PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is in order ?

[THANKS2U]

Tougher measures to stem foreclosures NOV 30 09

t r u t h o u t | As Treasury Department Stumbles, Liberals Push Tougher Measures to Stem Foreclosures

[THANKS2U]

[QUOTE=THANKS2U;161394]

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Tougher measures to stem foreclosures NOV 30 09

t r u t h o u t | As Treasury Department Stumbles, Liberals Push Tougher Measures to Stem Foreclosures


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[THANKS2U]

Thanks again Irishgal

Brainwashing is oh so easy to do...


David Fiderer: Why Obama Won't Do What's Needed to Deal With the Mortgage Crisis

[THANKS2U]

Thank you HVHOLLi

Obama needs to step up his Mortgage task forces and SWAT teams to force these Predatory Pushers of Predatory Loans, to make such defrauding loans into 31 % PITIA loans which are fixed / Sustainable / Viable / Permanent Loan Modifications that each defrauded borrower can afford for the full term of the loan

Obama administration steps up pressure on mortgage lenders -- latimes.com

[THANKS2U]

NACA & other Nasty business news

Andy Kroll: The American Home-Owning Dream On Life Support

[Melanie702]

Bank of America to Repay Bailout, Easing CEO Search (Update1) - Bloomberg.com

[davephx]

Originally Posted by Melanie702

Bank of America to Repay Bailout, Easing CEO Search (Update1) - Bloomberg.com

Maybe they will not be able to get out of HAMP since still owe for warrants which are basically all profit to the Treasury/TARP in addition the fees and high interest they had to pay Treasury (us) on the TARP funds. The high interest rate and the exec compensation limits is why they want out of TARP.

The plan calls for the bank to buy back 1.8 million preferred shares sold to the Treasury Department. For now, the bank isn’t buying back warrants also awarded to the U.S., Bank of America said. The warrants are worth from $943 million to $2.5 billion, depending on the type of valuation used

[THANKS2U]

Thank you IRISHGAL

Bank of America is the enemy - They are destroying millions of lives.

Bank of America is an army of financial TERRORISTS !

HLS: Bulletin: Stuck in the middle


Elizabeth Warren - Wikipedia, the free encyclopedia


Congressional Oversight Panel


YouTube - The Coming Collapse of the Middle Class LONG VIDEO


WALL STREET IS WINNING! Elizabeth Warren "Speechless" About Record Bonuses


Elizabeth Warren: We Rescued The Top Of The System, Left The Bottom To Fend For Itself (VIDEO)


Warren Winning Means No Sale If You Can?t Explain It (Update1) - Bloomberg.com


Elizabeth Warren: America Without a Middle Class




Below is my commentary on WHY WE MUST NEVER GIVE IN TO THESE BANKING ARMIES WHO HAVE INVADED OUR LIVES & RUINED OUR COUNTRY



My Fellow Fighters In defending Democracy, Human Rights & Legal Rights.

I have been seeing comments on just accepting the fact that Bank of America is in business to ONLY make money and never to provide Good Faith customer service, which supports the rights of customers.

That is just the way it is and to accept it ??

And, that voicing our anger and outrage at Bank of Americas Treacherous, Treasonous and Criminal Business practices, whereby THEY engaged and are engaging in Defrauding, Discriminatory practices, which injure customers, is a waste of time and energy, as THEY are TOO BIG TO CARE and especially TOO BIG TO BE HELD ACCOUNTABLE, as they own most of our elected politians !

Once upon a time CHILD LABOR was common and very very profitable for BIG BUSINESS.

Once upon a time BIG BUSINESS had 7 day work weeks and had 12 hour work days, with NO OVERTIME PAY, all for nice FAT profits.

Once upon a time there was NO WORKMANS COMPENSATION LAWS, so BIG BUSINESS COULD PROFIT.

Once upon a time BIG BUSINESS, Owned human beings as Slaves for profit.

And on and on and on !!

Today, BIG BUSINESS owns people through PREDATORY MORTGAGES and Banking Institutions Like Bank of America treat defrauded, virtually Kidnapped Customers, as Financial Slaves.

I say keep on voicing our opinions..

Keep on Voicing our truthful rantings and ravings and our angers about the injustices and corruption Bank of America is practicing..

VENT & VENT & VENT - Voicing our factual opinions is empowering and purging & our human duty

Keep on writing letter after letter

Keep on sending e mail after email to all our polititians and news media.

