Disappearing American Culture: Our Imminent Social Apocalypse

Rebublicans claim government foreclosure programs have failed.

The Obama administration’s chief foreclosure-prevention program “has failed” and may hurt more homeowners than it helps, according to a report by two Republican members of the House Committee on Oversight and Government Reform. The report will be presented at a subcommittee hearing Thursday.

via loanworkout.org

Woman sues Bank of America and Wells Fargo over loan modification program

“The bank hasn’t listened. They have been very threatening all along,” she said. “I would call them and say I’m willing to pay exactly what I owe. Just make it a little bit easier. It’s a tough economy right now.”

via loanworkout.org

A tale of two Das: Citi CEO, academic and mortgages | Reuters

NEW YORK, Feb 24 (Reuters) - Sanjiv Ranjan Das, a professor at California's Santa Clara University, last fall attacked the problem of "underwater" mortgages often cited as an Achilles' heel to the U.S. housing market.

via www.reuters.com

Wells Fargo faces multibillion dollar class action lawsuit

Wells Fargo National Bank, the fourth largest bank in the United States, is facing a multibillion dollar class action lawsuit for what could be the largest mortgage fraud scheme in American history.  The lawsuit, allegedly, will dwarf every class action lawsuit before and could very well bring about the collapse of the mortgage giant.

via www.examiner.com

Bankruptcy Court OKs Mortgage Cramdown on Primary Residence « Foreclosure Fraud

In this case, the bankruptcy court, relying on the legal analysis by a Federal appeals court in In re Ennis, 558 F.3d 343 (4th Cir. 2009), found that the deed of trust was not “a claim secured only by a security interest in real property [...]” as set forth in section 1322(b)(2) – it was a claim secured by both:

via 4closurefraud.org

This is AWESOME, because MANY borrowers would have access to this relief, as they are forced to escrow their taxes and insurance as part of their mortgage contract.

All Americans Need To See This: Kaptur CHEWS Up Tiny Tim GOLDMAN And Spits Him Out

Fixing HAMP: Quit Making It Complicated, IT'S NOT

Back to basics, as always: Follow the money. 

Speculate, ruminate, collaborate, but it always is the same: FOLLOW THE MONEY. When we stop the money machine from vomiting profit to the servicers for foreclosing, THEN we will see change. NOT BEFORE. 

The servicers are an almost inpenetrable barrier between the borrower and the invester (BOTH victims, remember) and they want to keep it that way. Don't forget WHO the big servicers are. They are profiting from borrowers AND investors simultaneously, and not RISKING their $$$ AT ALL. THAT is the problem. It's not complicated, it's not secret, it's just IGNORED. HAMP does NOT address this problem AT ALL. My idea: FREEZE foreclosure-related fees and charges. THEN you'll see some action. 

Another Paramount Equity Mortgage Customer living in a van down by the river.

White House Considering New Steps to Delay Home Foreclosures

The Obama Administration is considering new steps to delay and prevent foreclosures as it seeks to qualify more struggling homeowners for its major mortgage modification program, financial industry sources said.

via www.foxbusiness.com

Using Recission to Stop Foreclosure

Recission is defined by Wikipedia as “the unmaking of a contract between parties. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract.” 

via www.foreclosureindustry.com

Wall Street's Bailout Hustle, WARNING: Not For Those With Weak Stomach

Wall Street's Bailout Hustle Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another crash MATT TAIBBIPosted Feb 17, 2010 5:57 AM

via www.rollingstone.com