Bankers Propaganda Letter to Congressional Staffers – Efforts Mortgagers Are Making for At-Risk Homeowners

From Urban Dictionary: The term “pigs ass” is used in many situations. It is most commonly used when someone claims something is not true.

Here is a taste of the propaganda bombarding our elected officials daily. Refuse to let this deception continue undisputed and unrefuted. Please contact your US & State representatives with a copy of the predators’ drivel below and your rebuttal.

There is much work to do.

ForeclosureHamlet.org

____________________________________

October 8, 2010

The Honorable XYZ

United States House of Representatives

Washington DC 20515

Dear Representative XYZ,

We are writing to set the record straight on the efforts mortgage servicers are making to assist
at-risk homeowners, as well as to address the issues that are being raised about the processing of documents for mortgages that are in foreclosure.

Foreclosure Document Reviews

As we have said consistently, foreclosure helps no one, and it is the last thing our mortgage servicing companies want to have happen. That is why our members work hard every day with their customers who are behind on their mortgage to try to find a solution that avoids a foreclosure. This effort has produced dramatic positive results for homeowners. Mortgage servicers have completed 1.3 million loan modifications for homeowners thus far in 2010 and more than 3.7 million since 2007.

Unfortunately, there are circumstances when a modification or other potential solution such as a short sale is not possible and foreclosure proceedings must be undertaken. As has always been the case, no change in the terms of the loan will help a homeowner if they don’t have adequate income to make even greatly reduced monthly payments, or if they have no desire to remain in the home. If that is the case, a foreclosure must be pursued by the servicer.

We want to assure you that foreclosure is not initiated by servicers until many months of delinquent payments, after repeated attempts to work with the homeowner, and only when all other foreclosure prevention efforts have failed.

In several states, some mortgage servicers have put final foreclosure sales on hold while they review their document procedures. It is important to note, however, that these are document process reviews; in almost all cases there are no factual disputes about whether the mortgage is delinquent, the amount of the arrears, or whether foreclosure is proper. Indeed, a substantial percentage of foreclosures are uncontested by borrowers. In the overwhelming majority of cases, we believe the facts presented to the courts in foreclosure proceedings about the debt amounts and delinquencies have been accurate.

Servicers should be permitted to complete the review of their document processes that they have already begun. Calls for a blanket national moratorium on all foreclosures are a bad idea and would cause significant harm to communities at risk, the unstable housing market and the fragile economy. A foreclosure moratorium would not change the ultimate outcome for borrowers impacted by this situation.

Distressed Homeowners Are Being Assisted

The foreclosure document and affidavit reviews servicers are conducting are only a part of the on-going efforts being made to help homeowners avoid foreclosure and stay in their homes. Servicers are also continuing to work to assist thousands of homeowners everyday who are behind on their mortgage payments.

These are the facts:

* Mortgage servicers completed 149,000* loan modifications for homeowners in August 2010, including 116,000 proprietary loan modifications and 33,000 Home Affordable Modifications (HAMP.) [*HOPE NOW Alliance October Data report]

* 91% of all proprietary loan modifications in August reduced homeowners’ monthly payments so that the modifications are affordable and sustainable.

* Through August, mortgage servicers completed 1.3 million loan modifications in 2010 and almost 3.7 million since 2007.

* There have been 775,000 completed foreclosure sales through August 2010, compared to 1.3 million loan modifications through August. 2010

* Short sales and deeds-in-lieu are being offered as a dignified alternative to foreclosure for homeowners who have exhausted all their foreclosure prevention options and cannot maintain their mortgage.

* Servicers continue to contact and assist at-risk homeowners in a wide variety of ways. Companies have individual customer assistance centers and participate in face to face outreach events across the nation individually and sponsored by Making Home Affordable and the HOPE NOW Alliance. More than 77,000 homeowners have received assistance at 87 HOPE NOW face-to-face events held all across the country since 2008.

* Homeowners can reach a non-profit counselor at a HUD-Certified counseling agency 24 hours a day, 7 days a week through the 888-995-HOPE Homeowners’ HOPE hotline operated by the Homeownership Preservation Foundation.

* Servicers and Counselors have worked to enhance electronic submission of documents for loan modifications through the new HOPE LoanPort system.