Only then will Mortgages be modified to at least 31 % and will be Permanently Fixed & Sustainable for the life of the loan.

Only through OUR LOUD TRUTHFUL VOICES WILL WE BE HEARD.

This is how KNOWN CHILD LABOR WAS ABOLISHED IN OUR COUNTRY

This is how 7 day work weeks and 12 hour days, with NO OVERTIME PAY were abolished.

This is how workers compensation became a reality.

This is how slavery was abolished

And this is the ONLY WAY TO FORCE BANK OF AMERICA TO RELEASE US !

As we were Targeted & Predaciously Defrauded & Forced into becoming their Kidnapped FINANCIAL SLAVES !!!

We must force Bank of America to END their Financial Genocide upon us good faith, defraude and discriminated against borrowers.

These banking Institutions are financial Oligarchies who have insidiously invaded our lives and they are our real enemies, even more so than those we fight oversees.

Bank of America is destroying millions of lives and they are financial terrorists

[THANKS2U]

Originally Posted by davephx

Maybe they will not be able to get out of HAMP since still owe for warrants which are basically all profit to the Treasury/TARP in addition the fees and high interest they had to pay Treasury (us) on the TARP funds. The high interest rate and the exec compensation limits is why they want out of TARP.

The plan calls for the bank to buy back 1.8 million preferred shares sold to the Treasury Department. For now, the bank isn’t buying back warrants also awarded to the U.S., Bank of America said. The warrants are worth from $943 million to $2.5 billion, depending on the type of valuation used

Bank of America is READY & WILLING TO REPAY TARP

Bank of America to Repay Bailout, Easing CEO Search (Update2) - Bloomberg.com


Well Well - So much for our childrens children suffering, while banks STRUGGLED in paying back TARP !

What a farce upon the American people and the world.

The ONLY TRUE reason Bank of America is paying back TARP is because they do not want to be FORCED into the accountability of providing Sustainable Permanent Loan Modifications.

And they want to stuff they own GREEDY executive pockets, with no one looking over their shoulders.

I certainly hope Karma is a true thing and a payback curse of some sort befalls all the Bank of America employees who are in fact corrupt crooks.

Short of that, I hope our laws will support all who are in need of modification help VERY SOON.

Bank of America is Criminally Disgusting

Bank of America to Repay Bailout, Easing CEO Search (Update2) - Bloomberg.com

[THANKS2U]

Thank you Martialgir


I just read an article that made me see white. It is time for the coordinated, results oriented, taking back our country revolution to begin and I believe I can provide a possible vehicle.

First of all, I am an insider to the banking industry. If you want to find out a little bit more about my background and story, I have provided some information on the mortgage broker forum and the thread regarding whether or not mortgage professionals should participate in loansafe. My handle is martialgir and I have posted some responses in the past week or so.

Secondly, everyone reading this forum needs to understand where they really stand in the scheme of things so they (you) can get a reality check regarding your own personal circumstances and your possibility of a successful outcome. Reading articles in the mainstream media is not going to provide you with the honest answers you need. However, I am going to provide you with a "bankers" website/blog/financial related news site which will give you the unvarnished version of what those in the industry need to know about the changing markeplace because their jobs are on the line as well.

I want to clarify that many of the loan originators that visit the site I am giving you are the last few good men (and women) standing. If they have perservered it is because they have strong ties to their communities, have been in the business for a long time and/or are known for their integrity. Just like borrowers, there are some bad apples.

The web address is The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui

If you want to know what those in the industry are talking about then you need to go to their water cooler. The news section in the middle of the front page will provide a myriad of helpful articles from multiple financial sources and will tell you the bottom line. Many of you may see you and your situation in these articles.

The thing that has been lacking, as far as getting results from these banks we have bailed out, is the appearance of a cohesive, collective, movement, with an identifying trademark. Also, the control of the outcome needs to be out of the hands of the banksters. Letters to legislators, petitions, you-tube videos are all well and good but they are random and lack the synchronicity of a gathering storm which increases with each passing day. You need to make the banksters fear this movement in addition to the politicians they sleep with.

