H.A.M.P. Redo | Expanding efforts to help more homeowners and strengthen hard-hit communities

Expanding efforts to help more homeowners and strengthen hard-hit communities

Today, the Administration announced important enhancements to the Making Home Affordable Program, including the Home Affordable Modification Program (HAMP), to expand the reach of the program to help additional homeowners stay in their homes and strengthen hard-hit communities. These enhancements will provide additional relief to struggling homeowners, renters, and their neighborhoods to accelerate the housing market recovery and improve our overall economy.

The Administration is committed to a multi-pronged effort to support American homeowners to help heal our nation’s housing market. This includes providing refinancing opportunities for responsible homeowners, transitioning foreclosed properties into rental housing to help reduce the overhang of unsold homes, and providing states hardest hit by the foreclosure crisis with resources to develop targeted relief programs that work for their communities.

To date, HAMP has helped more than 900,000 struggling families permanently modify their mortgage loans, providing them with a median savings of more than $500 every month. For these families, this savings can mean the difference between keeping their home and foreclosure. These efforts have set the industry standard for successful modifications and have helped prompt private lenders to modify an additional 2.6 million mortgages. In total, public and private efforts have helped more than 4.6 million Americans get mortgage aid to prevent avoidable foreclosures since HAMP was launched.

When the MHA was announced in March of 2009, it was not easy to predict what would happen to the housing market by 2012. As we enter 2012, the housing market shows signs of recovery but is still fragile. The MHA programs have proven to be critical foreclosure prevention tools, setting new standards for the mortgage industry to follow. These enhancements will extend the reach of HAMP to a broader pool of struggling homeowners and provide more robust relief to those who participate:

  • Extending the Administration’s Mortgage Modification Program. In order to help more families at a time when many across the nation still need relief, the Making Home Affordable Program deadline will be extended for an additional year through December 31, 2013. This date conforms to the extended deadline for the Home Affordable Refinance Program (HARP).
  • Expanding Eligibility to Reduce Additional Foreclosures and Help Stabilize Neighborhoods. Eligibility for HAMP will be expanded so that it reaches a broader pool of distressed borrowers. Additional borrowers will now have an opportunity to receive modification assistance through an additional evaluation process that provides the same homeowner protections and clear rules for servicers established by HAMP. This includes:
  • Ensuring that borrowers struggling to make ends meet because of debt beyond their mortgage can participate. Many homeowners who have an affordable first mortgage payment struggle beneath the weight of other debt such as second liens and medical bills. Recognizing that many homeowners in this situation are still struggling to make ends meet, the program is being expanded to offer another evaluation opportunity with more flexible debt-to-income criteria to expand modification assistance to borrowers with higher levels of secondary debt who otherwise meet program requirements.
  • Preventing additional foreclosures to support renters and stabilize communities. Treasury will expand eligibility to include properties that are currently occupied by a tenant as well as vacant properties which the borrower intends to rent. This will provide critical relief to both homeowners that live in their homes and those who rent their homes, while further stabilizing communities from the blight of vacant and foreclosed properties. Single family homes are an important source of affordable rental housing, and foreclosure of investor-owned homes has disproportionate negative effects on low- and moderate-income renters.
  • Increasing Incentives for Cost-Effective Mortgage Modifications that Help Borrowers Rebuild Equity in Their Homes. Currently, HAMP includes an option for servicers to provide homeowners with modifications that include principal reduction, when a borrower owes significantly more on their mortgage than their home is worth. While not appropriate in all circumstances, principal reduction modifications are an important tool in the overall effort to help homeowners achieve affordable and sustainable mortgages. To further encourage investors to consider or expand use of principal reduction modifications, the Administration will:
  • Triple the incentives provided to investors who agree to reduce principal for borrowers: To increase the amount of principal that is reduced, Treasury will triple incentives to investors, paying from 18 to 63 cents on the dollar, depending on the degree of change in the loan-to-value ratio.
  • Offer principal reduction incentives for loans insured or owned by the GSEs. HAMP borrowers who have loans owned or guaranteed by Fannie Mae or Freddie Mac (the GSEs) do not currently benefit from principal reduction loan modifications. To encourage the GSEs to offer this assistance to underwater borrowers, Treasury has notified the GSEs’ regulator, the Federal Housing Finance Agency (FHFA), that it will pay principal reduction incentives to Fannie Mae or Freddie Mac if they allow servicers to forgive principal in conjunction with a HAMP modification.

