National Mortgage Settlement Information and FAQs

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TomEason

LoanSafe Guide
Jun 18, 2009
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rosalinda

FYI, a "private investor" aka a "private label" security/pool/MBS is any entity other than a GSE or other government entity to wit, Freddie, Fannie, FHA, VA, GNMA, USDA Rural Housing Loan, etc.

I have a BOA (formerly CW) loan which has always been serviced by them. Although the loan is securitized, it is in a pool with nothing but CW loans, i.e.no other originators.

I've read the BOA doc and have found a section showing it is a qualified loan. And I've been informed by two different BOA contacts that it qualifies and that I'm currently under review.
 
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rosalinda

LoanSafe Member
Apr 8, 2009
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Tom,

Congratulations! we need to hear more stories like this.

But how do you find out who your PIs are? citimortgage had been given me very blurry answers for who my PIs are.
 

TomEason

LoanSafe Guide
Jun 18, 2009
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SF Bay Area CA
rosalinda

Thanks for your post.

I recommend you write a letter to CitiMortgage demanding they inform you. Per the terms of the settlement agreement, Citi is obligated to tell you.

I've known for some time who my investor is, as I was informed by BOA of the specific pool/MBS that contains my loan.
 
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rosalinda

LoanSafe Member
Apr 8, 2009
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This is interesting or, funky:

REMIC refers to Real Estate Mortgage Investment Conduit. CMALT (CitiMortage Alternative Loan Trust) is the shelf registration under which a Citi subsidiary securitizes the loans. “CMALT Series 2007-A8”, referred to in this discussion thread is the name of a REMIC securitization under which a number of loans (including the one referred to here) were sold to investors in a REMIC securitization. Per my previous post, these loans were in fact sold to private investors in 2007 and are not owned by Citi or any of its legal entities. However, CitiMortgage is responsible for servicing the loans for investors, which includes working with homeowners on any modifications or other options for which they may qualify (including principal reductions in accordance with HAMP), based on what the REMIC securitization documents permit. I hope this answer clears up any confusion.
 

TomEason

LoanSafe Guide
Jun 18, 2009
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SF Bay Area CA
rosalinda

Thanks for your post.

FYI, virtually all private label RMBSs are REMICs, for important tax reasons.

If that CMALT Series 2007-A8 contains nothing but Citi loans, you can consider your loan owned by Citi.

Who is the trustee of that trust?
 

rosalinda

LoanSafe Member
Apr 8, 2009
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8-K: CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A8. | HighBeam Business: Arrive Prepared

ITEM 8.01. Other Events
Attached as Exhibit 4.1 is the pooling and servicing agreement, dated October 1, 2007 (the "Pooling and Servicing Agreement"), among Citicorp Mortgage Securities, Inc., as Depositor, CitiMortgage, Inc., as Servicer and Master Servicer, U.S. Bank National Association, as Trustee, and Citibank, N.A., as Paying Agent, Certificate Registrar and Authenticating Agent.

The Pooling and Servicing Agreement governs the CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A8 REMIC Pass-Through Certificates issued on October 29, 2007.
The Offered Certificates (other than Classes A-IO, B-1, B-2 and B-3) were sold to Credit Suisse Securities (USA) LLC pursuant to an underwriting agreement, dated September 24, 2007, among Citicorp Mortgage Securities, Inc., Citigroup Inc., and Credit Suisse Securities (USA) LLC. A copy of the Underwriting Agreement is attached as Exhibit 1.1.
The mortgage loans underlying the Certificates were purchased by Citicorp Mortgage Securities, Inc. from CitiMortgage, Inc. pursuant to a mortgage loan purchase agreement, dated as of October 1, 2007 (the "Mortgage Loan Purchase Agreement"), between Citicorp Mortgage Securities, Inc. and CitiMortgage, Inc. A copy of the form of Mortgage Loan Purchase Agreement is attached as Exhibit 10.1.
________________________________________________________________________________________________________________
so, as of Oct 1, 2007:
trustee: U.S. Bank National Association
seller/servicer: CitiMortgage, Inc (CMI)???
purchaser/depositor: Citicorp Mortgage Securities, Inc. (CMSI)

this is so confusing...
________________________________________________________________________________________________________________