Many have said to just stop paying your credit cards, other bank loans and mortgages. Many have done that either by choice or because there has been no alternative. Many are afraid to because of their credit scores, sense of honor, among other issues. To these banksters those that don't pay are simply collateral damage and have been squeezed to the point where there is nothing left. Believe me, whoever has anything left will not have it for long if they have anything to say about it. Look at 29% interest rates for good customers.

Someone in an article I read recently made a joke saying that everyone should take a picture of their middle finger and send it in the payment envelope and mail that to the banks instead of a payment. Believe it or not, I think this is an excellent idea but on a large scale, grass roots movement kind of effort. First of all, those that can't pay should send a copy of their middle finger every month, to all of the lenders they can't pay. For those that choose not to pay, the same thing with any letters expressing why you are doing it, etc. etc. For those that are going to pay for as long as they can, they should also do it with the threat that they will quit paying if their rates aren't reduced on CC's or if their modification is not approved, etc. I think every networking site should be contacted with this plan so that a trademark is established, a common denominator,a link which tells the banksters that we are all in this together and the momentum is gathering. This gets everyone on board whether they can pay or not.

Think about this for a minute...the payment processing centers begin seeing a few of these here and there, the next month there are more, supervisors are notified, in the next month, many more and so on. Each month a copy, with any letters can also be sent to the offices of legislators in your jurisdiction. Perhaps you could mention in the copies to congress/senate that they need to revisit the cramdown legislation. What begins as maybe a few thousand of these across the country, could grow to 10,000, 50,000, a million over a few months. This would be a great media story as well.

Lastly, while this may be distasteful to some of you, there needs to be a message that really shakes the powers that be to their core. This is the ultimate in defiance and passive aggression and it mirrors exactly what they have been saying to and about us all this time. Now is not the time to be worried about manners, or showing trepidation or even being inactive. There is safety in numbers. Also, for those who don't have the stomach to stop paying, at least it demonstrates a solidarity for those who have suffered and who have no choice.

There are very little options we have that put the control back in our own hands. Creating a little fear on the part of the banksters would do a world of good because we have the ability to bring the whole house down, via quitting to pay, via moving our money to credit unions, etc. Up until this point, there has been no real coordinated, collective message. A little fear might instill the message that we mean business. And yes, if we pulled the entire system down it would be catastrophic, however, doing nothing is also catastrophic. Every time a family loses their home it is a catastrophe. The trademark/identifying feature is the key to making any grassroots movement work and this is as good as any. Anyway, that's the idea. Feel free to use as you see fit.

The web address is The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui

[THANKS2U]

Thank you Davephx

for the www link and your "A home loan named desire" below -

GREAT INSPIRATIONAL WRITING !!!

Gov't unveils rules to speed up 'short sales' - CNBC


A Home Loan Named Desire - By Davephx

No rest for the weary goes the saying. And in America these days, little help for troubled homeowners. The U.S. economy continues to shrink through growing unemployment and subsequent foreclosures. Congress urgently needs to find an effective remedy that will appease both financial institutions and the taxpaying public. Against a backdrop of Tennessee William's harsh social commentary, GoodB blogger Monika Mitchell reports on mortgage modification in the U.S.

Highlights of info not already commonly reported:

It’s official. The “save the drowning homeowner who got burned plan” aka the “Home Affordable Modification Program (HAMP)” is a Big Fat Dud. Only 2,000 (less than half a percent) have been permanently modified-a remarkable feat of failure only George W would envy.

The ten month old program offers lenders $1000 per year for up to three years if they modify a loan. Mortgage servicers make far more than that in late fees alone. The banks with these loans on their books must be laughing at the paltry sum in the wake of the tens of thousands of dollars they stand to make in foreclosure. Investor pools that hold mortgage securities and hide behind the servicers and banks would lose millions. In response, they slither away out of the public eye and simply ignore the Obama administration’s call to make homes “affordable.”

There is no legally binding, real financial incentive, or even official threat to participate, so why bother say lenders? Hence the U.S. “Making Home Affordable” plan is a miserable failure. It is all bark and no bite.

Why bother indeed? Lenders might step up because they want to help their fellow countrymen? Let’s just forget that. How about doing it for the sake of the housing market, the economy, the country? No thanks, lenders say.

The HAMP program is not backed by any strings, nor is it mandated by any official agency, nor are there any penalties for noncompliance.

