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

[THANKS2U]

An interesting article of favors ? or Financial Institution Finagling, set uo to dethrone / remove and or scar politicians who are working against the banks and servicers or a bit of both - Either way, aint politics and backstabbing grand !

July 28, 2009 Testimony on ethics of Democratic Senators Christopher Dodd & Kent Conrad


RealClearPolitics - Politics - Jul 28, 2009 - Testimony: Sens. Conrad, Dodd told of VIP loans

[CW California]

Originally Posted by THANKS2U

An interesting article of favors ? or Financial Institution Finagling, set uo to dethrone / remove and or scar politicians who are working against the banks and servicers or a bit of both - Either way, aint politics and backstabbing grand !

July 28, 2009 Testimony on ethics of Democratic Senators Christopher Dodd & Kent Conrad


RealClearPolitics - Politics - Jul 28, 2009 - Testimony: Sens. Conrad, Dodd told of VIP loans

"Both senators have said that at the time the mortgages were being written they didn't know they were getting unique deals from Countrywide, a company that lost billions of dollars on bad loans and since has been purchased by Bank of America."

Right................They didn't know. hahahahah

[ama125]

Originally Posted by THANKS2U

An interesting article of favors ? or Financial Institution Finagling, set uo to dethrone / remove and or scar politicians who are working against the banks and servicers or a bit of both - Either way, aint politics and backstabbing grand !

July 28, 2009 Testimony on ethics of Democratic Senators Christopher Dodd & Kent Conrad


RealClearPolitics - Politics - Jul 28, 2009 - Testimony: Sens. Conrad, Dodd told of VIP loans

I did read about this and it made me laugh. How could anyone NOT believe they were getting special rates when it was clearly a VIP program dubbed "Friends of Angelo"? This is what others have been griping about...these senators who are supposedly on "our" side have been sleeping with the banks all along. I trust so few people these days!

[THANKS2U]

Originally Posted by ama125

I did read about this and it made me laugh. How could anyone NOT believe they were getting special rates when it was clearly a VIP program dubbed "Friends of Angelo"? This is what others have been griping about...these senators who are supposedly on "our" side have been sleeping with the banks all along. I trust so few people these days!

__________________________________________________ __________________________________________________ _________________

Yep, Me as well..

Greed is a crazy thing, however, it is mostly LEGAL to be greedy and be greed driven.. Greed is not a criminal offense

However, ( SWINDLING GREED ) and ( DEFRAUDING GREED ) are ILLEGAL and the Banks, Servicers and Investors committed both types of Criminal Greed and continue to do so..

So yes, It is VERY Difficult to know who to trust, so we must trust oursleves first and foremost and trust what HAMP information is written into law and then tell the banks and servicers and investors what they are supposed to do for us according to the written law..

Do not expect the servicer or investor to obey the law, they will NOT obey the law, they prove that over and over !

These days I even tell my Dentist and My Medical Doctor what I need and will not let either do anything costing money, unless I research it first and decide for myself.

I have my dentist special order "Diamond Crown" Composite white filling material - No mercury silver stuff anymore - I tell my MD what blood tests to take, especially Vit D 25 Hydroxy... I started my colonoscopies at age 35 because I have a few friends that died from colon cancer before age 40 - I research the heck out of anything they say to me and I let them know what to do for me...

You just cannot trust anyone these days, at least when it comes to your physical and financial health !

There is just too much to lose for us common folk and too much for them, the supposed professionals, to gain financially, if we allow them to control us and tell us what is what, then we are screwed - NO WAY !

Same goes for polititians and banks and servicers - This is why we need to POST as many articles and updated links here as possible..

We need to research and find out the LAWFULLY WRITTEN truth and then tell them what the laws are and what they need to do for us, according to the law.

OK - So now I feel i must post my favorite healthy MD website, after all without our physical health, life and loan Modifications are not worth much www.mercola.com great info and free newsletter - I have no affiliation with Dr. Mercola in any way shape or form.. I am simply paying it forward, so we can all be as healthy as possible when this Mortgage nightmare is over --

Sincerely,

Thanks2u


__-----------------------__------------------------------_------------------------_--------------------------------------------------

[THANKS2U]

thank you pyeatpyr

another telling article dated August 4 09


" Mortgage aid program helping FRACTION of borrowers "

Mortgage aid program helping fraction of borrowers - Yahoo! Finance

[ugh_2009]

HMA public report - July 2009

http://www.treas.gov/press/releases/...lic_report.pdf

[ama125]

Originally Posted by Skipper

So... If your NPV is positive, does any of it matter?