While the economy continues to shows signs of recovery, the broader housing market remains fragile. HAMP continues to offer homeowners some of the most sustainable assistance available and has established critical standards and protections for homeowners that we believe must continue as the housing market heals. Extending the reach of HAMP will assist a broader pool of struggling homeowners, offer support for tenants at risk of displacement due to foreclosure, and provide more robust relief to those who participate. Taken together, these enhancements will help the housing market recover faster from an unprecedented crisis.

~

4closureFraud.org

 

Comments
71 Responses to “H.A.M.P. Redo | Expanding efforts to help more homeowners and strengthen hard-hit communities”
  1. california says:

    Like trying to bailout a sinking Titanic with a coffee cup. Would a douchebag servicer such as JPMC through a QWR ever be able to tell you whom the servicer is and who owns the note by law (whatever that means). Or feed you a bullshit line specifically not telling me but that it could be 3-10,000 people.

  2. Beth A. says:

    Hmmm, well our bank has been after us to sign modification docs (e.g., new mortgage) now for almost two years —

    They know (what I know) – that the original mortgage docs are full of fraud – including signatures that aren’t mine and paperwork they actually were dumb enough to provide in response to a QWR – where we were shocked to see a person literally named “xxxxxx” supposedly “verified “my income and assets using a grossly (I’m talking huge) fraudulent set of numbers…WHAT A CROCK.. Further, I believe the trustee (like most) never received the required docs after securitization. Additionally, like most folks – our mortgage assignment isn’t on file w/the county despite more than 5 yrs. passing now.

    They want new paperwork and new signatures so they can get rid of all of the evidence of what they’d done. I’m sure this is the case with 99% of those modifications these banksters are pushing. Evil bastards – and they’re getting away with all of it.

  3. lvent says:

    There is no fix for the massive fraud of WALL STREET…SHUT THEM DOWN!…STOP THE FRAUDCLOSURES…REFIS, LOAN MODS AND WRITE DOWNS….THEIR DEBT IS UNSUSTAINABLE..THEIR DEBT CAN NEVER BE REPAID! YOU CANT REFI, MODIFY OR WRITE DOWN $700 TRILLION IN MORTGAGE FRAUD COMMITTED BY WALL STREET..IT CAN NEVER BE FIXED!

  4. It does not matter how much they improve the HAMP program it has no teeth ! same old same old…

  5. Js says:

    Isn’t it curious that the President has done virtually nothing of substance to help homeowners or to hold the banks accountable for fraud, until now, as his re-election campaign kicks off.

    Now, suddenly he makes all these bold sounding pronouncements about housing and mortgage fraud.

    We’ll see how things turn out but we certainly have good reason to doubt the sincerity of these efforts. Certainly it’s too late for every struggling homeowner who’s been kicked to the curb.

    • lvent says:

      PROPERTY LAW IS POWER…as Marcy Kaptur stated…! That’s why there are no attorneys fighting for clear title…loan mods, refis and even principle write downs are a cover up…for cloudy title. The attorneys are aiding and abetting the financial terrorists..!

      • lvent says:

        SHORT SALES ARE ALSO FRAUD….THEY ARE SELLING HOMES ON CLOUDY TITLES….THE REALTORS ARE FILTHY TOO..AIDING AND ABETTING THE FINANCIAL CRIMINALS!!!

      • Joe Gaffney says:

        Well, it’s a bad economy and attorney’s have make a living, too. So, what’s the problem?

    • Beth A. says:

      Js – yes! Agreed.

      Also he has spent his last few public appearances promising more government give-aways…because all of those empty promises to try to keep Americans at the government teat are all he has. “Vote for me – I’m working on hopefully giving all you people monies, etc., etc.”

  6. dRp says:

    If these idiots would just listen, there’s a large part of ‘us’ that were screwed by self proclaimed ‘servicers’ and ‘note owners’. We don’t needs mods. We need the cases to be looked at for wrongdoings, contracts being broken by financial institutions, damages,. Not if all the boxes are checked. This was clear on Dylan Ratigan’s show broadcast from Florida where the Deleware Ag stated, how many FBI agents are going to be assigned, how many forensic analysts, prosecutors… and something to the fact that if you had someone with a Murder charge, you’re not going to plea deal for carrying a concealed weapon and drop the murder charge. IF the other side KNOWS you will, you’ve lost any true investigation or prosecution.

