NACA/CW Mod approved...Now CW is stalled..PennyMac???

[Karma]

"I've been lurking for over a year and finally decided to post......

My husband and I started working with NACA since dealing with CW was pure insanity. Our ARM had readjusted x2 and 11%.

We went to the meeting in our area in Oct. I actually submitted the papers prior to even going to the meeting............

After NACA made a submission to CW in mid Nov. 2008, on 01/23, we received a agreement @ 5.2% fixed rate for 30 years. Plus, the 60 days late included.

The next day, we get a call from NACA, CW wants to bring it down to 5%....Great!!!!.....We just need to wait 2-3 weeks for the papers via FedEx....CW emailed NACA 2weeks later to re-affirm the modification terms......

Well, guess what??? We're still waiting.........The latest update from NACA (yesterday) is that CW had drastically reduced the amount of modifications within the past couple of weeks and they (NACA) really don't know what's going on.......

I really do think that CW is waiting for President Obama's "Homeowner Stability Initative" Plan to see how much money is going to come their way....

Also.......................

Did you know that the former Prez of Countrywide (S. Kurland) and other CW exec's have started up a business named PennyMac that buys up deliquent loans including modifying them????

Ya think maybe this is one of the reasons things are slowing up at CW?"

[rozuki]

Yes, I read about PennyMac, too. Something fishy there if you ask me...

[Karma]

Yup, not just fishy but true......Google PennyMac......(founded by former Countrywide exec's.......)

"Let's do foreclosures, pay pennies on the dollar to buy them up when they do.

For those homeowner's still left standing, modify their loans making even more money!!!!!

Actually, their way of thinking is modifications involves spending more money for extra employee's, related expenses etc......Then foreclosures