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PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is
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nativelasvegan
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nativelasvegan
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Just found this. Fannie, Freddie suspend foreclosures - Yahoo! News
WASHINGTON – Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.
The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. "No family should have to face the prospect of being evicted during the holiday season," Michael Williams, Fannie Mae's chief executive, said in a statement.
Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.
Last winter, most major lenders suspended foreclosures while the Obama administration developed its $75 billion loan modification program. But foreclosures picked up again after those suspensions lifted.
WASHINGTON – Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.
The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. "No family should have to face the prospect of being evicted during the holiday season," Michael Williams, Fannie Mae's chief executive, said in a statement.
Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.
Last winter, most major lenders suspended foreclosures while the Obama administration developed its $75 billion loan modification program. But foreclosures picked up again after those suspensions lifted.
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nativelasvegan
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Here is another good article. Foreclosure backlog estimated at 1.7M - Yahoo! News
WASHINGTON – About 1.7 million homeowners were on the verge of foreclosure in the fall, a looming "shadow inventory" of homes that will be put up for sale in the coming years and weigh down prices, a report said Thursday.
The number, up from 1.1 million a year earlier, is likely to keep rising through the middle of next year or later, said Mark Fleming, chief economist of First American CoreLogic, the real estate research firm that released the study.
Already, the foreclosure backlog is equal to nearly half the 3.8 million unsold new and existing homes currently on the market, First American said.
"We're going to be dealing with high levels of distressed (sales) in the marketplace for at least a couple of years," Fleming said. "It's not just all going to disappear."
Other reports have come up with larger estimates. But FirstAmerican assumes that fewer delinquent borrowers — only about one-third — will wind up losing their homes. It also estimates that nearly 30 percent of bank-owned properties have already been listed for sale.
In many markets around the country, the number of new foreclosures has dropped in recent months as homeowners are reviewed for loan modification programs. But real estate agents, who have seen this as an encouraging sign, still fear that an onslaught is coming.
"We've been in recovery mode for most of the year. How many foreclosures do they have to dump on the market to affect that? I don't know," Deborah Farmer, owner of StarLight Realty in Tampa, Fla. "Any house priced under $225,000 will be affected by a large increase in foreclosures in this market."
WASHINGTON – About 1.7 million homeowners were on the verge of foreclosure in the fall, a looming "shadow inventory" of homes that will be put up for sale in the coming years and weigh down prices, a report said Thursday.
The number, up from 1.1 million a year earlier, is likely to keep rising through the middle of next year or later, said Mark Fleming, chief economist of First American CoreLogic, the real estate research firm that released the study.
Already, the foreclosure backlog is equal to nearly half the 3.8 million unsold new and existing homes currently on the market, First American said.
"We're going to be dealing with high levels of distressed (sales) in the marketplace for at least a couple of years," Fleming said. "It's not just all going to disappear."
Other reports have come up with larger estimates. But FirstAmerican assumes that fewer delinquent borrowers — only about one-third — will wind up losing their homes. It also estimates that nearly 30 percent of bank-owned properties have already been listed for sale.
In many markets around the country, the number of new foreclosures has dropped in recent months as homeowners are reviewed for loan modification programs. But real estate agents, who have seen this as an encouraging sign, still fear that an onslaught is coming.
"We've been in recovery mode for most of the year. How many foreclosures do they have to dump on the market to affect that? I don't know," Deborah Farmer, owner of StarLight Realty in Tampa, Fla. "Any house priced under $225,000 will be affected by a large increase in foreclosures in this market."
THANKS2U
LoanSafe Member
THANKS2U
LoanSafe Member
BASICALLY BS PR
And also a very good conniving excuse to give hundreds of employees time off without pay...