Mortgage servicers continue to help thousands of consumers avoid foreclosure every day. Real progress is being made. The foreclosure document and affidavit review process that servicers are undertaking will clarify the situation significantly.

Attached is a link to the resource sheet for Congressional staff to assist your constituents. We will continue to work with all Members of Congress on mortgage loan inquiries that you receive from your constituents.

Sincerely,

Steve Bartlett
President and CEO
The Financial Services Roundtable

John Dalton
President
Housing Policy Council

John A. Courson
President and Chief Executive Officer
Mortgage Bankers Association

~

4closureFraud.org

Comments
18 Responses to “Bankers Propaganda Letter to Congressional Staffers – Efforts Mortgagers Are Making for At-Risk Homeowners”
  1. Barbra Orr says:

    I agree with everyone of the post -these three guys must think we are not up to date with what is goig on. They are not men , they lack the equipment, moral fiber, worth,beliefs, courage, truthfulness, ability, knowledge or a soul. They will ever right the injustice they have created and backed. Just so they know what goes around comes back three fold. There is no ice water in hell guys.

  2. debi J says:

    Finally some kind of attention. They set the pools up to fail. Someone needs to get a judge to allow them to follow the loan from the beginning through the securitization and through all the credit swaps done without reporting . When people see how many times the mortgages have been sold and resold and paid off by insurance instruments that were placed where the rates readjusted. Overcollaterialization is allways nice too. As well as a 100million dollar fidelity bond and 20 million errors and ommissions. Then reisurance with commissions and on and on it goes. Theyve been paid on our morthages over and over again. Too big to fail makes a generous offer to homeowners- 50k max. Theres that much in fees on my loan! Plus the broker made 50k got his license revoked and now i have a suspended deutsche pooI who says they are Goldman Sachs trustee…didnt goldman get 200 billion as an appitizer? Perhaps whomever may be involved with that 2006 trust should raise those limits right away…oh yeah they cant or dont because the trusts have been closed or suspended! My loan is supposidly in a goldmman scahs trust…yeah right -they paid their way out after we bailed them out. If the feds dont step in its only because they are all on the same page-greed. Can our law enforcement really be this bad? How many committees do you need. They have the internet too! I just found a deutch trust in the cayman islands funding loans right here in palm beach. We cant all be this slow right?! ..what is going on?? .
    All of the ortgages in these trusts will be hard pressed to show how they could possibly be valid and have the authority to foreclose…my mortg is still recorded under mers-guess they forgot my fraudulent assignment! We must want to. Bring them on but with the masses coming together. This is all fraud and we cannot tolerate it any longer. Wake up eveyone and do your homework-you have to learn real fast. They started this scheme a decade ago…. Dee
    Dpreston@live.com

  3. mike says:

    First off, I AGREE with everyone that posted.

    However, I think everyone missed the most important “ADMISSION OF GUILT” in this letter!

    It should be certified and used in ever case to prove lack of standing. I have reread it twice and not once did I see it state that the foreclosures and loan mods they have attempted were done by a lender. They call themselves the servicer. They state all through the document that the SERVICER was doing everything.

    I may be wrong, (not) but since when does a servicer have standing to appear in court and foreclose and/or modify or allow a short sale? The only way they have standing is through agency and we know they don’t have that.

    Servicers are nothing more than debt collectors. Do you know it’s against the Fair Debt Recording Act for anyone other than the lender that extended credit to report to the credit agencies? 15 U.S.C. %16812-2 or %623.

    You might also want to check out %807 and %808

    If you can prove these you can get exemplary damages for willful behavior for coming to court with unclean hands and also punitive damages for fraud.

    In Section %808 if you can prove the lender has not perfected a security interest you can motion for quiet title and have the judge expunge all liens relative tot he title except IRS, taxes or child support.

    All it takes is one violation.

    I am not practicing law as I know nothing and am only sharing what I’ve read.

    All rights reserved Without Prejudice UCC 1 – 308

    • john says:

      Spot on everyone. And, as 4closurefraud so aptly points out, the MERS situation is a sham of the highest order. How does a shell company gain financial interest in real estate? And, they don’t even pay the county filing fees…..it’s absolutely unconscionable. Where is Elizabeth Warren when you need her?