Thanks for all the research and ino!

Skipper

I've been googling like a mad woman on this question and have not found anything regarding a forbearance limit on a positive NPV result. There could always be some limit built into that NPV calculator and that might then cause a loan to result in a negative test result. Again, if only that darn test was made public!!!

[ugh_2009]

Originally Posted by ama125

There could always be some limit built into that NPV calculator and that might then cause a loan to result in a negative test result.

Yes, when the lender forbears more principle they get less interest back from the loan and so the NPV result goes down. If they forbear too much the NPV result will eventually go negative and the test will fail.

[ama125]

Originally Posted by hope67

ama125,

Can you please give us an example of how the NPV is caluclated to determine whether it's negative or positive? Thanks

I think I answered this for you on another thread, but if not, let me know and I'll respond to your question.

[luvmyhorse]

what is NPV?

[ama125]

Originally Posted by luvmyhorse

what is NPV?

I've been fielding other questions about this today so I am directing you to that thread: Anyone offered Trial Payment Period?

[ama125]

One helpful homeowner (AzGryffindor) was kind enough to take the time and scan in the documents for the Making Home Affordable Modification Trial Plan (if you've gotten something other than this, I'd say you didn't get the MHA mod trial). Here is a link to the start of those documents (it carries over to the next page in the thread): http://www.loansafe.org/forum/countrywide-home-loans-tell-us-your-countrywide-story/13135-making-homes-affordable-modification.html#post101363

[ama125]

I also wanted to post this article regarding the Treasury Press release today on the servicers' progress: Which servicers are modifying mortgages under Obama rescue? - Aug. 4, 2009

Note that it states, "Bank of America did not respond to a request seeking comment.".

Maybe they're too busy answering the 80,000 phones calls a day they get or perhaps they just have no good excuse to hide behind for their deplorable progress so far!

[Melanie702]

Just a Vegas article
Few Home Loans Being Modified - Las Vegas Now |

[Melanie702]

Just a quote from the article :

He also says there is money to be made from foreclosures by third parties. "These loans are being bought for 20 cents on the dollar. A $400,000 loan is costing you $80,000. You can foreclose on that at $150,000 and make money," he said.

[ama125]

Originally Posted by ama125

I also wanted to post this article regarding the Treasury Press release today on the servicers' progress: Which servicers are modifying mortgages under Obama rescue? - Aug. 4, 2009

Note that it states, "Bank of America did not respond to a request seeking comment.".

Maybe they're too busy answering the 80,000 phones calls a day they get or perhaps they just have no good excuse to hide behind for their deplorable progress so far!

CNN posted a revised article today regarding the progress report from 8/4, in it, it now has a statement from BofA:

Bank of America also acknowledged it needs to improve its efforts to reach out to those in need, but noted that it accounts for nearly one in four trial modifications offered under the Obama plan. The bank has extended nearly 100,000 offers, though only 28,000 trial modifications are under way.
The bank, which purchased mortgage titan Countrywide Financial last year, has by far the largest number of eligible delinquent loans: nearly 800,000.


I'd love to know how many of those 800,00 eligible delinquent loans originated with Countrywide! I say to heck with the eligibility criteria, if your loan was with Countrywide, than it should be modified because they probably offered something that they never should have in the first place!

[dthom]

Here is what Obama had to say to the banks: Not surprisingly look who made first place>


Obama tries to shame banks into speeding up mortgage modifications

Lita Epstein
Aug 4th 2009 at 11:20AM
Text SizeAAA

Filed under: Company News
More



As banks continue to drag their feet on mortgage modifications, the Obama administration put out a list of problem banks to shame them into action. Bank of America (BAC) topped the list as one of the worst performers among large mortgage servicers.

Since the $75 billion dollar program started in March, only four percent of Bank of America's eligible loans have entered trial loan modifications. That's a total of 27,985 loans, according to a report released today by the Treasury Department. JPMorgan Chase (JPM) started trial modifications with 20 percent of its loans and Citigroup's (C) rate was about 15 percent.

http://www.loansafe.org/forum/

The report released today looks at the levels of homeowner assistance for 31 companies participating in Obama's plan. Generally the report found that the smaller loan servicers were more successful in getting trial modifications started.

