Bank of America, JP MORGAN CHASE...top 2 offenders! We could have told them that!!
Just to help remind you that these stories from the reporters and the treasury is just to make you go crazy. They want you to see that they are going to slap their wrist and tell them they will not be getting there 1,000.00 per Mod deal.
The banks do not care about the 1,000.00 why should they as long as they make the extra money foreclosing.
If you had the chances to make boo coup bucks maybe quad druple of a 1,000.00 which one would you pick the 1,000.00 because its the right thing to do or the mega dollars because you are not feeling sorry for any of us dead beats and just doing business.
I hate to be nasty but, please take these stories with a grain of salt. They are to make you go crazy.
I didn't say I was holding a ton of stock in the story...just found it interesting. I am not naive....it was a headline story and I had never seen anything stated or reported like it in recent memory. Whether the banks care or not was not really the point or reason of the article and not the reason I posted it.
they care much more than you think! There's a lot of money to be had there... and the bank does NOT benefit from foreclosure... the "investors" do. The banks only service the loans so they make money on fees, and these kinds of guv'ment kickbacks. So the money at stake here is a very large sum indeed. They have yet to spend the bulk of it. Read the report. It's very detailed and shows that most servicers have been improving since the feds began cracking down on them.
they also want to stay in the game and get contracts from the GSEs... after reading the report I finally realized just who my servicer (IBM Lender Business Processor) is! It's Bank of America, NA. The contracts from Fannie are HUGE... they do run the risk of losing them.
Founder of LoanSafe.org
Founder of LoanSafe.org
FAR FAR FAR more than the measly servicing fees they get !
The servicing fee cost may be at about $10.00 to $20.00 per month MAX, I am really just guessing? It is probably less ?? maybe somone here knows the exact monthly servicing fee figures ?? - - Anyway.... This is for approximate example purposes....
But, let's say about $200.00 per year for servicing just 1 loan.
If you are Bank of America, B of A is servicing many Predatory Loans and the resultant In Financial Harship homeowners of those Predatory Loans, to the tune of approximately 1 million Predatory loans every year.
Bank of America would then make about $200 per year x 1 million loans = $200 million dollars a year, in just their Predatory Loans alone, which they want to foreclose.
But that is chicken feed, compared to "Foreclosure Fees"
B of A wants those Predatory Loans off their books.
The forclosure fees could be anywhere from $25,000 to $50,000 plus, per forclosure, depending on the home, etc...
So, at the lowest average foreclosure fee of $25,000 x 1 million homes... ?
Google says that $25,000 x 1 million foreclosures = 25 BILLION DOLLARS !
25 BILLION dollars in foreclosure fees, over a 4 year period, sure beats a measly 800 million dollars in servicing fees over 4 years by FAR !
And there is just one more kick in the teeth, financial rape they commit.
After the forclosures, the servicers get to service the loans all over again and so it is a double win for them.
BILLIONS of dollars in immediate foreclosure FEE profits and then their measly Millions in servicing fees all over again!
And this is just for BANKSTER OF AMERICA !
And do not worry about the investors, your tax dollars will reimburse them for every last cent they lose, in one way or another..
And The Greedy Criminal Rich, Win Again !
sure, but signing people up for trial payments and then denying them... well they get an additional fee. They can still foreclose.... and even if they do a permanent mod, if they know that the permanent mod still won't workout... again they get a fee for that, and later they can foreclose... they're collecting foreclosure fees in any case... this is additional money per signup.
though come to think of it, they do want to "free up capital"... so they can get more money from Fannie/Freddie... right? When we gonna stop giving them money and taking all their risk? That doesn't quite seem right.
How about Fannie Mae telling their servicers to only file Judicial Foreclosures in Hawaii?
Fannie Responds to Hawaii’s New Foreclosure Law – Says… WE’RE OUT! - Mandelman Matters
Perhaps because Hawaii's new law requires proof of proper chain of title and mediation for non-judicial foreclosures and the Judicial foreclosures do not require it. :-}
They are now even concerned about their REO's having title issues and want Hawaii REO's
Fannie Mae on Hawaii's New Law
"Due to potential title insurance issues, Fannie Mae may be required to eliminate certain recentREO acquisitions that resulted from non-judicial foreclosures. Upon being notified of anyeliminations, servicers must immediately restart the matters as judicial foreclosures. "
there is something really fishy about that. Really fishy indeed... let's stop mixing private and guv'ment. It obviously leads to all sorts of problems. More and more the guv'ment is just subsidizing private industry to do it's job.... creating pure concentrated evil in their wake.