Complaint against CW re: AG Settlement

[sbas2k]

I have posts in other threads but basically I believe I met all of the criteria of AG Settlement (late on payments, decent income, surplus, Neg am loan, etc) but was denied because the investor was not participating (to this date I cannot find out who the investor is, it's not fannie or freddie). I have wrote my attorney general and I encourage others to do the same to complain about the lack of CW cooperation on this AG settlement. I guarantee when it's all said and done (supposedly 400,000 homeowners should be part of this ), there will not be 1 principal reduction done. Please everyone take the time to write!

FAQs - Attorney General's Office Lawsuit Against Countrywide - Consumers - California Dept. of Justice - Office of the Attorney General
Consumer Alerts, Information & Complaints - California Dept. of Justice - Office of the Attorney General

[N2Deep]

Here are some of the issues I have written in on......

1. the settlment is mandatory for Countrywide but not their investors. If thats not changed investors will continue to block mods.
2.The settlement requires Countrywide to make regular reports to the Attorney General’s Office regarding which borrowers do and do not get a modification, and the reasons why. Where is this data?
3. The removal of the Fixed rate option not providing a permanent solution
4. Why they have removed this link from the AG site and why has all the CW info been buried deep into the site. FAQs - Attorney General's Office Lawsuit Against Countrywide - Consumers - California Dept. of Justice - Office of the Attorney General You can only get to this FAQ section through this link here you will never find it on the site again.

[N2Deep]

One more..
5.
Why would the math that say, Bank of America or CW does on a loan review to approve you for a program. Like figuring out that the loan would be worth more modified (example I owe 720k + my house would sell for 400K today loss of 320 or more) , not jive with the investor's math on the same loan?

[pdsfoley]

Please....everybody complain to your AG office...I'm telling you...CW is letting this settlement quietly go AWAY....its not right!!!

[pdsfoley]

The Attorney General's office will monitor Countrywide thoughout this process. The settlement requires Countrywide to make regular reports to the Attorney General’s Office regarding which borrowers do and do not get a modification, and the reasons why

[pdsfoley]

Can I still file a complaint with the Attorney General's Office about Countrywide?
Yes. If you wish to file a complaint about your loan, or think you were denied a loan modification when you should have received one, please contact us. You can send a letter with copies of any supporting documentation to the Office of the Attorney General, Public Inquiry Unit, P.O. Box 944255, Sacramento, CA 94244-2550 or you can file a complaint on-line by clicking on http://ag.ca.gov/contact/complaint_form.php?cmplt=CL.

[tandm]

pdsfoley - I asked this on another thread but in case you miss it there...

In the H.R.1106 bankruptcy cramdown bill, the bill that passed the house has a provision to protect banks from investor lawsuits for passing mods they didn't approve. If this bill passed, do you think it would it free up the banks or not change a thing?

[pdsfoley]

probably not change a thing....(at least with CW) they seem to do whatever they want...I haven't heard anything at CW about the cramdown bill yet...when I do I'll be sure to let all of you know.

[tandm]

I had such high hopes too. Thanks pdfsolfey.

[pdsfoley]

Tandm.........I have the SAME high hopes.....its just that nothing has been finalized yet...we can still hope....lol

[rozuki]

Should we file a complaint with AG if your state was not one of the 11 in the original agreement? I am in NY.....but I definitely need to complain about CW's loan modification process.....and the stonewalling of the investors.

[Irish Gal]

Originally Posted by rozuki

Should we file a complaint with AG if your state was not one of the 11 in the original agreement? I am in NY.....but I definitely need to complain about CW's loan modification process.....and the stonewalling of the investors.

