PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

[THANKS2U]

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Homeowner & Forum Guide




Join Date: Feb 2008
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<HR style="BACKGROUND-COLOR: #d1d1e1; COLOR: #d1d1e1" SIZE=1><!-- google_ad_section_start -->My negotiator was Adam Herson, he's very good, he returned phone calls and answered emails quick.

Here’s the contact numbers, mailing address of CEO, Pres And Executive of BA and their negotiators and senior management.

Bank of America’s CEO,
brian.t.moynihan@bankofamerica.com;

President – barbara.j.desoer@bankofamerica.com

EXECUTUVES- steele.alphin@bankofamerica.com;
joe.price@bankofamerica.com;
walter.e.massey@bankofamerica.com;

Senior Management –
dan.b.frahm@bankofamerica.com
adam_herson@countrywide.com;

Negotiators:
colleen.haggerty@bankofamerica.com,
britney.w.sheehan@bankofamerica.com,
nicole.nastacie@bankofamerica.com,
keith.banks@bankofamerica.com,
michael.jones@bankofamerica.com,
bradford.r.dinsmore@bankofamerica.com,
michelle.shepherd@bankofamerica.com,
maryellen.baker@bankofamerica.com;
kacie.miller@bankofamerica.com;
david.kozik@bankofamerica.com; melissa.a.henderson@bankofamerica.com; bitha.mackellar@bankofamerica.com; annabel.lopez@bankofamerica.com; juanice.neal@bankofamerica.com; minerva.roman@bankofamerica.com; jeremy.roberts@bankofamerica.com;

Customer Advocates:
Khara Turner…800-601-2522 ext 8560, khara.turner@bankofamerica.com

Kacie Miller …800-601-2522 ext 8559, kacie.miller@bankofamerica.com

Negotiators:
David Kozik…800-405-0078, ext 3047, david.kozik@bankofamerica.com

Pam Preciado 800-669-2443 ext. 5105
Cesaer Ramos 800-669-2443 ext. 3592

Clint Vale (negotiator Andrew Kane’s supervisor) (972)498.2561

Heidi McNaughton—1st contact of President Barbara. Desoer
1-800-669-2443, ext. 3392
fax—1-805-520-5414

Melissa A. Henderson (Negotiator)
Senior Operations Analyst
Office Of The Chairman – Home Retention Division
Bank Of America
LA-LM ADMIN PL
800-405-0078 x 3057 Office
866-619-4249 Fax
450 AMERICAN ST
Mail Stop: CA6-921-01-09
Simi Valley, CA 93065
melissa.a.henderson@bankofamerica.com

Cynthia Cutarez HEAD OF HOME RETENTIONS (CA) Direct Line
661-951-5939

Tabitha Mackellar…Senior Collector…(800) 405-0078 X5583
tabitha.mackellar@bankofamerica.com

Annabel Lopez…Customer Relations Advocate..(800) 669-2443 X2710
annabel.lopez@bankofamerica.com

Juanice Neal…Customer Relations Advocate..(800) 669-2443 X5034
juanice.neal@bankofamerica.com

Steven Nielson Customer Relations Advocate..(800) 669-2443 X7810
Customer Relations Advocacy… (800) 669-2443 X2773
Jessica Gadeng (not sure of spelling)…Senior Collector..(800) 405-0078 X5667

Here’s some FHA Negotiators numbers…I think they are located in Texas..
Minerva Roman (972) 498-6485
minerva.roman@bankofamerica.com

Jeremy Roberts (972) 498-6701
jeremy.roberts@bankofamerica.com<!-- google_ad_section_end -->
__________________
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Faith
"Pay it forward"<!-- google_ad_section_end -->
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[THANKS2U]

BANKS HATE DISTRESSED HOMEOWNERS WHO NEED MODIFICATIONS AND BANK EXECUTIVES GIVE HARDSHIPPED HOMEOWNERS LESS THAN 5 MINUTES OF THOUGHT IN MEETINGS LASTING 8 + HOURS



Saving the Middle Class: Whistle-Blower Says Banks Not Helping Americans Modify Mortgages - ABC News


Saving the Middle Class: Whistle-Blower Says Banks Not Helping Americans Modify Mortgages - ABC News

 

[THANKS2U]

BANK OF AMERICA LOWERS OR FORGIVES SOME PRINCIPAL AMOUNTS ?

http://www.loansafe.org/forum/makin...news-article-3-23-10-principal-reduction.html

 

[THANKS2U]

Thank you CIWS14

Here is a list of Loss Mitigation departments for several lenders. I complied this from the internet. I am not sure how accurate they are of if any of the numbers have been changed. Good luck!!!