Lenders have embarked on a clear strategy of “let me string these idiots along as long as I can and maybe the Feds will look the other way.” These bad banks have “lost” paperwork, hung up the phones, put customers on indefinite “hold,” ignored borrowers, lied to borrowers, and generally run bureaucratic rings around them in an ultimate goal of foreclosure and default.

The New York Times reported this week, “$75 Billion Federal Push to Stem Foreclosures Is Falling Short.” The U.S. Assistant Treasury Secretary for financial Institutions, Michael Barr states, “The banks are not doing a good enough job.” That just might be the understatement of the year. He continued, “Some of the firms ought to be embarrassed, some will be.” Embarrassed? Banks? If “shame” were an effective factor in banking, we would not be in this mess.

So what is taking the Federal Reserve, the Treasury Department, and both houses of Congress so long to play their hand? Must we k“iss the backside of banks forever? Isn’t there some point when reason and rational thinking takes over?

The increased number of at-risk-homeowners directly corresponds to unemployment. As jobs continue to disappear and incomes continue to shrink, the number of defaulting loans grows.

Tens of millions of Americans have lost their incomes and are struggling to pull themselves out of the hole these bucket shop lenders created. Defaults are no longer limited to credit-marred borrowers. The new wave of failing loans has reached formerly credit-worthy borrowers with traditional 30year fixed rate mortgages.

Millions of at-risk homeowners are out of money and out of time. Like Blanche, they find themselves in “desperate circumstances” with only a phantom Shep Huntliegh to rescue them.

What is Congress waiting for? Hopefully not the Feds and hopefully not lenders.

Philadelphia, the city of brotherly love, has lived up to its name recently. City officials have created a proactive mortgage modification program that forces lenders and borrowers to negotiate in a “conciliation conference.” Volunteer lawyers have succeeded in helping 70% of troubled homeowners with mortgage modifications.

What sets the program apart from the fluffy Fed program are the forced face-to-face foreclosure hearings. The New York Times reports that in Philadelphia, “Mortgage companies have no choice but to participate. They have to attend the conferences and negotiate in good faith or they cannot proceed with a sheriff’s sale.”

The success of the Philadelphians has inspired New York State lawmakers to follow suit. The state legislature is currently debating a bill to enforce compliance from lenders.

Thank you again Davephx

[THANKS2U]

Thanks again Davephx

Hope you don't mind me posting articles you have found yourself.

I just want to get as many posts into 1 area as possible so all your hard work and everyone elses does not get lost in the scrolling ladder of time.

Are Lenders "Cherry Picking" Loan Modifications for Homeowners Facing Foreclosure?

A documented example regarding IndyMac but seems common amoung most servicers

Detailed article at
Are Lenders "Cherry Picking" Loan Modifications for Homeowners Facing Foreclosure? - Associated Content - associatedcontent.com


Why Have Home Mortgage Modifications Been So Difficult? Ask Sheriff Green - CBS MoneyWatch.com

Thank you Davephx

[davephx]

As I often point out lets cast blame where it should go.

Obama/Treasury have little enforcement power and are doing all they can do by the shame game but so far its not working. This week they did an all out attempt threatening to fine etc (but some reports ask where they get such authority).

The blame is CONGRESS... needs to modify the HAMP law and REQUIRE the HAMP directives be followed rather than the "directives" and "recommendations" on what "should" be done. Treasury/Obama seems to be giving the banks a last chance but I fear the bark from Treasury/Obama is without much power to bite, unless it is given to Treasury by Congress.

[davephx]

That is fine... I post general articles in the Modification Section since applies to most and doesn't get lost in this huge thread.

But welcome my posts to be reposted as desired... Appreciate the credit as you do for my finding and posting. I want to world to know the issues so many here have documented with most all the servicers. And word is getting out.

We are no longer alone - because of a lot of screaming to the media and regulators by many of us here, the problem is becoming well known. Media is on it which is what we need to apply pressure to servicers and Congress to DO SOMETHING...

The failure of HAMP effects the entire economy - housing started the crisis and we need to deal with Housing before the crisis will end.

[THANKS2U]

Originally Posted by davephx

As I often point out lets cast blame where it should go.

Obama/Treasury have little enforcement power and are doing all they can do by the shame game but so far its not working. This week they did an all out attempt threatening to fine etc (but some reports ask where they get such authority).

