppayment
Thanks,
John VanDeventer
SEIU.org
P.S. It's not just Ken Lewis. CEOs at all the major banks are continuing to rake in millions, but they've done nothing to fix the problems that got us into this mess. Help us put them all on notice by signing the letter to pay czar Kenneth Feinberg.
Despite helping to drive us into one of the worst financial meltdowns in history, it's been revealed that Bank of America plans to send Ken Lewis out the door with a $53.3 million pension on top of the hundreds of millions he's already made during his failed tenure as CEO.
We're the ones paying billions in tax dollars to bail out Bank of America for the mistakes Ken Lewis made. We shouldn't let him take one more penny of our hard-earned money.
http://action.seiu.org/page/m2/18a1e46d/16bb272/5a20dea6/ce6760c/2385298388/VEsE/
Will you tell the pay czar to stop payment on the Ken Lewis bailout? http://seiu.org/stoppayment
SEIU Secretary Treasurer Anna Burger will be delivering a letter to Mr. Feinberg, asking him to withhold Lewis' absurd compensation until Bank of America agrees to stop hurting our communities with reckless financial practices. But we want you, as a taxpayer, to sign on to the letter before we deliver it to Mr. Feinberg: http://seiu.org/stoppayment
The changes we're asking for are simple - and they're necessary to stop greedy banks from driving us toward another financial meltdown. Help make sure Ken Lewis doesn't get another dime of our money until Bank of America cleans up its act.
http://action.seiu.org/page/m2/18a1e46d/16bb272/5a20dea6/ce6760c/2385298388/VEsD/
Sign on to Anna Burger's letter at http://seiu.org/stoppayment
Thanks,
John VanDeventer
SEIU.org
P.S. It's not just Ken Lewis. CEOs at all the major banks are continuing to rake in millions, but they've done nothing to fix the problems that got us into this mess. Help us put them all on notice by signing the letter to pay czar Kenneth Feinberg.
hope67
LoanSafe Member
Congressional Oversight Panel October Report:
http://cop.senate.gov/documents/cop-100909-report.pdf
An Assessment of Foreclosure Mitigation Efforts
After Six Monthshttp://cop.senate.gov/documents/cop-100909-report.pdf
THANKS2U
LoanSafe Member
Thank you HOPE67 !
Fantastic up to date information
A worthy site to keep and eye
Congressional Oversight Panel
Respectfully,
Thanks2U
davephx
LoanSafe Member
Wow, 210 pages but very good report - now will anything be done to get more permanent mods faster is the key and stop foreclosure sales in progress.
Anti-foreclosure programs are not enough: watchdog
<!-- ./end of article hd --> By Kevin Drawbaugh
<!--- Insert the sidebar information -->
<!-- Article Related Media --> WASHINGTON (Reuters) - Government programs to fight the U.S. home foreclosure crisis look increasingly inadequate and should be reworked, expanded and supplemented with new ideas, a congressional watchdog said in a report on Friday.
With a foreclosure filing occurring every 13 seconds, the United States is mired in a housing slump that is destroying billions of dollars in property values and threatening to choke off the economy's recovery from a stubborn recession.
The foreclosure crisis has moved beyond subprime mortgages into the prime mortgage market, said the Congressional Oversight Panel for the Troubled Asset Relief Program, the $700 billion bailout launched under the Bush administration.
"Rising unemployment, generally flat or even falling home prices, and impending mortgage rate resets threaten to cast millions more out of their homes," according to the report, which focused on the Treasury Department's efforts to curb foreclosures.
"The panel urges Treasury to reconsider the scope, scalability and permanence of the programs designed to minimize the economic impact of foreclosures, and consider whether new programs or program enhancements could be adopted," it said.
The report was sharply critical of the larger of the government's two big programs designed to fight foreclosures.
It increasingly appears that the Home Affordable Modification Program, known as HAMP, which reduces monthly mortgage payments to help borrowers who are facing foreclosure keep their homes, is not equipped to deal with the changing nature of the housing crisis, the report said.
The government's other effort to stem foreclosures, the Home Affordable Refinance Program, or HARP, helps homeowners who are current on their mortgages but owe more than their homes are worth, get more affordable loans.
As of September 1, the watchdog report said, HAMP had helped arrange 1,711 permanent mortgage modifications, with an additional 362,348 borrowers in a three-month trial stage. HARP has closed 95,729 mortgage refinancings, it said.
The five-member watchdog panel -- sharply divided between Democrats and Republicans -- is headed by Elizabeth Warren, a Harvard Law School professor and outspoken TARP critic.
It issues monthly reports on a range of issues related to the program and the crisis it was meant to address. The October report was accompanied by a dissenting statement from panel member Representative Jeb Hensarling, a Republican from Texas.
"A fair reading of the panel's majority report and my dissent leads to one conclusion -- HAMP and the administration's other foreclosure mitigation efforts to date have been a failure," Hensarling said in the statement.
While Hensarling reached a similar conclusion to the panel's report, he differed on the recommended action. Rather than calling for expansion of the government programs, he urged more basic changes by the Obama administration to its economic policy.
DOUBTS ABOUT MEETING GOALS
Treasury hopes to prevent as many as 4 million foreclosures through HAMP, "but there is reason to doubt whether the program will be able to achieve this goal," the report said.
The problem is that HAMP is limited to certain types of mortgages and isn't prepared for a coming wave of foreclosures stemming from payment option adjustable rate mortgages (ARMs) and interest-only loan resets exceeding eligibility limits.