Lender/Servicer Loss Mitigation Phone Numbers & Contact Information:

ABM AMRO Mortgage (800) 783-8900
Web: https://www.mortgage.com/C3/application.bus

Accredited Home Lenders (877) 683-4466

AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926
1600 McConnor Parkway
Schaumburg, IL 60173
Web: https://www.myamcloan.com/malwebapp/begin.do

American Home Mortgage Corp. (877) 304-3100*

Ameriquest Mortgage (Debt collection — see AMC Mortgage Services) (800) 211-6926

Aurora Loan Services (Debt collection) (800) 550-0508
By Overnight Mail:
601 5th Avenue
Scottsbluff, NE 69361
Attn: Customer Service
By Regular Mail:
P.O. Box 1706
Scottsbluff, NE 69363
E-mail: ccnmail@alservices.com
Web: https://www.alservices.com/Consumer/UI/SSL/Authentication/Login.aspx?ReturnUrl=%2fConsumer%2fUI%2fSSL%2fServ icing%2fDefault.aspx


Avelo Mortgage LLC (866) 992-8356*

Bank of America (800) 846-2222

BB&T Mortgage (800) 827-3722*


AmTrust Bank (aka Ohio Savings Bank) (888) 696-4444

Beneficial (800) 333-5848

Central Pacific Bank (800) 342-8422*

Charter One (800) 234-6002

Chase (800) 548-7912
Loss Mitigation (877) 838-1882 ext 52195 The Number you will be directed to after you give your loan number: (866) 665-7629 (business hours are 11AM-8PM M-TH, 8AM-12PM F)
Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)
Chase Home Finance-New Jersey (800) 446-8939*<O></O>Chevy Chase Bank (800) 933-9100*
Web: https://chaseonline.chase.com/chaseo...L&LOB=COLLogon

Chase Manhattan Mortgage
(800) 446-8939 (Ohio Servicing Center)
(800) 526-0072 (Florida Servicing Center)
(800) 527-3040 x533 (Florida Servicing Center)
Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)

Citi Financial Mortgage (800) 753-3673



Citimortgage (800) 283-7918

Countrywide (800) 262-4218
Web: https://customers.countrywide.com/se…t_login254.asp

Ditech (800) 852-0656 (800) 449-8582

Downey Financial Corp. (800) 824-6902, ext. 6696

Deutsche Bank National Call Number on Mortgage Statement
EMC (800) 723-3004
P.O. Box 141358
Irving, TX 75014-1358
Web: https://www.emcmortgageservicing.com...cnsecurity.asp

EverBank (800) 669-7724 ext. 4730

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

Fifth Third Bank (800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage (800) 850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 799-9250

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441
Default Resolution Team (if long term problem)
2929 Walden Avenue
Depew, NY 14043
(888) 648-3124 Loss Mit
(732) 352-7519 Fax
Web: HSBC Bank USA, N.A., Checking, Savings, Mortgages, Loans and More

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556
C/O Loan Resolution Department
P.O Box 7014
Pasadena, CA 91107
(Monday – Friday 6:15am-7:15pm. (Pacific Time)
Web: https://www.indymacbank.com/contactu...Resolution.asp

Irwin Mortgage (888) 218-1988
P.O Box 7014
Pasadena, CA 91107
Web: https://www.irwinmortgage.com/wps/portal/!ut/p/cxml/04_Sj9SPykssy0xPLMnMz0vM0Y_QjzKLN4g3sdAvyHZUBAAqwx 9c
E-mail: deliquency.prevention@irwinmortgage.com

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900
Litton Loan Servicing (800) 999-8501 or (800) 548-8665
Fax (713) 966-8820
4828 Loop Central Drive
Houston, Texas 77081-2226
Web: https://www.littonloan.com/index.asp
Loss Mitigation Department Hours:
Monday Eastern: 9 a.m. – 7 p.m. Central:8 a.m. – 6 p.m. Mountain:7 a.m. – 5 p.m. Pacific:6 a.m. – 4 p.m.
Tuesday-Thursday Eastern:9 a.m. – 9 p.m. Central:8 a.m. – 8 p.m. Mountain:7 a.m. – 7 p.m. Pacific:6 a.m. – 6 p.m.
Friday Eastern:10 a.m. – 6 p.m. Central:9 a.m. – 5 p.m. Mountain:8 a.m. – 4 p.m. Pacific:7 a.m. – 3 p.m.
Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).

Midland Mortgage (800) 552-3000 or (800) 654-4566
Web: https://www.mymidlandmortgage.com/My...ogin/Login.asp

Mortgage Lenders Network (800) 691-0129
E-mail: customerservice@mlnusa.com
Web: http://www.mlnusa.com/customers/info_credithelp.asp

Mortgage Electronic Registration Systems (MERS) (888) 679-6377


National City (800) 367-9305, Ext. 53221 or (800) 523-8654
Attention: Homeowner’s Assistance
3232 Newmark Dr.
Miamisburg, Ohio 45342
(8AM-10:30PM ET, Monday – Thursday)
(8AM-5PM ET, Friday)
(8AM-Noon, Saturday)
Web: National City Mortgage - Having Trouble Making Payments

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904
(6:00 a.m. to 7:00 p.m. Pacific Time, Monday – Thursday)
(6:00 a.m. to 6:00 p.m. Pacific Time, Friday)
Web: https://myloan.newcentury.com/webapp...loans/index.do

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560
Web: *Foreclosure Alternatives
Attention: Financial Information
12650 Ingenuity Drive
Orlando, Florida 32826
or
Ocwen Financial Corporation
1661 Worthington Rd., Suite 100
West Palm Beach, Florida 33409
Phone: 877-226-2936
For serving Ocwen with legal process, please send to their registered agent:
Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808
Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648
Web: http://www.oomc.com/servicing/servicing_baifaqs.asp