THANKS2U
LoanSafe Member
THANKS2U
LoanSafe Member
AND HERE IS MORE FROM OUR INTELLIGENT & SPIRITED - IRISH GAL
Another good article re "moral hazard" in this country. Anyone who still buys into this "moral hazard" argument re homeowners only is seriously misinformed, intellectually stubborn or just plain mean spirited if they continue to choose to publicly flog distressed homeowners who choose to walk. The whole society, country, has gone rogue when it pertains to "moral hazard." The only ones getting beat up about it are today's homeowners who are trying to save themselves and their families, by walking. What a crime! Walking is the only econ smart, sane option today, unless you enjoy owing double/triple what a home is truly worth, along with that predatory relationship w/ the banking cartel for yrs to come. Just IMHO. Walkers most likely would not be choosing to walk in droves if banks were providing real mods, including principle reductions. Just think of yourself as a big bank that pushes its politically sanctioned high risks and debts onto the econ as a whole, with no problem. The only difference is in their morally hazardous world, they continue to collect fantasy bonuses at the end of the year while walking homeowners get to get beat up by the misinformed, intellectually stubborn or mean spirited, among us. Oh well. At least you got rid of that $100k or more dead equity, for good. And got rid of those banking cartels, hopefully, for good. Let's hope the meanies will find new scapegoats, soon. They seem to always need to have someone to beat up on.
Who cares what the meanies think? Bank Bailouts - Salon.com<!-- google_ad_section_end -->
<TABLE border=0 cellSpacing=0 cellPadding=6 width="100%"><TBODY><TR><TD style="BORDER-BOTTOM: 1px inset; BORDER-LEFT: 1px inset; BORDER-TOP: 1px inset; BORDER-RIGHT: 1px inset" class=alt2>Originally Posted by Jumbo101
I urge you all to read Bailout Nation by Barry Ritholtz and see if it changes your opinion on the money guy's. For those walking away the read will help get you over some of the mental hurdles facing your decision to walk.
</TD></TR></TBODY></TABLE>
BAILOUT NATION BY BARRY RITHOLTZ
IRISG GAL STATES
That's on my list of books to read. So many good books to get through in 2010.
I don't have the mental hurdles that many may have, as my loan was predatory to begin with and there's been no legal consequences whatsoever for my lender (<ACRONYM title="Countrywide Home Loans">CW</ACRONYM>/BofA), although it's well known today that most of these notes were purposely and systematically sold predatorily in nature, even when most qualified for prime notes. The CA AG suit is a joke. Everything thus far that has been done for wronged homeowners has been <ACRONYM title="Page Ranking">PR</ACRONYM> in nature, solely. The lenders continue to run the predatory show. The gov created a mod system ignoring neg equity situation which is the only method that will make any serious impact on preventing foreclosures. So be it. Homeowners don't have any serious alternatives but to walk, if they are going to econ survive through this deep recession. So, the most appropriate option in this mess is to return the property to the lender, as my non-recourse state contract allows. They didn't make those laws for nothing. They were legislated exactly for scenarios just like the one we are experiencing now. To provide leverage for borrowers when lenders/RE industry inflate markets, and create these types of environments for borrowers/economy. Some people like to muddy the waters and cloud the issue with "moral hazard" lectures, but the legislators "got it" in non-recourse states when they passed non-recourse laws to protect borrowers. Once folks educate themselves on the history of non-recourse law (in those states), there's no reason why they shouldn't assess their financial situation as a business contract, and avail themselves of the law that was created to financially protect them to begin with. The law clearly states that the burden is on the lender to take the risk/financial hit in these situations, and not the borrower. Read up, folks.<!-- google_ad_section_end --> Article (The Market Ticker): Last Word on Strategic Defaults
The Last Word On Strategic Defaults - The Market Ticker<!-- google_ad_section_end -->
THANK YOU FOR ALL YOUR GREAT INSIGHTS IRISH GAL !!!!
THANKS2U
LoanSafe Member
Article (The Market Ticker): Last Word on Strategic Defaults
The Last Word On Strategic Defaults - The Market Ticker
Thank you IRISH GAL <!-- google_ad_section_end -->
The Last Word On Strategic Defaults - The Market Ticker
Thank you IRISH GAL <!-- google_ad_section_end -->
THANKS2U
LoanSafe Member
TRIAL PERIOD SCAMS
THE JURY IS IN: Obama?s Foreclosure Program Run by Morons? and Trial Modifications are the Biggest Loan Mod Scam Ever - Mandelman Matters
Below a loansafe member tells of how Bank of America / B of A / Bank of Anarchism, enages in their corrupt and cruel FINANCIAL TERRORISM.
