PennyMac Modification Track Record

[Renoira]

Hello all,

Pwoolfolk, HA! Their modification attempt was a scam! While the payment was slightly lower, they increased the principle amount by $60,000. on a home that was already underwater over $150,000.00. We counter offered and they refused to accept our counter offer, thus negating the fact that "homeowners have the right to negotiate".

This is all a giant scam by a cartel and it is scary that our own government is allowing it. But, I still have hope that it will be exposed. I just hope it is in time.

There is an article about PennyMac where they state that business is "off the charts good", nice to know that they are making a killing stealing from us, isn't it?

The only ones they are answerable to is the Department of Corporations and the Attorney General, I have made several complaints and they are actually investigating...for what it's worth. I am sure a few more complaints will encourage further investigation.

The truth is out there, if we give up, we let the bad guys win!

"The only thing it takes for evil to prosper is for good people to do nothing".

So let's fight back together....Benjamin Franklin said the pen is mightier than the sword (that was before computers) Let's start writing until they listen!

[pwoolfolk]

Hi Renoira good to hear from you, I have been filing complaints and sorry to say so far nothing. I sent a letter to the White House and they sent it to the Treasury Dept., who got involved BUT only listed to PennyMac's side of the story. When they called me to confirm I basically had to agree with what was said EXCEPT that PennyMac had said they would keep the file open until I got new bank statements since they wanted proof $100 per month of my income. Instead of keeping the file open, the sued me for foreclosure. So I am now applying for mediation and case management and have a foreclosure defense attorney. Hopefully with the mediation I will get a decent loan mod, not sure. I'll keep you posted. I am in the process of filing a complaint with the Illinois Attorney General's office against PennyMac and Citimortgage for the way that my loan was sold while I was in the process of being reviewed for a loan mod. I intend to keep fighting, I want to keep my home. I agree that this whole thing is totally unfair to the home owner and the corporations (who make donations to the politicians) are ultimately in control. I'll let you know how it works out for me. Keep me posted on your strategies as well.

Hello all,

Pwoolfolk, HA! Their modification attempt was a scam! While the payment was slightly lower, they increased the principle amount by $60,000. on a home that was already underwater over $150,000.00. We counter offered and they refused to accept our counter offer, thus negating the fact that "homeowners have the right to negotiate".

This is all a giant scam by a cartel and it is scary that our own government is allowing it. But, I still have hope that it will be exposed. I just hope it is in time.

There is an article about PennyMac where they state that business is "off the charts good", nice to know that they are making a killing stealing from us, isn't it?

The only ones they are answerable to is the Department of Corporations and the Attorney General, I have made several complaints and they are actually investigating...for what it's worth. I am sure a few more complaints will encourage further investigation.

The truth is out there, if we give up, we let the bad guys win!

"The only thing it takes for evil to prosper is for good people to do nothing".

So let's fight back together....Benjamin Franklin said the pen is mightier than the sword (that was before computers) Let's start writing until they listen!

[Renoira]

Well, Pwoolfolk

Good to hear from you, too. I have also written to the Whitehouse, so far nothing. Perhaps I should write to the Treasury Department myself. I have serious doubts about that though since Timothy Geithner is Secretary of the Treasury and PennyMac is Timmy-baby's idea. (Sorry, to scare you, but look it up). On the other hand....maybe Geithner doesn't know what PennyMac has been up to. We can only hope. Still, it is incredible to me that PennyMac and their execs are allowed to even continue in business considering that their CEO Stanford Kurland was Mozilo's right hand man and worked hand-in-hand with him through the entire mortgage meltdown.

How is is that Mozilo is banned from owning or trading in any mortgage company and Kurland is allowed to open up another company which profits from their previous crimes? Consider....they buy our loans for PENNIES ON THE DOLLAR...and then they are not even willing to modify? They can, however, collect the insurance for our distressed loan, which has been guaranteed by our own government. I would think if you or I did it, that would be considered insurance fraud, but it is hard to follow the rules in this fight.

Definitely, let me know how it is going. I, also, have reported PennyMac to some of our government agencies. I have yet to hear back. I find it disturbing that their idea of investigating involves simply asking the lenders if they have been "bad boys". How many of them do you think will say "yes"?

[pwoolfolk]

Keep in mind that nothing happened even though I heard from the Treasury Dept . I told them that PennyMac had said they would hold the loan but they didn't and they just said to send me a copy of my resubmission of the loan mod - and then I got served with papers, so I didn't bother to call or let the Treasury Dept know. I didn't have a person that I could talk to just a fax number that I could fax docs to.

My attorney feels hopeful about the loan mod but then again he isn't the first attorney that I have paid and I just started my complaint with the attorney general's office so we'll see if that goes anywhere. Let's keep in touch and I pray we both get to keep our homes.

Well, Pwoolfolk

Good to hear from you, too. I have also written to the Whitehouse, so far nothing. Perhaps I should write to the Treasury Department myself. I have serious doubts about that though since Timothy Geithner is Secretary of the Treasury and PennyMac is Timmy-baby's idea. (Sorry, to scare you, but look it up). On the other hand....maybe Geithner doesn't know what PennyMac has been up to. We can only hope. Still, it is incredible to me that PennyMac and their execs are allowed to even continue in business considering that their CEO Stanford Kurland was Mozilo's right hand man and worked hand-in-hand with him through the entire mortgage meltdown.

How is is that Mozilo is banned from owning or trading in any mortgage company and Kurland is allowed to open up another company which profits from their previous crimes? Consider....they buy our loans for PENNIES ON THE DOLLAR...and then they are not even willing to modify? They can, however, collect the insurance for our distressed loan, which has been guaranteed by our own government. I would think if you or I did it, that would be considered insurance fraud, but it is hard to follow the rules in this fight.

Definitely, let me know how it is going. I, also, have reported PennyMac to some of our government agencies. I have yet to hear back. I find it disturbing that their idea of investigating involves simply asking the lenders if they have been "bad boys". How many of them do you think will say "yes"?