PHH Mortgage (Formerly Cendant) (800) 257-0460
For borrowers facing possible delinquency: (800) 330-0423*
For borrowers in the foreclosure process: (800) 750-2518
Web:https://www.phhmortgage.com/sso/mq/login.jsp?TYPE=33554433&REALMOID=06-9153316d-cf4d-4425-a5d7-c0b20a7b098d&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGE NTNAME=phhmort-stb&TARGET=$SM$https%3a%2f%2fwww%2ephhmortgage%2ec om%2fhome%2flandscape%3fjpid%3dLogIn%26loginmode%3 dregistered&SMSESSION=NO

ResMae Mortgage Corp. (877) 473-7623, ext. 5944

Saxon (800) 665-7367

Select Portfolio Servicing (888) 818-6032
Fax: (801) 293-3936
Loan Resolution Department
P.O. Box 65250
Salt Lake City, UT 84165-0250
(Monday – Thursday 10:00 a.m. – 10:00 p.m. EST)
(Friday 10:00 a.m. – 7:00 p.m. EST)
(Saturday 9:00 a.m. – 1:00 p.m. EST)
Web: http://www.spservicing.com/services/customer/loanresolution.htm

SkyBank (800) 290-3359

Sun Trust Mortgage (800) 634-7928
PO Box 26149
Richmond, VA 23260-6149
Mail Code RVW 3003Web: https://www.suntrustmortgage.com/generalquestions.asp#
T
hird Federal Savings (888) 844-7333

US Bank (800) 365-7900

Wachovia Bank of Delaware (866) 642-8608

Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677

Waterfirld Mortgage (800) 957-7245
Fax: (260) 459-5390
c/o Loss Mitigation Dept.
7500 W. Jefferson Blvd.
Fort Wayne, IN 46804
(7 am – 10 pm EST Monday – Thursday)
(7 am – 9 pm EST Fridays)
(8 am – 2 pm EST Saturdays)
E-Mail: saveyourhome@waterfield.com
Web: http://www.waterfield.com/scripts/cg...vices/delqasst

Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance
Borrower Counseling Services
Monday – Friday 8:00 a.m. – 9:00 p.m., CT
Saturday 9:00 a.m. – 2:00 p.m., CT
Web: https://www.wellsfargo.com/mortgage/account/

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022
Web: Consumer Loan Services: Consumer Loan Processing Services | eds.com

Wilshire Credit Corporation (888) 502-0100
P.O. Box 8517
Portland, OR 97207-8517
From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday
Web: Wfsg.com - Florida Resources and Information.This website is for sale!
*No direct line to the loss mitigation or loan modification department. But we are working on it

And from <!-- google_ad_section_end --> GZ9GJG

First Horizon Loss Mitigation 1-800-707-9998 x33805
MetLife Customer Service 1-888-638-6964
LoanCare 1-800-906-3831<!-- google_ad_section_end -->

 

[riddlemethisbatman]

At least as far back as July 16, 2009, this delinquency requirement issue was addressed by Sen. Menendez during a Banking, Housing and Urban Affairs Committee Meeting (PRESERVING HOMEOWNERSHIP: PROGRESS NEEDED TO PREVENT FORECLOSURES).

United States Senate Committee on Banking, Housing and Urban Affairs : Hearings

This may be viewed on the Senate archive webcast. (Follow the link, click on "view archive website" and use the counter to get to the exact conversation at 128:15). This exchange is about 2 minutes long and well worth your time.

This entire hearing is extremely informative---keep in mind that this was in 2009. It does give some insight into the overall frustration and confusion on loan mods. The committee also has expressed interest in hearing from homeowners about their experiences with the process.

U.S. Senate Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, D.C. 20510
P: (202) 224-7391
F: (202) 224-5137

Diane E. Thompson's (Counsel) testimony which was during the last 15 minutes or so is particularly interesting.

 

[riddlemethisbatman]

New York Jumps Ahead of Feds With Law Holding Mortgage Companies Accountable on Mods - ProPublica

 

[THANKS2U]

Banks defrauding us- Banks think loan mods and customers are a JOKE

[h=1]The Mortgage Fix That Can Save the Economy[/h]<script type="text/javascript">contributorName = "Ann Brenoff";var primarycategory = "News";</script>

| By Ann Brenoff | Posted Aug 25th 2011 12:30PM <fb:like class=" fb_edge_widget_with_comment fb_iframe_widget" href="http://realestate.aol.com/blog/2011/08/25/the-mortgage-fix-that-can-save-the-economy/" ref="article" width="300" action="like" show_faces="false" layout="standard"></fb:like>
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The loan modification programs have been a joke.

You have a house that has tanked in value and the best the banks can come up with is a plan where they sort of delay what you owe long enough for you to get back on your financial feet -- if that -- based on the flawed logic that the housing market is certain to improve in just a matter of months.

