Heh, Look – It’s Lootie The Bankster!
If you’re wondering why loan mods appear to be intentionally blown off, why banksters advise people to intentionally miss payments to get a mod and then don’t deliver one, foreclosing instead, you only need to look right here:
3.12 Realization on defaulted mortgage loans CitiMortgage will use its best efforts, consistent with its customary servicing procedures, to foreclose upon or otherwise comparably convert the ownership of properties securing any mortgage loans that continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to section 3.2. Consistent with the foregoing, CitiMortgage will use reasonable efforts to realize upon defaulted mortgage loans in a manner that will maximize the receipt of principal and interest by the certificate holders, taking into account, among other things, the timing of foreclosure proceedings.
If a deficiency action is available against the mortgagor or any other person, CitiMortgage may proceed for the deficiency. CitiMortgage may retain 25% of the net proceeds received from a mortgagor pursuant to a deficiency action as compensation for proceeding with the deficiency action.
Got that?
Citibank’s PSA – the Pooling and Servicing Agreement – the document that specifies what they will do as a servicer if you default on your mortgage says that they will maximize the the amount of money they can get from you.
In fact it requires that they maximize the amount of money they can get from you.
It gets better.
The Servicer – that is, Citi – gets to keep 25% of anything they get from a deficiency action.
That’s a hell of a lot of money.
If you were wondering why HAMP is not helping, it’s because the contracts the banks have with the mortgage security holders say that they must act in a way that screws you out of the maximum amount of money possible if you default, and even better, if you default, they foreclose and then are able to come after you in a deficiency action, they get to keep 25% of the money.
Yeah.
Guess what: I’ll bet my last nickel that Geithner knew this full well when they put together the fraudulent program called “HAMP”, and that the very design of it – requiring you to default first before you could get help – was put in that program specifically to enable these clauses to be exercised.
Yet another example of the banks robbing you.
H/t Reggie Middleton’s BoomBustBlog
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@RECOVERYLESSRECOVERY; DUDE, ARE YOU BIPOLAR??? DO YOU REALLY THINK WE CAN FIGHT THE POWERS THAT BE WITH WEAPONS??? THEY WILL BLOW YOU TO SMITEREENS OR THROW YOUR BEHIND IN A FEMA CAMP. WE NEED TO APPROACH THIS IN THE WAY WE ARE ALL APPROACHING THIS RIGHT NOW. GO GET YOURSELF SOME MEDS.
Do YOU think that you can effect any significant changes to your INSTITUTIONALLY FRAUDULENT government by dressing up in a tricorn or holding up silly signs? Do you think that your insignificant vote will outweigh the BILLIONS of $ in campaign donations that corporations make to candidates?
Here’s the deal; if Americans could SPROUT A PAIR and start to at least THREATEN with the use of violence by pelting banksters and politicians with eggs and rocks, smashing windows and burning a few hundred cop cars, your government would quickly find itself faced with TWO options: either CRUSH dissent completely and thereby make it clear to all that the U.S. is a POLICESTATE
OR
enact REAL CHANGE YOU CAN BELIEVE IN.
Either way, the TRUTH WILL SET YOU FREE.
Where do you live, I’ll go do it with you. It needs to start somewhere. Many have destroyed losses homes and they can not see the emotion of America, so now it’s theirs that needs to go down.
@Debbie Kat: I am glad to see that you and WE THE PEOPLE ARE doing our homeowork. This will be what saves us all. Knowledge is power!!!
“knowledge is power” ya thats working out great from 911 to iraq to the 90 percent voter rejection of bailouts—-at no time in history has the knowledge been more available, but somehow nothing seems to change.
I read this everyday, and I tell everyone blog if you can’t pull your money out of major banks and credit cards, the government tracks everything and if a lot of people are on these issues, especially if they impose a physical effort on our part, everyone should go to foreclosure hearings and boo the attorneys, etc. ” Motivation with out Mobilization Equals Frustrations”
The time has come for Americans to shift their focus from the PIIG nations overseas to the PIG SLOBS that they themselves have become.
