Thursday, October 22, 2009

The Recession’s Real Winner

One year ago, the leading governments of the world saved the global economy. Remember October 2008: Lehman Brothers had disappeared, AIG was teetering, every bank was watching its balance sheet collapse. Around the world, credit had frozen and trade was grinding to a halt. Then came a series of moves beginning in Washington—bank bailouts, rescue packages, fiscal stimuli, and, most crucially, monetary easing. It is not an exaggeration to say that these measures prevented a depression. But the crisis has still fueled a major slowdown that has affected every country in the world.
The great surprise of 2009 has been the resilience of the big emerging markets—India, China, Indonesia—whose economies have stayed vibrant. But one country has not just survived but thrived: China. The Chinese economy will grow at 8.5 percent this year, exports have rebounded to where they were in early 2008, foreign-exchange reserves have hit an all-time high of $2.3 trillion, and Beijing's stimulus package has launched the next great phase of infrastructure building in the country. Much of this has been driven by remarkably effective government policies. Charles Kaye, CEO of the global private-equity firm Warburg Pincus, lived in Hong Kong for years. After his last trip to China a few months ago he said to me, "All other governments have responded to this crisis defensively, protecting their weak spots. China has used it to move aggressively forward." It is fair to say that the winner of the global economic crisis is Beijing.

READ THE ENTIRE ARTICLE AT: http://www.newsweek.com/id/218282

RULING COULD UNDO THOUSANDS OF FORECLOSURES

This MERS nightmare could prove to be a big blessing for the homeowner. Numerous judges in different states are passing decisions that basically is saying that MERS does not have the right to foreclose on the homeowners. Experts say the ruling paves the way for thousands of people who have lost houses to foreclosure to challenge their homes' seizures.
This affects far more than just foreclosed homeowners. For instance any consumer who owns a house foreclosed on in the past two decades must now worry that a former owner will sue to reclaim the property. Such homeowners could also find it impossible to sell or refinance because of clouded titles.
[youtube=http://www.youtube.com/watch?v=BauelFdlXVM]
[youtube=http://www.youtube.com/watch?v=roH8UYjGe2U]

Friday, October 16, 2009

MERS has reduced transparency in the mortgage market in two ways

“[MERS] has reduced transparency in the mortgage market in two ways. First, consumers and their counsel can no longer turn to the public recording systems to learn the identity of the holder of their note. Today, county recording systems are increasingly full of one meaningless name, MERS, repeated over and over again. But more importantly, all across the country, MERS now brings foreclosure proceedings in its own name – even though it is not the financial party in interest. This is problematic because MERS is not prepared for or equipped to provide responses to consumers' discovery requests with respect to predatory lending claims and defenses. In effect, the securitization conduit attempts to use a faceless and seemingly innocent proxy with no knowledge of predatory origination or servicing behavior to do the dirty work of seizing the consumer's home. . . . So imposing is this opaque corporate wall, that in a “vast” number of foreclosures, MERS actually succeeds in foreclosing without producing the original note – the legal sine qua non of foreclosure – much less documentation that could support predatory lending defenses.”
The real parties in interest concealed behind MERS have been made so faceless, however, that there is now no party with standing to foreclose. The Kansas Supreme Court stated that MERS' relationship “is more akin to that of a straw man than to a party possessing all the rights given a buyer.” The court opined:
“By statute, assignment of the mortgage carries with it the assignment of the debt. . . . Indeed, in the event that a mortgage loan somehow separates interests of the note and the deed of trust, with the deed of trust lying with some independent entity, the mortgage may become unenforceable. The practical effect of splitting the deed of trust from the promissory note is to make it impossible for the holder of the note to foreclose,

unless the holder of the deed of trust is the agent of the holder of the note. Without the agency relationship, the person holding only the note lacks the power to foreclose in the event of default. The person holding only the deed of trust will never experience default because only the holder of the note is entitled to payment of the underlying obligation. The mortgage loan becomes ineffectual when the note holder did not also hold the deed of trust.”
MERS as straw man lacks standing to foreclose, but so does original lender, although it was a signatory to the deal. The lender lacks standing because title had to pass to the secured parties for the arrangement to legally qualify as a “security.” The lender has been paid in full and has no further legal interest in the claim. Only the securities holders have skin in the game; but they have no standing to foreclose, because they were not signatories to the original agreement. They cannot satisfy the basic requirement of contract law that a plaintiff suing on a written contract must produce a signed contract proving he is entitled to relief.



Here is a program that may help you get at least 10% reduction on your principal balance

What makes this program TOTALLY different:
* It’s a TOTAL Mortgage Reset.
(This is NOT a loan modification)
* PRE-Screening/Approval of files
(NO cost to client to review file)
* Thorough Forensic Audit
(look for state & federal mortgage violations)
* Trust Deed Audit
(Research mortgage note trail)
* National Attorney Network & Legal Support
* Post Mortgage Reset Services
(Credit, Debt & Equity Acceleration. Personal & Business Financial Counseling, Training & Coaching. Career Realignment & Enhancement)
* Total Mortgage Reset
(Due to case Management Negotiation or via filed Lawsuit)
*100% Money Back Guarantee
(If you don’t get at least 10% Pricipal Reduction)
* Damage Claims
(When Lawsuits are filed and won)

PLEASE DOWNLOAD THIS PRE-RECORDED AND LISTEN TO IT:

http://www.bigfileswapper.com/3iEQ5TkAL-CYxvz

When you get to the page just click on the file on top of the page to download and listen to it.

THEN CALL 732-439-8230 FOR HELP.

Tuesday, October 13, 2009

LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS

The tide has turned - MERS… Loses in Kansas Supreme Court - THIS IS HUGE
By Ellen Brown
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.

READ WHOLE ARTICLE AT :
http://www.opednews.com/articles/LANDMARK-DECISION-PROMISES-by-Ellen-Brown-090921-894.html

Tuesday, September 22, 2009

What is a predatory Loan


WHAT IS A PREDATORY LOAN?

IF A LOAN IS NOT SUITABLE TO YOUR NEEDS, IF IT’S NOT A LOAN THAT WILL SUSTAIN LONG TERM HOME OWNERSHIP OVER A PERIOD OF TIME. IF YOU HAVE FOUND THAT YOU HAVE FALLEN BEHIND IN THE FIRST COUPLE OF YEARS, THEN YOU ARE PROBABLY IN A PREDATORY LOAN.

If you had your house foreclosed on
If you know someone who lost their house and that foreclosure was in the name of a TRUST,

I am here to tell you, that foreclosure was IMPROPER.

Now, I did not say ILLEGAL at the present moment, because that depends.

But I will guarantee you, it was IMPROPER and never should it have happened.

So I don’t care if you already lost the house, I don’t care what anyone else has told you,

if you have not had
your rights defended, you have not had your rights.

You need to know that your rights are VIOLATED

You have the ability for JUSTICE

And even if the house is long gone and you do not want to be there anymore,

if the memories will not serve you anymore, you absolutely have the right to economic justice.
Because that is the only thing that anyone is going to understand.

It is part of the laws that exist in every part of this;

there are DRACONIAN measures against lenders that cheat.

Under consumer protection, consumer fraud, HOEPA, TILA, RESPA,

It is supposed to be painful to brake the law and your rights have been abridged.

You have the right to defend yourself.
You need information.

Information is POWER.

I can provide you that information.

Whatever anyone chooses to do with it is up to him or her.
How is defended, is up to the lawyers.

But I can provide you with the information necessary
To find out if you being a victim deserves someone paying a price.

YOU NEED TO FIND DECENT COUNSEL, YOU NEED TO GET IN CONTACT WITH ME, TO GET YOUR LOAN ANALYZED, YOUR FORECLOSURE ANALYZED, YOU NEED TO GET THE INFORMATION TOGETHER WITH THE PROPER ATTORNEYS AND YOU NEED TO GO FIGHT!

HOPE IS A WONDERFUL THING TO HAVE,
A-PLAN IS EVEN BETTER!