"HAMP was not designed to address foreclosures caused by unemployment, which now appears to be a central cause of nonpayment," the report said.
"It increasingly appears that HAMP is targeted at the housing crisis as it existed six months ago, rather than as it exists right now," it said.
HAMP's ramp-up has been outpaced by foreclosures. So even if the program hits its November 1 target of 500,000 trial modifications, "this may not be large enough to slow down the foreclosure crisis," the report said.
Finally, the panel said it was unclear if HAMP modifications provide long-term help to homeowners whose payments may rise later. "The result for many homeowners could be that foreclosure is delayed, not avoided," it said.
The report came a day after Treasury Secretary Timothy Geithner said more than half a million troubled homeowners are participating in the anti-foreclosure programs and that they were ahead of schedule.
Anti-foreclosure programs are not enough: watchdog - Yahoo! Finance
<!-- ./end of article hd --> By Kevin Drawbaugh
<!--- Insert the sidebar information -->
<!-- Article Related Media --> WASHINGTON (Reuters) - Government programs to fight the U.S. home foreclosure crisis look increasingly inadequate and should be reworked, expanded and supplemented with new ideas, a congressional watchdog said in a report on Friday.
With a foreclosure filing occurring every 13 seconds, the United States is mired in a housing slump that is destroying billions of dollars in property values and threatening to choke off the economy's recovery from a stubborn recession.
The foreclosure crisis has moved beyond subprime mortgages into the prime mortgage market, said the Congressional Oversight Panel for the Troubled Asset Relief Program, the $700 billion bailout launched under the Bush administration.
"Rising unemployment, generally flat or even falling home prices, and impending mortgage rate resets threaten to cast millions more out of their homes," according to the report, which focused on the Treasury Department's efforts to curb foreclosures.
"The panel urges Treasury to reconsider the scope, scalability and permanence of the programs designed to minimize the economic impact of foreclosures, and consider whether new programs or program enhancements could be adopted," it said.
The report was sharply critical of the larger of the government's two big programs designed to fight foreclosures.
It increasingly appears that the Home Affordable Modification Program, known as HAMP, which reduces monthly mortgage payments to help borrowers who are facing foreclosure keep their homes, is not equipped to deal with the changing nature of the housing crisis, the report said.
The government's other effort to stem foreclosures, the Home Affordable Refinance Program, or HARP, helps homeowners who are current on their mortgages but owe more than their homes are worth, get more affordable loans.
As of September 1, the watchdog report said, HAMP had helped arrange 1,711 permanent mortgage modifications, with an additional 362,348 borrowers in a three-month trial stage. HARP has closed 95,729 mortgage refinancings, it said.
The five-member watchdog panel -- sharply divided between Democrats and Republicans -- is headed by Elizabeth Warren, a Harvard Law School professor and outspoken TARP critic.
It issues monthly reports on a range of issues related to the program and the crisis it was meant to address. The October report was accompanied by a dissenting statement from panel member Representative Jeb Hensarling, a Republican from Texas.
"A fair reading of the panel's majority report and my dissent leads to one conclusion -- HAMP and the administration's other foreclosure mitigation efforts to date have been a failure," Hensarling said in the statement.
While Hensarling reached a similar conclusion to the panel's report, he differed on the recommended action. Rather than calling for expansion of the government programs, he urged more basic changes by the Obama administration to its economic policy.
DOUBTS ABOUT MEETING GOALS
Treasury hopes to prevent as many as 4 million foreclosures through HAMP, "but there is reason to doubt whether the program will be able to achieve this goal," the report said.
The problem is that HAMP is limited to certain types of mortgages and isn't prepared for a coming wave of foreclosures stemming from payment option adjustable rate mortgages (ARMs) and interest-only loan resets exceeding eligibility limits.
"HAMP was not designed to address foreclosures caused by unemployment, which now appears to be a central cause of nonpayment," the report said.
"It increasingly appears that HAMP is targeted at the housing crisis as it existed six months ago, rather than as it exists right now," it said.
HAMP's ramp-up has been outpaced by foreclosures. So even if the program hits its November 1 target of 500,000 trial modifications, "this may not be large enough to slow down the foreclosure crisis," the report said.
Finally, the panel said it was unclear if HAMP modifications provide long-term help to homeowners whose payments may rise later. "The result for many homeowners could be that foreclosure is delayed, not avoided," it said.
The report came a day after Treasury Secretary Timothy Geithner said more than half a million troubled homeowners are participating in the anti-foreclosure programs and that they were ahead of schedule.
Anti-foreclosure programs are not enough: watchdog - Yahoo! Finance
Article on BofA...looks like a reporter actually went on the scene! It also quotes some new names at BofA to add to any emailing blitzes...
Bank of America Scrambles to Provide Mortgage Relief Before Deadline - washingtonpost.com
Bank of America Scrambles to Provide Mortgage Relief Before Deadline - washingtonpost.com
THANKS2U
LoanSafe Member
NO PRINCIPAL FORGIVENESS IN H A M P ARTICLE OCTOBER 9 09
No Principal Forgiven in HAMP - Realty Check with Diana Olick - CNBC.com
No Principal Forgiven in HAMP - Realty Check with Diana Olick - CNBC.com
Linking to another thread...
http://www.loansafe.org/forum/chase...d-bloomberg-help-they-replied.html#post136909
http://www.loansafe.org/forum/chase...d-bloomberg-help-they-replied.html#post136909