    • lvent says:

      ..dRp ..There should be No negotiation with these criminals…just prosecutions and prison..clear title to homeowners..stolen homes and businesses returned….their collateral mortgage debt is too massive it can never be repaid…THE AMERICAN PEOPLE FUNDED THE ENTIRE WALL STREET DERIVATIVES FRAUD OPERATION AS WELL AS FUNDED THE BUILDING OF EVERY SINGLE HOME IN THIS LOUSY STINKING CORRUPT COUNTRY…AND THE PEOPLE ARE STILL BAILING OUT THEIR BAD BETS…THE INVESTORS WERE DUPED INTO INVESTING IN THE REVENUE FLOW FROM OUR NOTES…THE FRAUDULENTLY INDUCED MORTGAGES…PROBLEM IS WALL STREET OVERSOLD INTERESTS IN OUR NOTES AND GOD KNOWS WHAT ELSE……EXPONENTIONALLY…….THE INVESTORS HAVE NO LEGAL RECOURSE WITH HOMEOWNERS..OR BUSINESS OWNERS…JUST THE WALL STREET FIRMS WHO SOLD THEM THOSE CRAPPED OUT GAMBLES AT THEIR WALL STREET CASINO….TELL THE INVESTIGATORS TO LOOK INTO THE FACT THAT THESE BANKS/SERVICERS STILL HAVE THE ORIGINAL UNINDORSED NOTES……I CAN PROVE IT…WHEN I REFIED I GOT BACK THE ORIGINAL BLUE INK NOTE AND MORTGAGE UNINDORSED AND STAMPED PAID..THAT IS PROOF OF THE ORIGINATION FRAUD….THE FACT THEY NEVER DELIVERED THE LOANS…BECA– USE TGEY NEVER SOLD THOSE LOANS..JUST INTRRESTS IN THE NOTES….THE GESE’s ALREADY ADMITTED TO MULTIPLE PLEDGING OUR NOTES AND THAT WAS DONE HUNDREDS AND HUNDREDS OF TIMES PER NOTE ON EVERY SINGLE NOTE IN AMERICA…..! THAT MASSIVE FRAUD IS WHY THESE BANKS ARE INSOLVENT AND NEED TO BE HELD ACCOUNTABLE…THEY NEED TO BE SHUT DOWN AND ALL FRAUDCLOSURES HALTED INDEFINITELY!!!

      • lvent says:

        Banks are bringing lawsuits through third party debt collectors…servicers to try and hide the FACT..THEY DO NOT HAVE TITLE TO OUR HOMES…..THAT FACT ALONE SHOULD HAVE HALTED FRAUDCLOSURES WHEN THE ROBOSIGNING SCANDAL BROKE…THERE IS NO LEGAL FIX FOR THE ORIGINATION FRAUD ….THE CLOUDY TITLES!!!!

      • lvent says:

        There is no way to modify or refi insolvent debt!!!

      • lvent says:

        America is drowning in Wall Street debt fraud and Government corruption! Stop paying these criminals America…..their debt is UNSUSTAINABLE!!

      • lvent says:

        FACT: ONLY 20% OF THE LOANS WERE LIARS LOANS….! THAT IS NOT WHAT CA– USED THIS MANUFACTURED CRISIS…..THE TRUTH: OVERPLEDGING INTERESTS IN OUR NOTES BY $700 TRILLION. DOLLARS BY WALL STREET IS WHAT CA– USED THIS….WALL STREETS DERIVATIVE FRAUD DEBT IS UNSUSTAINABLE AND CAN NEVER BE REPAID!!! THEY ARE BEING ALLOWED TO STEAL AMERICA TO PAY FOR THEIR FRAUD DEBT THAT CAN NEVER BE REPAID…!!!!!

      • lvent says:

        THE WALL STREET WHORES MUST BE SHUT DOWN BY THE PEOPLE..! STOP PAYING..CONFORMING AND COMPLYING…..USING THE TBTF BANKS AND PATRONIZING CORPORATE AMERICA…BOYCOTT HOLLYWOOD AND WALMART,MCDONALDS..THEY ARE ALL BRANCHES OF THE GLOBAL… MEGAMONOPOLY….

      • lvent says:

        Rober Shear…author of the book ..THE GREAT STICK UP OF AMERICA….STATED THE TRUTH OVER A YEAR AGO ON THE MICHAEL MEDVED RADIO SHOW……THESE FIRMS NEED TO BE SHUT DOWN AND INVESTIGATED FOR MASSIVE FRAUD…AND ALL FORECLOSURES SHOULD BE HALTED INDEFINITELY…..SHERIFF TOM DART SAID OVER A YEAR AGO ON CNN…..THEY DO NOT HAVE THE NOTES!!!!