The blame is CONGRESS... needs to modify the HAMP law and REQUIRE the HAMP directives be followed rather than the "directives" and "recommendations" on what "should" be done. Treasury/Obama seems to be giving the banks a last chance but I fear the bark from Treasury/Obama is without much power to bite, unless it is given to Treasury by Congress.

Sadly so true Davephx

And with the criminals at Bank of America paying back their TARP funds within the next few months, hopes of any modifications from B of A will be met with corrupt & cruel, heckling & laughing at the distressed homeowners and a prompt letter to foreclosure if all payments are not current and or on time.

"There oughta be law" that FORCES any TARP taking bank to immediately modify loans for ANY distressed homeowners period.

31 % PITIA for the life of the loan PERIOD !

There are plenty / Millions & Millions of future / of coming of age home buyers, who the banks can legally get into higher interest rate loans and both the bank and the coming of age home buyers will be good to go.

But for us defrauded and discriminated against borrowers, enough is enough and the 31 % PITIA, fixed for life, is a lawful must and if the banks need to go down to 1 % and or provide BIG reduced principals, then so be it.

The Banking Institutions caused all of this Mortgage Financial Crisis and they must be forced, BY LAW, to CURE IT IMMEDIATELY !

Thanks for all you insightful input Davephx

Respectfully,

Thanks2U

[Melanie702]

This is really F'd up, but true....

"The ONLY TRUE reason Bank of America is paying back TARP is because they do not want to be FORCED into the accountability of providing Sustainable Permanent Loan Modifications."

I knew that was why they were paying back. That's really sad. I guess after my forbearance, I'm S.O.L. Oh well, like you said, hope karma is true. Now so many more are going to lose their houses. They don't want to help anyone. It is just a business. Money money money.

[Melanie702]

A rare case of mortgage reduction - Video - Business News

[AzGryffindor]

Originally Posted by Melanie702

A rare case of mortgage reduction - Video - Business News

She's only on a trial mod.......just like everyone else.

[Melanie702]

Yup, that's why I posted it.

[davephx]

Originally Posted by AzGryffindor

She's only on a trial mod.......just like everyone else.

It is a good clip that points out its not permanent and the pressure by Obama to get may converted permanent by year-end.

If HAMP doesn't get to the goal of what 675,000 by year-end hopefully this may be more pressure on Congress to Act since only they have the power to to more than pressure and shame the banks which so far has not worked.

[davephx]

To me its not the 31% fixed for life, but just follow how HAMP is suppose to work. 5-years before rate of as low as 2% increases by 1% up to todays current market rate. That seems fair and gives time for wages to increase etc.

Today the average 30 year interest rate reached the lowest level in history (forget exact amount but about 4.8%) We have banks making new loans to a lot of young folks who are first time homebuyers and giving them the credit at the detriment to us that are desperately trying to keep our dear homes but have had often once in a lifetime economic hardship at no fault of our own.

[THANKS2U]

Thanks for the article link Max717

Delinquencies Continue to Climb in Latest MBA National Delinquency Survey

Delinquency rates rise

[THANKS2U]

Link From davephx

Mortgage Modification Attorney Bank of America


Dave

I want to say I appreciate ALL Your direct and factual observations of how & why THEY are allowed to get away with THEIR Corrupt Banking Plunderings & Conniving Billigerant Politics

It is imperative to those of us who have been Defrauded by the Criminal & Unethical Banking Institutions & By The Predatory Politicians, to know who we are truly fighting and what we are really up against

Truthful Information is needed to bring them all Down to a point where CONGRESS, as you have stated, being the only entity who can pass laws, will be forced by "we the people," to enact LAWS that force Banks, Servicers and Investors to do the right thing. Which is to MODIFY SUSTAINABLE MORTGAGES for all distressed borrowers, following uncomplicated, fast track guidelines

"We the People," are factually the Governments Employers, as we the people pay their Salaries and Insurance and Retirement.

OUR employees, the government, need to listen up and do what is right.

Obama said it in his recent Dec 09 war speech "RIGHT MAKES MIGHT."

And, as the American people are being attacked by Banking Institutions and we are all essentiallly at war with the Attacking Employees of Bank of America and other servicers and Investors, OUR RIGHT DOES MAKE OUR MIGHT !

I think it is total BULL CRAP when anyone thinks that it is US / "We the People, against THEM / Our Goverment..

We the people are supposed to be the Government, PERIOD.