The real answer for what ails us is a Third Rail solution that banks don't want to touch: Erase some of the amount we borrowed, a process known as a principal reduction. To do so would share the burden of the housing crash with the lenders who helped create it. It would also allow us to get on with our lives, and, according to The New Bottom Line, save the economy in the process. Got your attention now, didn't we? <style type="text/css">#mini_module { width: 265px; height:220px; border: none; float:left; margin:10px; font-size:12px;} #mini_module img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module .mini_title { margin: 0px; padding:0px; width:265px; height:131px;} #mini_module .mini_main { margin: 0px; padding:0px; width:265px; height:85px; background: transparent url(http://www.aolcdn.com/travel/bg-short)} #mini_module .mini_item {padding:12px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module a { color: #49A3CA; text-decoration:none; } #mini_module a:hover { color: #F98419; text-decoration:underline;}</style>

Banks would rather poke out their proverbial eyes with sharp sticks than offer principal reductions. Only 2.8 percent of all loan modifications in the first quarter of 2011 involved any actual sort of principal reduction, according to the ratings agency DBRS. And that number is actually up a full percentage point from the same time last year.

But some analysts believe that the industry-wide reluctance to perform principal reductions on a wide scale is actually what is holding back the housing recovery.



If lenders would reduce all underwater mortgages to their current market value, the nation's banks could pump $71 billion per year into the economy, create more than 1 million jobs annually and save families up to $6,500 per year on mortgage payments, according to The New Bottom Line, a collaborative of 1,000 faith-based and community organizations who want Wall Street held accountable for the mess it created.

Grassroots organizations associated with The New Bottom Line have called on state attorneys general to investigate banks for foreclosure fraud and to work for a settlement that includes large-scale principal reduction for borrowers.

According to the report, "The Win/Win Solution: How Fixing the Housing Crisis Will Create One Million Jobs," homeowners are struggling to pay their "boom-era mortgages with their recession-era salaries" and the economy is suffering for it. The report adds: "Writing down the principals and interest rates on all underwater mortgages to market value would serve as the second stimulus that America so desperately needs, only without added costs to taxpayers." Amen to that part.

The plan says that the money that homeowners would save on their mortgage payments each month would be spent instead on groceries, clothing, and household necessities.
As consumer demand increased, businesses would start hiring again.

The plan projects an annual stimulus of $20.5 billion in California alone, leading to 300,000 new jobs a year created there. A $12 billion stimulus to the economy of Florida would result in almost 180,000 new jobs.

The report says that in 2010, the nation's top six banks paid out more than twice the cost of the plan ($71 billion per year) in bonuses and compensation alone ($146 billion in 2010).

And that currently, the country's banks have cash reserves of $1.64 trillion -- a historic high.

comments below.
http://www.loansafe.org/forum/
by BJW - August 29th 2011 @ 12:13PM
The US government bailed out the banks over a year ago. It is now time for the banks to thank the American people by helping out with a reduction of some sort. Make it a drop in mortgage interest rates, or a drop in the principal. We helped them out of a jam, now it is their turn to help us out of a jam.



by Reza - August 29th 2011 @ 12:04PM
It makes a lot of sense. It is unbelievable that the banks prefer to go through foreclosure, auction a property and let the property go most of the times one third of the original loan but, not willing to reduce the principle which most of the time up to half or less amount of the loan. Needless to mention that the reduction would definitely, stimulate the economy and will help the desperate families to save their home and have a better quality life.
How stupid and arrogance of the Banks/Lenders. After all they have got their loss covered by various insurance and the Government help.



by GB55 - August 29th 2011 @ 12:59PM

I don't even care about principal reduction. I just want them to reduce the rate of interest on my existing !st and 2nd which is 6.75 and 8.25%. I have been begging them for the last 2 years to combine the loans and give us a lower interest rate. If you pay "no way". They will only talk to me if I stop making payments. If the banks can send a letter to may 21 yr old daughter raising her debt limit on a credit card without any paperwork, they can re-write our existing loans with no paper, no fees, no appraisals. Just change the rate of all loans (whether in foreclosure or not) over 5 years old to 4.5% and see what a boom that would be!



by Noreenre - August 29th 2011 @ 3:32PM
This would be a dream come true. We never missed a payment but everything else has suffered, repairs to the house, back payments on tuition, less healthy food because of the cost, etc. etc. etc.






by Brett - August 29th 2011 @ 4:45PM
Principle Reduction has been proven to be one of the Best ways to get our country back on the right path to prosperity. Home owners all over the country have been screwed over by the big banks and financial institutions over the last 15 years with unscrupulous business practices designed to steal money from the consumer and take that same money to pay unheard of saleries and bonuses to their ceo's and upper management. I strongly believe that the only way that the big banks will ever consider wide spread principle reduction on home loans under water, will be for the federal government to get involved to force them to do this. After all, the big banks and other lending institutions are the ones that created this whole mess in the first place!



by Elvie - August 29th 2011 @ 6:51PM
If mortgage lender or banks can do reductions of underwater properties they should do that with everybody, I'd been paying my mortgage all this years not refinancing to get cash back.






by Pamella Corvelli - August 29th 2011 @ 5:16PM
This makes a lot of sense to me. In 1986, our economy was in as bad a shape as it is now. An airline I was working with went bankrupt, leaving thousands of people unemployed over night. The credit union who had financed most of our homes did the debt reduction. Saved everyone's home. The banks do not want our homes and as mentioned above they have plenty in foreclosures and bankruptsies. They do have insurance covering their greedy behinds. Unless you have a huge downpayment, banks won't even give you a mortgage loan. This has happened to me twice in the past 2 years. Once I went to Wells Fargo who held the property, and they lied to me saying they wanted to hold onto all their underwater mortgages. The next thing I knew some fast flipper from CA comes up with full payment in cash and WF changed their mind. The property has fallen into total disrepair, and twice hoemeless have broken into it. Don't think for one moment forclosed properties on your block won't affect your property values!



by mike - August 29th 2011 @ 6:39PM
I tried every reasonable way to save my family home. Standard Federal would not even talk to me about it. They eventually put me and the kids on the street. The sad part is that they then sold my home for less than I was trying to negotiate with them for on a reduction!! I could have saved my home and they could have made more money but instead we both lost.

