Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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arkygirl

Details and eligibility requirements of the 'Making Home Affordable' program

The Obama administration launched what it calls the "Making Home Affordable" initiative today: a $75 billion loan modification program, which runs through 2012.

Here are the highlights:

• Mortgages for single-family properties that are worth more than $729,750 are excluded. (Is that original over-inflated appraisal value or current more realistic value? And they aren't going to cover the McMansion? Oh, dear.)

• Interest rates can be lowered to as low as 2 percent and then if necessary, the term of the loan can be extended to a maximum of 40 years. (If a borrower dies before 40 years are over, will his heirs be on the hook? Forty years is a long time!)

• The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill). The home may not be investor-owned. (Good luck finding any of the worst of the loans that are NOT owned by investment pools and trusts)

• The home may not be vacant or condemned. (What about the squatters? Do they count as occupants? How will this be reconciled with ACORN?)

• Borrowers must provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify. (This is more verification than the original lenders required in many cases....NINJA loans!)

• Borrowers in bankruptcy are not automatically eliminated from consideration for a modification. (That's awfully whi...ah, ...NICE of them)

• Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights. (Again, how gracious our leaders are being)

• Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1, 2009 or earlier. (Screw up and you're outta' that house; ZERO tolerance for job losses brought about by the crumbling economy!)

• Eligibility is restricted to loans originated on or before Jan. 1, 2009. (More recent borrowers lament)

• Incentives are provided to extinguish second liens on loans modified under the program. (Is this where they pay servicers a "bonus"-to bump off second mortgage holders?)

• Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years. (They think they can get servicers to do this? Hahahahahahahahahahahaaaaaaa....ack!)

• Separately, up to 5 million borrowers who have mortgages held by government controlled mortgage finance giants Fannie Mae and Freddie Mac should be eligible to refinance through June 2010. (Letting themselves off the hook under the guise of being "helpful". Sleazebags!)

(Source: Boston Globe; wire services; and the US Treasury website.)

http://tinyurl.com/an9xtr

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My thoughts exactly!!!!

S

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4 Justice Now
Okay for all you S.O.B thieving corporate criminals with your limp dick lapdogs, enough is enough, for once in your worthless little lives try to be something at least near human and admit the truth... You have totally screwed this country and it's citizens from the very beginning and have gotten filthy rich doing so, and you're going to continue doing so for as long as you can and as for much as you can and you don't give a damn!

Gee, now wouldn't that almost make you feel like real men for once.

Sorry for the rant guys... It's just so beyond insane that these absolute worthless bottom feeding scumbags are still alive and not rotting in prison.

My Opinion... I need a F'n vacation.

4J
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arkygirl
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• Incentives are provided to extinguish second liens on loans modified under the program. (Is this where they pay servicers a "bonus"-to bump off second mortgage holders?)


OMG! It's true! I can't believe that this will ever fly with those banks holding the second mortgage.

Deep deep in the pages of the plan, is paragraph vi. Second Liens: While eligibly loan modifications will not require any participation by second lien holders, the program will include additional incentives to extinguish second liens on loans modified under the program in order to reduce the overall indebtedness of the borrower and improve loan performance. Servicers will be eligible to receive compensation when they contact second lien holders and extinguish valid junior liens. Servicers will be reimbursed for the release according to the specified schedule, and will also receive an extra $250 for obtaining a release of a valid second lien.

So in an effort to help borrowers stay current on their newly modified loan, which is at a nice new 31% debt to income ratio, the government is also going to pay cash money to get servicers to totally wipe out second liens.

Maybe the servicers will start eating banks instead of borrowers. More likely it will just add second lien holding banks to it's menu and begin consuming BOTH!

This is nuts. Contract law will be meaningless in America once this ball gets rolling. What will they modify next? Car loans? Taxpayers will all be on the hook for making up the shortfall to the banks caused by this second lien erasure that they will be forced to endure.

My pockets are puckering up more by the day. I am almost tempted to give it up as a lost cause, quit working and let the gummit start sending me a check. Honestly, I cannot afford to pay all this stuff for everybody else. It is very disheartening.
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Stephen

Paying the racketeers to keep racketeering.  Yup, the bad guys win again.