And the Governemnt, Being OUR PAID EMPLOYEES, need to squash these Corrupt, Abusive and Victimizing Banks, Servicers and Investors, like the Poisonous Attacking Army Bugs THEY are.

NOW ON TO YOUR POST -

Posted by Davephx

From a Mortgage Modification Attorney

11/20/09 - Bank of America processors tell me that they get 120,000 “requests” per day. To get down to issuing a modification, they take the longest of any lender or servicer that I have worked with.

For those who do not qualify for a Home Affordable HAMP modification, Bank of America offers a forbearance plan, which capitalizes your arrearage, that is, adds it to the total balance, and then raises your payment, without lowering your interest rate.

If you do qualify for a HAMP modification, Bank of America says it can give you a provisional lower interest rate and payment provided you are more than 30 days late. Otherwise, if you are current on your loan, you are still eligible for a HAMP modification – other things being equal – but you will have to wait 60 to 120 days, during which time you will have to continue making your current payments unless you want to risk going into foreclosure.

Bank of America is one of the lender/servicers which took the TARP money from the Feds and therefore was obligated to offer HAMP modifications. However, there are cases where Bank of America does not own a given loan but merely services it, and if the lender which is the actual owner did not take the TARP money nor sign onto the Obama Plan, then that lender, prepresented by Bank of America as servicer, is not obligated to give you as good a modification or any modification at all.

Bank of America has plenty of staff to originate a record number of new loans but not enough staff to handle modifications and so is making modification applicants wait longer than any other lender.

If a Borrower does not qualify for HAMP because his deficit is too large, Bank of America will try to qualify the Borrower under its own HOPE program. Under HOPE the monthly payment can be higher than 31% of gross income, and the interest rate might be higher than under the HAMP program.

After many months of waiting, a Borrower will generally be approved for a trial payment plan, where he will make payments for three months. Payments cannot be paid online. They can be mailed in by ordinary check or sent by Western Union. They are best paid by check over the phone.

When a trial payment plan is set up, most lenders will send out a letter outlining of the terms of the trial payment. Bank of America may or may not send out a trial payment letter. You may have to press for such a letter so you will know when payments are due. Each lender has its own excentricities.

Source: Mortgage Modification Attorney Bank of America

[THANKS2U]

Thanks Irishgal

Here is an artilce from the New York Times.

Why is HAMP failing .

http://www.nytimes.com/2009/12/06/bu...gret.html?_r=2


In my opinion congress, OUR PAID FOR EMPLOYEES, needs to LAWFULLY force ALL Banks who took any TARP funds to modify the Predatory loans of distressed homeowners, into Permanent and Sustainable Mortgages.

This would be in the form of Interst Rate reductions and PRINCIPAL REDUCTIONS combined whenever necessary

And for those Banks that did NOT take TARP funds, those supposed free and clear banking Institutions, need to also be Lawfully forced to modify any and all PREDATORY LOANS, as none of the discriminatory and defrauding loans would have ever transpired, without and Predatory Loan Banking Institutions turning a blind eye to what they themselves caused and or was right in front of their eyes....

But the Banks and Servicers and Investors, one and all, chose to take the easy cash and run, rather than saying these loans are Predatory and Illegal....

The Banks, Sevicers and Investors are 100 % responsible for this entire Predaory Loan insanity and they must be forced by law to make things legally right again.

Especially Anyone earning under approximately 70,000 a year gross and who is paying more than 31 % of their income for PITIA needs to be modified !


http://www.nytimes.com/2009/12/06/bu...gret.html?_r=2

[THANKS2U]

--------------------------------------------------------------------------------------------------------------------------------------------

Thanks Slim Shavings for the link far BELOW

Here is my opinion on that DEC 7 09 article overall

Countrywide's old chief of operations was probaby a Big Sack of Shiit to CW borrowers & Condoned Predatory lending, his name is Jack Sackofshit.

Sorry, I digress momentarily to Countrywide's / Bank of America's level.

His name is actually "Jack Schakett" and I apologize Jack if you are an honest person, who truly wants to help distressed borrowers & help those borrowers who were coerced and manipulated into PREDATORY LOANS !

ARE YOU AN HONEST AND ETHICAL PERSON MR. SCHAKETT, WHO IS TRULY HELPING DISTRESSED HOMEOWNERS WITH MODS ??????????

