Disappearing American Culture: Our Imminent Social Apocalypse

Washington State Moves To Revoke Paramount’s License, Levies Fine - Sacramento Business Journal

In Washington State, Paramount issued 1,700 mortgages and collected more than $8.7 million in fees in 2007.  If you have a loan originated by Paramount Equity Mortgage in the State of Washington, you owe it to yourself and your family to learn about this important settlement.

From The Sacramento Business Journal:

The state of Washington wants to revoke Paramount Equity Mortgage Inc.’s license, alleging the company used false and misleading advertising in radio commercials.

The state’s financial regulator wants to ban the Roseville mortgage company from operating in the state and pay a $500,000 penalty, according to a 12-page list of allegations of deceptive advertising and lending practices.

Paramount — which operates in Arizona, California, Oregon, Utah, Virginia and Washington — has reviewed the allegations and issued a statement Wednesday that said the charges are unjustified.

The Washington Department of Financial Institutions alleges the company used false, deceptive and misleading advertising on 18 different radio stations in Washington, airing as many as 19 different spots.

Paramount advertises widely on radio in its markets, including in Sacramento. The company’s commercials often feature pitches by company president Hayes Barnard and advertise free appraisals or offer to pay to have customers’ homes appraised.

The state alleges those appraisal costs are actually spread through brokerage fees, loan underwriting fees, yield spread premiums and processing, administrative and underwriting fees totaling more than $1,700.

The Washington state regulator also charges the company violated Truth-in-Lending Act rules by saying it was one of the only lenders in the country that could deliver low rates when, in fact, many lenders in the state had similar rates.

There's much more: Washington state moves to revoke Paramount’s license, levies fine - Sacramento Business Journal:

You probably had a "closing hangover" when you realized that you signed up for a pre-payment penalty, more fees than you thought, surprise balloon payments...  Oh yes.  They are really saving their neighbors money.

YOU can file your complaint with Washington DFI here: http://www.dfi.wa.gov/consumers/complaint.htm

Don't take our word for it: READ the Statement of Charges here: http://www.dfi.wa.gov/CS%20Orders/C-07-405-08-SC01.pdf

They have to make it right: READ the Settlement Agreement here: http://www.dfi.wa.gov/CS%20Orders/C-07-405-09-CO01.pdf

If you would like to participate in or receive information about a class action suit against Paramount Equity Mortgage, please use the voicemail contact link at left.  Your contact information WILL NOT BE SHARED with anyone without your full knowledge and approval.  We are unable to accept anonymous requests for information at this time, we will ask for valid contact information before including you in this group.  Thank you!

AIG/Wilmington Finance Must Pay Restitution To Borrowers!

OTS Fact Sheet

Supervisory Agreement with AIG Federal Savings Bank, Wilmington Finance and American General Finance

June 8, 2007

• Wilmington Finance, Inc. (WFI) and American General Finance, Inc. (AGF) are affiliates of AIG Federal Savings Bank (AIG FSB). The three companies are subsidiaries of American International Group, Inc.

• From July 2003 to May 2006, WFI provided extensive mortgage loan origination services for AIG FSB. The OTS determined AIG FSB failed to manage and control the mortgage lending activities outsourced to WFI in a safe and sound manner and with appropriate consideration to consumer protection issues.

• OTS examiners concluded during a regular annual examination of AIG FSB that a number of the WFI originations resulted in a negative financial impact to certain borrowers due to inadequate consideration of the borrower’s creditworthiness or through large broker and/or lender fees. The OTS terminated the objectionable practices and pursued relief for borrowers facing negative financial impact as a result of the practices.

• The primary goal of the OTS has been to ensure that timely financial assistance is provided to borrowers at risk of losing their homes to foreclosure.

• The companies established a $128 million initial reserve to cover costs associated with (1) providing affordable loans to borrowers whose creditworthiness was not adequately evaluated and (2) reimbursing borrowers who paid large broker fees or lender fees. The companies have agreed that the reserve may need to be increased if their remediation efforts identify more impacted borrowers than initially estimated. The companies have also committed to donate an additional $15 million to financial literacy and credit counseling.

• The companies will implement the plan by June 30, 2007, and will provide OTS with quarterly updates on costs incurred under the plan, any revised estimates for total plan costs, and any increases needed in the reserve.

• The plan includes a mechanism for resolving consumer complaints and contains a clear and accessible audit trail for tracking and verification. AIG FSB and the affiliates will hire an external consulting firm acceptable to OTS to monitor compliance with the plan. The consulting firm will report quarterly to OTS and the companies’ Boards of Directors on compliance with the plan and any recommendations for improving compliance.

• The Board of AIG FSB will be accountable to OTS for the oversight and execution of the Plan. They will appoint a Compliance Committee of at least three directors (a majority being outside directors) to coordinate compliance with the agreement and report quarterly to the AIG FSB’s Board of Directors and OTS.

• The Supervisory Agreement satisfies OTS’s requests for remedial action initially set forth in May 2006 based on the insufficiently supervised lending activities of AIG FSB outsourced to WFI.