Friday, September 18, 2009

BEWARE OF CREDIT REPAIR

SPECIAL REPORT—There is no such thing as credit repair!
Over 50% of Americans will need to improve their financial situation before they purchase a home, refinance their present home apply for an auto loan or attempt to get any other credit.
You, like many others, may be tempted to use so-called "credit repair" companies to help you with your credit troubles. For years, credit repair counselors, credit doctors, and credit attorneys have claimed that they can "increase your scores in 30-60 days," or "delete any derogatory information from your credit report." They will dispute all derogatory credit information on your credit profile with the 3 credit bureaus on your behalf. We call this the "Write and Pray" method, write and pray the problem will go away. Frivolous disputes are recorded by the bureaus and can have a negative effect limiting your ability to properly resolve items. Do not be fooled! What you may, or may not already know is that THERE IS NO SUCH THING AS CREDIT REPAIR! Do not use companies that claim they can "legally remove" items, or "delete" valid, verifiable information from a credit report. If they can really do what they claim, no one would have bad credit. Below you will see some of the gimmicks and tactics used by credit repair companies to entice many Americans into using their programs. You will be amazed! With OUR SERVICES' you will learn how we can assist you in resolving your credit issues and the difference between Let's Talk Credit Scores and so-called 'credit repair' companies and how it can help you with the largest life affecting aspect YOUR CREDIT.
LET'S TALK CREDIT SCORES vs. CREDIT REPAIR
The main premise of credit repair revolves around "disputing and challenging" derogatory information from your credit report. The bureaus contact the creditor for validation. In theory, the credit bureaus have 30-days by law to respond to your dispute or they must, by law remove this item from your report. However, through technological advancements, these requests are processed in no time at all. Credit repair companies will then re-dispute items over and over each month praying someone will slip up (doesn't happen today). This is the perfect case of 'The Boy Who Cried Wolf.' The bureaus will respond to you in a letter stating something to the effect of "Please stop attempting to make frivolous disputes. Your accounts have been verified to be yours and will remain on your credit report." Your file is notated each time you contact the bureaus. Now what do you think will happen when you are really trying to resolve something that really is incorrectly reporting on your profile? The bureaus will ignore all future requests on that item, even valid ones. Don't let this happen to you! Below, we have listed some of the major claims that credit repair companies make towards consumers to entice them into working with them. We encourage you to do a simple search online under "credit repair" and view some of the many companies out there claiming that they can do some of the things listed below. You are now smarter than the average bear. You will know better. Please see 'OUR SERVICES' to learn how we can be of value to you and avoid getting scammed by another credit repair company. Start being helped and stop being hurt.
Taken directly from a letter from Equifax to a consumer: There is a brisk business among so-called "credit-repair" companies that charge from $50 to more than $1000 to "fix your credit file." In many cases, these so-called "credit repair" companies take your money and do little or nothing to improve your credit file. There are no quick or easy cures for poor credit history. If a credit repair company promises you it can clean up your credit file, remember the following: 1. Your credit history is maintained by private companies called credit reporting agencies that collect information reported to them by banks, mortgage companies, department stores, and other creditors. They also retrieve public information from courthouses. 2. These credit-reporting agencies can legally report accurate credit information for seven to ten years as well as some bankruptcy information for ten years. 3. Information cannot be erased from your file by companies advertising "credit repair" or anyone else making these types of claims if the information is accurate and meets legal time restrictions for reporting credit information 4. The only information in your credit profile that can be changed is information found to be inaccurate. - Equifax Let's Talk Credit Scores provides everything for an individual's credit report and score: Education, advice, and most importantly the assistance of properly resolving any issues you might have. We share with you everything you need to know about improving and maintaining a higher credit score. It's not just about "paying off" outstanding debts. You could still have a low score if you have never missed a payment. There is valuable information and advice that we can share with you in managing and maintaining good credit. In some cases, you may have some leg-work needed to be done such as contacting creditors, researching accounts, negotiating settlements, preparing letters to update verified information with the bureaus, etc. If you do not have the time or patience to do any necessary leg-work that may be required, you can hire us to do it all for you. FALSE CLAIM: Credit Repair companies claim they can legally remove, delete, or eliminate valid, verifiable information from your credit profile. LTCS TRUTH: These companies boast they have removed "thousands" of items from credit reports to date. All they are doing is simply updating inaccurate information - not deleting verifiable information. In the rare cases that they do have something deleted where a creditor could not respond in 30-days or less, it will only pop-up once again down the line when the creditor does finally respond, and after you have paid hundreds, or thousands of dollars to have it once removed. And homebuyers beware! Public records will still come up under a title search even if they do not show on your credit report. FALSE CLAIM: Beware of companies that boast 'debt consolidation,' 'debt settlement,' credit counseling,' etc.

 
 
SPECIAL REPORT—There is no such thing as credit repair!
FALSE CLAIM: They offer you a "100% money-back guarantee."
LTCS TRUTH: Read between the lines! Most "guarantees" are effective if you have completed their specified time of contract (typically 1 year) and if your scores have not gone up. Simply pay your bills on time each month for a year and your score will absolutely go up! Your scores will go up if they do not get anything deleted, thus voiding your "money-back guarantee."
FALSE CLAIM: Many companies take pride in claiming that they have teams of Attorneys that can assist you with powerful legal backing.
LTCS TRUTH: Often times, Attorneys will know no more than you do about resolving many issues at hand. Remember, we have already established that there are no "legal loopholes" or legal tactics to have items magically erased from your credit report. Now why would you need to hire an Attorney to do anything for you regarding your credit profile? And do you not think that the credit bureaus do have any legal counsel?
FALSE CLAIM: The famous claim "Removing old, negative items makes your scores go up!"
LTCS TRUTH: Did you know that the most significant impacts on your score are affected from anything within the past 24 months? If a company could get a delinquent payment deleted from your credit report from 4 years ago, or that old collection form 5 years ago, it would have virtually no impact on your score. The most important factor for raising your scores are open, revolving accounts…. Credit cards! Have them, use them… you need them!
FALSE CLAIM: "The client saves significantly more compared to the cost of service."
LTCS TRUTH: Time and time again, we work with people that were charged $1500, $1900, $2400 and more. They were promised that their derogatory information would be removed from their credit report. Most of them had outstanding debts that totaled less than they were being charged to have them removed! Pay your debts, for less than what it would cost you to have them attempted to be removed! Now, not only are you still stuck paying them, but also out the extra $1500, etc. that you paid your "credit repair" company to try and have them removed! Think about the time also lost in attempting to have things removed when they could have been resolved a year ago the proper way.
FALSE CLAIM: Companies claiming to "Add seasoned trade-lines to your account."
LTCS TRUTH: What they are doing is adding you as an authorized user under their networked pool of people for upwards of $1000 per account promising this will increase you scores over 100 points. Please click on the following link. You will see how the credit scoring model is changing because the credit bureaus have caught on to this quick fix scheme. Don't waste your money! It will not help you! http://www.credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp
For additional information please call 732 439-8230 or email aristafg@gmail.com.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PROJECT BRAKE-FREE

Project BREAK-FREE

Why? Because until a person loses the limiting mind of ego, they cannot experience life beyond what their negative egos will allow them to experience.

God blessed me with finding the knowledge, helped me seek and find the wisdom to MIND CHANGE so that I may be TEN FEET TALL AND BULLET PROFF.

So that I may Stand Up, Do a SELF EVALUATION; Change My Mind Set And DARE TO FIGHT BACK Against The Unfair Practices of The Financial System and Gain FAIR ECONOMIC JUSTICE.

This is NOT Just about a Foreclosure Fight.

This is About a MIND SHIFT.

How do you like waking up knowing BIG BANK owns your present and future?

I want to set folks up for a CHANGE
I want to help folks RENEW their own vows into self

WHY? Because the lesson is not what to do to fight your Foreclosure, but rather how to THINK while you do.

Now step back from what I just said and see if you can locate the profound truth

And isn’t also true that those who fail always fail and always quit and leave and don’t they pack up their failed minds and take their failure with them where ever they go? Yes that’s quite true.

Therefore, the secret lies not in what to do, but more in how to think while you are doing it.

92% Will SHRED or THROW AWAY This NOTICE, Along with Their Equity, Asset and Lifestyle

8% Will take ACTION, Grab The Bull By The Horns, Do their Research, Come To Terms With Reality And What is REALLY Going On

God has a plan for everyone! This is mine. To help the 8% CHANGE Their Lives

To get my newsletter for continuous support and updates email me @ nikonj27@gmail.com with your full name and address.

Thursday, September 17, 2009

Incompetence of mortgage lenders

Foreclosure case workers or loss mitigation representatives go to nearly any lengths to avoid helping their clients. It seems they do anything possible in order to delay a resolution, instead allowing the home to get dangerously close to the sheriff sale before turning down the workout program entirely.
In cases where the homeowners are facing the loss of their homes due to negligence or fraud on the part of the lender, the incompetence is especially frustrating. Our observations over years have alerted us to a few of the various ways that banks push paying customers into foreclosure in order to steal the home and extract the largest profit possible at the expense of the homeowners. This type of scam is mostly perpetrated by servicing companies and operates in several ways, all of which we have witnessed numerous times.
Homeowners in these and similar situations may feel as if they are the only ones caught up in some kind of Kafkaesque debacle. The lenders play the part very well through their own genuine incompetence at the customer service level. Remaining on hold for three hours a day just to confirm that a fax has been received (when it had not been received any of the previous three times it was sent) is a simple tactic resulting from understaffed loss mitigation departments and increasing foreclosures. But more and more experience and research shows us that these are not isolated events, but carefully planned manipulations of mortgages, resulting in forced foreclosures.
Possibly the most common scam that we have witnessed is when the lender places a forced insurance policy on a property. They claim they have not received proof of insurance and then force the owners to pay extra every month for the policy. Often, they place the insurance without informing the homeowners, who make their regular monthly payment, which is first applied to the policy and then to interest and principal. This makes them late on the bill even though they are paying on time every month. Faxes to the lender of proof of insurance will not convince them, if they confirm receiving the documents at all. Homeowners may only learn of the insurance policy when they are being sued for foreclosure, and assume that a horrible mistake had been made.
Another way that mortgage servicing companies push properties into foreclosure is by paying the property taxes late and charging the late fees to the homeowners' account. The next payment the homeowners make will be applied to the taxes and late fees, while the principal and interest will be partially late. Again, the foreclosure victims may not realize the scam until they are being sued and their home is scheduled to be sold at a county auction. Even then, they may have little idea of how to defend themselves in court against a company with thousands of successful foreclosures behind it who has hired local attorneys that specialize in such cases. The loss of the home may be all but guaranteed at this point.
These are the two most common ways, in our experience, that servicing companies have been known to force homeowners into foreclosure. The deviousness of the scam, combined with the bureaucratic inefficiency of many of these companies, often create the impression that errors have been made that can be corrected, as long as the homeowners can talk to someone, explain what happened, and straighten out the mess. Unfortunately, customer service centers may be specifically designed to delay the homeowners as long as possible, leading them to believe they are working out a solution, while the attorneys proceed ever more quickly to the foreclosure auction.
Even more unfortunate is the fact that homeowners have little alternative when they become a victim of this scam. Once they are behind in payments or in foreclosure, the servicing company will make absolutely sure that the balance due on the loan strips the property of its equity. This also dramatically decreases the chance of qualifying for a foreclosure loan or other solution, and increases the amount necessary to begin a repayment plan with the company. A house with little equity can not even be sold quickly enough to ensure that there will be any equity by the closing. The servicing fraud scam is one of the most disturbing in the industry, and one every homeowner should be aware of, because the power of the perpetrators so outweigh the victims in terms of money, legal expertise, and previous successful cases.