It's time for big banks to step up and help people...Big banks have been raping us for years so now that they have been bailed out they need to bail us out. The government should have seen to that prior to bailing them out. If the government was really thinking of the people that would have been a no brainer and we all would have been out of this mess.



by njones0623 - August 29th 2011 @ 7:07PM

BANK OF AMERICA, IF you can do this for me, I will be eternally grateful and able to keep my underwater house....My house is assessed at 81000 and I owe 166,000....It's only fair, we both make a bad investment. When we bought the house, they said we got a great deal, and then the economy tanked and my neighbors feel sorry for us!!! You got bailed out...help us...






by unknown - August 30th 2011 @ 12:46PM
Perhaps EVERYONE should STOP paying their mortgages for a year, not just a few, EVERYONE FOR ONE YEAR. Maybe the banks would listen then. Greedy bastards.



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[pdsfoley]

I have said all along this would be the answer.....What I never could understand was the "short Sale" ....banks will sell my house to another person for 1/2 of what I owe.(upside down by 250,000) but not to me???? I would LOVE to know the answer to that question!!

 

[freedomwon]

I have said all along this would be the answer.....What I never could understand was the "short Sale" ....banks will sell my house to another person for 1/2 of what I owe.(upside down by 250,000) but not to me???? I would LOVE to know the answer to that question!!

The short answer is because banks have a loss share agreement in place that GUARANTEES them to collect 80% of the loss when the property is sold. Tax payer money funds this. Here's a video that uses one bank as an example but most banks have this agreement in place with the treasury. Does FDIC Perks Encourage Bank to Foreclose? - YouTubeYou may need to watch the video several times to entirely grasp the concept.

 

[dthom]

I also agree, if they would permanently reduce the prinicpal and base the payment on the TRUE value of the home,it would be a better solution than foreclosing. When the five year initial period of our MHA begins to reset and the interest rate creeps up to 5%, my payment according to the MHA agreement will jump back up to where it was when we started this. So for five years we have a payment that is only somewhat affordable. Due to unforseen permanent medical issues my husband is no on Soc. Sec. Disability, and with the additional cost of Medicare and Medicare Advantage as well as medications that are not fully covered by R/x plan, we will be just as bad off in 3 1/2 years as we were when we started all of this. Now, had they did a true principal reduction to the actual value of the home, which is about one half of what we owe now, I think we would be in a better position. We still can;t pay the credit cards,(still behind and in collections), so our credit is just as bad if not worse than before, have to scrimp and save just to buy the groceries, and buying new clothes is a thing of the past, resale is how we shop. We are the new American middle class. Personally I don't like it, if we didn't have a child ready to graduate high school in two years we would walk out on this place now and rent, cheaper and less headaches.
The modifications are a band-aid at best, the economy is not getting any better, housing values are still dropping.
I predict that if the banks don't come up with a way to look at each mortgage, modified previous, or not and reduce the principal and the payments permanently, you will another wave of forclosures that will surpass what we have seen the past few years. I know of many people who say they have no qualms about just walking away from the home, and would rather rent than own. Banks had better do something the worst is yet to come. They can't sell the homes they have foreclosed on now, add another 500,000 or more and see what it gets them.

 

[BadBobMo]

Documents you send to the lender will come back to bite you wher it hurts.