I was searching the web the other day and came across a site called http://www.worldnews.wordpress.com. I clicked on an article (very very long) which informs me that securitization is ILLEGAL! There’s so much information there, I can’t recap here. Question for those out there—my original loan (note) was with Impact Funding (who now only has 3 people) and Novelle Financial Services (went out of business). I know my note was sold (MBS-securitization) but there are no assignments at the county court house. I was notified in early 2004 to make my payments to Wilshire Credit (owned by Merrill Lynch) and just last year I was notified to send my payments to BofA. I don’t know WHO owns my loan (if anybody). BofA has ignored my written requests. Any suggestions?
Over HALF of what the U.S. does nowadays in any significant national or international venue is ILLEGAL. When a government consciously adopts ILLEGALITY as its modus operandi (as the U.S. decidedly has) then you NO LONGER have the recourse of rule of law to fall back on in order to fight against it.
You’re basically trying to play by a rule book that’s become OBSOLETE while your government LAUGHS at your naïvety and continues to run you over roughshod.
@DebbieCat: Try calling 704-386-5687, that’s the BofA Executive Consumer Relations line, or 714-792-4264 this one possibly goes to a consumer relations specialist.
Wilshire Credit Corporation was owned by Merrill Lynch. Merrill was bought by Bank of America in September, 2008. In January of 2010, Wilshire was separated from ML and sold independently to IBM. That transaction was completed on 3/1/2010, and Wilshire is now known as IBM Lenders Business Process Services.
A majority of the assets (loans) that WCC was servicing for ML were transferred to BofA, however some were transferred to other servicing companies. When the loan transfers were completed, you should have received what is called a “goodbye letter” telling you who the new servicer is. If you call the numbers up there, they should be able to locate the right records as to where your loan was transferred to.
If all else fails, call LBPS at 866.570.5277, they might be able to look it up as well.
“Yet another example of the banks robbing you.”
Actually, if your theory about Geithner is correct, it’s another example of our government robbing us.
I Vent….Very well said. This government and the financial industry has gone the limits with corruption, fraud and all walk with dirty hands. The Federal Reserve must end and our money put back as before with a real backing. That outfit uses their air born money to make the people into slaves for some evil power to control the world. End the lobbyists…they breed corruption through briberies..is this not a racket, a scheme for obtaining money illegally??…So far the government approves both..and joins them as bedpartners. I find it a joke that this country has a Department of Homeland Security. Security for who? Security from who? Protection from terrorism? Look up terrorism in the dictionary…it fits this whole fraudulent scheme. terrorism: the use of force or threats to intimidate, etc., esp. as a political policy. Need I say more as to what is going on with the banks, Federal Reserve and the government? Wheres the Justice Department? Or is there no justice anymore? And the list goes on…………………………..
EVERYONE SHOULD GOOGLE THE WORD: BILDERBERGGROUP AND THE WORDS: UTUBE911COINCIDENCES. THE CLINTONS, BUSH AND OBAMA ALL HAVE SOME EXPLAINING TO DO.