This story is the same story millions are being subjected to by the Diabolical Devils at B of A / Bank of Anarchy
Thank you Karlay57
For Bank of America Loan Modification Programs to be getting away with what they are doing to me, as well as with thousands of other American people is a down right degrace and the fact that this institution is continuing to get away with makes you wonder what is really going on in our country. received a package from Bank of America Home Affordable Loan Modification in May of 2009. I fully completed all paperwork and provided them with all required documents by the deadline they gave me. I paid them not only three trial period payments, but four payments and all payments were on time. In August, I called B of A and was told I had been approved and would be getting a modification package by the end of the month, but this never happened. In September, I started getting a Bank of America mortgage statement asking for the full mortgage payment, which I could not pay and none of the payments I had made through the trial period were showing up on the this statement. In September, I started calling them again, only to hear them say that they had no idea who told me this. I was able to give them the name of the person who had told me this, but it was to no avail. I finally sent an email to Barbara Desoer, when then had a woman by the name of Sherilyn Rudney call me who told me she was going to assign me to a negotiator. This was in September. I was asked by this B of A negotiator to send her another hardship affidavit, a current financial statement and additional pay stubs that were recent. Then in October 2009, this negotiator sent me an email saying that I was going to be getting a package with 4 – 6 weeks. Again, I received nothing in the mail, I finally was able to speak to Danielle Whitaker on December 11<SUP>th</SUP> who verified that I had indeed been approved back in August and even told me what the payments were going to be, the interest rate, and that all delinquent payments would be tacked on to the life of the loan. She promised she would get to the bottom of this and call me the next day. Although, the next day was a Saturday, I waited until the next week and I sent her a lengthy email and CC’ed my negotiator asking why she did not get a hold of me, as she had promised and what was said in our 45 minute conversation that Friday.. She just replied by email that she wasn’t able to do anything. Two days later, I get a phone call from my negotiator telling me that I can continue to call people regarding my situation, but if I did I was going to continue to get different answers and that even though I had received a “Intent to Accelerate†on my home, I needed to make a trial period payment for December, or I had no chance of being approved. I gave her my bank information over the phone and only said that I knew she had absolutely no say in me getting a modification, so why was this person or persons who made this final discussion and she said the Government.†So, here I sit almost eight months later after during in all documents to B of A, making all trial period payments, now five total, and absolutely no idea what is going to happen.
fficeffice" /><O></O>
Sincerely,
<O></O>
Kathy Bateman
[email protected]
<O
Below is another link that has some useful info ?
“Trial Period” Loan Modifications are Just Another Scam | Foreclosure Industry
THE JURY IS IN: Obama?s Foreclosure Program Run by Morons? and Trial Modifications are the Biggest Loan Mod Scam Ever - Mandelman Matters
Below a loansafe member tells of how Bank of America / B of A / Bank of Anarchism, enages in their corrupt and cruel FINANCIAL TERRORISM.
This story is the same story millions are being subjected to by the Diabolical Devils at B of A / Bank of Anarchy
Thank you Karlay57
For Bank of America Loan Modification Programs to be getting away with what they are doing to me, as well as with thousands of other American people is a down right degrace and the fact that this institution is continuing to get away with makes you wonder what is really going on in our country. received a package from Bank of America Home Affordable Loan Modification in May of 2009. I fully completed all paperwork and provided them with all required documents by the deadline they gave me. I paid them not only three trial period payments, but four payments and all payments were on time. In August, I called B of A and was told I had been approved and would be getting a modification package by the end of the month, but this never happened. In September, I started getting a Bank of America mortgage statement asking for the full mortgage payment, which I could not pay and none of the payments I had made through the trial period were showing up on the this statement. In September, I started calling them again, only to hear them say that they had no idea who told me this. I was able to give them the name of the person who had told me this, but it was to no avail. I finally sent an email to Barbara Desoer, when then had a woman by the name of Sherilyn Rudney call me who told me she was going to assign me to a negotiator. This was in September. I was asked by this B of A negotiator to send her another hardship affidavit, a current financial statement and additional pay stubs that were recent. Then in October 2009, this negotiator sent me an email saying that I was going to be getting a package with 4 – 6 weeks. Again, I received nothing in the mail, I finally was able to speak to Danielle Whitaker on December 11<SUP>th</SUP> who verified that I had indeed been approved back in August and even told me what the payments were going to be, the interest rate, and that all delinquent payments would be tacked on to the life of the loan. She promised she would get to the bottom of this and call me the next day. Although, the next day was a Saturday, I waited until the next week and I sent her a lengthy email and CC’ed my negotiator asking why she did not get a hold of me, as she had promised and what was said in our 45 minute conversation that Friday.. She just replied by email that she wasn’t able to do anything. Two days later, I get a phone call from my negotiator telling me that I can continue to call people regarding my situation, but if I did I was going to continue to get different answers and that even though I had received a “Intent to Accelerate†on my home, I needed to make a trial period payment for December, or I had no chance of being approved. I gave her my bank information over the phone and only said that I knew she had absolutely no say in me getting a modification, so why was this person or persons who made this final discussion and she said the Government.†So, here I sit almost eight months later after during in all documents to B of A, making all trial period payments, now five total, and absolutely no idea what is going to happen.