Until Timmy-Boy stop's propping-up the Government Owned Fannie Mae & Freddie Mac GSE Note's, making note holders pay full price for a half priced asset we will never ever see the housing market make a comeback period. Look most of you understand how Timmy-Boy put a 200bl yes 200bl backstop in place for the (FDIC) to cover any looses incurred by (F/F which=GSE) so when they foreclose on you, they get covered their looses by (FDIC/Tax-Payer).
Now on to what he is mandated to do per the "EESA" Law, his job is to protect the tax-payer at minimum cost, so as you can clearly see this is his way of protecting you!
So in closing here is a copy of the EESA-Tarp-Law use it as you please pass it around ect!
Good luck to all my Brothers & Sisters here at Loan-Safe! One last thing do not look for too much help next week it will be mostly some type of “Re-Fin.†plan!
Let's see next week if our President and his side kick Timmy will start following the LAW!
No more if the lender agrees Timmy!
US$700 billion "Troubled Asset Relief Program" (TARP-$700-Billon)
On October 3, 2008, the President (Bush ) signed into law the Emergency Economic Stabilization Act of 2008 (“EESAâ€), Public Law No. 110-343 Foreclosure Prevention – Requires the Treasury to maximize assistance, including guarantees and credit enhancements, to troubled borrowers to minimize foreclosures; and to consent to reasonable loan modifications.28 Requires FHFA, FDIC and FRB to implement a plan to prevent foreclosures, promote mortgage loan modifications, and protect tenants.29 In addition, EESA strengthens the Hope for Homeowners program to increase eligibility and improve tools to prevent foreclosures.
The Banks are “Breaking -The -Law†and so are you Timmy!
“Maximize Assistance†quit letting the Banks leverage people with their sad **underwriting.**
The modifications that you let the lenders get by with so far are now starting to come back full circle.
If you were turned down for the HAMP-Program and offered (1) of the following type of MOD, it is more likely that your loan has been pooled into a structured mortgage product, which has many-many Description names. (Proprietary-Mod), (Alternative-Mod), (In-House-Mod), (Interest Only W/Nasty Recast Clause) so her is what I have to say and I’m sure many others would surely ask!
Why are you not following the Law-To-Maximize Assistance, you and Buddy-Ben are only maximizing the banks and Wall-Street!
***Underwriting-any and all doc’s and financial information you send to the lender, are in your mind to help you like maybe “Maximize Assistance†per the Law, but when you open your Fedx-Package you get really sick-to-your stomach really fast. So what just happen, you got what is called in the business and know as “Leveraged†for their Maximum-Profit and not for “Maximiz-Assistance†period.

 

[THANKS2U]

until timmy-boy stop's propping-up the government owned fannie mae & freddie mac gse note's, making note holders pay full price for a half priced asset we will never ever see the housing market make a comeback period. Look most of you understand how timmy-boy put a 200bl yes 200bl backstop in place for the (fdic) to cover any looses incurred by (f/f which=gse) so when they foreclose on you, they get covered their looses by (fdic/tax-payer).now on to what he is mandated to do per the "eesa" law, his job is to protect the tax-payer at minimum cost, so as you can clearly see this is his way of protecting you!so in closing here is a copy of the eesa-tarp-law use it as you please pass it around ect!good luck to all my brothers & sisters here at loan-safe! One last thing do not look for too much help next week it will be mostly some type of “re-fin.†plan!let's see next week if our president and his side kick timmy will start following the law! No more if the lender agrees timmy!us$700 billion "troubled asset relief program" (tarp-$700-billon)on october 3, 2008, the president (bush ) signed into law the emergency economic stabilization act of 2008 (“eesaâ€), public law no. 110-343 foreclosure prevention – requires the treasury to maximize assistance, including guarantees and credit enhancements, to troubled borrowers to minimize foreclosures; and to consent to reasonable loan modifications.28 requires fhfa, fdic and frb to implement a plan to prevent foreclosures, promote mortgage loan modifications, and protect tenants.29 in addition, eesa strengthens the hope for homeowners program to increase eligibility and improve tools to prevent foreclosures.the banks are “breaking -the -law†and so are you timmy!“maximize assistance†quit letting the banks leverage people with their sad **underwriting.**the modifications that you let the lenders get by with so far are now starting to come back full circle.if you were turned down for the hamp-program and offered (1) of the following type of mod, it is more likely that your loan has been pooled into a structured mortgage product, which has many-many description names. (proprietary-mod), (alternative-mod), (in-house-mod), (interest only w/nasty recast clause) so her is what i have to say and i’m sure many others would surely ask!why are you not following the law-to-maximize assistance, you and buddy-ben are only maximizing the banks and wall-street!***underwriting-any and all doc’s and financial information you send to the lender, are in your mind to help you like maybe “maximize assistance†per the law, but when you open your fedx-package you get really sick-to-your stomach really fast. So what just happen, you got what is called in the business and know as “leveraged†for their maximum-profit and not for “maximize-assistance†period.

you are 100 % correct - i feel honored to have read your truthful post !!

 

[THANKS2U]

i also agree, if they would permanently reduce the prinicpal and base the payment on the true value of the home,it would be a better solution than foreclosing. When the five year initial period of our mha begins to reset and the interest rate creeps up to 5%, my payment according to the mha agreement will jump back up to where it was when we started this. So for five years we have a payment that is only somewhat affordable. Due to unforseen permanent medical issues my husband is no on soc. Sec. Disability, and with the additional cost of medicare and medicare advantage as well as medications that are not fully covered by r/x plan, we will be just as bad off in 3 1/2 years as we were when we started all of this. Now, had they did a true principal reduction to the actual value of the home, which is about one half of what we owe now, i think we would be in a better position. We still can;t pay the credit cards,(still behind and in collections), so our credit is just as bad if not worse than before, have to scrimp and save just to buy the groceries, and buying new clothes is a thing of the past, resale is how we shop. We are the new american middle class. Personally i don't like it, if we didn't have a child ready to graduate high school in two years we would walk out on this place now and rent, cheaper and less headaches.
The modifications are a band-aid at best, the economy is not getting any better, housing values are still dropping.
I predict that if the banks don't come up with a way to look at each mortgage, modified previous, or not and reduce the principal and the payments permanently, you will another wave of forclosures that will surpass what we have seen the past few years. I know of many people who say they have no qualms about just walking away from the home, and would rather rent than own. Banks had better do something the worst is yet to come. They can't sell the homes they have foreclosed on now, add another 500,000 or more and see what it gets them.

yes yes yes yes yes yes yes yes yes

you are stating the truthful facts 100 %

 

[davephx]

Some folks here don't get it.