The Shuttering Truths That Will Blow Your Mind

Truth 1: 92% Of Foreclosures Go Uncontested, but 8% DO NOT

Truth 2: 92% of Homeowners have their Houses STOLEN from them because they were NOT DILIGENT in Their Search for Truths

Truth 3: 92% Relied On Banks And Government For a BAIL OUT and DID NOT know that Loan Modifications Are ILLEGAL

Truth 4: 92% Did Not Know That The Banks DO NOT OWN The Note of the Mortgage, So They CAN NOT Modify Properly Something They DO NOT Own

Truth 5: 92% Were Either Turned Down For a Loan Modification or the Ones that Did Get One fell BEHING AGAIN within 6 Months

Truth 6: 92% DID NOT Know That A Lot of The Mortgage Loans In The Last Decade were ILLEGAL, As Well As The Process, Closing, Servicing, Sale Of The Loan, and Foreclosure Process

Truth 7: 92% DID NOT Know Short Sales CAN BE ILLEGAL

Truth 8: 92% Will IGNORE these TRUTHS, will not be DILIGENT or PROACTIVE and will have their Homes Stolen From Them through FORECLOSURE

Truth 9: 92% Will SHRED or THROW AWAY This NOTICE, Along with Their Equity, Asset and Lifestyle

Truth 10: 8% Will take ACTION, Grab The Bull By The Horns, Do their Research, Come To Terms With Reality And What is REALLY Going On

Truth 11: 8% Will Stand Up And DEMAND FAIR ECONOMIC JUSTICE, And CLAIM as Theirs What The Financial System Is Trying To STEAL From Them, THEIR HOME

Truth 12: 8% Will Be DILIGENT, Search For The TRUTHS, Will Not Wait For a BAIL OUT From Government Or Banks, DARE TO FIGHT And Keep Their AMERICAN DREAM



No Matter How Many Programs and Opportunities
You are Presented with And No Matter How Hard You Try
To Save Your Home You Will Continue To Fail
Without Learning THE SYSTEM OF SELF

* Put Yourself In Control
* Put Yourself In a PROACTIVE ROLE
* Put Yourself In a DILIGENT Mind Frame
* Put Yourself In a DARE TO FIGHT Mode
* Put Yourself In a position to accept God’s Divine Plan of wealth and Home Ownership

It Is God’s PLAN for you to receive This Notice so that you may DISCOVER The Truths And CHANGE The Rest Of Your Life

There is No substitute for truth

The Truth Exists In Abundance
But The DEMAND For It Is Scarce


GROWTH COMES THROUGH CHANGE


WHAT People Don’t Know is Costing Them
Their Very Lives And They Are Walking
Away From Equity, Asset And Lifestyle

HOW DOES IT FEEL TO CONSTANTLY WONDER WHEN THEY ARE GOING TO CALL OR STICK THE SHERIFF’S SALE NOTICE ON YOUR DOOR?
HOW DOES IT FEEL TO BE PETROFIED THAT ANY DAY NOW THEY WILL EVICT YOU FROM YOUR HOME?



My Challenge to you is, “which one are going to be.
The 92% or the 8%?

Wednesday, September 16, 2009

BANK DO EVERYTHING POSSIBLE TO AVOID RESOLUTION

It is always amazing to see the complete incompetence of mortgage lenders. When working with these homeowners, foreclosure case workers or loss mitigation representatives go to nearly any lengths to avoid helping their clients. It seems they do anything possible in order to delay a resolution, instead allowing the home to get dangerously close to the sheriff sale before turning down the workout program entirely.
In cases where the homeowners are facing the loss of their homes due to negligence or fraud on the part of the lender, the incompetence is especially frustrating. Our observations over years have alerted us to a few of the various ways that banks push paying customers into foreclosure in order to steal the home and extract the largest profit possible at the expense of the homeowners. This type of scam is mostly perpetrated by servicing companies and operates in several ways, all of which we have witnessed numerous times.
Homeowners in these and similar situations may feel as if they are the only ones caught up in some kind of Kafkaesque debacle. The lenders play the part very well through their own genuine incompetence at the customer service level. Remaining on hold for three hours a day just to confirm that a fax has been received (when it had not been received any of the previous three times it was sent) is a simple tactic resulting from understaffed loss mitigation departments and increasing foreclosures. But more and more experience and research shows us that these are not isolated events, but carefully planned manipulations of mortgages, resulting in forced foreclosures.
Possibly the most common scam that we have witnessed is when the lender places a forced insurance policy on a property. They claim they have not received proof of insurance and then force the owners to pay extra every month for the policy. Often, they place the insurance without informing the homeowners, who make their regular monthly payment, which is first applied to the policy and then to interest and principal. This makes them late on the bill even though they are paying on time every month. Faxes to the lender of proof of insurance will not convince them, if they confirm receiving the documents at all. Homeowners may only learn of the insurance policy when they are being sued for foreclosure, and assume that a horrible mistake had been made.
Another way that mortgage servicing companies push properties into foreclosure is by paying the property taxes late and charging the late fees to the homeowners' account. The next payment the homeowners make will be applied to the taxes and late fees, while the principal and interest will be partially late. Again, the foreclosure victims may not realize the scam until they are being sued and their home is scheduled to be sold at a county auction. Even then, they may have little idea of how to defend themselves in court against a company with thousands of successful foreclosures behind it who has hired local attorneys that specialize in such cases. The loss of the home may be all but guaranteed at this point.
These are the two most common ways, in our experience, that servicing companies have been known to force homeowners into foreclosure. The deviousness of the scam, combined with the bureaucratic inefficiency of many of these companies, often create the impression that errors have been made that can be corrected, as long as the homeowners can talk to someone, explain what happened, and straighten out the mess. Unfortunately, customer service centers may be specifically designed to delay the homeowners as long as possible, leading them to believe they are working out a solution, while the attorneys proceed ever more quickly to the foreclosure auction.
Even more unfortunate is the fact that homeowners have little alternative when they become a victim of this scam. Once they are behind in payments or in foreclosure, the servicing company will make absolutely sure that the balance due on the loan strips the property of its equity. This also dramatically decreases the chance of qualifying for a foreclosure loan or other solution, and increases the amount necessary to begin a repayment plan with the company. A house with little equity can not even be sold quickly enough to ensure that there will be any equity by the closing. The servicing fraud scam is one of the most disturbing in the industry, and one every homeowner should be aware of, because the power of the perpetrators so outweigh the victims in terms of money, legal expertise, and previous successful cases.

Thursday, September 10, 2009

Leading Dem Says Obama Housing Plan 'Has Failed Miserably'

Leading Dem Says Obama Housing Plan 'Has Failed Miserably'
Senate Majority Whip Dick Durbin Deals Blow to Obama Mortgage Modification Program
AS YOU ARE READING THE FOLLOWING ARTICLE FOUND ABC’S WEB SITE, PLEASE KEEP IN MIND A COUPLE OF VERY BIG POINTS:
1-LOAN MODIFICATONS ARE ILLEGAL. THE BANKS/SERVICERS CANNOT NEGOTIATE ON YOUR LOAN, BECAUSE THY DO NOT OWN THE NOTE. ONLY THE OWNERS OF THE NOTE HAVE THE RIGHT TO NEGOTIATE. THERE COULD BE MANY OWNERS OF YOUR NOTE AND COULD BE ALL OVER THE WORLD. DO NOT BE FOOLED WHEN THEY TELL YOU THAT THE TERMS THEY ARE OFFERING YOU ARE SET BY THE OWNERS OF THE NOTE. INSIST ON KNOWING WHOM THE OWNERS OF THE NOTE ARE AND ASK HOW YOU CAN GET IN TOUCH WITH THEM. SEE WHAT THEY HAVE TO SAY ABOUT THAT.
2-THE ARTICLE SAYS THAT ONLY 360,165 HOMEOWNERS HAVE HAD LOAN MODIFICATIONS STARTED. THE KEY WORD HERE IS STARTED. YOU CAN START ANYTHING YOU WANT, BUT IT DOES NOT MEAN THAT IT IS DOABLE OR THAT THERE IS AN INTENT ON FINISHING IT. ANYONE CAN FILE SOMETHING, BUT IT DOES NOT MEAN IT WILL GET DONE!
3-MOST OF THE LOANS GIVEN OUT IN THE LAST DECADE WERE NEVER MEANT TO PERFORM. THEY WERE NEVER MEANT TO BE REPAID. THE LENDERS INSURED THEM MULTIPLE TIMES AGAINST DEFAULT AS WELL AS THE TIME THAT THE DEFAULT WOULD ACCURE. AND THEN THEY SOLD THEM AS AAA RATING LOANS TO MULTIPLE INVESTORS. NOW THEY ARE TRYING TO FORECLOSE ON SOMETHING THEY DO NOT OWN. THEY COULD CARELESS IF THEY MODIFY THE LOANS OR NOT. THEY ALREADY GOT PAID. THE ATTEMPT TO MODIFY LOANS AND THE FEW HERE AND THERE THAT WERE DOWN IS A SMOKE AND MIRROR TACTIC TO KEEP THE HOMEOWNER BUSY AND NOT ASK THE REAL QUESTIONS ON ALL THE FRAUD THAT HAS BEEN GOING ON BY THE BANKING SYSTEM. BUT THERE ARE LAWS IN PLACE TO PROTECT THE HOMEOWNER.
THEY ARE LIEING WITH A STRAIGHT FACE OVER AND OVER AGAIN AND THE AMERICAN PEOPLE KEEP BELIEVING THEM AND HANGING ALL THEIR HOPES ON EMPTY PROMICES!




By MATTHEW JAFFESept. 9, 2009

The second-most powerful Democrat in the Senate called the Obama administration's program” a waste of time" Wednesday, hours after the White House released disappointing new data about the program's effectiveness.
This morning, the Treasury Department announced that the program had helped 360,165 homeowners reduce their mortgage payments. However, that is only 16 more homes than received new foreclosure filings during the month of July, according to RealtyTrac.
In response to the new data, Senate Majority Whip Dick Durbin said, "Waiting for banks to 'volunteer' to end this foreclosure crisis is a waste of time. Treasury's latest report shows this approach has failed miserably."