LInks:

OTS Fact Sheet

Supervisory Agreement

Melissa Huelsman: A Fearless Patriot Slaying Predatory Lenders

Melissa Huelsman is a Patiot, and a fearless revolutionary, and speaks the truth. If I were a predatory lender, a slimy mortgage broker, a crooked mortgage modification firm or a loan servicer – My heart would STOP WITH FEAR if she was representing my opponent in a law suit. She KNOWS WHAT SHE IS DOING.

http://www.predatorylendinglaw.com/

If You Have A Mortgage That Originated From AIG/Wilmington Finance: You May Be Owed Money!

Washington, D.C. — The Office of Thrift Supervision (OTS) announced today the execution of a Supervisory Agreement with AIG Federal Savings Bank (AIG FSB) for its failure to manage and control in a safe and sound manner the loan origination services outsourced to its affiliate, Wilmington Finance, Inc. (WFI). The Agreement addresses loan origination activities by WFI that had a negative financial impact on certain borrowers of AIG FSB.

The Agreement requires AIG FSB to identify and provide timely assistance to borrowers who have been negatively affected by the loan origination and lending practices of WFI and AIG FSB and who are at risk of losing their homes in foreclosure.

A $128 million reserve was established to cover costs associated with providing affordable loans to borrowers whose creditworthiness was not adequately evaluated when their loan was originated and to reimburse borrowers who paid large broker fees or lender fees at the time of the origination. The companies agreed to increase the reserve if the costs of remediation efforts are higher than initially estimated. The companies anticipate an increase in this reserve for the second quarter of 2007.

The companies further committed in the Agreement their intent to donate $15 million to be used for financial literacy programs and credit counseling.

OTS Director John M. Reich stated that, “Today’s announcement makes it clear that the OTS is taking the action necessary to address problems in the mortgage markets and protect the interests of homeowners in jeopardy of losing their homes. The supervisory agreement with AIG FSB provides a model based on the responsible actions by the institution to address important consumer protection issues arising from their past lending practices that were harmful to certain borrowers.”

The Agreement specifies the companies must administer a process for handling consumer complaints and engage an independent consultant to monitor and periodically report to the OTS on the status of the reserve and other aspects of the remediation process.

Persons who believe they may be within the group of impacted borrowers may contact AIG FSB customer service.

A copy of the Agreement and a fact sheet providing additional information on the Agreement are attached.

OTS Fact Sheet

Supervisory Agreement

BEST Forum For Homeowners: LoanSafe.org-FREE help, caring folks-AWESOME!

Welcome to LoanSafe.org. We are the #1 online grass roots community of over 19,000 homeowners. Our goal is to offer you nothing less than the safest mortgage and free foreclosure information available on the internet. Over 300 homes have been saved via our free home loan and loan modification forum.

via www.loansafe.org

Moe Bedard is the founder, and has the biggest heart on the net!  Love that guy!

PennyMac's REAL Business Model: Put You In Foreclosure With Your SECOND MORTGAGE!

Why hasn't PennyMac modified thousands of loans?  Isn't that supposed to be their sole purpose?  Modify loans, make them healthy, and sell them.  Oh, they're going to sell them alright...  But not like we were thinking.

HERE is PENNYMACS (AKA lowest scumbag Countrywide Execs who got out of there just before the feds took them all to prison) business model according to SocialApocalypse.com (ME)

1. PennyMac buys all the toxic loans for 20 cents on the dollar.
2. PennyMac then contacts ALL the second lien holders proactively and says, "hey mr. second lien holder, have we got a deal for you. Since your ONLY GOAL on this earth is to foreclose because that's how you make your money, we are offering you an opportunity to get back in black. We will sell you the FIRST lien on this home for the bargain price of 50 cents on the dollar!"
---this makes PennyMac a cool 30 cents on the dollar INSTANTLY.---

Remember, the second lien holder, IN ORDER TO FORECLOSE, must first BUY OUT THE FIRST LIENHOLDER! Up till PennyMac came along, you didnt' have to worry much about foreclosure on the second because they were so upside down, they would lose money.

But this now means that they pay 50 cents on the dollar for the first, putting them BACK in an equity position, and THEN THEY CAN CONTINUE THEIR MISSION TO FORECLOSE!

THAT is why they are all STALLING.

THAT is why they are dragging their feet, losing faxes, not getting loan mods done. There are secret meetings and deals going on at this moment, between PennyMac and Citi, JP Morgan, etc.

What does this mean?  It means you better not let your second mortgage go into default if your first is owned by PennyMac.  

Serious ALERT to Congress...  PennyMac is going to cause MORE foreclosures than ever, and this nation will be a nation of homeless.

CNN Video Explains "Produce The Note", It's Really Very Simple. No Note, No Lien On Your House.

The "Produce The Note" situation that is about to crack this nation apart.  Over 60 MILLION mortgages in this nation are securitized, which means it is likely that the actual paper "notes" have been destroyed.  That is more than HALF of existing mortgages today.  