The banks only duty is to maximize the profits to shareholders, not help the economy.

The banks make huge profits for foreclosing as servicers that don't usually own the loans. Most 1st losses on foreclosures are borne by taxpayers.

That is the problem.

We are a nation based on contract law. The banks have a contract called a mortgage that if you don't pay they foreclose.

HAMP is a great program the banks agreed to (Ok forced under TARP). They refuse to abide by their agreement, they refuse to do what they said they would in AG lawsuit settlements and now being sued by many including State Attorney Generals for consumer fraud.

The blame for the failure of HAMP is the banks not following the directives they agreed to follow.

But it is in their best interest to continue to commit fraud and even the AG's have a long battle ahead trying to get judgments against them.

Basically they know they are "too big to fail" and sadly take the attitude they are also too big to follow agreements or Court civil judgments.

 

[davephx]

Rants and name calling is not a good way to try and communicate with those that want a serious discussion.

Lets clear up TARP - Geitner/Obama/Treasurer have done all they can do and were allowed to under TARP. There is no law that violates existing contracting law or power to force banks to make mods - only their signing participation agreements which they violate but its a civil matter and there are no practical ways to enforce.

Emergency Economic Stabilization Act of 2008 (“EESAâ€), Public Law No. 110-343
For mortgages involved in assets purchased by the Treasury Department, the Treasury Secretary is required to implement a plan that seeks to maximize assistance for homeowners, and encourage the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program of the National Housing Act or other available programs to minimize foreclosures. Furthermore, the Secretary is allowed to use loan guarantees and credit enhancements to encourage loan modifications to avert foreclosure. The bill does not provide a mechanism to change the terms of a mortgage without the consent of any company holding a stake in that mortgage.

This is exactly what was done with HAMP, HOPE etc. Note the last sentence - no power to violate contract law. Can only "encourage" etc.

 

[THANKS2U]

some folks here don't get it.

The banks only duty is to maximize the profits to shareholders, not help the economy.

The banks make huge profits for foreclosing as servicers that don't usually own the loans. Most 1st losses on foreclosures are borne by taxpayers.

That is the problem.

We are a nation based on contract law. The banks have a contract called a mortgage that if you don't pay they foreclose.

Hamp is a great program the banks agreed to (ok forced under tarp). They refuse to abide by their agreement, they refuse to do what they said they would in ag lawsuit settlements and now being sued by many including state attorney generals for consumer fraud.

The blame for the failure of hamp is the banks not following the directives they agreed to follow.

But it is in their best interest to continue to commit fraud and even the ag's have a long battle ahead trying to get judgments against them.

Basically they know they are "too big to fail" and sadly take the attitude they are also too big to follow agreements or court civil judgments.

right you are again dave

but, i have a firm opinion that the banks and investors should be held 100 % legally accountable for defrauding the shareholders of our nation called "we the people."

i do not know how to do it with lobbying or with legalities, however, there are many in power who do, but they are all far too afraid to do what is right, in order to get immediate results to stop the insanity of our economy.

Serfs up ! - as most of us making less than $250,000 per year are now becoming

 

[davephx]

I agree they are in essence defrauding all Americans in the sense that without HAMP solutions to avoid millions of foreclosure it is part of why we have such a slow recovery as usually housing leads a economic recovery (new home building etc) and all the foreclosures reduce the property values of everyone.

The problem is what to do?

There is no Federal consumer fraud law that I know of. The State Attorney Generals are doing what they legally can - civil suits for consumer fraud etc for lying, losing documents, and misrepresenting the fact they are following HAMP when they are not.

The Republicans have a bill to totally get rid of HAMP since the Republican view is we are wasting time to get to recovery by speeding up foreclosures and getting us deadbeats out that should have never bought the homes we can't afford. Obviosuly I disagree.

Obama/Admin/Treasury has no power to do more. They can not make up laws or break contract law, only Congress can.

Sadly the banks are winning the only hope I see is if shareholders get upset enough and media picks up more on "FRAUD" angle which is strongly alleged backed by specific examples in the lawsuits by AZ, NV and many other Attorney Generals. Some of these AG actions are against Bank of America but all banks are pulling the same tactics.

Yelling fraud and attacking emotionally the banks is counter productive but we now have the highest attorneys in the U.S., the Attorney Generals of many states specifically alleging fraud and this should get more attention.

But basically its up to shareholders to get upset and that is unlikely. The banks will fight the lawsuits for years.

The FHFA massive suit against 17 banks also helps get this attention.

But we are a nation of laws and Courts not a dictatorship. I get upset when folks blame Obama or Treasury etc when they have done all they can but they can not legally do anything more.

 

[THANKS2U]

I agree they are in essence defrauding all Americans in the sense that without HAMP solutions to avoid millions of foreclosure it is part of why we have such a slow recovery as usually housing leads a economic recovery (new home building etc) and all the foreclosures reduce the property values of everyone.

The problem is what to do?

There is no Federal consumer fraud law that I know of. The State Attorney Generals are doing what they legally can - civil suits for consumer fraud etc for lying, losing documents, and misrepresenting the fact they are following HAMP when they are not.