Other high-profile servicers have produced better results, with JP Morgan Chase helping 25 percent of eligible borrowers and CitiMortgage 23 percent. Saxon Mortgage Services had the highest help rate of 39 percent.
Overall, out of 2,965,980 homeowners that are eligible for help under the plan, Treasury said that 572,354 have been offered loan modifications, a rate of 19 percent, but only 360,165 have had modifications started at a rate of only 12 percent.
The new numbers demonstrate that the program -- initiated last spring -- is now gaining traction, but much work remains to be done if the administration is going to meet its goal of helping 500,000 homeowners before Nov. 1, as well as an eventual total of 3 to 4 million homeowners

Sunday, September 6, 2009

PATRIOTIC RETIREMENT PLAN

I got this from my buddy Sam and it is so GREAT I had to share it!!!! It only goes to show you that common sense can solve all our problems….but special interests $$$$, POLITICIANS, and the GLOBAL SYSTEM that is set up to only make the few richer than rich is going to always win, unless we, as citizens become more PROACTIVE!
This is from an article in the St. Petersburg , FL TimesNewspaper on Sunday. The Business Section asked readers for ideas on “How Would YouFix the Economy?” I think this guy nailed it! Dear Mr. President: Please find below my suggestion for fixing America ’s economy. Instead of giving billions of dollars to companies that willsquander the money on lavish parties and unearned bonuses, use thefollowing plan. You can call it the Patriotic Retirement Plan: There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement withthe following stipulations: 1) They MUST retire. Forty million job openings – Unemploymentfixed. 2) They MUST buy a new American CAR. Forty million cars ordered- Auto Industry fixed. 3) They MUST either buy a house or pay off their mortgage -Housing Crisis fixed. It can’t get any easier than that! If more money is needed, have all members of Congress and theirconstituents pay their taxes… If you think this would work, please forward to everyone youknow. If not, please disregard. Then shoot yourself!!!! 1 job opening

Wednesday, September 2, 2009

HOMEOWNERS FIGHT BACK!

ATTENTION HOMEOWNERS!
FIGHT YOUR PREDATORY LOAN, FIGHT YOUR FORECLOSURE

ARE YOU A HOMEOWNER GOING IN TO DEFAULT ON YOUR HOME MORTGAGE?

ARE YOU A HOMEOWNER THAT’S BEING FORECLOSED BY YOUR BANK?

ARE YOU A HOMEOWNER THAT ALREADY HAS BEEN FORECLOSED BY THE BANK?

DO YOU FEEL LIKE YOU HAVE A LOT OF QUESTIONS AND NO ANSWERS?

DO YOU FEEL THERE ARE NO OPTIONS OUT THERE FOR YOU?

A-PLAN IS A CONSUMER ADVOCACY GROUP OUT THERE FOR YOU!

A-PLAN WANTS TO HEAR FROM YOU!

YOU CAN GET A-PLAN @ WWW.MYBANKLIEDTOME.COM OR 732-439-8230

A PLAN IS A CONSUMER ADVOCACY GROUP THAT DOES COMPREHENSIVE LOAN MORTGAGE ANALYSIS, AND I SAY COMPREHENSIVE BECAUSE THERE ARE PEOPLE THAT ARE OUT THERE THAT SAY THAT THEY ARE GOING TO DO A LOAN ANALYSIS BUT THEY DO NOT GIVE YOU EVERYTHING THAT YOU NEED.

A-PLAN WILL GO THROUGH:
THE ORIGINATION OF THE LOAN
THE PROCESS OF THE LOAN
THE CLOSING OF THE LOAN
THE SERVICING OF THE LOAN
THE SALES OF THE LOAN IN THE SECONDARY LOAN MARKET
THE SECURITAZATION OF THE LOAN
THE POOLING AND SERVICING AGREEMENTS OF THE LOAN
THE FORECLOSING PROCESS OF THE LOAN
(THE FORECLOSURE PROCESS IS ONE OF THE MOST IMPORTANT PIECES OF THE LOAN LIFE ITSELF. THERE ARE BANKS OUT THERE, THAT ARE CHEATING THE SYSTEM EVEN IN THE COURTROOM BY LIEING ABOUT THE PAPERWORK THEY ARE SUBMITTING, THEY ARE COMMITING FRAUD IN THE COURT THEY ARE COMMITING FRAUD IN THE PUBLIC, THEY ARE COMMITING FRAUD ON YOU.)

A-PLAN HAS LITIGATION SUPPORT SERVICES GROUP IN THEIR ORGANIZATION AS WELL, THAT CAN WORK WITH YOU AND MORE SPECIFICALY YOUR ATTORNEY.

IF YOU ARE IN A FORECLOSURE ALREADY, OR IF YOU HAVE NOT STARTED YOUR FORECLOSURE, BUT YOU WANTED TO PROACTIVELY SUE YOUR BANK FOR BEING IN A PREDATORY LOAN YOU NEED TO HAVE A COMPITENT ATTORNEY. IF YOU DO NOT HAVE A COMPITENT ATTORNEY YOU CAN CONTACT A-PLAN @ 732 439-8230. A-PLAN DOES HAVE INFORMATION ABOUT ATTORNEYS IN PARTICULAR AREAS. THEY MAY HAVE ONE IN YOUR AREA OR THEY MAY BE ABLE TO DIRECT YOU TO A PLACE WHERE YOU CAN FIND ONE IN YOUR AREA.

ONE THING THAT IS TRUE IS YOU HAVE THE RIGHT TO FIGHT IF YOU ARE IN A PREDATORY LOAN.

WHAT IS A PREDATORY LOAN?

IF THE LOAN IS NOT SUITABLE TO YOUR NEEDS, IF IT’S NOT A LOAN THAT WILL SUSTAIN LONG TERM HOME OWNERSHIP OVER A PERIOD OF TIME. IF YOU HAVE FOUND THAT YOU HAVE FALLEN BEHIND IN THE FIRST COUPLE OF YEARS, THEN YOU ARE PROBABLY IN A PREDATORY LOAN.

YOU NEED TO FIND DECENT COUNSEL, YOU NEED TO GET IN CONTACT WITH A-PLAN, TO GET YOUR LOAN ANALYZED, YOUR FORECLOSURE ANALYZED, YOU NEED TO GET THE INFORMATION TOGETHER WITH THE PROPER ATTORNEYS AND YOU NEED TO GO FIGHT!

HOPE IS A WONDERFUL THING TO HAVE,
A-PLAN IS EVEN BETTER!

Sunday, August 30, 2009

NON-PROFIT or NON-INTERESTED?

Sunday August 30, 2009, and as I am sitting in front of my PC checking my emails and various articles to educate myself more about current events, I came across this one that hit home and provoked an EXTREMELY high level of interest in me as I am a FORECLOSURE SURVIVOR, and it should to you as well, with the bullshit and lies that just keep going on and on. Politicians, Washington, BIG GOV & BIG BANK only have one interest: Make more & more money and keep it among their group. They could careless how they make it, who they hurt, how badly they damage US and GLOBAL economies, and how everyday hard working folks survive.

Please read the entire article, pay special attention to the highlighted areas, and most importantly MAKE SURE you read the information I found at the end of the article! IT WILL BLOW YOUR MIND!