The attorney general of your state. NY has one of the BEST atty gen'l's in the country. I wish he was CA's ! I'm included in the CA AG settlement (AG Jerry Brown) and there's no teeth or punitive elements in the settlement whatsoever to FORCE CW to remedy all its predatory loans in a fair, long-term, sustainable fashion that truly vindicates CW victims of pred lending. I have a rant about this in another thread about AG settlements so I won't repeat it here. CW was allowed to settle the lawsuit by "admitting no wrongdoing" and hence, we are stuck w/ it offering all these bogus loan mods now. I lost interest in the fight, and will short sell or foreclose. I don't want anymore predatory anythings from anyone. But, for those of you who want to stay, love your homes and plan to live there forever, GET LOUD. Don't let CW keep jerking you around with all these bogus, go nowhere, non-mods. Complain to everyone, often. Definitely let the AG's (even ones not in lawsuit) know what CW continues to NOT do. AG ANDREW CUOMO IS LEGALLY PURSUING KEN LEWIS (CEO BofA / CW) BIG TIME RIGHT NOW RE MERRILL LYNCH BONUS FIASCO. LEWIS IS TRYING TO DENY HE TOOK BAILOUT $$$$ WHILE CONCURRENTLY ALLOWING THAIN/MERRILL TO GIVE BIG BONUSES W/ BAILOUT $$$$. I'M SURE ANDREW WOULD LIKE TO KNOW HOW BADLY CW STILL TREATS ITS "CUSTOMERS."
Good luck guys.

[lha3140189]

I've read about the abuses that Countrywide has perpatrated on the Public in this forum over and over again. Let us all remember that CW signed these Stipulated Agreements in lieu of being sued by the various Attoreny Generals around the country. And as soon as they signed the agreements they started changing the modifications. Gone was the 25% for non impounded. Gone was the fixed rate option. The streamlined options never appeared and they stated in their agreement that they already had the majority of investors on board. Most important, they have not reduced the principal balance in any of the modifications! Even though they publicly stated that they had the right to make those principal reductions by virtue of their servicing agreements. The stipulated judgment needs to be enforced. And as these were filed on behalf of the People by the AGs we have rights. I'll be complaining to my AG. I suggest everyone else having problems do likewise. I also believe that a complaint to each judge who signed off on these agreements is in order. Next, letters to the local media should be sent out complaining of this subtrafuge. In numbers there is power. Remember, Countrywide did these things as a Predarory Lender. Its time for us to stand up together and fight. Fight to protect your home! Fight to protect your family! Start writing letters. Start complaing today! Lets get together and gain our rights!

[gray517]

FYI

I just re-read the Consent Judgment ( the actual signed legal settlement doc) filed in the court regardng the state of Florida lawsuit ( the settlement is the same for all the states) there is nothing in there that says they will give people fixed rate for the life of the loan. It says reduced to the introductory rate or lower but not lower than 3.5 % and and will reset after 5 to the fannie rate or the introductory rate which ever is higher; or a 10 year interest only with an interest rate no lower than the interest rate floor with an annual increase subject to an interest rate cap.

[sbas2k]

Hi Gray517, I think the issue here though is that everyone is getting completely denied on the AG settlement, not even any kind of offer from CW because they are telling us the investors (or whatever excuse they are using) are rejecting the mods.

[gray517]

Originally Posted by sbas2k

Hi Gray517, I think the issue here though is that everyone is getting completely denied on the AG settlement, not even any kind of offer from CW because they are telling us the investors (or whatever excuse they are using) are rejecting the mods.

actually reading thru the forum there have been several offers from CW that appear to be inline with the guidelines of the plan, there are also a few success stories as well and some that have actually gotten a better mod (fixed entire loan life) than would have been offered with the program, it says right in the legal document subject to investor approval of the modification. Countrywide was fined $500,000 in florida (not sure what the fine was in other states) and had to halt the lending practices deemed to be predatory and and make changes to their existing lending practices. Don't get me wrong, I hate CW and hope the new change to BOA will be a good thing, but alot of people are expecting miracles out of the settlement and others are expecting principal reductions that just aren't going to happen. We used Naca and our rate change mod is for the entire loan term, but if that had failed I would have taken the decreased rate for 5 years as my goal was to keep my home.

[N2Deep]

Originally Posted by gray517

FYI

I just re-read the Consent Judgment ( the actual signed legal settlement doc) filed in the court regardng the state of Florida lawsuit ( the settlement is the same for all the states) there is nothing in there that says they will give people fixed rate for the life of the loan. It says reduced to the introductory rate or lower but not lower than 3.5 % and and will reset after 5 to the fannie rate or the introductory rate which ever is higher; or a 10 year interest only with an interest rate no lower than the interest rate floor with an annual increase subject to an interest rate cap.

Gray when was the filing dated?
The fixed rate option was thrown around in the begining and was even in the CW fact sheet when the program launched Dec. 1st. However I think the complaint is that solid terms were only reached recently causing some to be strung along since last yr.