This video from CNN explains it very clearly, and you should check who owns your mortgage.  Please help your friends and family who may need help in foreclosure and forward this video to them.  It's beginning to sweep courtrooms ACROSS THE NATION.

What do you think will happen when 60 Million mortgages get discharged?   Financial APOCALYPSE my friend.  

You can follow my postings on Twitter:

CLICK HERE

Please Sign This Petition To Congress: Stop Sending Money To The Monsters Who Caused The Crisis!

PLEASE!  Sign the new ePetition to send a strong message to the US Government about the urgency of the mortgage crisis!  It only takes a moment, and you WILL help make a difference by adding your voice.

We must let our government know that it is NOT OK to keep writing checks to the very same people who CAUSED this financial carnage.  Please take 2 minutes for this very important task.  Here is the letter, followed by a link to sign the petition to go directly to YOUR congressmen and senators.  America thanks you!

Here is the letter to congress you will be signing:

We the undersigned strongly advocate that the Federal Government create immediate, transparent and more equitable regulations for the banking industry regarding loan modifications and pending foreclosures, particularly in regards to HAMP and 2MP. Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.

We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31% of the borrower’s gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they're eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for rightdowns of principal when homes are severely underwater . 

We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.

There is documented evidence that the current system is not working, as reflected in the rising foreclosure rates across the nation and the thousands of people who attend NACA “Save the Dream” events in an attempt to get their loans modified. There is ample evidence that the current HAMP and other modification guidelines are being interpreted differently by each bank, reflected in many places including the scenarios described by the 20,000+ members of the loansafe.org community. Additional evidence can be found in hundreds if not thousands of complaints and requests for assistance sent by struggling homeowners to their Senators and Congressmen across the country, as well as the Office of the Comptroller of the Currency and other agencies that have been instituted to regulate these banks.

Mr. Bryan Bolton, SVP of CitiMortgage, has stated that “modifying within HAMP guidelines is in the best interests of our borrowers, our country and our company. With or without fees, it’s almost always in the best interests of the servicers to modify.” Unfortunately, these are empty words. Mr. Bolton, like so many other CEO’s, tells Congress one thing, while he and they continue to do quite the opposite. 

Tougher mandates need to be placed on these banks that are simply not modifying loans at the rate they could or have been perpetuating to Congress and the media. 

Homeowners are not the ones not complying with the rules. The banks are creating their own set of rules and regulations and are consistently “losing” paperwork during the application process, denying modifications for unjustifiable reasons after the trial payments have been successfully completed, and proceeding with the foreclosure process. This is often happening unbeknownst to the homeowners who are still faxing, mailing and e-mailing reams of duplicated documentation as requested by their lenders.

The American Dream has now become the American Nightmare courtesy of the banking industry, which is taking a cavalier approach to the stress, heartache and despair caused by the current lack of oversight, transparency and enforcement of loan modifications. It is of the utmost importance that action be taken to correct this travesty in order to preserve home ownership for the thousands of Americans that are and will continue to be struggling in this economic time. 

We urge your swift and immediate action

Sign the Petition  here: http://www.petition2congress.com/2/act/petition/2564/1476b381a3ffed2f47880792e44e9066

A Guide on How to Fight an Illegal Foreclosure

From www.dailykos.com

My previous diary, How I am Beating the Crap out of Countrywide/MERS garnered a large response concerning how to combat illegal foreclosures.  Several of you suggested that I put into form a step by step guide on how to fight these illegal foreclosures.  I will impart to you my knowledge and personal experience in fighting these crooks who tried to illegally foreclose on my house, coupled with my knowledge of the court system, and most importantly how you or a family member or friend can fight these criminals both with, and without an attorney.  My hope is that this community uses its skills to get this information out to the many, many Americans in need...

via www.dailykos.com

Nevada Homeowners File Class Action Against Indymac

Nevada Homeowners File Class Action Against Indymac

Homeowners in southern Nevada who have found themselves caught up in the current foreclosure crisis have filed a class action lawsuit to prevent further foreclosures, and to get restitution for those who've already lost their homes. The lawsuit has been filed against the California bank Indymac, which was bought out by OneWest Bank, after facing potential bankruptcy itself at the beginning of the crisis. 

The suit alleges that Indymac did not deal in good faith with customers borrowing money and used deceptive and unfair practices, such as focusing on minority groups and selling them loans the bank knew those clients couldn't pay. One plaintiff, Luis Benito, secured a loan through Indymac and was told that the monthly payments would never exceed $2000. "Then I get this letter saying that my payment was going up on the first from $1,700 a month to $2,700 a month," he told Channel 8 Las Vegas Now Eyewitness News. Benito could not afford the increased payment and ended up in default of his loan. Even then Indymac allegedly led him to believe he could save his home, indicating by letter that they would contact him within 30 days with a decision. However, Indymac reportedly never contacted Benito and his home was sold. 

The suit could potentially involve tens of thousands of people. Indymac Foreclosure Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.Please click here for a free evaluation of your casePosted on Jun-9-09

www.lawyersandsettlements.com

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