      • lvent says:

        Rt news reporting the Hollywood fat cats want to shut down our INTERNET….THE PEOPLE ARE PROTESTING THEM AROUND THE WORLD….BOYCOTT THEM AMERICA…! WE DONT NEED THEM…THEY ARE TOO BIG NOT TO FAIL!

      • lvent says:

        Boycott everything America …! This is FASCISM..THE JOINING OF CORPORATIONS AND GOVERNMENT IS FASCISM…!!!!!

      • Joe Gaffney says:

        I wouldn’t recommend boycotting any not-blatantly-unfair business in America. Our “Barny Frank politicians” have already brought this country to its knees. No need for more people to lose their jobs. We need to find and expose the causative politicians: starting with Blarny Frankly!

      • lvent says:

        Joe Gafney….you have a right to your opinion..I am of the opinion that CORPORATE AMERICA CAN SHOVE THEIR TEN BUCK AN HOUR JOBS UP THEIR ARROGANT ASSES…PEOPLE CANNOT AFFORD TO LIVE ON THE PAY OF .CORPORATE AMERICA….CONSUMERISM……CONSUMING WHAT OTHER NATIONS PRODUCE…WILL BE THE DEATH OF FREEDOM AND DEMOCRACY! CORPORATE AMERICA IS NO MORE THAN A WALL STREET DEBT SLAVE PLANTATION!

      • lvent says:

        If you cant make enough money to pay your bills or can barely pay your bills….then you are a slave…no better off than the millions of jobless and homeless…THEY HAVE BRAINWASHED PEOPLE AND PUT THEM ON A TREADMILL OF PAYING WALL STREETS DEBT!!!

      • lvent says:

        If you a accept their so called NEW NORMAL THAN YOU WILL BE THEIR SLAVE!….I REJECT IT…! AND ALL OF THEIR FIXES FOR FRAUD!!! ALL BROUGHT ABOUT BY BIG LIES AND DECEPTIONS!!!

      • lvent says:

        Gotta get off their treadmill..it will kill all of us if we allow it!

      • lvent says:

        EVERYONE…CALL THE BANK/SERVICER WHO CLAIMS TO OWN YOUR LOAN AND TELL THEM THAT YOU WANT TO KNOW EXACTLY HOW MANY TIMES THE LOAN ORIGINATOR AND THE GSE ILLEGALLY AND FRAUDULENTLY…..SOLD INTERESTS IN YOUR NOTE??….IS IT 100x ?….250x?..500+x????…THEY CANT TELL YOU…BECA– USE THEY DONT EVEN KNOW THEMSELVES..! BECA– USE OF THAT FACT….THEIR DEBT IS UNSUSTAINABLE….AND OUR HOMES ARE PAID FOR….!

  7. talktotennessee says:

    Addressing specific elements of ATG Ferazza’s original letter. Kathryn’s response speaks for itself.
    Ferazza Quotes:
    As is typical of all multistate settlements, the States will provide the servicers with a release appropriate to the relief they provide homeowners, including increased loss mitigation efforts and reformed systems to ensure that these servicing problems do not reoccur.

    But you should also understand that over a decade ago, Congress deregulated the financial services industry. That meant there were a lot fewer rules to accuse bankers of violating.

    Diverting our energy and losing precious time while investigating the securities industry will only delay relief to homeowners and could blow up our whole effort.

    We believe the settlement holds the prospect of significant and immediate relief to distressed homeowners, which is good for homeowners, good for the real estate marketplace and good for the economy.
    End of Quotes

    My response to Ferazza’s comments:
    1. Key elements of the letter focus on a release to lenders/banks. (psychologically significant in that it is mentioned first)
    2. Reoccurrence prevention is a second significant statement. (stopping bad behavior like fraud) (now don’t do that again, slap, slap) but then it really wasn’t your fault was it? It was Congress.
    3. Shifting the blame to Congress for deregulation thereby supporting banks with the inability to accuse bankers of wrongdoing. If a law does not exist, it can’t be broken, can it? This is #3 in importance and lets you know there will be no criminal charges.
    4. Investigating wrongdoing, robo-signing, fraudulent seizure of homes is a waste of time! (for who?)
    5. Time is of the essence in settling, a legal concept touting settlement is good for all. (for the industry)

    Note that key factors in ATG Ferazza’s letter speaks to the real problem in the settlement and our administrations’ push to sweep all the dirt under the rug. Homeowners, those who have lost or will lose their homes because of fraud is addressed far down on the list here and is merely a consolation prize for settling the matter for bankers’ benefit. (Aw shucks, we have to pay the states a little something to get the AGs on board!)
    Read between the lines people, that is where the real truth lies! Or should I say where lies are given for truth!

