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Loansafe petition to d.c.

Discussion in 'CitiMortgage' started by pygmypa, Oct 22, 2009.

  1. pygmypa

    pygmypa LoanSafe Member

    Far be it from me to think I would have the skill to organize or draft such a letter or petition, but has Loansafe ever considered drafting a petition/letter to Washington DC - Senate, Congress, Whitehouse and all large lenders/servicers stating the obvious. More importantly demanding action. Foreclosure moratoriums etc. How about some senate hearings from those who are being most affected by this YOU and ME! For God's sake they have hearings over steroids in the MLB - You would think this may be a little more important.

    Just an Idea inspired by most of you like AZowner, etc.
  2. Believe

    Believe LoanSafe Member

    Very well said, pygmypa. Steroids in the MLB vs. millions of foreclosures? We at LoanSafe are gaining momentum. Stay tuned and stay active. Your comments are excellent! I'm sorry for your mortgage troubles.
  3. pygmypa

    pygmypa LoanSafe Member

    Does anyone know the number of members Loansafe has? I suspect enough signatures to get someone's attention in Washington / banking community.
  4. Believe

    Believe LoanSafe Member

    21,000+ members, not all of whom are active. At any time of the day, there are at least 2,000 people reading the posts on this site. You can see all of these stats on the home page of the forum. Take a look. It's unbelievable.
  5. AZOwner

    AZOwner LoanSafe Member

    I fully support this.

    Believe - would you draft something, or would you like me to?
  6. Citigrope

    Citigrope LoanSafe Member

    If someone does write a petition, please consider asking the gov't to change the HAMP to make the NPV test done by a party other than the banks. And if the banks want their data considered for that NPV calculation they need to submit that data with proof to that third party. OR at least make the banks publish their NPV assumptions and data so it may be verified.

    I am sick of Citi telling me I don't prequalify for HAMP. Then, when they finally admit I do prequalify, they tell me I don't pass due to an error in their system. Then they say there is no error, I don't pass the NPV. I ask for the assumptions/calculations used in the NPV. No, that's confidential. WHY?! No one at Citi can or will tell me why I cannot get the HAMP. When I call Citi I feel like I'm calling Santa hoping I've been nice enough to be given something... This is meant to be a government program! You are either eligible or not. And if not, you should have the right to know why you are not eligible.

    It seems to me that when the gov't invented the HAMP they made a secret handshake with the banks by allowing them to have their personal, private NPV calculation. The gov't got their positive publicity and the banks got to continue denying mod applications as they please.
  7. pygmypa

    pygmypa LoanSafe Member

  8. heidi79

    heidi79 LoanSafe Member

  9. caldwell02

    caldwell02 LoanSafe Member

    Hi all - check out this site and help evaluate it.

    iPetitions: Start a free online petition

    I would be willing to help us start crafting the petition. Some of the elements:

    1. That loansafe has 20,000 + members
    2. that NACA has thousands of other people attending their STD events
    3. That the new regulations are not strong enough.
    4. they are not simple enough
    5. Lenders are making their own rules
    6. Lack of consistency in working with homeowners
    7. Lenders need to be held accountable. Trial modifications are often misinterpreted on paper. Very often they do not lead to permanent modifications. There should be no rewards for trial mods. If there are rewards, only for the permanent mods.
    8. The guidelines should be a simple 31% of NET (quite frankly that's what I believe) or if it has to be gross, then also take out mandatory taxes, FICA, etc and use THAT figure. Nothing more. And it would be best if the servicers were not the ones who do this math.
    9. There should be a clear guidelines about the time between requesting and getting a mod.
    10. This should not be an option for any bank, and most particularly for those that took TARP funds (whether they gave them back or not).

    Okay. These are just the points I'm brainstorming right now. What other points? Then we can put it into a readable petition. If this online site works, we can post it there and then ask everyone at loansafe and everyone on all of our mailing lists to sign it.

    What do you think?
  10. mimirayo

    mimirayo LoanSafe Member

    I read on the aol home page the the reason HAMP and other mdifications are not happening is
    "However, most homeowners have failed to take advantage of the program. A recent report shows that although 9 million homeowners potentially qualify, only 85,000 homeowners have refinanced and taken advantage of the substantial benefits offered by the program.
    There are a number of reasons why the plan has come up short. One is lack of awareness. Experts say that 50% of foreclosures victims never contact a bank or servicer in an attempt to save their home. In order to spread word about relief opportunities the government launched a campaign highlighting the benefits or refinancing with MHA."

