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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To Freeze Or Not to Freeze, That's the QUESTION?
 
 
Rate freeze success: Devil's in the details
CNNMoney.com - Dec 4, 2007
Sometimes, however, making a loan affordable can lead to unreasonable modifications from the investors' perspective, said LaLirry Litton, president of Litton Loan Servicing, who says he will have modified 50000 loans this year - many of which were ...
 
Bush to freeze interest rates for subprime victims
The Age - 2 hours ago
Wall Street securitised residential mortgages and sold them to investors, but it has now been revealed that these were not as safe as investors thought.
Freeze for US rates for those with sub-prime mortgages Melbourne Herald Sun
Be careful choosing fixes for the mortgage meltdown Seattle Times
The Australian - MSNBC - San Jose Mercury News - WNYC
all 546 news articles »
 
 
 
Clinton calls on Wall St to help end foreclosure crisis
AFP - 18 hours ago
Many subprime home loans were sold with low "teaser" interest rates that have started to reset to higher rates. Economists say rate resets will continue into next year, triggering even more foreclosures and repossessions.
Video: Clinton: Wall St. must share blame reutersvideo
Clinton Talks on Mortgage Woes to Wall St. Washington Post
The Journal News / Lohud.com - The Associated Press - MarketWatch - Reuters
all 117 news articles »
 
 
 
Lenders Agree to Freeze Rates on Some Loans
New York Times - 12 hours ago
Until recently, few candidates talked about subprime loans, and few bankers and traders on Wall Street paid much attention to mortgage-crisis declarations on the campaign trail.
Subprime Rate Five-Year Fix Agreed by US Regulators (Update7) Bloomberg
Lenders agree to freeze rates on some subprime mortgages Austin American-Statesman
Forbes - Minneapolis Star Tribune (subscription) - CNNMoney.com
all 1,581 news articles »
 
The average Joe deserves a bailout
San Francisco Chronicle - 10 hours ago
Wall Street pocketed fees to sell collateralized debt obligations (pools of cash flows from these low-interest rate mortgages). Because mortgage brokers got paid up-front, they could care less if the loan was repaid. The lender also cared little, ...
 
 
Mortgage Mess, Foreclosure Fraud and Impediments to Justice
NewsBlaze - Dec 3, 2007
(See "Limiting Abuse and Opportunism By Mortgage Servicers," AND "Private Property Rights Deferred: Has Predatory Mortgage Servicing Destroyed The American Dream" by Rawle Andrews, Jr., Esq.,and Leroy Jones, Jr., ...
 
 
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April

Freezing is such a small part of the solution, it's almost laughable.  Our rate didn't adjust until this year, yet Countrywide and Litton had already had their way with us since 2004 when we closed.  We've held on as long as we could, the rate adjustment is one more nail in the coffin, but it wasn't what killed us.  A rate freeze is like shooting a cap gun at a giant, it might make people stop for a minute and think we've got it, but when we see it's still moving, alive and well, we'll know it was just a distraction from what's REALLY going on here.

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UP in ARM'S

Up In ARMs - The Mortgage Bailout
 Fri, 7 Dec 2007 07:59:06 EST

"Grumble, grumble, grumble," echoed loudly today across America after The President, along with members of the Treasury, unveiled a "plan" to help stem the rising tide of foreclosures.

Excited to have an ARM adjusting in June, I called HopeNow to find out how I could get my loan frozen. Here's the conversation as it happened almost word for word each of the eight times I called (almost is if they had a script! Hard to imagine for a call center!)...


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http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=946&sid=13191&isVid=1&ah=375
http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=946&sid=13191&isVid=1&ah=375
CNBC
Dec. 06, 2007 7:05 PM EST
Art Laffer former Reagan economic advisor, Steve Moore of the WSJ and Robert Shiller and Joe Battipaglia of Stifel Nicolaus.

http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=945&sid=13191&isVid=1&ah=375
http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=945&sid=13191&isVid=1&ah=375
BLOOM
Dec. 06, 2007. 02:43 PM EST
Alphonso Jackson explains relief offered to certain borrowers, in one of three ways.

http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=944&sid=13191&isVid=1&ah=375
http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=944&sid=13191&isVid=1&ah=375
BLOOM
Dec. 06, 2007. 02:25 PM EST
A Florida investment pool reopens after a week long freeze and investors pull out another $1.2 Billion.

http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=943&sid=13191&isVid=1&ah=375
http://www.mortgagenewsdaily.com/NewsAlerts/BreakingNews.asp?s=1&video=943&sid=13191&isVid=1&ah=375
BLOOM
Dec. 06, 2007. 03:38 PM EST
Robert Toll gives his opinion of the the Subprime Plan. "A mistake is being made..."


 
Please send any feedback or suggestions directly to our editor at info@MortgageNewsDaily.com.

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One thing that no one in the media gets is that many of us that got the ARMS intended to refinance before the rates went up. (And incidently we were tricked into the ARM by our broker) But thanks to their bogus fees and false reporting to the credit bureaus, we all have bad enough credit that it makes it impossible to refinance. And many of us have had to file bankruptcy just to save our homes.

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Anyone that is inclined to thing that these proposals are offering RELIEF needs to take a VERY CLOSE LOOK at the precise provisions of THEIR ARM promissory note!  Interest rates are FALLING, NOT rising.  The RESET periods of many sub-prime ARMs are SIX MONTHS, NOT 1 year.

Interest rates on 6 month U.S. Treasury securities have already fallen more than 1 1/2% in the past six months.  It is the LIBOR rates which haven't declined very much due to the flight to quality. 

Moreover, the yield curve not only shows us current interest rates, but also gives us IMPLICIT FORWARD INTEREST RATES.  The Implicit Forward Rates represent the market's best current estimate of the future direction of interest rates.

Before rushing off to embrace any "mortgage relief" a borrower should look carefully at the TERMS of their mortgage loan.  What most are likely to find is that the very loans that mortgage investors will AGREE to FREEZE are the loans due for DOWNWARD rather than upward adjustment.

This is NOT consumer relief.  This is a BAILOUT of the mortgage investors by LOCKING IN HIGH RATES! 
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Joe B

     Thank you WAR for pointing out the very fact that some of us wish was being reported. There is no question rates are going down. Paulson is not stupid. He is giving his old friends a sweet government sponsored bill.

     The conditions for relief are so high that very few people will be granted this relief, and only those whose rates are set to go down will actually get the "benefit" of locking in. Then, when rates go down, they will be wondering what the heck happened. Let us not forget that the servicers are being asked to help, have no accountability, and self report. What did you expect would happen?

     But once again, the press can't or won't see it for what it is! Sorry folks, but WAR is right, and we will be able to look back on another failed program and say we told you so.

My $.02

JB
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