The article’s title is:
Caught in foreclosure relief scam, a couple loses their home
Written by BY MATT OLBERDING / Lincoln Journal Star Posted: Saturday, August 29, 2009 11:55 pm
Denise and Kevin Barret thought they had found a solution earlier this year after they fell behind on their mortgage.
One night in February, they saw a television ad for the Federal Loan Modification Law Center, a very official-sounding entity that promised it could reduce homeowners' payments while saving their homes from foreclosure.
So the Barrets called the number and were told that for an initial payment of $995 the company could renegotiate the couple's delinquent mortgage and get them a better interest rate and more affordable payments.
It sounded like a good deal, and the company at the time had a reasonable rating with the Better Business Bureau, Denise Barret said.
So the Barrets signed up.
Denise said she was in contact with the company weekly as representatives told her they were negotiating with Liberty First Credit Union, the Barrets' lender.
Every time the Barrets got a letter or phone call from Liberty First, Federal Loan Modification Law Center representatives told them to ignore it, saying it was just a scare tactic, Denise said.
"They kept telling us, 'Don't call the bank, it will just slow down the process. Don't offer them any money,'" said Kevin Barret.
That's exactly the opposite of what credible experts advise for homeowners who fall behind on their mortgages.
The result: Around the first of May, the Barrets received a letter from Liberty First, informing them their home was scheduled to be sold at auction.
Frantic, Denise said she called the credit union.
"Liberty First said they had never heard from them," she said.
The Barrets bought a century-old house near 120th and Nebraska 2 in 2004. They paid $165,000.
The couple had moved back to Nebraska in 1999 after Kevin served in the Marine Corps. They initially settled in Eagle.
Denise said they fell in love with the converted bunkhouse on seven acres, which is not far from Otoe County, where the Barrets both grew up - she in Nebraska City, he in Syracuse.
At first they had a rent-to-own arrangement with the previous homeowners, and things went pretty well for a couple of years.
But then came 2006.
In February of that year, Kevin, who was 46 at the time, had a heart attack. He underwent quadruple bypass surgery the next month.
He had barely recovered when Denise was struck by a brain aneurysm in August of that year.
To help pay for their medical bills, the couple refinanced their mortgage and cashed out some of the equity in their home, which Kevin said at one time was as much as $60,000.
Things seemed as though they couldn't get any worse for the couple, but then Kevin lost his job right before Thanksgiving.
The bad news continued just a few months later, when Denise, too, lost her job.
The Barrets again refinanced their mortgage in November 2007, increasing the mortgage debt from $148,000 to nearly $178,000 between a first and second mortgage, according to county real estate records.
Denise said their mortgage payment jumped from around $1,300 a month to more than $1,800.
In August 2008, the couple filed bankruptcy, just after they started falling behind on their mortgage payments.
County real estate records show Liberty First issued a default notice at the end of June 2008.
Kevin said they'd fall behind on payments, catch up, only to fall behind again.
While purporting to be helping the Barrets, the Federal Loan Modification Law Center was racking up complaints all over the country.
In April, the Federal Trade Commission filed a federal lawsuit against the company, alleging it misrepresented that it could obtain a loan modification or stop foreclosure in all cases.
The complaint also alleged that the company falsely claimed in radio and TV ads to be affiliated with the federal government.
Nabile "Bill" Anz, managing attorney for Federal Loan Modification and one of the people named in the FTC's complaint, told the Orange County Register in April that the company may have been aggressive, but it had obeyed the law.
Since then, Anz seems to have changed his tune. On Aug. 4 he voluntarily resigned from the California State Bar Association, with charges pending against him.
According to a news release, the bar filed an application in July to have Anz declared "involuntarily inactive," alleging he failed to perform for clients of the Federal Loan Modification Law Center and failed to refund fees to clients of the business.
The news release said Anz admitted the misconduct that was alleged in the application.
Some states have also taken action against Anz and his company.
In July, Wisconsin regulators banned the company from doing business there and ordered it to provide refunds to all its customers in the state.
That action likely is a moot point, as it appears the company is no longer doing business. Its Web site is no longer operational and its phone has been disconnected.
Mike Cameron, an attorney with the Nebraska Department of Banking and Finance, said the department has fielded a couple of complaints about the Federal Loan Modification Law Center.
"I'm thinking two or three at most," he said.
Cameron said that because the company is already the subject of an FTC investigation, he refers complaints to the federal government.
Michael Snodgrass, executive director of NeighborWorks Lincoln, said two red flags with any foreclosure rescue offer are the requirement that you pay for it and a promise of a renegotiated interest rate or lower payments.
"If you have to pay something to save your house," there is something wrong," Snodgrass said.
He said NeighborWorks, which offers free foreclosure counseling among its many housing education services, never promises results.
Snodgrass said he has seen clients at NeighborWorks who have used or considered using foreclosure rescue companies.
"If you're losing your home, you're grasping at straws," he said. "If you see an ad from a company, it's awful tempting to look at."
Denise and Kevin Barret will lose their home - there is no doubt about that now.
Earlier this month, they stood in a Lancaster County courtroom and agreed to be out of their house by the end of the month, which is Monday.
As they talked with a reporter Friday, a steady stream of people drove up their driveway and into their front yard to take advantage of their need to sell off possessions that won't fit in their new home, a rented townhome near 61st and Vine streets.
In a way, their lives are coming full circle - the town home is in the same development they lived in shortly after they got married, Denise said.
She alternates between tears and anger.
She cries when she thinks about losing her home, the place she and her husband fought so hard to keep.
The tears turn to anger, though, when she thinks about all the help the government is handing out to banks and to people to buy houses and new cars.
"They're giving these brand-new homeowners $8,000 bonuses," she said. "Why aren't they helping the people who are losing their homes?"
There are programs to help people facing foreclosure, but the Barrets say they found out about them too late.
Kevin says he's talked to the Veterans Administration and a lawyer, but the response has been, "You should have brought this to us earlier."
"If I had a nickel for every time I heard that, I'd be able to pay off our house," he said.
Denise said she and her husband aren't telling their story to get pity.
"We're not doing it to make people feel sorry for us," she said. "We just don't want it to happen to them."
Reach Matt Olberding at 473-2647 or molberding@journalstar.com.
Well, I don’t know about you but here are a few things that seem to bother me as well as some valuable information that I found out about all this:

1. Modification companies are scam artists. I don’t care what they promise you to deliver. They work for the banks to get more money into their pockets. Folks banks DO NOT have the power to negotiate with the homeowner, because they DO NOT own the note of your mortgage. Only the note owner can negotiate. In almost all cases the owners of the note could be any where in the world and there could be 100’s of entities that hold a piece of your note. There for NO negotiation is possible. The banks are only servicers of the mortgage.
2. BIG GOV is shutting down and going after loan modification companies but then they are telling us to use the GOV PROGRAMS to help homeowners with their foreclosure but their programs are doing the same thing. President OBAMA predicted millions of modifications but to date there have only been around 150,000. The gov programs are pushing homeowners to work with the banks but the banks have no interest in modifying loans because they make more money from the foreclosures and collecting the insurances that they took out on those loans. The banks are defrauding everyone, even the investors that they have sold these mortgages to. The investors have started to sue the lenders for selling them fraudulent loans which in return are not performing and they, (investors), cannot collect interest on. Hell, the banks or the government CAN NOT modify something they DO NOT OWN!!!!!! This is very important.
3. This is the most important point of them all! Mr. Michael Snodgrass, executive director of NeighborWorks Lincoln made a couple of statements that I would like to address. He said that "If you have to pay something to save your house," there is something wrong," He said NeighborWorks, which offers free foreclosure counseling among its many housing education services, never promises results. Altough I agree with him that there are no warantees he basicaly is saying that NON-PROFIT groups are the only solution for the troubled homeowners and one should not pay anyone to educate them or help them fight their foreclosure because there are channels that one can get the information for free. BULLCOCKIE on that. I do not know about anyone else, but if I am in legal trouble and I can efford top notch legal help, I want that as opposed to the public defenders office.

NOTHING IS FOR NOTHING! And I can prove it. I went on the NEIGHBOR WORKS web site and I did a little searching. Here are a couple of things I found out: First of all they actually tell you that they have partnerships with banks and even go on to name some of these banks. They also have a page thanking some of these banks for their financial gifts to this organization.
Folks, they actually have photos of these banks handing over large checks to to NEIGHBOR WORKS. Here are the links:

PHOTOS
http://www.nw.org/network/aboutus/partnerships/partner_thanks.asp

PARTNERS
http://www.nw.org/network/aboutus/partnerships/partners.asp

They tell you that it is a national nonprofit organization created by Congress to
provide financial support, technical assistance, and training for community-based
revitalization efforts.
Now, I am not the world’s smartest person, but how is it that a non-profit created by congress is getting financial gifts from banks? Is it not a conflict of interest?
And if it is not, do I really want an organization looking to help me that is being financially gifted from the banks? Whose interests are they really going to look out for, the banks or mine?

BIG BANK is controlling Washington, Congress, Media and everything else to keep every day hard working people in the dark and slaves to their money-making schemes!!!!
I have walked up and seen the light, and the more I dig and research the more garbage I find….I will keep telling everyone my opinions and discoveries hoping to make everyone aware that we have rights and options regardless what they tell us. GOD BLESS AMERICA & GOD BLESS THE MASSES!

Monday, August 24, 2009

Countrywide Decision: Investor is owner of loan

BofA’s Countrywide loses court ruling on mortgages — Modifications Not Authorized By Investor May be Invalid

As per LIVING LIES reporting:
There is lots of significance about this decision. First it shows that if the investor is going to sue it is going to be against the intermediary pretender lenders and not the borrower — because they don’t want to expose themselves to liability for predatory loan tactics, usury, securities violations, TILA, RESPA and HOEPA violations. Second it shows that as we have said all along here, the servicers don’t have the right or authority to actually negotiate and execute a loan modification. And third it shows that the investor who bought bonds that were mortgage backed securities are the OWNERS OF THE LOAN. This decision is essentially fatal to ALL foreclosure actions based upon securitized loans. It identifies the investors as the owners of the loan and negates the alleged authority of intermediary pretender lenders to do ANYTHING in the way of enforcement, modification, collection through legal means etc. because they simply have no standing (because the alleged debt is not owed to anyone other than the investor). The foundation is crumbling. These decisions are coming out one after the other because of a simple fact — the tacit deal between Wall Street and loan servicers and loan data administrators (MERS) may exist, but it has no legal effect without the investor and the borrower signing on to these new terms with extra conditions and co-obligors.August 20, 2009, 7:42 am NEW YORK (Reuters) – A federal judge has ruled that Bank of America Corp (NYSE:BAC – News) cannot have a lawsuit by investors seeking to force it to buy back mortgages heard in federal court, saying he lacks jurisdiction to decide the case. Tuesday’s ruling by Judge Richard Holwell of the U.S. District Court in Manhattan means the case will move to state court. Holwell did not decide the merits of the case. “Congress passed two statutes within a year of each other to address the mortgage crisis,” the judge wrote. “In neither of these statutes did Congress federalize the case.”The ruling is a win for investors, to the extent that Holwell rejected a claim by the bank’s Countrywide Financial Corp unit that new federal laws to encourage loan modifications to help struggling borrowers stay in their homes govern this case. Countrywide had argued that the laws negated obligations it might have had to buy back modified loans. In 2008, Countrywide agreed with some 11 state attorneys general to modify $8.4 billion of loans made to roughly 400,000 borrowers.Investors who own mortgage securities typically receive interest and principal payments. If servicers modified the underlying loans to reduce borrower obligations, investors would be harmed because they would receive lower payments.Holwell did rule that investors bear the burden of showing that pooling and servicing agreements for their loans, taken “as a whole,” require Countrywide to buy back the loans.Bank of America could not immediately be reached for comment. A published report said a spokeswoman agreed that the court did not rule on the merits of the plaintiffs’ claims.The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.These investors would rather Countrywide repurchase modified loans for the full unpaid amounts. Countrywide had been the largest U.S. mortgage lender before Bank of America acquired it last July for $2.5 billion. The case is Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC v. Countrywide Financial Corp, U.S. District Court, Southern District of New York (Manhattan), No. 08-11343. rule that investors bear the burden of showing that pooling and servicing agreements for their loans, taken “as a whole,” require Countrywide to buy back the loans.Bank of America could not immediately be reached for comment. A published report said a spokeswoman agreed that the court did not rule on the merits of the plaintiffs’ claims.The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.These investors would rather Countrywide repurchase modified loans for the full unpaid amounts. Countrywide had been the largest U.S. mortgage lender before Bank of America acquired it last July for $2.5 billion. The case is Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC v. Countrywide Financial Corp, U.S. District Court, Southern District of New York (Manhattan), No. 08-11343.