BTW, I have not heard from citimortgage on who owns my loans yet. the only words i've given in the past were "private investors"....never even thought about there should be a name where my loan belong. I am on my preliminary learning curve on all these mortgage security stuff....

one note though, when this settlement was negotiated, did the fed know or exam how many loans were actually "owned" by those five banks or just citimortgage alone. I'm just sensing something really wrong here. got a lot more homework to do while wait for an answer from CMI.

Thanks. Tom
 

nervousnelly

LoanSafe Member
Nov 5, 2012
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Hi, Never posted before and want to first say thanks as read countless pages of posts, advice etc. and am feeling better and impressed with Tom's advice.
STATE: FL / Primary Residence/ Would like to stay in house
VALUE: $600K
1ST LENDER: Citimortgage Services (investor = BOA)
1[SUP]st[/SUP] Loan Balance: $375K & paymts current
Purchase money? YES
2[SUP]nd[/SUP] Lender: CITIBANK HELOC (just recently charged off to Real Time Resolutions)
2[SUP]nd[/SUP] Loan Balance: $432k & paymts about 10 mo behind
Purchase Money? NO
Property Leins: yes but for taxes and not from mortgage co's

I understand from recent reading that I am far under water and heloc will not foreclose in this case as long as current on 1st. I wasn't in communication with Citi regarding heloc despite how far behind except made a mistake by sending in one payment recently. Then found the blog afterwards and many kudos to Tom for what sounds like excellent advise on the Settling Your Second Strategy and wish I found it sooner.

I received from neighbor letter for national mortgage settlement which neighbor lost for months. It said "congratulations, you may be eligible for a principle reduction...limited time offer...bottom line is deadline was way passed. Called Citi to tell them I just received and they said can't help you as it was charged off, it was assigned to a 3rd party so I need to speak to recovery dept. I was in tears (also not good for Strategy I know if settling) but they spoke to recovery dept to see if they could put it back on the books but came back to say not possible and confirmed Real Time Resolutions is the 3rd party. Citi reps suggestted I offer a very low amt I could come up with to RTR and tell them wil be filing bankruptcy but since Tom's advice is await the lender or Collection agency offer, I didn't contact them yet. I received a generic RTR letter saying consider all of our potential workout options such as forbearance, short sale or settlement or remit $432k payable to CITI?

I called National Mort settlement tel provided by Citibankd (2nd) but gave them my current 1st mort info to see what they would say about my qualification even though I am current on that one. They were confused as they didn't see anything in their records about my receiving a letter (further confirming 1st and 2nd aren't sharing notes) and I said I didn't receive one but was jut inquiring. They said they need my financials to determine if I qualify for that or any other modifiation. We are trying to finish late 2011 tax returns quickly which we know are needed to reqst mod as I know we should ideally firm up 1st mort before dealing with 2nd (however we could live iwth current 1st if had to) so working on both at once.


Here are my questions and any input is appreciated 1) I read that some 2nds were extinguished by National Mortgage Settlement so wondering if I missed out on best case scenario. There may be some things I could try to get them to reconsider putting me back on the books (Citi contacts, DOJ, AG) or do I give up on what might have just been a reduction and instead follow the Settleing 2nd strategy aiming for best case there? 2) Did anyone else get the tri-fold printed folder with letter and did it lead to extinguishment? 3) Doesn't citi still have the loan if RTR's letter says an option is to pay the whole balance to Citi and if so, does that give me leverage to complain that they shoud still honor it 4) Any use in checking loan docs for something fraudulent to give leverage 5) Any word about mort debt settlement being extended past year end if successful settling 2nd loans 6) If settling, what is the ramification of that one recent payment I made to Citi (might have already even been charged off by then but wasn't returned). I apologize if I was supposed to put separate questions in different logs or places as I have never posted anywhere before. Thank you so very much for any and all advice!!!
 