Obama hoped to help four million borrowers with his loan modification program, but so far only about 200,000 have been helped. After a meeting in DC last week, the loan servicers agreed to at target of 500,000 by November 1. But that's still too slow when 1.5 million homeowners received at least one foreclosure-related notice in the first six months of 2009.

Banks are picking up the pace a specialist at Deloitte & Touche told Bloomberg. He said modification specialists increased their processing rate from 50 to 100 loans a month to 200 to 300 per month.

The chief executive of Citigroup's CitiMortgage told AP that Citigroup has hired or retrained about 1,400 new workers including an 800-person call-center in Tuscon, Ariz., to work on loan modifications.

Under the Obama plan banks can lengthen repayment terms, lower interest rates to as low as two percent and forbear outstanding principal. They are permitted to use other tools as well to help to keep people in their homes.

There have been so many complaints about the banks and how they've been handling the loan modification process that Freddie Mac will be doing random audits to see if borrowers are being improperly denied.

Have you been denied a loan modification?

Lita Epstein has written more than 25 books ,including The 250 Questions You Should Ask to Avoid Foreclosure.

Source

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[ama125]

So, I was reading over this document on the hmpadmin site: https://www.hmpadmin.com/portal/docs...ngloantest.pdf

On page 5, it says this,
If there are two borrowers, enter credit scores for both the
borrower and co-borrower.

Now, I don't know where in their calculations this may be used or why they would even look at someone's credit score right now. I HAD great credit back in Feb and March, impeccable credit to be honest! But now, since I'm 150+ days delinquent on my loans plus I've altogether stopped paying my unsecured debts (I may file BK but I'm waiting on the loan mod), I can bet my credit score has tanked significantly! They should look at the history of your credit scores to see what things looked like for you PRIOR to your hardship! Anyone know how credit scores may come into play in their ever-so-secretive calculations???

[NotinPA]

Check out this internet radio program..
Interesting audio news clips about what's going on behind the scenes

Achieve Radio Archive Vault playing Cash Flow from Aug 04, 2009 at 12:00PM

[ama125]

I came across another article about the whole progress report and look at this excerpt:

Bank of America has done the worst among the large servicers, with offers extended to only 12.5 percent of potentially eligible borrowers and trial modifications begun in only 3.5 percent of the cases. (These figures exclude its subsidiary Home Loan Services.) Moreover, its offer acceptance rate of 28.1 percent is less than half the program’s average.

Umm...is the subsidiary mentioned in the article BAC Home Loans Servicing??? Aren't they the division handling all of us whose loans were held with Countrywide (YES they are)? What are those numbers looking like? I bet even worse than Bank of America!!!! What a nightmare!!!!!!!

[ugh_2009]

hey ama125, did you look at the link i provided -

http://www.treas.gov/press/releases/...lic_report.pdf

Home Loan Services Inc. is listed with a 0 for Trial Plan Offers Extended. It also states that BofA figures includes CW loans.

Not sure if this helps.

[ama125]

Originally Posted by ugh_2009

hey ama125, did you look at the link i provided -

http://www.treas.gov/press/releases/...lic_report.pdf

Home Loan Services Inc. is listed with a 0 for Trial Plan Offers Extended. It also states that BofA figures includes CW loans.

Not sure if this helps.

I'm confused. I understood that NA denotes that the servicer is not yet reporting. I interpreted this to mean that the CW loans are not yet being reported.

[ugh_2009]

Are you referring to "Bank of America NA"? That's National Association.

[ama125]

Originally Posted by ugh_2009

Are you referring to "Bank of America NA"? That's National Association.

At the very bottom of the table it says:
Note: NA denotes a newly signed servicer that has not yet started reporting

[ama125]

Originally Posted by ugh_2009

hey ama125, did you look at the link i provided -

http://www.treas.gov/press/releases/...lic_report.pdf

Home Loan Services Inc. is listed with a 0 for Trial Plan Offers Extended. It also states that BofA figures includes CW loans.

Not sure if this helps.

Home Loan Services Inc. is NOT Bank of America nor Countrywide nor BAC Home Loans Servicing LP. If you click on the list of participating servicers (show all) you will see that there is a link to Home Loan Services Inc and it is definitely a different company... Making Home Affordable -Contact Your Mortgage Servicer