    • indio007 says:

      Does this mean they are seizing property, “Searching” for the “lender” after the fact …Then after they fail,claiming the proceeds of the property as abandoned via the 1099-A?

  4. CathyG says:

    I assume this was signed by the same John Courson of the Mortgage Bankers Association who railed against homeowners who walked away from hopelessly underwater home mortgages and then .. .. .. .. .. had his association strategically default on its $79million national headquarters building?

    Yeah, like we’re going to listen to anything this hopeless hypocritical schmuck has to say.

    Check out the Daily Show’s take on this:

    http://www.angrybearblog.com/2010/10/mortgage-broker-association-strategic.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FHzoh+%28Angry+Bear%29

  5. Equity Free says:

    http://www.thedailyshow.com/watch/thu-october-7-2010/foreclosure-crisis?xrs=eml_tds

    If you did not see the show, he really hit all the issues of the crises, Fl.homeowner terrified, presidents veto, fraud in docs, ect . 2nd clip where reporter is learning how to strategically default as the Mortgage Bankers Ass
    did, priceless, have to get a little humor now and then …
    Keep on making waves and poking holes in their pirate ship, their taking in water !!!
    .

  6. Andrea Guice says:

    Question, anyone? Why would a “thief” (banks) ever admit they “did something wrong?” My answer: They don’t! Furthermore, most crooks have to be “caught.” A crook isn’t going to turn themselves over to the law…They break laws. That’s what “theives” do! If mortgages that banks are eagerly foreclosing on were ever analyzed, forensic audits, then the “pigs ass” (banks) would be “stuck” or “caught!” Everybody that has a mortgage ought to get a “forensic audit” done on their loan docx! My attorneys had a forensic audit done on my loan & …. well, does the word
    “fraud” sound like there’s a real problem?! The CDOs, MBS (..bs!) c videos on my site @ http://www.andreaguice.com
    And, FIGHT BACK!!!

  7. Elyse says:

    Question?????

    Is there a published list of the Senate and Congress representitives that pushed through HR 3808 allowing Notaries to notorize they saw someone sign their names to a document even though they didn’t? The Prez veto’d it proving he cares more about the “people” and those Senators and Congressmen and women do not!! Would be a great list to know who’s who in the Wall Street zoo!!
    Surprise!!

  8. Colin Roughley says:

    John A. Courson
    President and Chief Executive Officer
    Mortgage Bankers Association

    Thats the same John Courson whose Mortgage Bankers Association has, allegedly, strategically defaulted on their $79million loan for their headoffice building (see John Stewart report). Oh what a tangled web we weave.

  9. Capt. Jack says:

    A dear friend of mine, a Black man blessed with razor sharp intellect, took the time to present me with a very barbed analogy involving African history.

    It goes as follows…make of it what you will.

    During the slavery era, African Tribes living mere miles from each other, spoke different languages which effectively limited their ability to communicate.

    The merchants who engaged in the vocation of profiting on the sale of human beings were keenly aware of this. In support of their collective business model the human commodities purloined from their various tribes were kept separate.

    Not until they inevitably learned a common language, English, were they able to communicate. That enabled them to pollinate information and therefore exuviate themselves of the shackles that bound them in slavery.

    One may reasonably ask “What rivets the above into the context of the present day foreclosure fiasco?”

    In answer to this question I point out that American Tribes are now learning to communicate in the preferred, synthetic, and ever-changing language used on Wall Street.

    The tribes on the left, the right, the middle, and all the other categories bearing labels are becoming versed in this encrypted, fork-tongued lingo.

    “Pooling and Servicing Agreements”, “MERS”, “Master-Servicers”, “Sub-Servicers”, “Special Purpose Vehicles”, “REMIC”, “GAAP”, “Yield Spread Premiums”.

    These terms are being added to our collective dictionaries and our ability to pollinate information emerges.

  10. Michael says:

    Every single phone call I’ve heard come in with new foreclosures — every single one, without exception, for about two months — says their foreclosure filing is a “mistake” because their modification is imminent.

    Virtually every filing came within a week after a loan was 90-day delinquent.

    The above statement is an absolute lie.