The Republicans have a bill to totally get rid of HAMP since the Republican view is we are wasting time to get to recovery by speeding up foreclosures and getting us deadbeats out that should have never bought the homes we can't afford. Obviosuly I disagree.

Obama/Admin/Treasury has no power to do more. They can not make up laws or break contract law, only Congress can.

Sadly the banks are winning the only hope I see is if shareholders get upset enough and media picks up more on "FRAUD" angle which is strongly alleged backed by specific examples in the lawsuits by AZ, NV and many other Attorney Generals. Some of these AG actions are against Bank of America but all banks are pulling the same tactics.

Yelling fraud and attacking emotionally the banks is counter productive but we now have the highest attorneys in the U.S., the Attorney Generals of many states specifically alleging fraud and this should get more attention.

But basically its up to shareholders to get upset and that is unlikely. The banks will fight the lawsuits for years.

The FHFA massive suit against 17 banks also helps get this attention.

But we are a nation of laws and Courts not a dictatorship. I get upset when folks blame Obama or Treasury etc when they have done all they can but they can not legally do anything more.

Dave

This nation called the United States Of America was founded and built upon "we the people" defying tyrants and oppressors.

Many thousands of activists over the past 200 plus years have written words of free speech, whereby even our founding fathers have name called and ranted and raved and taken up arms to stop those in abusive power from attacking we the people.

We the people are currently under attack by the Banks and the greedy...

We the people and our government must by any legal means available to us, stop them from continuing to defraud us and destroy us....


This would include dictating to the defrauding banks, who broke the law in the first place, to provide all those homeowners whom they defrauded, with loans they can afford.

It can be done and must be done !

I know you and I do not know exactly how it can be done.

However, there are many in power who do know how to bring the Scum Bag, Scoundrel banks to justice, through the laws of United States of America.....

All else is an excuse for more abuse and we, most of the people, becoming serfs all over again.

 

[THANKS2U]

Dave

This nation called the United States Of America was founded and built upon "we the people" defying tyrants and oppressors.

Many thousands of activists over the past 200 plus years have written words of free speech, whereby even our founding fathers have name called and ranted and raved and taken up arms to stop those in abusive power from attacking we the people.

We the people are currently under attack by the Banks and the greedy...

We the people and our government must by any legal means available to us, stop them from continuing to defraud us and destroy us....


This would include dictating to the defrauding banks, who broke the law in the first place, to provide all those homeowners whom they defrauded, with loans they can afford.

It can be done and must be done !

I know you and I do not know exactly how it can be done.

However, there are many in power who do know how to bring the Scum Bag, Scoundrel banks to justice, through the laws of United States of America.....

All else is an excuse for more abuse and we, most of the people, becoming serfs all over again.

Protestors ask for truth and justice from Bank of America, Wallstreet and all Power Stealing Entities, who perpetrate acts of Swindling Greed, which Discriminate against, Defruad and Hate Specifically Targeted Americans!

Bottom Line - Wall Street protest enters fourth day
[h=1]Wall Street protest enters fourth day[/h]</HEADER>

Peter Foley / EPA
New York police try to direct protesters marching on Wall Street Tuesday.

<!-- end7862298 -->
By John Schoen
A protest called “Occupy Wall Street” entered its fourth day Tuesday as a loosely organized group of activists converged on lower Manhattan and clashed with police.
The protest began Saturday when several thousand people gathered in front of the New York Stock Exchange holding signs saying "We must end corporate tyranny and corruption" and "Debt is slavery." By Tuesday, the crowd had dwindled to several hundred.
New York police have made a handful of arrests -- two on Saturday when protesters tried to enter a Bank of America office and six more on Monday. At least four on Monday were held for wearing masks, which is illegal for groups of two or more, police said. A video posted on YouTube Monday appears to show police arresting at least one protester.
"The elite corporate power have hijacked democracy," Alexander Penley, an international lawyer from New York, told Reuters. "The economic depression we are experiencing today has something to do with how Wall Street is run."
Demonstrators have displayed other signs including "Commodity inflation causes starvation" and "I can't afford a lobbyist."
The idea for the protest apparently originated with a Vancouver-based magazine called Adbusters, which describes itself as “a not-for-profit, reader-supported, 120,000-circulation magazine concerned about the erosion of our physical and cultural environments by commercial forces.”
In a July 13 blog post, the magazine called on readers to emulate the "Arab Spring" uprisings that began in Tahrir Square in Cairo in January. The magazine called on readers to “flood into lower Manhattan, set up tents, kitchens, peaceful barricades and occupy Wall Street for a few months.” The purpose of the protest, according to the post, is to end “the influence money has over our representatives in Washington.”
“It's time for DEMOCRACY NOT CORPORATOCRACY,” the post proclaimed. “We're doomed without it.”
On Tuesday, police maintained a heavy presence in the Financial District, partitioning off areas of the sidewalk and slowing pedestrian traffic in a neighborhood that typically attracts heavy tourist traffic.
The demonstrators have vowed to stay for months.
Check out some great photos of the protest here.

 

[luvmyhorse]

Sept 17, 2011 protest on wallstreet

Occupy Wall Street - YouTube