Friday, August 21, 2009

In foreclosure? Don't lose home without a fight

Ok everyone….here is another article published by Arizona Daily Star,
telling us about yet another program to help homeowners fight foreclosure. It is called the "Making Home Affordable Consumer Awareness and Education Forum". Here are some of the things it will do for the people that attend the forum as per the article’s description: The forum will have two sessions — Spanish in the morning and English in the afternoon — aimed at offering homeowners information about the "Making Home Affordable" federal program. Attendees can find out if they qualify for the program and what resources are available to help them keep their homes. The forum will offer detailed information but, unlike previous housing-related forums, counselors and loan servicers will not be available to do individual consultations with homeowners — although future appointments for individual help will be available. The "Making Home Affordable" program helps eligible homeowners refinance their loans so they can better manage their monthly payments. Part of the program applies to people with mortgages held by Fannie Mae or Freddie Mac. (Make an initial inquiry about your loan status at makinghomeaffordable.gov/ eligibility.html)
The federal program can also help homeowners who've had their income cut or are facing emergency financial circumstances — say large medical bills from an unexpected illness — or have seen their mortgage payment increase because of an interest-rate reset.
So as you can see, it is another government attempt to help homeowners fight foreclosure with the possible lender’s cooperation and the government playing to the lender’s good graces for help. Who are we kidding? There have been so many of these so-called programs and they all have failed miserably.
Here is the key folks: THE HOMEOWNER HAS TO QUALIFY! How the hell is the owner going to qualify when he was placed in a bad loan to begin with!
Why aren’t they coming out and tell us that they will make good on all the bad loans that they gave out to begin with, which by the way are the ones that are in default and have contributed to this crisis. It would fix things right away and get the economy on the way back. The banks will not do that because that would show that they are guilty of fraudulent activity, giving out toxic loans that were design to fail and never collect payments, because the lenders already got paid from selling them to the second market plus the insurance money they collected when they had taken out insurance on when the loans would fail. But instead the government is giving money to the banks and creating smoke and mirror effects to keep the homeowner under false assumptions and hopes. They are stealing our homes away from us. It is called “EQUITY STRIPPING”. They are taking our hard earned money either via a way of taking our homes or giving it back to the banks via bailout money. Bottom line is they lied to us before and they keep lying to us now! There is only one way to get financial justice and they know that and they fear it. Educate yourself, take the bastards to court and sue them for all the fraud they have done to us.

For the full article click here: http://www.azstarnet.com/business/305788

Thursday, August 20, 2009

There is no way to fight your foreclosure, fight your foreclosure is the way!

In the art of fighting your foreclosure, being is doing. In doing so, the laces must be tied, the uniforms and pads must be worn, and the helmets must be strapped on because to pass the guards at the gates of victory, a battle must be born.

Not in relation to others, in the battle of self. Foreclosure relief only follows a victory. The battlefield is within your mind; Life was not intended to be a struggle – yet it is. That’s why only the strong and disciplined succeed.

A-PLAN will serve you as a magnificent base plan. With banks and lenders around us grappling at our heels and trying to pin us down at every corner, by lying and stealing our equity in our homes, it’s far nobler to further learn to expand your power and fight to keep absolute control in life. I respect your ability and commitment to life.

I also respect and admire your ability to stand alone, because that will be your only means from which you meet your spiritual path and pronounce yourself victor. On both accounts – neither will be handed to you. The victory, like your others in the past, will come, but not without the discipline, sweat, labor and skill it would take to make wine without cutting the grapes down first.

If you doubt this notion, or are intimidated by it – trash this letter and all the valuable information that I have given you over time on how to fight your foreclosure and start making moving arrangements and looking for an apartment. Which by the way it is hard to get today with everyone asking for a credit check as well as quite expensive. Minimum of one and a half months upfront security, one-month regular rent, and off course the cost of moving and packing. Do you have the dockets for all that, cause it is going to run you a few thousand dollars.

Oddly enough, there are still homeowners who actually believe in handouts, quick fixes and doing jobs any trained chimp could do for $7.00 an hour! More over, jobs where you are asked NOT to think.

This is why the banks invented loan modifications - so these homeowners, will be taken to the cleaners and ripped off once again because they never did enough, took action, been proactive to protect themselves from being foreclosed on and eventually evicted.

I have just one simple question for this homeowner: “What happened to you, and when, when did you decide to coast through life knowing full well – the gravy train was pulling away from you and would never return?”

The gravy train is pulling away and with it, it is taking all your home equity that you have worked so hard to acquire. Your biggest and most valuable asset is being stolen and you are still waiting for help from the banks and government. Haven’t you realized yet that you are all alone here? This is a battle that they want you to fight by yourself so that they can defeat you and take away your most prized possession, your home.
The government has given bailouts to everyone except the homeowner. By the way they are giving away your money, money that you paid in taxes. They have mortgaged your future, your kid’s future and your kids’ kids’ future. Hey why don’t you YELL: “Where is my government bailout check?”

Folks fighting foreclosure will not be easy. If it were, you would not be reading this because you wouldn’t need to! Furthermore, because you are reading this letter – it should only remind you of what you already know – YOU CAN FIGHT YOUR FORECLOSURE. But first you have to take action, and remind yourself that there laws and statutes on your side. You are not alone in this fight. A-PLAN is here to help you fight the fight. But you first need to get off your ass and take action. I t does not matter if you were lied to before, by the bank, government and loan modification company. That is in the past and there is not a thing you can do about it except dust yourself off and fight your foreclosure. 95% of foreclosures go through because homeowners do not fight!
Are you going to be another statistic?

Thursday, August 13, 2009

New Financing Rules can have BIG impacts on your closing schedules - check with your mortgage person today

As mentioned in a recent "Mortgage Weekly" the Federal Government has put new Consumer protection laws in place as of August 1st. These laws will slow down the lending process and probably delay many closings. The key points require that the consumer have 3 days to look over their signed Truth-in-Lending disclosure and understand all terms and costs being presented. Lenders are prohibited from collecting any upfront fees or ordering appraisals until the 4Th day after the TIL has been signed. Additionally, any change between the initial Good Faith Estimate and the final HUD-1 closing statement that changes the APR on the TIL by more or less than .125% requires re-disclosure and another 7 day waiting period before the buyer can close. Think about this; the difference of only .125% can mandate a 7 day waiting period. That means that even a change to the closing date would change the prepaid interest on the HUD-1 and could change the APR enough to have to re-disclose. Be very careful about your contract dates, as the lending process will slow down as a result of this change. It's essential to work with a mortgage lender that understands these implications and will stay on top of any changes that may impact the TIL and APR.

NOTES: In my opinion the federal government is trying to implement guidelines so that the standard BANK FRAUDULENT activities are eliminated as well as they can blow their own horn about how they are doing something to fix and or help eliminate bank fraud. It is self serving their political agendas. Give the consumer a little something something and then take credit for the good it has done for them. Mean time the BIG BANK SHARKS are still running Washington.

Folks that does not make it right about all the fraud and lies that the banks have done.
It is another example of BIG BANK & BIG GOV trying to cover their tracks with all the lies and fraud done the last decade.

Foreclosures race ahead of efforts by government

As reported by :By ALAN ZIBEL - Associated Press
WASHINGTON — The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government attempts to limit the damage.
Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday.
More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee's sale. That's the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.
Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.
Nevada had the nation's highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah.
Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

Monday, August 10, 2009

Truth In Lending Act - Homeowner's Best Friend

DID YOU KOW THIS?
As per David Leibowitz, attorney at law in Chicago and Waukegan, IL, The Truth In Lending Act or TILA can help you. If your lender did not meet the hypertechnical requirements of TILA, you may be able to undo or rescind your loan. All payments you made would reduce your principal balance. You would get back all of your closing costs. You might get back your attorney's fees too. TILA is very complex. Your lender must make disclosures to you in a very precise way. If they got it wrong, you have substantial rights. We know the law. We can help you defend yourself using TILA before or during foreclosure or even in bankruptcy.
Lender's Liability to the Neighbors
When lenders make bad loans in your neighborhood, is that your problem? Lawsuits have been filed by the cities of Cleveland and Baltimore as well as by residents in Minneapolis arguing that lenders have a responsibility to the neighborhood. After a foreclosure and sale, houses may stand empty for months or years. They may be targets for vandals and undesirables in the neighborhood. A vacant house could become a crack house or worse. Suits against lenders for irresponsible lending suggest that the lenders have a duty to make loans which have a reasonable chance of being paid. And these suits suggest that if the lenders loan irresponsibly, leaving the neighborhoods deteriorated, the neighbors have claims for damages against the lenders even if the lenders had no contractual relationship with the neighbors.These suits are at the cutting edge of litigation. Do lenders have a duty of due care to the neighborhood? Time will tell.

Mortgage Crisis

OK, if you are living in another planet and are clueless as to what is going on, not only in the USA but around the globe, let me fill you in:
We have a mortgage crisis. Foreclosures in the USA are at record levels. Lenders won't even take borrower's calls much less negotiate reasonable loan modifications. Did you get the loan you bargained for? Were the loan terms changed at the last second? Were there bogus fees and excessive closing costs? Did you have an ARM (adjustable rate mortgage) which reset and you can't afford it any more? Keep all your loan documents together. Have a forensic company or attorney check them out. You may have important rights under the federal Truth in Lending Act, TILA, or Home Owners' Equity Protection Act, HOEPA. You may be a victim of Fraud and Deceptive Business Practices and many other statutes. You can sue bad lenders in circuit courts, federal district courts and bankruptcy courts. "Knowledge is power" and now more than ever homeoewners do have the power to fight their foreclosure. Even if our house has been foreclosed, the foreclosure sale already has happened, all hope may not be lost, not necessarily. if the sale was unconscionable or fraudulent or on the ground that justice was not otherwise done. There could be many reasons for this. What does this mean? You can fight to keep your house, even at a late date. You may not win but you might buy time. And sometimes, time is priceless. If you have a legitimate claim, you might even be able to raise it, even at a very late date.