ffice
ffice" /><O></O>Sincerely,
<O
></O>Kathy Bateman
[email protected]
<O
Below is another link that has some useful info ?
“Trial Period” Loan Modifications are Just Another Scam | Foreclosure Industry
THANKS2U
LoanSafe Member
FROM LRS 2 THANK YOU
TRIAL PERIOD MONEY 4 YOU
I've always been the numbers geek of the family, but I know even I have crossed the line when I spend a Saturday afternoon going over Fannie Mae program documents.
While composing letters to various state and Federal agencies and program directors, I was referencing back to Fannie Mae Announcement 09-05R from April 21, 2009. This was an update to the HAMP program and explains pretty much everything your service can, can't, or (especially if you have LITTON) should do.
With that being said, most of us are aware that under the HAMP guidelines, you will receive a capital reduction of up to $83.33 per month (approximately $1,000 per year) applied to your unpaid loan balance - paid on an annual basis.
DID YOU ALSO KNOW THIS? According to the Fannie Mae directive:
"Borrower incentive payments do not accrue during the Trial Period; however, in the first month of the modification, the borrower will accrue incentive payments equal to the number of months in the trial period in addition to any accrual earned during the first month of the modification."
So if you were in the trial mod program for 6 months, you should accrue an additional $499.98 in capital reduction when you hit your first anniversary! I know that may be a year out - or longer, as I know all too well - but you need to know this in order to make sure this additional principal is applied to your loan. Otherwise it could wind up as an extra bonus for the servicing execs.<!-- google_ad_section_end --> <SCRIPT type=text/javascript><!--google_ad_client = "pub-9439165354589625";/* 336x280, created 12/9/09 */google_ad_slot = "3961481147";google_ad_width = 336;google_ad_height = 280;//--> </SCRIPT><SCRIPT type=text/javascript src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </SCRIPT><SCRIPT>google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad);</SCRIPT>
TRIAL PERIOD MONEY 4 YOU
I've always been the numbers geek of the family, but I know even I have crossed the line when I spend a Saturday afternoon going over Fannie Mae program documents.
While composing letters to various state and Federal agencies and program directors, I was referencing back to Fannie Mae Announcement 09-05R from April 21, 2009. This was an update to the HAMP program and explains pretty much everything your service can, can't, or (especially if you have LITTON) should do.
With that being said, most of us are aware that under the HAMP guidelines, you will receive a capital reduction of up to $83.33 per month (approximately $1,000 per year) applied to your unpaid loan balance - paid on an annual basis.
DID YOU ALSO KNOW THIS? According to the Fannie Mae directive:
"Borrower incentive payments do not accrue during the Trial Period; however, in the first month of the modification, the borrower will accrue incentive payments equal to the number of months in the trial period in addition to any accrual earned during the first month of the modification."
So if you were in the trial mod program for 6 months, you should accrue an additional $499.98 in capital reduction when you hit your first anniversary! I know that may be a year out - or longer, as I know all too well - but you need to know this in order to make sure this additional principal is applied to your loan. Otherwise it could wind up as an extra bonus for the servicing execs.
<!-- google_ad_section_end --> <SCRIPT type=text/javascript><!--google_ad_client = "pub-9439165354589625";/* 336x280, created 12/9/09 */google_ad_slot = "3961481147";google_ad_width = 336;google_ad_height = 280;//--> </SCRIPT><SCRIPT type=text/javascript src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </SCRIPT><SCRIPT>google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad);</SCRIPT>
THANKS2U
LoanSafe Member
Thanks CALDWELLb02 for the link below
This may be a repeat here but I always say repeating good info is always worth repeating...