    • talktotennessee says:

      This response is posted under the wrong article but is still relevant. It will be re-posted under the appropriate heading.

      • talktotennessee says:

        The above should have been posted under Kathryn’s letter from Ferraza (see below). Sorry Kathryn my post is out of place but was meant to address the response you received from Ferraza. in comments on this blog:)

    • Katheryn says:

      thanks TTT for helping to convey my message as you touched on things that I did not

      my thoughts remain the same and that is to keep applying public pressure and also sending a strong message

      Mr. Presidente that we are listening, analyzing and will not tolerate any more BS as from a strategic standpoint

      now before the election is the best time there is

      EVERYONE must participate

      As for the post of homes that have already been lost – you too must keep the pressure on and do what you can

      to take it back which is a lotta work, time and schooling when you have to do it on your own but at least you tried

      but only if you feel you have the endurance to withstand what it takes from you

      If not it is sometimes necessary to put it all behind you pick up the pieces and move on as best you can

      That is not a defeat but a necessary skill to survive which also is a defeat to these criminals

      I don’t really see any other choices but perhaps I’ve missed something

  8. Mary says:

    Here we are…. YEARS into this manufactured disaster and all they can come up with is the same old sh&t. There are no real modifications. The banks do not own the vast majority of these homes. It is another con to give them title to your home. They are PRETENDING to own them. Now our brilliant and creative government wants to give them MORE incentives$? This is seriously the twilight zone!

    Mr. President… You waited years for those “responsible homeowners” to be drained dry by the crooks who put us all here. Now you want to throw pennies at us when our livlihood has been stripped as well. The ONLY restitution now would be for ALL those responsible to be rooted out and prosecuted. These are NOT misdeeds! They are criminal! Return our titles! Return the investors their money! DO YOUR JOB!!!!!

  9. Pamela Edwards says:

    Nobody seems to talk about what happens to the people who have already had to leave thier homes and have lost thier homes.I mean ot’s great to put this stuff in play for people who are still inthier homes but nobody talks about helping the people who are already lost.What about them?Are they just the forgotten ones?

    • lvent says:

      So true Pamela! These dirty bastards already got away with stealing 20 million homes..! That’s a lot of OUR freaking homes and WE ARE PAYING THAT DEFAULT SWAP INSURANCE MONEY..EFFING BANKS, WALL STREET AND AIG.. ARE ROTTEN THIEVES! THE U.S. GOVERNMENT ARE TRAITORS AND ARE ALLOWING THIS….!THERE ARE PLENTY MORE WHO ARE FIGHTING EVICTION LIKE MY SISTER WHO IS FIGHTING AN ILLEGAL EVICTION BY CHASE WITH A WA MU ORIGINATOR IN LAKE COUNTY ILLINOIS…THESE EVIL CRIMINAL BASTARDS HAVE NO LEGAL RIGHT TO TAKE ANYONES HOME AWAY…THEY ARE ALL BEING SUED AND ARE UNDER INVESTIGATION FOR MASSIVE MORTGAGE FRAUD!…

      • lvent says:

        Remember Bloomberg reported last spring..THE FEDERAL RESERVE COLLECTS TRILLIONS OF DOLLARS A MONTH IN MORTGAGE PAYMENTS….BERNANKE SAYS THEY — USE THAT MONEY TO BUY TREASURIES WITH..HE IS A FUCKING LIAR..WE THE PEOPLE BOUGHT WALL STREETS FRAUD THEY COMMITTED WITH OUR SIGNATURES AND NOTES ….THE FEDERAL GOVERNMENT IS USING THOSE MORTGAGE PAYMENTS….WE THE PEOPLE ARE SENDING …….TO HIRE ATTORNEYS TO STEAL OUR HOMES AND HANDING AIG INSURANCE MONEY TO FEED THESE CRIMINAL FINANCIAL INSTITUTIONS AND WE ARE PAYING THE BILL! IF PEOPLE HAD A PATRIOTIC BONE IN THEIR BODY..THEY WOULD JUST STOP PAYING EVERYTHJNG! THINGS ARENT GETTING BETTER BECA– USE THE FEDERAL GOVERNMENT IS STEALING YOUR MONEY AND HANDING IT TO THE VERY CRIMINALS WHO ROBBED US!….WAKE UP AMERICA! YOU ARE FUNDING YOUR OWN DEMISE…BY PAYING THE MORTGAGE!