Saturday, August 8, 2009

Companies promise foreclosure help, don't deliver

Here is an article written by Carrie Teegardin on Metro Atlanta/State News on Friday August 7 2009.
The article goes on to describe how thousands of desperate homeowners across the country have turned to for-profit companies that promise to stop foreclosures and gain loan modifications. It then goes on to describe how the majority of these companies are scam artists that do very little but take the homeowners money and produce no results. It briefly describes how they con everyone, how many consumers seek help because they find it difficult to work out resolutions directly with their mortgage companies and then it proceeds to describe how one can get the same service from non profit companies without the burden of large fees. The article quotes: “There is no reason somebody should pay for this service,” said Michelle Jones, senior vice president of counseling for Consumer Credit Counseling Service of Greater Atlanta. CCCS is a HUD-approved housing counselor and one of the largest credit counseling agencies in the nation.
Although a lot of this is true I am going to point out a few things.
First of all homeowners should be proactive in dealing with their situation. A year or two ago when the for-profit Loan Modification industry took off, the homeowner did not have as much information about the process as we do now. Therefore it was a lot easier to fall victim to this process. As of August 8, 2009, there are countless cases of fraud and consumer deception on the loan modification arena. All one has to do is google loan modification fraud or scam and you will get tons of articles and information, so HOMEOWNER BE AWARE.
Secondly the reason why banks are not too willing to modify your loan is because they are not allowed to do so. In case you are not aware of this the banks are only servicers of the loan. That means they only collect the payment, they do not own the note. The note is owned by countless investors around the globe that bought a piece of your note after the original lender that gave you the loan, securitized it by using your social security, credit history and signature and sold it in the open market. By the way, how the lenders did that is in proper as well. So how can they modify something they do not own? That is the reason in most cases they will lower the rate temporarily, add on the payments you missed, late charges and processing fees and put it on the balance of your loan. After the initial period of adjustment the rate goes back to where it was, either periodically or all at once. Now-days lenders want you to pay an upfront amount and then an inflated payment for 3 to 6 months, to show good faith as they call it, and then they will evaluate your loan again to see if it qualifies for a modification. You must also show all your financials and be able to verify them. Most folks do not qualify because their financials are a lot lower than when they took the loan out. That is the reason why they are in this situation to begin with. Does that make sense?
Thirdly, have you ever asked who pays the non-profit organizations to help you? Are they doing it for free? And if they are, you know the old saying: “YOU GET NOTHING FOR NOTHING”. Do you really expect them to do a great job for you when they have no vested interest in you getting a better deal? I am here to tell you that the non-profits are set up by BIG BANK to create the illusion that BIG GOV is here to help you. They want you to try and do a modification to take away your focus from the big picture of the fraud they have created over the years. Yes I did say fraud. It’s a smoke and mirrors game. BIG BANK has always owned Washington and they can do what ever they like. Just like BIG TOBACCO has set up tons of non- profit organizations and promote messages that smoking is hazardous to your health. However it is still legal to smoke although it is proven that cigarettes are the number one reason for causing cancer. It is legal because BIG TOBACCO owns part of Washington as well and huge profits are at stake regardless if it is beneficial to the consumer or not. So you really think the non-profits will have your best interests at heart or the banks?
The loan modification process was created by the banks to help themselves, by keeping homeowners in the houses because it is more expensive to foreclose on them. However when the banks created financial products, (loans) that were never intended to be paid off, toxic as Countrywide’s CEO called them, they expected them to fail and even took insurance out on these loans on when they would fail. The loan modification process made no sense any more. They make more money when the loans default and foreclose on the homes. I will go as far as to say that loan modifications are improper as well. Have you ever seen a loan modification proposal? The banks are asking you to basically give up all your rights while they maintain theirs. Some of these proposals are preposterous. I don’t even know how people sign them. Maybe it’s the fact that they banks basically lead them to believe that they have no other options. Either sign this modification or foreclose on the house. Later, when the homeowner defaults on the modification, which 55% of loan modifications fail within 6 months, the bank can stand in front of the judge and claim that the homeowner signed this modification. I think NOT. Do you think the homeowner might have been in distress? Signing this because he or she thinks they have no other choice? Do you think the homeowner may not have done so if he or she knew that they have other options and further more if they knew that the bank is guilty of fraudulent activity? If they knew that they have rights and there are laws like HOEPA and TILA to protect them, which the banks have totally failed to uphold. If they knew that the process in which the loan was given to them was improper and the way the loan was securitized was improper, the way the loan has been transferred from one investor to another was improper and finally if foreclosure notice has been given to the homeowner, that too may have been improper. I believe in the intelligence of the consumer and given all the facts they can make the right choice. The consumer maybe naïve but the banks have committed fraud.
I am not an attorney nor do I claim to be one and not all mortgage loans fall under the anti predatory lending situation. You should seek legal advise but make sure you ask multiple attorneys for their advise as a lot of attorneys do not specialize in foreclosure or predatory lending law. You should seek advise from an attorney that does specialize in this type of law and ask him or her if they do or have a company that does their forensic mortgage analysis, expert testimonies, consumer investigation and all their legal support services. After all the attorney needs to know all the details of the loan, the process in which it was given, and if since the homeowner defaulted the bank followed proper procedures as well if they have the right to stand and produce the note among other things. The attorney needs to have a plan of action before going in front of judge to fight for the homeowners’ rights.
Since I live in New Jersey here are links to NEW JERSEY’S BANKING & INSURANCE WEB SITE:
Warning Regarding Mortgage Loan Modification Activity
Predatory Lending - What Consumers Should Know
For all other states all you have to do is google the Department Of Banking And Insurance and you will be able to get the same information.
I believe knowledge is power and armed with it, homeowners can keep the banks from stealing the most important asset that they have, their home.
Here is the link to the complete article written by Carrie Teegardin on Metro Atlanta/State News:
http://www.ajc.com/news/companies-promise-foreclosure-111175.html

Tuesday, August 4, 2009

Foreclosure-Related Suicide: Sign of the Times?

This was published on ABC's news site.
It's extremely disturbing.
I have no words.

"By the time you foreclose on my house, I'll be dead."

So read the note that 53-year-old Carlene Balderrama of Taunton, Mass., faxed to her mortgage company, according to Taunton Police Chief Raymond O'Berg.
The message turned out to be tragically prophetic. According to local reports, PHH Mortgage Corp. -- the company foreclosing on Balderrama's home -- notified police of the message less than an hour and a half before the home was to go on the auction block. By the time officers arrived at Balderrama's house, they found she had fatally shot herself with her husband's rifle.
O'Berg said Balderrama's death has been officially ruled a suicide. But though the case is closed, he notes that the tragedy underscores a problem that is affecting many in the community of about 60,000, which lies roughly 40 miles south of Boston.
"It has a lot of people talking, because there are a lot of homes in foreclosure here," O'Berg told ABCNews.com. "It's just a tragedy. Then again, someone told me that these financial stresses are tough."

VIDEO HERE:
http://abcnews.go.com/Health/DepressionNews/story?id=5444573&page=1

Foreclosure Rant


I am sorry if I need to vent out a bit about all the sh#t that's been going on and on and on.

It seems that people DO NOT GET IT. Or if they are they just DO NOT CARE.

Ever since this whole crisis became apparent, and in actuality it was started way before the government and its media propaganda machine admitted it we seem to be going down an endless, bottomless pit. Things are getting worse and more and more wrong decisions are being made on a daily basis. Yesterday August 3rd 2009 Colonial Bank Group in Orlando Florida was raided and seized. Foreclosures are higher than last year, experts have predicted a new wave of foreclosures that include prime loans, not just subrime. Yet they are telling us that the economy is slowly coming around.
Who are we kidding? Americans need to get their heads out of you know what and take action. People need to step up and arm themselves with the truth and the BS the media is feeding us.
Here is another dose of reality written by Maryann Tobin on examiner.com called:
Solution to housing crisis ignored as foreclosure suicides rise
If there were ever a time in this country for big business to put people before profits - that time is now.

Thousands of people facing foreclosure have no where to go if they lose their homes.

There has been little said about it, but an increasing number of the newly homeless have chosen to take their own lives. , according to ABC News.

Is that what we have come to in this country? People are dying now - because lenders are not doing the right thing when it comes to keeping people in their homes.

Any lender, if it wishes, can actually forgive a mortgage. It may sound unfair to those who pay their loans, but the crumbling housing market effects those who pay and those who don’t or can’t pay.
Foreclosure is bad for everyone.

So what would happen if banks simply started forgiving individuals for bad loans?

Foreclosures would end nationwide. The glut of empty homes that remain would likely be bought much more quickly - since the flood will have stopped. People would have a legitimate opportunity to get back on their feet. With improvement in the housing market, homes would sell for a better price.

Once the housing market is stable, consumer confidence would rise. Personal spending would increase, which in turn would create more jobs, then unemployment would decrease, the stock market would likely go up - you get the picture.

What is bad about that?

The loudest voice complaining would likely be the lenders. These same lenders were the first to take trillions of dollars in bailout money so they could stay in business - so they could make more bad loans, or make very few loans.

In mortgage renegotiation, most lenders focus on adding fees and penalties, and tacking on extra payments. Giving up a dime never comes into the picture. But let that same house go into foreclosure and sell at auction for half of the loan value, and the lenders are happy. And we wonder why the economy is in the shape it’s in? All they had to do was give that same discount to the homeowner.

The lender would actually save time and money by not incurring the legal fees and expense of foreclosure and auction. And there would be one less under priced home sold, driving prices down even further.

This is simple math. And better accounting practice than what is going on now.
More importantly, it actually does something to help solve the problem, and the people it's hurting.

Look at the Cash for Clunkers program. What it proves is that if you help people directly, they will help the economy.

In reality, there is only one way to stop the housing crisis. Stop the foreclosures. Whether it be by forgiveness or dramatic reduction in debt, it has to begin with direct help to the people who need it.

The government is out of this picture. This is between the lenders and their borrowers. No one should say it can’t be done. Where there’s a will, there’s a way. The problem is - no one has tried.

