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nytimes.com:
LOS ANGELES -- From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to homeowners during the real estate boom, amassing a fortune.
How to Negotiate a Mortgage Loan Modification With Your Lender ...
Obama launches mortgage modification program - Apr. 15, 2009
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STOP The GREED MACHINES IN AMERICA before there is NO AMERICA!
THE CORPORATIST PARTY CREED:
We the people of the Corporatist Party vow to MAKE (we own the FED Debt Printing System) or TAKE every last dime we can from AMERICANS and V1CTIMS around the World!
We Vow to keep the focus on Maximizing our Banking and Trading Profits, our Toxic Derivatives Profits, our FEES from Profits, our skimmed-off Incomes and especially our December and Retention BONUSES, and Maximize our Control of CONGRESS so help us we swe@r on the All Mighty Dollar or Whatever we decide to make the currency!
We will buy every Politicians Vote with our ill-GOTTEN LOOT!
When you own everything like we do, of course, you own the Media and we will spread only OUR Pr0pag@nda.
We shall use you like the Herd that you are to us and harvest you as we please!
We Shall Raise your rates, trick&trap you, foreclose your home, withdraw your credit, and drop you like a H0T Tamale if you hurt our Profits!
________________________________________________
Signed,
Corportists for the GOOD of EL1TES around the World!
"Despite making promises of relief to homeowners desperate to keep their homes, FedMod and other profit making loan modification firms often fail to deliver, according to a New York Times investigation based on interviews with scores of former employees and customers, more than 650 complaints filed with the Better Business Bureau, and documents filed by the Federal Trade Commission in a lawsuit against the company."
THE GREED MACHINES AT WORK TO TAKE AS MUCH AS WE CAN GET FROM YOU AND GIVE YOU AS LITTLE AS POSSIBLE! Its our CREED!
glesslib. Thank you for the explanation of insider speculation and the fast buck in operation as our country is in free fall. When the financial interests are in control, graft, corruption insider trading, cornering the market, dishonesty and treachery for personal gain dominate economic activity. The economic growth levers are shut down.
The GREED MACHINES IN AMERICA must be stopped before there is NO AMERICA!
If we don't stop this legalized theft the ENTIRE GREED MACHINE CULTURE will be dismantled by the American People!
The traditional administrative practice of rewarding criminal behavior is a very common, even satisfying repertoire in dictatorship. For it to be condoned or not prosecuted in our despicable government is a practice that will bring down this country and all the values and goals it once adhered to.
I publicly ask our august President Obama: "How can you stand by and allow your despicable subordinates to structure taxpayer money towards rewarding the same swindlers who brought this economy and financial system to perdition?" I hope you have trouble sleeping until you cease such despicable leadership practices. I have trouble sleeping seeing this great country in eclipse.
i donated ny earned monies to your campaign. I offered my services to your campaign. I voted for you. Where are you for me and everyman?
One wonder how they got to him or was he already in there pocket from the start!
Here is a story that is playing out in the housing market today. I am a former real estate broker; my niece is currently working a deal that goes like this. She has a client who is trying to buy a house on a short sale, that is a sale approved by the lender that allows the seller to sell his home for less than the loan balance. The house her client wants to buy is called as a "short sale", but is really offered by a guy who optioned the house from the lender and is offering it for sale EVEN THOUGH HE DOES NOT OWN IT YET. So, he is, in other words selling his option at a price above what he projects he will purchase this home from the lender for. He is,selling her his option, trying to close with the lender and this new buyer simultaneously. He will probably net $10k so, since it is a lower priced home. He's attempting to do this on 6 or 7 other properties, too. So, this guy is finding properties, e is getting the owners to go for a short sale, and as a middle man makes $10K. If the lender is coming up short, someone is helping him with his loss. ..probably the taxpayer is making this middleman wealthy and easing the lender's loss. The most egregious part of the entire process is that he is making money selling houses he never owned. He's still negotiating the deal.
How did this guy get the option from the bank in the first place? What kind of insider deals are going on in a scenario like that?
The only situation I am aware of that would be somewhat analogous is someone taking over the mortgage to halt the foreclosure proceedings.
I'm a real estate broker currently.
He has an "option contract" recorded at the courthouse. I find this most puzzling, since he is still negotiating a final sale price with the lender and has yet to close. By the way, I had never heard of a recorded option contract before, so this is a new one on me.
So this is the lesson we are passing on to the future generation that is ok to screw people over to make a buck. This story certainly went to the abyss of people's greed. People have lost their homes trying to save it the best way they can only to get ripped off again.
The only time we screwed people for sure was when we failed to teach them how to read a contract and how to calculate compound interest in school. That, of course, was a gigantic failure on our part from which everything else follows.
