Yeah Greg you are spot on! I saw that too, something really isn't right with this article. Really, really fishy.
Alright, there's a problem here.
I said before that I suspect they are causing defaults on the ARMS, in order to raise the interest rates, way ahead of the increase schedule.
so if what i've thought was true, most of the people in these ARMS loans have already been "DISQUALIFIED" even before the qualifications begin.
What a crock, and it oothes such P.R. indecency, it makes me ill.
I wonder how many Cali's heard this P. R. stunt, and were joyous beyond belief, only to find out later that they don't qualify because their payments have been held past their due date.
Now lets talk about the "Proof" that borrowers must supply, of their inability to afford higher payments.
Why would anyone in their right mind want to send copies of all of their other monthly bills to liars, cheaters, and thieves?
Our first Mortg, Servicer before our chpt. 13. Was involved in such illicit practices, that they accidentally canceled the wrong Insurance policy.
They were trying to cancel our privately solicited Home Owners Policy, so they could place their own insurance on the home.
In their process of trying to cancel our Home Owners Policy, they messed up BIG BIG TIME, and Canceled the AUTOMOBILE Policy on the hubby's truck.
Got a letter in the mail telling us that "MORTG. SERV. COMP." had canceled our Automobile policy, and as of such n such date the vehicle would no longer be insured, and that it was illegal for us to have an uninsured vehicle in the state of Ga.~~~ bwahahahha.
The Mortg Servicer, went looking for the wrong policy. AND it was NO MISTAKE of what they were trying to do because, our H. O. INS. and AUTO policies were with TWO SEPARATE COMPANIES, NON RELATED, AND IN DIFF STATES.
IT PROVES, THEY WERE TRYING TO DEFRAUD US!
So imagine the damage they could do once they know all of your "other" obligations. Good grief, it's just down right scary for them to know how much a homeowner makes per month, and pays out per month.
They could successfully assert fees, in such an abundantly invasive fashion, as to take the home away almost immediately.
It's too dangerous for them to know what your debt ratio vs income is.
They can and will hold it accountable, when trying to foreclose on the victims, for equity, & other profits.
DING DONG! ~HELLO~
If these people are in ARMS loans, and their interest rates are set to increase, as the article says, (between now and the next two years) WHY WOULD THESE PEOPLE NOT BE REFINANCING RIGHT NOW?
HELLO SCHWARZENEGGER? DON'T YOU GET IT?
THEY CANNOT REFI- FOR A FIXED, BECAUSE THEIR CREDIT HAS BEEN RUINED BY THE SERVICERS, (due to holding their payments, & reporting them as late & slow payers to the credit bureaus). THEREFORE THIS ENTIRE PRESS RELEASE WAS PURE UTTER P.R. or B. S. which ever you prefer.
Designed to "stem" huge a huge wave of foreclosures means, it is DESIGNED TO MAKE FORECLOSURES.
Grrrrrr.............. im disgusted