A SIMPLE YES OR NO WILL SUFFICE MR. SCHAKETT, IF YOU EVER WISH TO ANSWER HERE ON THE LOANSAFE FORUM...

Mr. Jack Schakett is now working for Bank of America as their CREDIT LOSS MITIGATION STRATEGIES EXECUTIVE... AKA ??? whatever....

NOW, IN MY OPINION

LET US NEVER FORGET THAT BANK OF AMERICA IS ALWAYS LYING !!!

WELL, I AM EXAGGERATING A BIT -

BANK OF AMERICA IS LYING 98 % OF THE TIME WHEN IT COMES TO CORRECTING ALL THE PREDATORY LOANS & MAKING PERMANENT & SUSTAINABLE MODIFICATIONS... PERIOD END OF STORY

And B of A will never do any better until they are literally forced by Law to do better

Here is a FACTUAL & HONEST post from WATTSM -- Thank You !

JACK SCHAKETT - the former Chief of Operations at Countrywide is now the loss mitigation guy at BofA? The same Countrywide that had to settle because of their illegal lending practicing? Obviously there is no accountability whatsoever with any of these companies. It's the equivalent of a bank robber being rewarded with a job as the security guy at the bank.

Anyway, the reason why 2/3 of the people haven't returned their documents isn't because they're liers and cheaters, it's probably because they haven't been told what they need to do, or the consequences of not completing the required paperwork in time. I have been told 10 different stories by people at BofA. The cynical side of me would say that they're whole process of dealing with homeowners in trouble is designed to make the homeowner fail-- you're never given a consistent person to work with, or if you are that person never calls you back, you're given numerous different stories to confuse you, you're given false hope over and over again only to be let down in the end. The process drags on so long that you're numb to it all, you basically lose the urge to fight, then they tell you that you haven't given them enough information. The whole thing is a sham. Sorry, just needed to vent a little.

NO NEED TO SAY YOU ARE SORRY - YOU ARE SPEAKING THE TRUTH !


AND - Here is a - Right On - post from Worried Welder

This whole process and the press releases by the BofA execs are infuriating.

I'm sure there are plenty of people that haven't done their due diligence and completed the documentation.

Many of us, however, have done everything that has been asked of us and quite possibly much more. All the necessary docs have been properly filled out, signed, and provided to the bank....only to be told that we are missing docs.

Last week B of A sent out 50 thousand "notices of incompletes," specifying exactly which documents the borrowers needed to submit to fulfill the modification requirements.

"We did it in express mail envelopes with return express mails with a time frame to stress our sense of urgency of what it requires to get this done because we don't want these customers to loose an MHA modification if we can help it," Schakett told me. He says the response will be very telling.

I was mailed one of those very packets....not 3 days after I returned every single document that they requested!!....and I know they got it because they signed for it!

Why are these people CONSTANTLY claiming that we are not returning the docs? I would love to see how many people have actually returned all of the required docs that the bank claims they haven't received.

I'll bet the number is staggering....yet, they continue to blame us so that they can't be held accountable when they deny all of the HAMP mods that are awaiting final approval once they pay back the TARP funds.

Anybody seen the movie The Sting? I feel like I'm being played.....

NOT ONLY ARE YOU BEING PLAYED THEY ARE STUFFING YOUR MODIFICATION PAPERWORK INTO THEIR PASSIVE AGGRESSIVE PINATAS AND BEATING THE LIVING LIFE RIGHT OUT OF YOU !

It is a beat up the borrower psychologically and financially GAME !!

If you somehow survive their Victimizing and Injurious Abuses, MAYBE, JUST MAYBE, YOU GET A MOD - A BIG MAYBE !!!

But you'll still have lots of SADISTIC cuts and bruises from their passive aggressive PINATA pulverzing beatings on you, just because they can !

AND - Here is a to the point post from our fearless leader MOE BEDARD

You know what's funny? When they were giving you all loans, they got your paperwork and closed in 30 days or less. At closing you got wine and cheese with a nice $5.00 card from your loan officer.

For some reason I didn't hear of a paperwork crisis when the mortgage boom was happening. mmmm, that is just so wierd.....
__________________
Moe Bedard
Founder


WEIRD INDEED MOE - SINISTER & SADISTIC WEIRD !


Here is the link to the article

Bank of America: 2/3 of Borrowers May Lose Government Mods - CNBC


KEEP ON FIGHTING EVERYONE - WE WILL WIN !