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Warren for HR 3126

Posted by CM on November 4, 2009

I vote for Elizabeth Warren to run the Consumer Financial Protection Agency!  You know Ms. Warren, she is in charge of tracking all the bail-out or TARP money.  I have seen her on a few interviews and every time she is asked where the money is, she replies, “I don’t know!”  Isn’t it nice to see some honesty around Washington?  The Boston Globe wrote an article about Warren that was part biography and part setting the stage for her possible role as head of the highly anticipated and much watered down CFPA if it ever makes it into law. 

Warren said that most bankruptcies aren’t from outlandish spending but by cheating banks and medical bills.  That sure sounds correct to me!  If Warren is the head of the CFPA then I am certain she will make the most of whatever is left of it. 

Read the article here: In Fight Over Credit Rules, She Wields a Plan. By Michael Kranish.  11/3/09
URL: http://www.boston.com/news/nation/washington/articles/2009/11/03/in_battle_over_credit_abuses_warren_wields_a_plan/?page=full

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Posted in Congressional regulation, Foreclosure, Green Tree Servicing, Mortgage Servicers, PHH Mortgage | Tagged: , , | 1 Comment »

Huff Post

Posted by CM on November 4, 2009

AWESOME!!!  The Huffington Post has picked up our struggle!!!  Check out the article here! 

Homeowners: Hey Congress, “Get Off Your A**” by Richard Zombeck

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

Servicer Report through September 2009

Posted by CM on November 3, 2009

Sorry that I am late about posting this report.  It’s just me being “cynical sally” in thinking that this report really doesn’t mean much of anything at all. 

This is the Making Home Affordable Servicer Performance Report through September 2009.  PHH Mortgage is not listed on this report and has never been listen on this report.  The tiny writing at the bottom lists all the GSE (Government Sponsored Enterprise, which I believe are loans bought by Fannie or Freddie) servicers and PHH is not listed. 

I am fearful that if you are working with PHH on doing a HAMP modification that you are really not doing a HAMP modification. 

See the servicer report here

Posted in Foreclosure, Green Tree Servicing, Mortgage Servicers, PHH Mortgage, Treasury | Tagged: , , | Leave a Comment »

States May Go After Banks?

Posted by CM on November 3, 2009

Yes, you read that correctly.  It appears that the Supreme Court paved the way for states to prosecute banks for lending fraud, known as the “Clearinghouse Ruling.”  Yes, the Supreme Court did make this ruling in June and it has taken until now for states to “ponder” these cases.  But, at least the attorney generals are thinking about going after the banks.  Apparently that is all we need in America these days, the ability to think about doing something and then to give a speech about it.  However, doing something would just take ethical and moral responsibility, something that our politicians lack.     

See the NY Times article here

Posted in Congressional regulation, Foreclosure, Green Tree Servicing, Mortgage Servicers, New York Times | Tagged: , , | Leave a Comment »

McClatchy Investigates Goldman Sachs

Posted by CM on November 3, 2009

My local paper ran some of these stories about McClatchy Newspaper’s investigation of Goldman Sachs.  I included a video from McClatchy about a couple who fought with Goldman Sachs to save their home.  The couple needed financial help after a natural disaster (fire) and could not get a hold of anyone at their mortgage servicer to help them.  Through bankruptcy court, they were able to figure out that Goldman Sachs owned the loan and the court “threatened to impose ‘significant sanctions'” on Goldman if they did not restructure the couple’s loan.  At the end of the clip, Ms. Fabos-Becker said, “It is outrageous that we can’t even know who our lenders are.” 

Video: Couple takes on Goldman

Read the article here

Mortgage Crisis Shows Why Financial Regulation is Needed

Please look at this site from McClatchy, it lists the percentage of mortgages in foreclosure in each state.  When you click further into the state, you can look at metro areas for their foreclosure stats.  Click here

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Sign the new Petition

Posted by CM on November 2, 2009

Sign The Petition To The U.S. Government From American Homeowners.  The Petition has over 1,000 signatures so far.  It could be a winner!

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

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.   

Source:
1. Bill Shields Most Banks From Review.  Stephen Labaton. 10/16/2009. NY Times. URL:  http://www.nytimes.com/2009/10/16/business/16regulate.html

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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. 

Sources:
 1. Return of the Mortgage Cramdown. Theo Francis. Business Week. 10/19/2009. 
  http://www.businessweek.com/magazine/content/09_42/b4151052063508.htm

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