Stop PHH Mortgage

Lets join together to save consumers from PHH Mortgage's bad business practices

Archive for October, 2009

10 Easy Steps to Being a Mortgage Servicer

Posted by CM on October 29, 2009

10 Easy Steps to Being a Mortgage Servicer
with a Money Back Guarantee

  1. Become a Business
  2. Open a Line of Credit
  3. Pay $1 Million for 1,000 Loans Worth $100 Million
  4. Use your line of credit to ADVANCE each payment to the investors
  5. Accept monthly payments from the borrowers
  6. Repay your advances with borrowers’ monthly payments
  7. Make Money
  8. Pretend to help customers while you delay reporting defaults
  9. When you finally have to report a default, Foreclose….FAST
  10. Lastly, above all else, play by the CRAs’ Rules so your rating remains high

For more information and details about items 1-10 on being a mortgage servicer, click here


Posted in Foreclosure, Green Tree Servicing, Mortgage Servicers, PHH Mortgage, Short-sales | Tagged: , , , , , , , , | 1 Comment »

PHH in NY Times Article!

Posted by CM on October 25, 2009

Finally!  Just about an entire article was dedicated to PHH in Sunday’s NY Times!  Click Here to read it

A Federal Bankruptcy Judge in New York State determined that PHH did not have the correct documentation to legally foreclose on a house.  This is another “produce the note” type of situation that we have heard about.  The article also mentions securitizations which I have just read about in the the National Consumer Law Center’s newest report on foreclosures.  Stay tuned to this blog for more about securitizations.  Or read the report here

I am printing this NY Times article for reference later.  We need to make sure our attorneys know about this information.  We can’t assume that they know everything about mortgage servicers.

Posted in Foreclosure, Green Tree Servicing, Mortgage Service Providers, Mortgage Servicers, New York Times, PHH Mortgage | Tagged: , , , , | 1 Comment »

Update: HR 3126

Posted by CM on October 16, 2009

Surprise, surprise; Barney Frank and his committee cohorts have voted 43 to 26 to approve exemptions for their bill, HR 3126; the Consumer Financial Protection Agency.  “Small” banks will be exempt from federal oversight while large banks will still be under federal oversight.  I guess when our mortgages are repackaged and sold, we should cross our fingers that the buying bank is large enough to be under federal scrutiny so we have someone to complain to when things go south.  Otherwise, we are doomed to be left out of complaining because our mortgage holder is considered “small” by Frank’s committee.

Ed Mierzwinski of the United States Public Interest Research Group summed up HR 3126 and our government perfectly when he told the NY Times that “the legislation had broad exceptions that swallow any rule it creates.” (1)

When I started this blog, I was the hopeful optimist.  Now I am the cynical pessimist.   

1. Bill Shields Most Banks From Review.  Stephen Labaton. 10/16/2009. NY Times. URL:

Posted in Congressional regulation, Foreclosure, Mortgage Servicers, PHH Mortgage | Tagged: , , , , , | Leave a Comment »

Mortgage Cramdown

Posted by CM on October 16, 2009

If the health care debate in Washington has shown us anything, it is that corporations own our politicians.  I have spent the past month thinking that this little ole blog of mine won’t amount to anything and why waste my time.  To be fair to myself, I still kept reading the papers and watching the news and had not really heard much about mortgage servicers lately.  Luckily I picked up a Business Week Magazine this week and found an article about mortgages!  (I should also add that I don’t believe that any elected official will do anything about mortgage servicers.  Please excuse my bitterness about my foreclosed house!)

Anyway, it seems that Senator Dick Durbin (D-IL) has vowed to attach a “cramdown” amendment to every bill until it gets passed.  Cramdown is the Democrats catchy phrase answer to allowing bankruptcy judges to adjust mortgages.  They would also be more inclined to reduce principal and interest.  Recall from previous posts that reducing principal and interest are the best tools for mortgage modifications in HAMP.  Apparently this proposal passed the House and was lost in the Senate on a 45-51 vote1.   Undeterred, Durbin has promised to fight on.  I suppose he will hang on until a bank lobbyist gives him a big campaign contribution to shut up! 

Business Week did not give any specifics about the cramdown legislation and I was not able to find any information about it on Sen. Durbin’s website.  Business Week did not provide details regarding the cramdown’s passage in the House; like which bill the proposal was imbedded into. 

Obviously letting judges modify mortgages is a good idea.  These days, any good idea that has lobbyists fighting over its demise is good for the American people!

Hopefully I can put my foreclosure bitterness aside and keep fighting the good fight.  I don’t think we will win but I suppose we can keep trying. 

 1. Return of the Mortgage Cramdown. Theo Francis. Business Week. 10/19/2009.

Posted in Congressional regulation, Foreclosure, Mortgage Servicers, PHH Mortgage | Tagged: , , , , , | 2 Comments »