TomEason

LoanSafe Guide
Jun 18, 2009
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SF Bay Area CA
nervousnelly

Thanks for your post, and for your kind remarks. Welcome to Loansafe. If I were you, I wouldn't be at all concerned about your 2nd loan. Why? Because it's so far underwater, it'll be years, if ever, before it sees the surface. It's "only" $209K underwater, without even adding the $50K or so for the lender's expenses to resell that REO. I would simply forget about it. Good luck.
 

nervousnelly

LoanSafe Member
Nov 5, 2012
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Thanks for your post, and for your kind remarks. Welcome to Loansafe. If I were you, I wouldn't be at all concerned about your 2nd loan. Why? Because it's so far underwater, it'll be years, if ever, before it sees the surface. It's "only" $209K underwater, without even adding the $50K or so for the lender's expenses to resell that REO. I would simply forget about it. Good luck.
Thanks Tom, I was pretty confident of the no forclosure as long as I can keep up on the 1st mortgage. My husband was talking about hiring a lawyer even though I told him we are just going to wait for an offer and then let the countering begin. Did you have any further insight on my other questions copied here as I think you reply was regarding #1 of forgetting national mortgage settlement that I missed due to mail mishap-right?

1) I read that some 2nds were extinguished by National Mortgage Settlement so wondering if I missed out on a best case scenario. There may be some things I could try to get them to reconsider putting me back on the books (reach out to Citi contacts, DOJ, and/or AG) or do I give up on what might have just been a reduction and instead follow the Settleing 2nd strategy aiming for best case there? Sounds like you are saying to give up on it and go the settlement path-right?

2) Did anyone else get or hear of the Citi unsolicited tri-fold printed folder with letter inside from Citi and did it lead to 2nd extinguishment? If it lead to complete extinguishment, that would be so much better as it would save 5-10% settelement, aggravation and worry plus tax on any amt they would forgive via mortgage debt settlement valid I think only thru end of this year.

3) Doesn't citi still have the loan if RTR's letter says an option is to pay the whole balance to Citi and if so, does that give me leverage to complain that they shoud still honor it...I am thinking you are saying it doesn't matter who owns it but just for my education, is this still with citi with RTR hired as a debt collector for them as opposed to them having purchased the debt?

4) Any use in checking loan docs for something fraudulent to give leverage? Sounds like this is unnecessary since you think I shouldn't bother trying to get them to reinstate the "offer" from national mortage settlement to consider my principle reduction - right?

5) Any word about mort debt settlement being extended past year end if successful settling 2nd loans? Since I will likely be waiting a long time anyway to hope to get to settlement, I really hope they extend it as it would affect how much we (and others) are able to pay for settlement.

6) If settling, what is the ramification of that one recent payment I made to Citi (might have already even been charged off by then but wasn't returned).I thought I read somehwere there is some timing that is counted from last payment...maybe for how long it can be reported by credit bureaus?

I am very grateful for any further feedback on these as well as they say knowledge is power.

 

daybyday

LoanSafe Member
May 5, 2011
10
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House bought in florida- owned for over 8 years-I posted earlier regarding the short sale issue I've had ongoing for a long time after retainging KEL. I was told there were not many programs available to me for any kind of assistance. After inquiring about these below they told me they were only helping people who had already lost their homes to foreclosure. My situation, job loss no unemployment and facing going to a shelter would not qualify for anything. I called the attorney general's office and was told to put any questions in writing. Are there no programs for someone in my situation, no relocation programs or anything?