Bank of America Blames borrowers for HAMP problems
Bank of America Blames Customers for HAMP Problems | BNET Financial Services Blog | BNET
Apparently B of A is stealing more than money they also steal our strategies of repeating.
But in B of A's case they keep on repeating their Swindling LIES.
Thanks MYHAMP
Here's one of my favorite lines...today, especially for B of A:
STATING WRONG INFO OVER AND OVER AGAIN DOESN'T MAKE IT ACCURATE.<!-- google_ad_section_end -->
__________________
<!-- google_ad_section_start(weight=ignore) -->HAMP Modification Agreement delivered by UPS on 11/17/2009 - Monthly payment reduced from $4,177.41 to $1,321.79.
The purpose of the following link is to INFORM, not to brag or to offend: http://www.loansafe.org/forum/loan-m...t-ups-did.html<!-- google_ad_section_end -->
This may be a repeat here but I always say repeating good info is always worth repeating...
Bank of America Blames borrowers for HAMP problems
Bank of America Blames Customers for HAMP Problems | BNET Financial Services Blog | BNET
Apparently B of A is stealing more than money they also steal our strategies of repeating.
But in B of A's case they keep on repeating their Swindling LIES.
Thanks MYHAMP
Here's one of my favorite lines...today, especially for B of A:
STATING WRONG INFO OVER AND OVER AGAIN DOESN'T MAKE IT ACCURATE.<!-- google_ad_section_end -->
__________________
<!-- google_ad_section_start(weight=ignore) -->HAMP Modification Agreement delivered by UPS on 11/17/2009 - Monthly payment reduced from $4,177.41 to $1,321.79.
The purpose of the following link is to INFORM, not to brag or to offend: http://www.loansafe.org/forum/loan-m...t-ups-did.html<!-- google_ad_section_end -->
THANKS2U
LoanSafe Member
BEING LATE ON MORTGAGE PAYMENTS IS NOT NECESSARY TO QUALIFY FOR HAMP
BEING CURRENT ON PAYMENTS YOU DO STILL QUALIFY FOR HAMP
THANK YOU FOR YOUR POST LINKS BELOW NATIVELASVEGAN
From Fannie Mae site
NATIVELASVEGAN WROTE
I was told the same thing by Jeff Momo, Skank of America negotiator.
He told me Fannie Mae had no programs in place for current borrowers.
Here is some good information about this issue. https://www.efanniemae.com/sf/servicing/
Please point out to your servicer that under the fannie mae guidelines, there is indeed a program in place for borrowers who are current and FOR THOSE WHO ARE RISK OF FACING IMMINENT RISK OF DEFAULT. Ask him to read this for further clarification.
https://www.efanniemae.com/sf/servic...tfactsheet.pdf<!-- google_ad_section_end -->
BEING CURRENT ON PAYMENTS YOU DO STILL QUALIFY FOR HAMP
THANK YOU FOR YOUR POST LINKS BELOW NATIVELASVEGAN
From Fannie Mae site
NATIVELASVEGAN WROTE
I was told the same thing by Jeff Momo, Skank of America negotiator.
He told me Fannie Mae had no programs in place for current borrowers.
Here is some good information about this issue. https://www.efanniemae.com/sf/servicing/
Please point out to your servicer that under the fannie mae guidelines, there is indeed a program in place for borrowers who are current and FOR THOSE WHO ARE RISK OF FACING IMMINENT RISK OF DEFAULT. Ask him to read this for further clarification.
https://www.efanniemae.com/sf/servic...tfactsheet.pdf<!-- google_ad_section_end -->
This is under Questions and Answers at the Making Home Affordable web-site:
- Do I need to be behind on my mortgage payments to be eligible for a modification under HAMP?
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nativelasvegan
Guest
ATTENTION LAS VEGANS -- Did you read this in the paper?
Harry Reid on mortgages: 'Bank of America must do more' - Tuesday, Dec. 1, 2009 | 2:38 p.m. - Las Vegas Sun
Harry Reid on mortgages: 'Bank of America must do more' - Tuesday, Dec. 1, 2009 | 2:38 p.m. - Las Vegas Sun
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nativelasvegan
Guest
THANKS2U
LoanSafe Member
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Thank you IRISH GAL
2010 predictions
Predictions 2010
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Thank you IRISH GAL
2010 predictions
Predictions 2010
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