Pennymac piggyback kickback money merry-go-rounds

[THANKS2U]

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I keep seeing a theme of MANY mod "TRIAL" periods.
ification

In house trial Mods and HAMP trial Mods.

3 months 4 months 5 months 6 months goes merrily by

But then many mods are still DENIED after all those months of escrowed TRIAL MOD payments !

And the banks / servicers / just keep all your good faith QUOTE - "Trial Period" game money- You just threw that hard earned money away -

All trial period money should be given back to borrowers, as it technically / legally, is NOT being applied as your regular Mortgage Payment money !

Thus, if the trial period modification is ultimately DENIED, then so must the escrowed trial period money be denied / must not be accepted by the bank / the servicer and the trial period money should legally be returned to the you the borrower. !

Now I am starting to see companies like PENNYMAC buying up loans for pennies on the dolllar.

Pennymac is supposed to do Modifications.

Will PennyMac play the same TRIAL PERIOD GAME of giving modification trial periods, only to simply deny your modification after several months of your hard earned, escrowed trial period payments being sent in to no avail ? I BET THAT IS THEIR GAME AS WELL

Selling loans to various companies, so companies like Pennymac can PIGGYBACK, KICKBACK & Ride the Money Merry-Go-Round of bogus trial peridos

PennyMac cold also sell your loan again, to another rip off company or sell the loan back to the original servicer / bank or Investor.

Then this PENNYMAC PIGGYBACK KICKBACK MONEY MERRY-GO-ROUND could start all over again - Another 3 to 6 months of trial period payments.

Your loan could literally be sold again and again and again.

Each new loan owner simply making more money by riding the MONEY MERRY-GO-ROUND of trial period payments.

In the end, THERE IS NEVER ANY MODIFICATION -

Just Fabrications of Modifications ending in permanent Foreclosures.

But NO WORRIES... These trial period games and permanent foreclosures should all end in about 2 years and then real help will eventually come in the form of ---- OOOPS

I just remembered, in 2 years it will be 2012 and all the modification programs will be ending.

Where is the justice, where are the lawmakers ????

Hiding, that's where...

Polititians & Lawmakers, Come out, Come out, wherever you are and start to do your damn jobs !


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[Social Apocalypse]

I am sad to say that this appears true... The modifications have given the servicers a "golden ticket". Where does the modification money go?

[booggs28]

past due fees, maintainance fees, fax fees, fee fees, slurpy fees, cupcake fees, cheeto fees,......

[THANKS2U]

Originally Posted by booggs28

past due fees, maintainance fees, fax fees, fee fees, slurpy fees, cupcake fees, cheeto fees,......

VERY GOOD ! and mostly very true

I imagine they are allowed, at least so far they are, to simply get away with keeping all the Defrauding "Trial Modification" Money in an exempt escrow account, to pay for bogus fees & various small expenses.

Those escrow accounts will most likely be allowed to be Lawfully Drained Dry after the TARP funds are paid back in about 2 to 5 years.

Then I am sure the Billions of dollars will be used to shoot up stock prices at Bank of America and other Trial Mod banks, as they will THEN have all this extra Racketeering Revenue to show to WallStreet.

After their stocks shoots up, the executives will sell sell sell and make tons of cash for themselves, because of their insider knowledge of when the escrowed funds were to be made availabale and since the TARP is paid back, all of the Bilked Billions in Fraudulent Modification Trial Period money will ALSO be used to give those BIG FAT *** MERCENARY MONEY MANIPULATORS, BIG FAT BONUSES

I am not that great at math, so let me know if this calculation is correct.

I know millions of homeowners are suppose to receive these BS trial modification time periods of what seems to be averaging about 6 months.

But let us just take 1 million for averaging it all out.

1 million x the average trial mod payment of about $1,500 give or take ?

$1,500 x 1 million people = $1.5 BILLION DOLLARS per month

$1.5 BILLION x 6 months = 9 BILLION DOLLARS OF FREE MONEY FOR THESE CORRUPT CONNIVING RACKETEERING EXTORTIONISTS...

9 Billion for simply defrauding only 1 million borrowers in just 6 months !

And the true figures are probably many billions more !

If my simplistic math mind is correct ?

Times that by a few million more people and times that by a few more years and you can clearly see these SERVICER MONSTERS are making money or rather they are stealing our money for themselves, for doing absolutley nothing for the distressed borrowers, in the way of truthfully providing Modifications.

They stole BILLIONS of our TARP money, invested it worldwide and will make Billions above of what they stole / Borrowed from our Tax paying dollars and will easily pay it all back in a few years and with billions to spare for themselves in invested worldwide profits and then they will also steal Billions in the BS racketeering Trial Modification periods, where few mods will actually be completed, compared to the millions that will be defrauded during the quote, Trial Modification periods.

Millions of Trial Modifcations will be denied and the banks will keep the Billions of stolen Trial Modification Money the borrowers sent to the banks..

Sick and Sad