    If they were to take 10 minutes on this site, they would see IT"S NOT THE HOMEOWNER!
  11. caldwell02

    caldwell02 LoanSafe Member

    miramayo - who does the aol home page quote re: the above?
  12. BobandArlyn

    BobandArlyn LoanSafe Member

    Caldwell, checked out the link above....it's GREAT. I love your start to the Petition. Must be kept under 1,000 words. Take some crafting for sure. We have a talented team here though.
  13. How about rewriting the guidelines to include "MUST" instead of "MAY". We can certainly refer to the Fannie Mae publications that contain these words and give the banksters the loopholes they need NOT to do the modifications. The rules need to be changed. Plain and simple. REQUIRE the banks not merely to participate in HAMP, but rather REQUIRE them to provide the relief the President intended. I do realize that a lot of people are not eligible candidates for the program. Simplify. Where is Freddie Mac in this? They have been appointed as the regulator of this program and yet they have failed. If the main investors of loans are Fannie Mae, Dueche Bank, etc., then a representative from each of these main investors needs to send someone to the servicers headquarters for onsite approval or denial of modifications. If the investors cannot be physically present at the servicer locations, then a direct line or sorts (2009, modern technology with emails, internet, etc.) should be had.

    In my opinion, the regulations MUST be rewritten or things will not change. The people who put the regulations in place probably did not have the time to read them or could not careless about the end result. As American taxpayers who funded the bailout, we need to hold the government responsible for writing guidelines that REQUIRE banks to do more than merely participating. Great find on the ipetitions, Barbara. As always, good work. I would vote you in as the new lead in this forum. I have learned more from you here than I could have ever accomplished on my own.
  14. caldwell02

    caldwell02 LoanSafe Member

    OH native thank you but please don't make me lead. I'm part of the team!!!!!! Gawd I couldn't stand the pressure. I'm an Executive Director of a nonprofit and I do not need another place where the buck falls eventually on me. :)

    That said, I agree with your ideas about the "must" vs "may." Also like the ideas of direct links with investors. 1000 words will be a trick. I'll work on it - as I hope you all do - this weekend. The sooner the better. Loan mods for all as our Christmas presents!!!!!!!!!
  15. caldwell02

    caldwell02 LoanSafe Member

    I'm thinking we should also - if space permits - talk about reducing principal when the house is underwater significantly.....
  16. You know I am just dumbfounded at the banks refusal to reduce the principal. Sure, it is not in their best interest, but if they don't, more people will walk because they will always be underwater. This is such a domino effect and the people who are able to make their mortgage and think they are immune to the effects of declining properties better wake up and smell the coffee. If they had any brains at all, they would be involved in this plight as well. I can certainly understand you not wanting to take the lead. If someone needs to step up, I will definitely volunteer. The buck can stop here anytime. In fact I need about 2400 bucks to stop here soon so I can make a mortgage payment before they take my house. HA!
    We must get to the root of this problem. Simply cutting the branches back is not going to do it.
  17. caldwell02

    caldwell02 LoanSafe Member

    Native - are you that close? If you are that close to them taking it, even though I'm not a Huge NACA fan, I would say contact them. They may be able to put the brakes on the sale....
  18. AZOwner

    AZOwner LoanSafe Member

    Native - I completely agree. 56% upside down in my home's equity right now, that does not include the 40 thousand of my cash that I put into it.

    I can pay my mortgage. I am walking away. Every month I flush 4 thousand dollars down the drain. All done with that.

    I could hire an attorney to fight the bank and keep my house. I would win, lol, probably.

    I am not going to bow to the anyone financially again. Frankly, I will happily live in a one room appartment, or my car if I have to. As long as I have my family and can feed my children and my husband, somehow, I will wake up each day with a smile. Of that I have no doubt, they are all that I need for my heart to be whole and my life to be full.

    The American Dream and my Dream Home were so wonderful, while they lasted. I am finished.


    GOD Bless the United States and my fellow Americans
  19. davephx

    davephx LoanSafe Member

    Note this talks about the REFINANCING program which very few people even qualify for since you have to have less than 100% loan-to-value ratio. Most folks are under water and only mods work not refinancing that his talks about.

    Obviously agree read this forum to find out the real world problem is the servicers/investors not zillions of homeowners trying so hard to get HAMP mods not refinance.
  20. Believe

    Believe LoanSafe Member

    This is a great thread. Excellent points, Caldwell, and you're a better writer than you think. Great suggestions, also, Native (praying for you and your dad). Would this petition be the place to vow to support only those candidates who pass our "in support of Main Street" test? Or, do we simply state the improvements needed to the current modification programs? I don't want to sound too selfish, but my lender hasn't even signed on to HAMP. They did not directly take US bailout dollars. Instead, they were a secondhand beneficiary by getting billions from AIG's bailout. I can't even get to Step 1. :mad:

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