I was fishing around the internet last night and found an interesting website, National Mortgage News.com. (yahoo or google search the words data.nationalmortgagenews.com and click on Broker Universe,then find and click Origination News) They are trying to spread the word to the mortgage servicing industry on new ways to steal our homes through FRAUDCLOSURE. Seems they are having a BIT OF A difficult TIME FRAUDCLOSING because of TITLE DEFECTS. See the article Finding Help Fixing Title Defects Through HAFA. Seems the UNITED STATES GOVERNMENT AND THE TREASURY ARE TRYING THEIR DAMNDEST TO HELP THE BANKS FRAUDCLOSE ON US THROUGH A GOVERNMENT PROGRAM. Also see the article entitled Lenders Turning Their Backs on MERS, Going Back to Paper. Seems the BANKSTER CROOKS ARE HAVING A HARDER TIME FRAUDCLOSING ON US USING MERS AS A NOMINEE IN FRAUDCLOSURES IN SOME STATES. There is also the little IN YOUR FACE DOCS MAGIC SECTION THAT HELPS THEM FRAUDCLOSE WITH FAKE DOCUMENTS. Everyone should call the FBI, FINCEN, SEC, OCC, CONGRESSMAN , SENATORS,GOVERNORS, WHITE HO– USE and whoever else you can to complain to. JESSE VENTURA AIRED AN EXCELLENT PIECE LAST NIGHT ON TRUTV ENTITLED “Wall Street”. You could probably find the video by GOOGLING TRUTVJESSEVENTURACONSPIRACYTHEORIES. GOTTA WATCH IT. HIS SHOW AIRS ON FRIDAYS NIGHTS ON TRU TV. CHECK YOUR LOCAL LISTINGS FOR TIMES. HIS SHOW IS EXCELLENT. THE OBAMA ADMINISTRATION AND CONGRESS NEEDS TO HOP OUT OF BED WITH THESE WALL STREET BANKSTER CROOKS AND PUT A STOP TO FORECLOSUREGATE BY PLACING A NATIONAL MORATORIUM ON ALL FORECLOSURES AND BEGIN INVESTIGATING AND INDICTING AND JAILING THESE CROOKS FOR A VERY LONG TIME. THE AMERICAN PEOPLE HAVE HAD ENOUGH OF THE DISGRACE OF OUR GOVERNMENT CONTINUE TO ALLOW THE AMERICAN PEOPLE TO HAVE THEIR HOMES STOLEN AND BEING THROWN OUT IN TO THE STREET BY THE BANKSTER CROOKS WHILE THIS GOVERNMENT STILL CONTINUES TO IGNORE IT AND KEEP TRYING TO COVER IT UP AND BLAME EVERYTHING ON THE ECONOMY AND US. THE BANKSTER CROOKS AND WALL STREET INTENTIONALLY CA– USED THIS FINANCIAL CRISIS AND EVERYONE WORLDWIDE AND NATIONWIDE IS FINDING OUT THE TRUTH . THIS GOVERNMENT IS BECOMING THE LAUGHING STOCK OF THE WORLD. SORRY, PRESIDENT OBAMA, THE EVIL PLAN IS FAILING.CAN NOT KEEP PAPERING OVER THE BIGGEST PONZI SCHEME AND THEFT OF WEALTH OF THE AMERICAN PEOPLE IN HISTORY BY THE BANKS AND WALLSTREET AND OUR GOVERNMENT CONTINUES TO TRY AND COVER THIS UP. TOO MANY PEOPLE GOT SCREWED HERE AND ARE CONTINUING TO GET SCREWED EVERYDAY. IT IS BEYOND DISGRACEFUL!!!!!!!!!!!!!!!!!
I have a loan with IndyMac Serviced by OneWestBank. I filed the original papers a year and a half ago. Up until Jan 2009, I was making the full payments. This June I filed another set of papers, and then a second set of papers, and still they were requesting copies, etc. I talked to a bankruptcy lawyer in Sacramento who went to a meeting where the HAMP officials were telling how great their program was. It was followed by a lawyer who was doing Loan Mods and out of 300 applications only ONE was approved in 2009. I plan to file bankruptcy, I don’t want to live in California any more. Brown Gov, Do nothing Boxer, barf. I will live in the home until the Sherrif orders me to leave and I will have the media there. They are going to have to forcibly remove me from my home.We should all do that. Make it hard for them.
Americans should just all agree not to pay their mortgages until the Banks are closed and Gietner and his friends are in jail.