Just to reiterate what sbas2k said any offers along the AG settment guidlines would be a start.

[jrolfedrev]

Is there any format in this site on writing complaint against CW to the California AG website?

[gray517]

Originally Posted by N2Deep

Gray when was the filing dated?

document signed by all parties and judge on 11/10/2008

[sbas2k]

I was told since October that my loan was being considered as part of the AG settlement (no guarantees) however after months of waiting, I find out online I was denied, make a call and am told the investor rejected the mod without reason. Personally I think it's more to it than that, I think a slight minority of people are getting mods but the majority of us are being left in the dust. CW really hasn't changed from the predatory lender they were.

[gray517]

Originally Posted by sbas2k

I was told since October that my loan was being considered as part of the AG settlement (no guarantees) however after months of waiting, I find out online I was denied, make a call and am told the investor rejected the mod without reason. Personally I think it's more to it than that, I think a slight minority of people are getting mods but the majority of us are being left in the dust. CW really hasn't changed from the predatory lender they were.

I would keep pressing for the reason why it was denied, there is a formula (its mentioned in the doc and on cw website) that they use to determine so-called effectiveness of a mod the "affordabilty equation". I would also urge you to go to Naca for assistance if possible.

[N2Deep]

I have done some searching on this forum and the success stories, keyword: Home Retention Program
also keyword: Attorney General Settlement
and I found 0 actual offers from the program and the only success have been with NACA's help

[lha3140189]

Originally Posted by gray517

FYI

I just re-read the Consent Judgment ( the actual signed legal settlement doc) filed in the court regardng the state of Florida lawsuit ( the settlement is the same for all the states) there is nothing in there that says they will give people fixed rate for the life of the loan. It says reduced to the introductory rate or lower but not lower than 3.5 % and and will reset after 5 to the fannie rate or the introductory rate which ever is higher; or a 10 year interest only with an interest rate no lower than the interest rate floor with an annual increase subject to an interest rate cap.

Gray 57. I'm in California in a pay option ARM. In California CW signed a stipulated Judgment and Injunction. In it they state they would write down principal balances to 95% of property value.(with certain qualifications) They stipulated they would offer a 10 year interest only. They stipulated that they would offer a fixed rate option (with details). They stipulated a "streamlined program". They also stipulated that they already had most investors support. The Attorney General announced at time of signing that this was because CW had been involved in Predatory Lending practices. So this was not a voluntary stipulation. It was in lieu of them being sued and prosecuted. And all of us deserve the modifications that CW agreed to. They were the predators! Even though they agreed to these issues in court they have not complied. The court still has jurisdiction. I suggest everyone write their Attorney General and demand that their agreements be adhered to and to the letter of the law. Thats what they agreed to in court! Or does that not mean anything? Write your AG, write your congressman. write your local paper, call up the local television station and tell them how you have been treated. Fight for your rights! In numbers there is power! Get mad. Don't be scared.

[gray517]

Originally Posted by N2Deep

I have done some searching on this forum and the success stories, keyword: Home Retention Program
also keyword: Attorney General Settlement
and I found 0 actual offers from the program and the only success have been with NACA's help

any of the CW modifications where the borrower was given a 5 year step rate or 10 interest only modifiction are part of the program, a traditional modification only tacks on the past due to the loan balance and if it does lower rate not by much and there are a few offers in the forum with the 5year step or interest only option as well, but it won't help the borrower and they have chosen to pursue a modification co, atty or non-profit like Naca.
I am not trying to argue with anyone, just trying to put out factual info so that others can make informed decisons. I would hate to see someone offered a 5 year step or interest only mod with an affordable payment and then lose their house because they though a better offer would be coming out of the settlement.

[gray517]

Originally Posted by lha3140189

Gray 57. I'm in California in a pay option ARM. In California CW signed a stipulated Judgment and Injunction.

what i posted above in my first post is almost verbatim from the actual consent judgment signed by the Atty General for Florida, CW and the Judge in the case. Each state has a their own copy signed in their state, but the settlement is the same for all the states.

And, I was a victum of predatory lending, and I did have a qualifying loan with the ag settlement, I chose to use Naca instead. good luck with your mod attempt!