  11. john says:

    What a load of dingo dust! I am a plaintiff against BofA regarding deceptive loan practices, TILA violations, etc, and was participating in the HAMP Trial program until just a few days ago, when BofA sent a FedEx declaring that I had failed the NPV test, and Freddie would not proceed with a permanent mod. This, after 8 months of paying on time. So, excuse me, folks—-this blatant spin from the lending institutions is revolting, insulting, and an impediment in the path toward real justice.

  12. John R. says:

    yea, yea, yea…. and you’ve done everything by the book. Ok, but my first question is, did you read the book? And if you did as you say you did, then why didn’t you do your job like it says, in the book, you’re supposed to do it? My next question is, are we supposed to just accept those figures you’re quoting as gospel? With the lies, the fraud and the forgeries you’ve made, the Billions you’ve stolen, the tent cities you’ve made, you expect us to believe you? Are you completely out of your minds? And my last question is… how about an honest… oh Shit! We screwed up!! How can we help to make this all right? Me and the rest of the world, we’re waiting…… and while waiting we’re sharpening our axes and pikes for the perp walk.

  13. John says:

    If they only hear that (slightly) ha, slanted side they will believe it and act accordingly. Bankers know the value of an ear and a mouth speaking into it!

    WE must contact our representatives more than they do,(including Obama who refused to sign their latest trick) to get their ear and more importantly, their VOTE!

    Should be easy as there are a lot more of us than them.

    The News on every station is sure getting into it aren’t they. They’ll get more into it as voting time approaches. if we speak up. HOW BANKERS HATE THAT!

  14. Patricia says:

    Bigtime BS!!!

  15. Tim Barker says:

    “There have been 775,000 completed foreclosure sales through August 2010, compared to 1.3 million loan modifications through August. 2010”

    yes because there are millions upon millions of loans sitting in litigation and jammed up in court, dont be fooled by the numbers, they have a habit of covering up real facts, why dont they say we have 5million + loans in foreclosure plus 1 million completed foreclosure sales and we have completed 775,000 modifications

    • TOM PETROVSKY says:

      Dear Bankers, I make it a habit to proof read what I’ve written, as I usually get a word or two wrong. As I’ve
      just read your statement, I’ve picked up on about, well,, let’s see,, 483,484,48….. let’s just say all of it!
      TO PUT IT IN A NUTSHELL. YOU CAN’T MODIFY ANYONES HOME BECA– USE DON’T OWN THE NOTE YOU
      LOSERS!!! NOW, EVERYONE WITH A SUPPOSED MODIFICATION HAS TO SUE YOU FOR TRYING TO EXTEND THEM MORE CREDIT THAT DOESN’T BELONG TO YOU. OR DID YOU POLITELY ASK THE
      INVESTORS WHOM YOU STOLE 4 TRILLION DOLLARS FROM IF YOU CAN HAVE JUST A PINCH MORE.
      THEY’LL UNDERSTAND. YOUR A SWELL GUY. OH WAIT…. I’M BEING TOO HARSH. HERE YOU ARE
      MODIFYING THIS GUYS HO– USE, (shhhh…. with someone elses money,again) GIVING HIM A SECOND
      CHANCE ( until it fails again) BECA– USE THATS THE KIND OF GUY YOU ARE, THAT’S THE AMERICAN
      WAY. YOU NOW WHAT. I WAS WRONG ABOUT YOU. ALLOW ME TO REWRITE YOUR ARTICLE. I’VE CHANGED MY VIEW OF YOU,YOU,YOU BANKER YOU. I’M AT A LOSS FOR WORDS…. YOUR THE BEES KNEES, THE
      CAT’S MEOW, THE ICING ON THE PROVERBIAL CAKE. OUTTA THE WAY… LET ME BE YOUR SPOKES
      MAN!!,, FOR YOU ARE WAY TOO MODEST. THE BANKER IS THE PILLAR OF THIS GREAT NATION.!! LET
      NOT, THIS MESSAGE BE HEARD ONLY BY OUR ELECTED OFFICIALS. BUT LET ME SCREAM AT THE TOP OF MY LUNGS SO THAT ALL MANKIND KNOWS OF YOUR DIVINE RIGHTEOUSNESS…….!!!!!!!!!!!!
      PRAISE THE LORD!, TO JUST BE IN YOUR PRESENCE. I MUST GO NOW FOR I AM SPIRITUALLY AND
      EMOTIONALLY DRAINED…..

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