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4 Justice Now
Arky,

I know just what you mean. Sometimes, I can almost swear I'm watching a really bad and never ending episode of the twilight zone, or that we're all just unknowing participants in a government sponsored physiological experiment, where the goal is to find out how far we can be pushed and taunted before we totally crack.

V/r,

4J
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"This is nuts. Contract law will be meaningless in America once this ball gets rolling. What will they modify next? Car loans? Taxpayers will all be on the hook for making up the shortfall to the banks caused by this second lien erasure that they will be forced to endure."

That's what nationalization is. You can't give the government the power to take from one group without giving them the power to take from you.

Give a man a hammer and he'll use it to build a home, give it to a politician and he'll hit you in the head with it.
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    The various modification programs being put forth by "our" government
provide us with a good example of why government should stay out of
private sector disputes and mind its own business, such as defending the
Nation against foreign threats while the private sector takes care of its
own problems.
    By bailing out the Banks with taxpayers funds, the government has
taken the side of the Banks over the people. The Banks were busy creating
loans out of thin air and selling them to foreign investors. With few excep-
tions, they were lending money they did not have at the time of the loan.
They were relying on the "float" against "demand deposits" until they could
sell the loan to foreigners. It was a gigantic "Ponzi Scheme" which could
 only continue as long as foreign investors were "buying in". When foreign
entities stopped buying these Notes, created out of nothing, the issuers
were caught in an embarrassing situation. So what did they do? They ran
to the US Govt. to cover these Notes. Had they been allowed to fail, the
homeowners would have been in a strong position to modify these loans!
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The whole point behind the bailout was to let the crooks keep the derivatives based profits and bury the rest of the country. Unfortunately foreign interests floated the whole scheme so they have a large part in the decision making process.

Absolutely the banks should have been allowed to fail and forced to write down the bad debt. The government sponsored the whole boost in economy and boost in home ownership by sponsorship held the mortgages in the country though Fannie and Freddie.

Since the current fractional reserve system is sponsored by the government as well the whole manufactured crises was facilitated every step of the way by the government.

Many people are begging for regulation and it's foolish not to regulate a government sponsored monopoly, but the government has no business in lending whatsoever outside of regulating currency values and enforcing contractual agreements and out right fraud and a small handful of factors relevant to property rights, due process and sound money.

Nationalization has been suggested and from the aspect of interest free, fixed value, intrinsic value real money this is actually a Constitutional position.
 
Nationalization of a for profit business however is socialism and nationalization of the banks is Fascism.

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4 Justice Now
Hmmm... I can't believe this is the system that we have created. After all, I've always been told that the justification for paying such outrageously high CEO salaries was because of the fundamental belief that they held such an extreme level of responsibility, i.e. they are totally responsible for the Company's successes or failures, right?

How can they ever begin to rationalize such an incredibly undeserved compensation, when there's absolutely no doubt at all... the only ones taking any form of responsibility at all is us, the American tax payer? If successful they will undoubtedly take all the credit and a large part of the profits as well. If not, they will still take their outrageous pay, and simply pass any and all liability on to us. Now, could this possibly be anymore ridiculous?

My Opinion.

4J
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amen justice for all
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arky girl said
arky girl said

^^^^^^^^^^^^^^^^^^^
My pockets are puckering up more by the day. I am almost tempted to give it up as a lost cause, quit working and let the gummit start sending me a check. Honestly, I cannot afford to pay all this stuff for everybody else. It is very disheartening.

^^^^^^^^^^^^^^^^^^^^

arky girl it could be much worse. Those who made the mistake of declaring bankruptcy have ruined their lives forever in most cases. The "gummit" as you call it hits them with with life altering tax assessments and more often than not crippling seizures that strangle one for life.

Like I said, it COULD BE WORSE.
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Sara
After I received the invitation to join the "Litton Foreclosure Club" I went to see a bankruptcy attorney.  I found out that bk wasn't an option for me.  

So "Lucky Larry" gets to deal with me!  And I don't have good sense these days!  

S
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O -

4 Justice Now wrote:
Arky,

I know just what you mean. Sometimes, I can almost swear I'm watching a really bad and never ending episode of the twilight zone, or that we're all just unknowing participants in a government sponsored physiological experiment, where the goal is to find out how far we can be pushed and taunted before we totally crack.

V/r,

4J


I feel the same way...Please wake me up when it's over...
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N FL Living


How many people wouldn't love to live here?
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