Posted by CM on November 25, 2009
As always, here is your monthly Mortgage Servicer Performance Report through October 2009 from the Treasury Dept.
The pretty graphs show that housing inventory is increasing while mortgage rates, home prices and home sales are all dropping.
PHH Mortgage is still not listed as a participant in this program. According to some, PHH Mortgage is one of the tenth largest mortgage servicers. Why aren’t they participating? If they are, why aren’t they visible on this report?
See the report here
Posted in Foreclosure, Green Tree Servicing, Mortgage Servicers, PHH Mortgage, Short-sales, Treasury | Tagged: Foreclosure, HAMP, modification, mortgage, mortgage servicer, mortgage servicer performance report, refinance | Leave a Comment »
Posted by CM on November 25, 2009
1 in 4 UNDERWATER, You probably heard this yesterday, I sure heard it and read it in many places. Roughly 23% of American Homeowners owe more than their house is worth1 and good luck refinancing, modifying or selling that bottomless pit. “40% of borrowers who took out a loan in 2006 are underwater and 11% of borrowers who took out a loan in 2009 are underwater1.”
This is a very sad and sorry state in our current homeownership world. I can honestly say that I am not surprised. My own home was underwater and impossible to sell and a foreclosure resulted from that. We should expect to see another wave of foreclosure statistics just dedicated to those attributed to homes underwater. What more is there to say on the subject? How bad does this situation have to get before someone will do something?
Treasury still doesn’t get it, Over the summer I wrote a lot of letters on a variety of subjects pertaining to our foreclosure crisis. I finally got a generic letter in reply late last week. You all have read the petition letters and I even posted one letter to Geithner on this blog. You all know that I write about specifics (I hope you do!). This letter is so generic and not even worth the paper it was printed on. They didn’t even reply to any of my concerns. The Treasury just doesn’t get it. With our elected and government officials passing off generic form letters for replies to concerned citizens, will we ever get anything done to regulate mortgage servicers? See the letter here
Calling the FBI, I have received some comments about people calling the FBI regarding their mortgage servicer, PHH Mortgage. I say, Go For It! So, all of you, think about your situation and if you think the FBI might be interested, well why don’t you call too! I thought about my situation and I don’t think the FBI would care if PHH refused short sale offers for my house. I could be wrong……
1. One in Four Borrowers is Underwater. Ruth Simon and James R. Hagerty. The Wall Street Journal. 11/24/09.
Note, As a result of The National Consumer Expo, I am excited to add a new link to this blog! Please check out the Alabama Consumer Law Blog. The blog contains incredibly useful articles related to our fight against mortgage servicers. I plan to learn from the blog!
Posted in Foreclosure, Mortgage Servicers, PHH Mortgage, Treasury | Tagged: Foreclosure, home underwater, modification, mortgage, mortgage servicer, refinance | 5 Comments »
Posted by CM on November 18, 2009
The NY Times has an article online today about Philadelphia’s “conciliation conferences.”(1) Basically when you are about to be foreclosed on, you and your bank meet at the courthouse and work out a solution. The article did not say whether principal amounts are reduced or how many homeowners redefault. The article did say that monthly payments are reduced in most cases. Well, as we know, reducing monthly payments means nothing if your principal is increased and if there is some hidden trigger that will balloon your payments all over again. This is just more of the same bank/mortgage servicer game playing. Until I hear that principals have been reduced, I’m not buying what their selling.
On a related note, The Justice Department has created a “Financial Fraud Task Force.”(2) The Treasury Dept is involved and they are going to investigate mortgage fraud among other things. How do we sign up?
1. Philadelphia Gives Homeowners a Way to Stay Put. Peter Goodman. NY Times. 11/18/09.
2. Administration Widening Pursuit of Financial Fraud. AP. 11/18/09
Posted in Foreclosure, Mortgage Servicers, New York Times, PHH Mortgage, Treasury | Tagged: financial fraud task force, Foreclosure, justice department, modification, mortgage servicer, refinance, Treasury | Leave a Comment »
Posted by CM on September 6, 2009
According to SEC filings dated June 2, 2009; it appears that PHH through Chesapeake Funding has sold ALL of their mortgages. However, they have retained their servicing rights.
PHH sold their mortgages for $1 Billion to: J.P. Morgan, Bank of America, Citigroup, Wachovia, Scotia Capital, and RBS.
See the full SEC filing here
Posted in Foreclosure, Green Tree Servicing, J.P. Morgan Chase, Mortgage Servicers, PHH Mortgage, Treasury | Tagged: bank of america, Chesapeake Funding, Citigroup, J.P. Morgan, mortgage, mortgage servicer, PHH Mortgage, RBS Securities, Scotia Capital, SEC filings, Wachovia | Leave a Comment »
Posted by CM on August 31, 2009
Meet Judge Arthur M. Schack of the New York State Supreme Court for Brooklyn and Staten Island. Judge Schack is actually holding banks accountable for foreclosures. He is meticulously going through foreclosure papers filed by banks and mortgage servicers looking for errors. He found a representative of Deutsche Bank who had signed papers “claiming to be the vice president of two different banks1.” He has thrown out “46 of the 102 foreclosure motions before him in the past two years1.” Judge Schack said, “I won’t accept their comedy of errors1.”
Judge Schack looks for errors and makes sure that the bank who is foreclosing actually owns the house. Many times he has seen that the bank doesn’t even own the house. When these loans were packaged and repackaged again, much of the paperwork was misplaced and signatures went missing. If the banks can’t prove ownership of the home then they can’t foreclose on the loan.
Judge Schack’s approach to foreclosure has become a revolutionary idea to some judges. Not because this is a new idea but because he is actually holding corporations accountable for their actions. I wish Judge Schack was handling my foreclosure!
Judge Schack’s idea of demanding proof of ownership reminds me of the “Produce the Note” strategy promoted by Congresswoman Marcy Kaptur2 earlier this year. If my memory serves me correctly, Kaptur urged her constituents to stay in their foreclosed homes until the banks produced the note and proved ownership. There is also a website with more information about producing the note3.
Clearly Judges and homeowners are starting to understand the games played by the mortgage industry. A way to beat the banks at their own game is to have them prove ownership first!
1. A ‘Little Judge’ Who Rejects Foreclosures Brooklyn Style. Michael Powell. New York Times. 8/30/09.
2. Congresswoman Marcy Kaptur’s website
3. The Consumer Warning Network. Produce The Note Page. Found 8/31/09
Posted in Congressional regulation, Court Filings, Foreclosure, Green Tree Servicing, Mortgage Service Providers, Mortgage Servicers, New York Times, PHH Mortgage | Tagged: bank, Foreclosure, judge schack, marcy kaptur, mortgage, mortgage servicer, PHH Mortgage, produce the note | Leave a Comment »
Posted by CM on August 27, 2009
I am not sure if this is old news or if it is new. ACORN has a program to help defend homes that are going into foreclosure. The website says that the campaign will begin in February so that is why I don’t know if this has already started or will start in Feb 2010. Anyway, ACORN is building “Home Defender Teams” around the country. The teams will be used to help “peacefully defend a family’s right to stay in their homes until a fair solution is put into place.”
Here is the link, check it out and see if your area is listed for the “Home Defender Team.”
Posted in Foreclosure, Mortgage Service Providers, Mortgage Servicers, PHH Mortgage | Tagged: acorn, Foreclosure, home defender, mortgage, mortgage servicer | Leave a Comment »