All I can say is…CitiMortgage has the balls to even say..”pursant to section 3.2″ ..what happened to all the laws broken with their greed of fraud? Why follow anything now..section 3.2 sure the hell is not ‘quite’ the same as fraud ….Why were so many sent to prison with the Savings and Loan scandle in the 80’s? Why are the ponzi guys stript of all assets and sent to prison for years? This scandle has devastated this country and the world…and OB takes thousands of friends on vacation to India costing this country millions of dollars? Is that not a spit in the face? I fully consider that trip a fraud done to this country. . This is not to be shoved down out throats when the banksters planned this whole fraud years back and this government went along with it…and still is….that includes everyone going back years..up till this day. I am not even in foreclosure..I paid for my home by working for years to retire with no mortgage. But the rest of my retirement..a large down payment helped my daughter buy a home for her 2 disabled little boys, and she was suckered on an ARMs…payments went way beyond insanity. No one would help her or talk to her. So I too am fighting this crime to save the roof over those 2 little boys..and I am fighting mad. I have found fraud and hired a ‘get it’ attorney…and I will not stop till I see some Justice. For those who also faced foreclosure or are facing it…I speak for you also and wish we could wake up tomorrow and realize this was just a nightmare. Justice must be done ..or all laws of the land will mean nothing.
America,
In case you are still wondering why the banks are not giving Loan Mods to so many people, take a look at this article. If it doesn’t make you mad, I don’t know what else will. when are we going to rise and take the banks down and make them fail.
Why are you still doing business with the big banks if they don’t deserve your business?
If every citizen close their accounts with the banks tomorrow or Monday, they will not be able to make any more money. Did you hear about the new proposal of bailing out Bank of America the next day after the election Nov. 2? How about the first announced $500 Billion from Mr. Bernanke, Federal Reserve Chief, sleepy head? Now, they are talking about $600 Billion Dollars to improve the economy. Didn’t they said for the whole year how great the economy is? Look Wall St. and the banksters for the last 3 quarters.
Didn’t they report between 2 to 3 Billion profits every quarter? What economy and what recession? Have you seen JP Morgan Chase talking about what a great year they are having?
I hope you are seating confy because the next year we are going to have a hell of a surprise with interest rates skyrocketing, food and water prices, and all the derivatives all over the ceiling. Guess what the next wars are going to be about?
If you don’t have a clue, how about food and water. Can you live withouth food and water? You may live without your home by going back to rent from the big landlords, but withot food and water, you will not last even a week.
Think about it America. It is either the banks, the government, or your family.
It is still surprise that the politicians are so ignorant about what the banksters are doing to their constituents and they go about their days as business as usual.
I guess feels good to get millions of dollars from the lobbyist and become a millionaire overnight. The feeling of money is the most gratifying feeling in the world. They think they are sitting on top of the world. Nothing can touch them.
Perhaps not even God, since they don’t believe in God. They only believe in their greed to figure out how can they have more.
Hopefully you can redeem yourself.
God Bless America and God Bless You!
Here’s what we know for sure. The loans that we got were set up to fail. They were even bet on that they would fail. So why would anyone think that HAMP would be set up to help the borrower? HAMP was set up for the banks not the borrower. The whole intent was to get as much money from the borrower as possible and then go in for the kill. They all knew what was happening, except the borrower and the borrower was never suppose to figure this out because we were considered to be stupid deadbeats. And now that the borrower has figured this all out, the big guys are playing dumb and think we the borrowers are falling for this crap.
Do you have the Case Number for the (Marquez v. Wells Fargo) decision, out of the Southern District Court of California? And, could you elaborate how the borrower (us), being the third party beneficiary under HAMP, is helpful to me (us)?
There is a great court decision from the District Court of Southern California (Marques v. Wells Fargo) that states that borrowers are the intended thrid-party beneficiaries under HAMP.
Very nice, can you post a link please?
They are sooooooo disgusting! Someone needs to file a suit against the Hamp program!!!!!!!
Does anyone know how to set up a petition site?
“Petition site”?. LOL.
What Americans need right now to effect “change you can believe in” will probably require something more along the lines of a site that teaches how to properly use C-4 plastic explosives or how to handle an M-14 assault rifle.