There is no excuse for anyone to allow this country to become the land of the desperate, the land of the suicidal, or the land of the homeless and unemployed.
PS: Check out these videos:
ANTI FORECLOSURE RANT
http://www.youtube.com/watch?v=3_XChjN8CJ4
HOME OWNERS HAVE BEEN DEFRAUDED
ADVOCATING HOME OWNERS TO FIGHT

Thursday, July 30, 2009

TRUTH BE TOLD: FILING BANKRUPTCY DOES NOT “STOP” FORECLOSURE

Over the course of the last few months I have had clients that have come to my office for a consultation over their foreclosure tell me that they have gone to a bankruptcy attorney who advised them to go into a bankruptcy to relieve their debt obligations. Now I am not an attorney but I do work close with the attorneys in our company. A bankruptcy is not going to make the foreclosure go away. It is only going to temporary postpone the process. In fact unless the client is facing a sheriff's sale in the next couple of days there may not be a need to go through a bankruptcy. Do not forget you are still going to have to face the foreclosure, once you file bankruptcy, only now your credit is worst off that before your bankruptcy was filed. This is very important as the bankruptcy is going to impact your credit negatively for the next 7-10 years. Besides bankruptcy laws have changed quite a bit that makes it a bit harder to file for one. If you are in a position to defend your foreclosure legally because you have a fraudulent loan or predatory lending violations, your credit will be cleared from the foreclosure as part of the settlement.
Here is a small article on this matter form Jeff Barnes ESQ. for Foreclosure Defense Nationwide.
Although we have published prior articles on this subject on this blog, we continue to receive calls from borrowers who have been told by others that they should “file bankruptcy to stop a foreclosure”. In fact, an attorney who I sought to establish a local counsel relationship with in another state e-mailed me yesterday asking “has your client considered filing bankruptcy to stop the foreclosure?” Once again, as we have stated before and as provided by applicable Bankruptcy law, filing Bankruptcy does not, repeat does not, “stop” foreclosure. It only temporary postpones the process.
Pursuant to 11 USC sec. 362(a), an “automatic stay” is imposed on all proceedings against the person filing bankruptcy when the Bankruptcy petition is filed. This would include any attempted foreclosure, which may be in the form of a foreclosure lawsuit (in a “judicial” foreclosure state) or a scheduled Trustee’s sale (in “non-judicial” foreclosure states). As such, when a person files bankruptcy, any foreclosure proceeding is temporarily halted (but is not permanently “stopped”).
There is a provision in the Bankruptcy laws which permit the foreclosing party to obtain what is called “relief from stay” by the filing of a simple Motion in the Bankruptcy which, when granted (which such Motions almost always are) permits the foreclosing party to resume the foreclosure process outside of the Bankruptcy. As such, the borrower is now left with both (a) having to defend the foreclosure anyway, and (b) all of the consequences of a Bankruptcy (including long-term consequences to the borrower’s creditworthiness, having to surrender credit cards, etc.).
As such, we do not advise clients to “file bankruptcy to avoid foreclosure” because filing bankruptcy does not permanently stop foreclosure nor does it “make the foreclosure go away”. In fact, for most borrowers (whose only real issue is the foreclosure), filing bankruptcy may simply complicate matters and leave the borrower in a worse position than if they simply defended the foreclosure.
Jeff Barnes, Esq.

Wednesday, July 29, 2009

Former subprime lenders stand to profit again

Where is it going to end?
Banks have made loan modifications, which by the way are ILLEGAL, increasingly more difficult to get, regardless what loan mod companies say. Now here is a new wave of "vulture investors" seeking to capitalize on distressed mortgages, but their approach of trying to rework loans itself differentiates them.

Here is what San Francisco Chronicle had to say:

Can folks who made millions peddling subprime loans use that same Midas touch to mint money from the housing market downturn? Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/06/06/BUQN17VPUH.DTL#ixzz0MgSmSwU5

So few perpetrators of financial misdeeds have been held accountable for their actions

After two years of fraudulent after fraudulent activities by the banks and gov. and the cover up stories they want us to believe, we seem to just keep going on with our daily lives and our only answer seems to be "well what can I do?" Over 50,000 foreclosures were filed last year in New Jersey and this year the number might top that. Only 2% of those foreclosures were contested and fought back.

THAT IS SHAMEFULL!

That we as Americans are complaining and asking for help but are not willing to stand up and fight. That we are not proactive in fighting for what is ours and the massive FRAUD that has been perpetrated on us.

As New York times states in the following article:

"Looking for the Lenders' Little Helpers"

IT is hard not to be dismayed by the fact that two years into our economic crisis so few perpetrators of financial misdeeds have been held accountable for their actions. That so many failed mortgage lenders do not appear to face any legal liability for the role they played in almost blowing up the economy really rankles. They have simply moved on to the next “opportunity.”

And what of the giant institutions that helped finance these monumentally toxic loans, or arranged the securitizations that bundled the loans and sold them to investors? So far, they have argued, fairly successfully, that they operated independently of the original lenders. Therefore, they are not responsible for any questionable loans that were made.

But this argument is growing tougher to defend. Some legal experts point to a number of cases in which plaintiffs contend that firms involved in the securitization process, like trustees hired to oversee the pools of loans backing securities, worked so closely with the lenders that they should face liability as members of a joint venture. And these experts see a rising receptiveness to this argument by some courts.
“As we are unpeeling what was happening on Wall Street, we may see that Wall Street didn’t find the safety from litigation risk that it hoped to find in securitization,” said Kathleen Engel, a professor at Cleveland-Marshall College of Law at Cleveland State University. “I think there is potential for liability if borrowers can engage in discovery to see exactly how much the sponsors were shaping the practices of the lenders.”
One example is a suit filed in Federal District Court in Atlanta, on behalf of the borrowers, Patricia and Ricardo Jordan. The Jordans are fighting a foreclosure on their home of 25 years that they say was a result of an abusive and predatory loan made by NovaStar Mortgage Inc. A lender that had been cited by the Department of Housing and Urban Development for improprieties, like widely hiring outside contractors as loan officers, NovaStar ran out of cash in 2007 and is no longer making loans.
Also named as a defendant in the case is the initial trustee of the securitization that contained the Jordans’ loan: JPMorgan Chase. In 2006, the bank transferred its trustee business to Bank of New York Mellon, which is also a defendant in the case. The Jordans are asking that all three defendants pay punitive damages.

“We contend that the trustee has direct liability on the theory that even though they were not sitting at the loan closing table, they were involved in the securitization and profited from it,” said Sarah E. Bolling, a lawyer in the Home Defense Program at the Atlanta Legal Aid Society who represents the Jordans. “The prospectus had been written before the loan was closed. If this loan was not going to be assigned to a trust, it would not have been made.”
IN their legal briefs, the trustees have made the traditional argument that their relationship with NovaStar was not a joint venture and that they are not responsible for any problems with the Jordans’ loan.
A JPMorgan spokesman declined to comment on the case but said that because the bank was no longer the trustee, it was not directly involved in the litigation. A spokesman for Bank of New York Mellon also declined to comment.
A lawyer for NovaStar did not return calls seeking comment.
The facts surrounding the Jordans’ case are depressingly familiar. In 2004, interested in refinancing their adjustable-rate mortgage as a fixed-rate loan, they said they were promised by NovaStar that they would receive one. In actuality, their lawsuit says, they received a $124,000 loan with an initial interest rate of 10.45 percent that could rise as high as 17.45 percent over the life of the loan.
Mrs. Jordan, 66, said that she and her husband, who is disabled, provided NovaStar with full documentation of their pension, annuity and Social Security statements showing that their net monthly income was $2,697. That meant that the initial mortgage payment on the new loan — $1,215 — amounted to 45 percent of the Jordans’ monthly net income.
The Jordans were charged $5,934 when they took on the mortgage, almost 5 percent of the loan amount. The loan proceeds paid off the previous mortgage, $11,000 in debts and provided them with $9,616 in cash.
Neither of the Jordans knew the loan was adjustable until two years after the closing, according to the lawsuit. That was when they began getting notices of an interest-rate increase from Nova- Star. The monthly payment is now $1,385.
“I got duped,” Mrs. Jordan said. “They knew how much money we got each month. Next thing I know I couldn’t buy anything to eat and I couldn’t pay my other bills.”
All the defendants in the case have asked the judge to dismiss it. The Jordans are awaiting his ruling.
Perhaps the most famous case that linked a brokerage firm with a predatory lender was the one involving First Alliance, an aggressive lender that declared bankruptcy in 2000, and Lehman Brothers, its main financier.
More than 7,500 borrowers had successfully sued First Alliance for fraud, and in 2003 a jury found that Lehman, which had lent First Alliance roughly $500 million over the years to finance its lending, “substantially assisted” it in its fraudulent activities. Lehman was ordered to pay $5.1 million, or 10 percent of damages in the case, for its role.
Another case, from 2004, took up the issue of liability for abusive lending that went beyond a loan’s originator. That case, which involved Wells Fargo and a borrower named Michael L. Short, was settled after the court denied two motions to dismiss it.
That matter turned on the language in the securitization’s pooling and servicing agreement, which provides details not only on the types of loans in a pool but also on the relationships of various parties involved in it.
Diane Thompson, a lawyer with the National Consumer Law Center, said that the meaning of the agreement was that “the trustee was a joint venture with the originator and was therefore responsible for everything that happened in that joint venture.”
Many such agreements, she said, create a joint venture by force of law. “Everybody I know that has tried this argument has had pretty good success. Absolutely we are going to see more of these cases.”
And let us not forget that late in the mortgage mania, Wall Street was no longer content simply to package these loans and sell them to investors. Eager for the profits generated by originating these loans, big firms bought subprime lenders to keep their securitization machinery humming. This could expose the firms to liability.
“I think something that hasn’t been explored much is the extent to which the financial services industry has exposure to litigation risk in securitizations,” Professor Engel said. “As the industry got faster and looser, Wall Street just stopped paying attention. And when you stop paying attention, you get in trouble.”