:-)
I bought my first house with an FHA. I had to prove I had a job and could afford to pay back the loan. I got that mortgage with no down payment and a low interest rate. I lived there for 13 years and sold at a profit. That's how government used to work.
You simply got lucky to be one of the first in the Ponzi scheme and not one of the last. Your results are not typical.
:-)
Dear Kill:
You are so wrong I really don't know where to begin. FHA is one of the best programs ever put forth by the government. I sold houses for over 20 years. Never had anyone lose a dime on an FHA loan or property. Your statement is utterly assinine and uninformed. You know nothing about the program. It has been a mainstay of the American housing market for over 50 years. It wasn't until some smart lenders involved with Wall St. tried to "improve" a fine program that it started having problems.
Oh don't worry, it's just a market correction. No sweat. Hail free markets the soloution to everything! De-regulation anyone? Anyone?
Actually, it is a market correction. That's the reason why fighting it is so futile... unless you are talking about subsidizing housing in the US.
Now, market correction, or not, the reasons for the bubble haven't disappeared and unless we regulate the market better, we'll have another one for sure as there is a sunrise in the morning.
I think the nation's housing market is facing new downward pressure as holders of subprime-mortgage bonds inundate the market with foreclosed homes at prices that are much lower than where many banks are willing to sell.
"Experts say this is a bad omen for residential real-estate prices and homeowners trying to sell or refinance, because the fire sales, many to cover soured subprime loans, put downward pressure on the value of nearby homes. All of this undermines federal efforts to stabilize the housing market and revive the broader economy.
"While the banks are trying frantically to get loans off their books, they face the problem of large shadow inventories of housing being dumped on the market, which would depress prices further," said Anthony Sanders, real-estate finance professor at George Mason University in Fairfax, Va."
With high joblessness, it is only normal that subprime-mortgage holder would like to sell their properties since they are not sure of the employment status in the coming months.
Read More: http://www.housingnewslive.com/housing-market-crash-in-us.php
http://www.housingnewslive.com/blog.php
You should never pay up front fees for a Loan Modification! It is free, Go to Obama's website.
makinghomeaffordable.gov
Rule number one in the sucker toolbox is: nothing in life can work unless you pay tons of money for it upfront.
:-)
Thank God for oversight. Isn't that the kind of government interference about which the GOP often complains?
hehe oversight has two conflicting definitions.
It's the American way - reinventing oneself ...
Why are workers getting unpaid furloughs and the legislators who are supposed to be in charge still collecting a full check and benefits, but doing nothing to change the problems that are causing more and more people to swirl into poverty? I think there is a plan to make us into a third world nation. I went online to apply at Target (never thought that would be my option). All the corporate jobs are in India. Should I move?
Why isn't federal law enforcement stopping this fraud..?
because they are a party to the fraud.
For the record, it wasn't mainly the fault of subprime lending that led to this recession~that tale is total BS, in fact.
The fault was with those who made little or no down payment. They had no skin in the game, in other words. Moreover, they had nothing to lose by walking away from their responsibility~which they did.
Solution: require high down payments.
http://online.wsj.com/article/SB124657539489189043.html
This sounds like blaming the victim. Your solution is well-placed, and the way it used to be, but it was not in the power of person applying for the loan to determine how much down payment needed to be made. That was the call of the lenders who in fact had no skin in the game once they sold the loan to investors. It is the lenders who were selling portfolios they claimed to be solvent they knew would probably go into foreclosure in five years. So much for an MBA making someone better at their job.
If you require higher down payments, you eliminate almost all sub-prime borrowers.
The cause of this was exotic subprime, and a no-money down often qualifies as an exotic subprime.
REMARKS BY THE PRESIDENT ON HOMEOWNERSHIP
at the Department of Housing and Urban Development
Washington, D.C.
June 18, 2002, 10:30 A.M. EDT
[bq]
And so, therefore, I've called -- yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I'm proud to report that Fannie Mae has heard the call and, as I understand, it's about $440 billion over a period of time. They've used their influence to create that much capital available for the type of home buyer we're talking about here. It's in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.
[eq]
lolllllll...and thus began the "creation" of funny money with SIVs and credit default swaps...to the boundless joy of our banks and Wall Street, and the detriment of America.
With a good swift kick in the sitter-downer by Bush, Cheney, Paulson, & PNAC, LLP.
(I have to change the partners periodically to reflect the reality of the article at hand.)
(Well, whoever came before Paulson...them Goldman Sachs boyz are interchangeable, just like the oil boyz.)
Private sector loans, not Fannie or Freddie, triggered crisis
http://www.mcclatchydc.com/homepage/story/53802.html
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First Posted: 07-20-09 08:17 AM | Updated: 07-20-09 08:22 AM