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Archive for July, 2009

Battle on the Home Front

Posted by CM on July 30, 2009

Battle on the Home Front by Steven Seidenberg August 2009 from ABA Journal

A proposal to modify mortgages in bankruptcy fails in Congress, but proponents say it’s the missing weapon in fighting foreclosures.

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Posted in ABA Journal, Congressional regulation, Foreclosure, Mortgage Service Providers | Tagged: , , , | Leave a Comment »

Home Crisis Investigation

Posted by CM on July 30, 2009

Watch this clip from The Daily Show with Jon Stewart. (aired July 29, 2009)
John Oliver discovered that The United States Treasury Secretary, Timothy Geithner, can’t even sell his own home! 

Home Crisis Investigation

Check out the letter I just sent to Mr. Geithner.  Click Here

Send Mr. Geithner a message of your own, click here for his contact information.

Posted in Foreclosure, Mortgage Service Providers | Tagged: , , , , , , | Leave a Comment »

Mortgage Bill of Rights

Posted by CM on July 29, 2009

Help create a Mortgage Bill of Rights! 

MORTGAGE BILL OF RIGHTS
{A work in progress}

  1. In a free market, capitalist society, one should have the ability to move from place to place.
  2. It should be reasonable to sell one’s home for the payout amount.  If after sufficient time has  passed without the home being sold for the payout amount, the bank and/or mortgage service provider should
                        A. Realize that the market value of the home has decreased,
                        B. Realize that all efforts have been made to sell the home and
                        C. Then step in to help the home sell, such as accepting a short sale, or deed in lieu
  3. No one shall incur a credit report penalty due to negligence on the part of banks and/or mortgage service providers.  One meaning of negligence could be defined as not accepting a reasonable short sale offer in a timely manner.

Posted in Congressional regulation, Foreclosure, Mortgage Service Providers, PHH Mortgage, Short-sales | Tagged: , , , , , , | Leave a Comment »

Update: BBB of NJ

Posted by CM on July 29, 2009

7/29/2009

I just checked today, and the BBB of NJ has changed PHH’s grade to an A. 

Complaints:
146 Resolved
2 Unresolved
7 Administratively Closed

Posted in Better Business Bureau, Mortgage Service Providers, PHH Mortgage | Tagged: , , | 3 Comments »

Bernanke Tells Senate New Agency Isn’t Needed

Posted by CM on July 23, 2009

Bernanke Tells Senate New Agency Isn’t Needed by Associate Press 7/23/09

The Consumer Financial Protection Agencyis the agency proposed by Obama as part of his financial regulations proposal.  From the plan’s inception, financial institutions on Wall Street have been balking at the idea and throwing lots of money by way of lobbyists to stop the plan. 

People, this is where we can do something!  We need this agency.  This agency would be our first stop in complaining about PHH. Instead of wondering who can help us, we would know exactly where to turn. 

Contact your representatives and ask them to support this agency.

Posted in Congressional regulation, Foreclosure, Mortgage Service Providers, New York Times, PHH Mortgage | Tagged: , , , , , , | Leave a Comment »

Subprime Brokers Resurface as Dubious Loan Fixers

Posted by CM on July 20, 2009

Posted 7/20/09 on New York Times Website By Peter S. Goodman

Subprime Brokers Resurface as Dubious Loan Fixers

Posted in FedMod, Foreclosure, Mortgage Service Providers, New York Times, PHH Mortgage | Leave a Comment »

PHH Sale to GE and Blackstone Terminated

Posted by CM on July 18, 2009

PHH Sale to GE and Blackstone Terminated

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This sale was terminated in January of 2008 because Lehman Brothers and J.P. Morgan Chase backed out of the deal.

Posted in Blackstone, Foreclosure, GE, J.P. Morgan Chase, Lehman Brothers, Mortgage Service Providers, PHH Mortgage | Leave a Comment »

PHH moves from 7th to 4th Largest Retail Mortgage Originator

Posted by CM on July 18, 2009

PHH Moves from 7th to 4th Largest Retail Mortgage Originator

Posted in Foreclosure, Mortgage Service Providers, MSN, PHH Mortgage, Short-sales | Leave a Comment »

PHH Hit with Class-Action Suit

Posted by CM on July 17, 2009

PHH Hit with Class-Action Suit

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By: Martin C. Daks; 3/23/2006

An Oklahoma law firm announced today that it has filed a class-action lawsuit against PHH (NYSE: PHH), a former Cendant subsidiary that provides mortgage origination, and vehicle fleet-management services.

On March 17, Federman & Sherwood filed a class-action lawsuit in the United States District Court for the District of New Jersey, alleging violations of federal securities laws including claims that PHH issued a “series of material misrepresentations to the market which had the effect of artificially inflating the market price.” The class period covers May 12, 2005 through March 1, 2006.

In recent SEC filings, Mt. Laurel-based PHH has noted that revaluations and other reviews of its prior transactions may result in charges against its 2005 income of up to $71 million. Company shares fell $0.31 to $27.07 this afternoon.

Posted in Court Filings, Foreclosure, Mortgage Service Providers, Mortgage Servicers, PHH Mortgage | 17 Comments »

Youngblood v. PHH Mortgage Corporation et al – 1:2009cv00168 – Justia Federal District Court Filings…

Posted by CM on July 17, 2009

Youngblood v. PHH Mortgage Corporation et al – 1:2009cv00168 – Justia Federal District Court Filings…

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I looked up this case on PACER to find out more about it some time ago.  I will have to go back into PACER to provide a summary.  From what I can recall, this case involves insurance. As Wolf Blitzer would say, “Stand by!”

Posted in Court Filings, Foreclosure, Mortgage Service Providers, PHH Mortgage | Leave a Comment »