NOVEMBER 19, 2012<!-- blog post title -->[h=2]Bondi: $3.6 billion in mortgage relief helps 50,000[/h]<!-- blog share bar buttons --><!-- blog post content --> Five of the nation’s largest banks have provided $3.6 billion in mortgage relief for Floridians as part of a nationwide foreclosure settlement, Attorney General Pam Bondi announced Monday.
The mortgage settlement, announced in February, has provided mortgage relief to nearly 50,000 Floridians, according to a monitor of the national program program.
“Florida was one of only two states in the country that negotiated a guarantee in the settlement,” said Bondi, in a statement. “The fact that servicers report $3.6 billion in relief to Florida’s borrowers within the first eight months of implementation is a promising indication that obtaining a minimum commitment from the banks has been effective.”
The five mortgage lenders -- Bank of America JPMorgan Chase Ally Financial, Wells Fargo and Citimortgage – are beginning to fulfill the terms of a $25 billion settlement with 49 attorneys general over foreclosure abuses and “robo-signing.” ... Read more

<!-- blog post links -->Posted by toluolo at 10:32:42 am on November 19, 2012 in
| Permalink | Comments (2)


<!-- blog post published date -->OCTOBER 18, 2012<!-- blog post title -->[h=2]Homeowners lose out as Bondi and Legislature haggle over $300 million in foreclosure aid[/h]<!-- blog share bar buttons --><!-- blog post content --> Florida is ranked No. 1 the nation for the number of homes in foreclosures and the number of people on the verge of losing their homes.
But the Sunshine state is last in the nation when it comes to using the millions of dollars in available housing aid from a national mortgage settlement, according to a report released Thursday by Enterprise Community Partners.
Six months after the nation’s largest banks signed a $25 billion mortgage settlement in the wake of the robo-signing scandal, Florida and Texas are the only states that have not outlined a plan for how to use more than $300 million in housing aid.
The funds are sitting in escrow, as attorney general Pam Bondi and the Florida Legislature haggle over who is legally entitled to spend the $300 million.
A report by Enterprise Community Partners found that most states have already begun using their cash portion of the settlement to help homeowners, through programs like mortgage counseling, neighborhood stabilization and legal assistance to homeowners. ... Read more
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
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www.loansafe.org
House bought in florida- owned for over 8 years-I posted earlier regarding the short sale issue I've had ongoing for a long time after retainging KEL. I was told there were not many programs available to me for any kind of assistance. After inquiring about these below they told me they were only helping people who had already lost their homes to foreclosure. My situation, job loss no unemployment and facing going to a shelter would not qualify for anything. I called the attorney general's office and was told to put any questions in writing. Are there no programs for someone in my situation, no relocation programs or anything?
Have you tried looking into Florida's Hardest Hit Fund for the Unemployed and Underemployed?

You can look through the information and contact them here;

https://www.flhardesthithelp.org/
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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48
San Diego, California
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AG Schuette Announces Concerns on National Mortgage Settlement Compliance | LoanSafe

Attorney General Bill Schuette today sent a letter to Joseph A. Smith, Jr. head of the Office of Mortgage Settlement Oversight to alert him to concerns that certain terms of the National Mortgage Settlement are not being met by the banks that signed on.

“As we continue to sort through the aftermath of the mortgage foreclosure crisis, Michigan homeowners can rest assured that we will hold all five banks accountable to the terms of the national mortgage settlement,†said Schuette.


“I take any violations of the requirements of the settlement very seriously, and as a member of the monitoring committee, will work closely with all involved to ensure that the settlement is properly enforced,†noted Schuette in the letter to Smith.

Schuette also acknowledged the concerns of New York Attorney General Eric Schneiderman regarding banks not adhering to the required customer service standards:


“In particular, issues regarding servicers responding to borrowers in a timely manner to requests for modifications, servicers failing to notify borrowers of deficiencies in their applications for modification, giving borrowers time to supplement applications when necessary, timely decision making, and all the other servicing standards imposed by the settlement impact borrowers in a very real and direct way.â€