      • lvent says:

        I was reading that you can go to any major city and look up lawsuits against banks there will be at least 30 pages of lawsuits against any one bank/servicer! Maybe more now..that was an older article…! STOP THE FRAUDCLOSURES!! THESE CRIMINALS ARE STEALING AMERICA FOR DEBTS THEY ARE NOT OWED…!!!!!!…THEY ARE INSOLVENT BECA– USE OF HUNDREDS OF TRILLIONS IN MORTGAGE FRAUD THEY committed in our names with our notes!

      • Joe Gaffney says:

        Ivent,

        It’s hard for people to understand that their Notes have been sold, and sold, and sold, etc., etc., etc., and their original lender/servicer has been more than well paid for them! Now, the problem is that Uncle Sam is allowing them to collect more money on these long-since-retired notes/mortgages!

        Years ago, there were similar scams among the small-loan lenders. The small-loan lender would write off a bad debt (in order to reduce their delinquency rates) and ugly scavengers would come around their offices to dig them out of their garbage cans. These ugly scavengers would ask if they could have the dead loans and attempt to collect on them. In other cases, ugly scavengers would buy garbage-can loans at pennies on the dollar from small-loan lenders and if they collected anything (from us unsuspecting ex-debtors) they would be many dollars ahead! This is exactly what’s taking place right now!

        B of A allows others (perhaps non-stock holding employees!) to have these dead Notes (because they’re no longer legal!) and they try to collect on them. This practice turns mere pennies into sheer dollars!

        If the government officials do not understand this, they need to have it drilled into their heads! “Securitized Notes” are no longer legal titles to any equity in any of the properties they secured! These collecting creditors are violating the law and many judges are endorsing the practice.

        Besides stopping the government officials that permit (and permitted) this practice, we must also stop the ugly-scavengers.

  10. abs says:

    must revolt now!!!!! can’t expect the hen to be safe in the hands of fox. Welcome to the ne United Socialist of America. Must oust Obama for treason

    • lvent says:

      Yes abs..Obama is a very sneaky traitor!!!!…people who are paying the mortgage and refinancing don’t realiize these banks owe $700 trillion in collateral mortgage fraud ….their debt is unsustainable…people who keep paying the mortgage or refi don’t realize they are funding their own STRATEGIC demise..Congress will not impeach Obama….they are all traitors who are getting rich off of our demise!…STOP PAYING…CONFORMING …AND COMPLYING!!!! WAKE UP AMERICA FOR THE LOVE OF GOD THEY ARE STEALING OUR HOMES AND THEREFORE THEY ARE STEALING YOUR COUNTRY!!!!!

  11. Mary says:

    Yeah thats right! …..Cripple us then tell us to get up! Mr. President you really suck at your job!! Get a clue will you! The country is going to hell in a hand basket on YOUR watch! We know they are criminals! You know they are criminals! Now quit worrying about the damn election and DO THE JOB WE ELECTED YOU FOR! Their bribes aren’t gonna be worth sh$t in hell!

  12. Mary says:

    HOW ABOUT A RESPONSIBLE PRESIDENT!

  13. Mary says:

    THEY HAVE NO AUTHORITY TO EVEN DO A F&$&ing MODIFICATION!!!

    • Joe Gaffney says:

      A “modification” is a brand new Note. Those who obtain mods are re-indebting themselves into their already over-valued properties!

      Some of us woke up, but, I’m surprised that many lender employees have not as yet. I guess you can find a crook anywhere. Tell the world we’re the dead-beats and suddenly it is the home owner who is the crook!

  14. Mary says:

    To pissed off to even get through the letters! My God how stupid they must think we are! They own NOTHING!!!!!!! AND THEY KNOW IT!!!!!! Total criminal enterprise! NO Justice. ALL lies. Let the F@$@ ing banks fall!!!! I’d rather start completely over than live in a corrupt America!

  15. ED says:

    I HAVE BEEN FIGHTING WELLS FARGO FOR OVER 5 YEARS -PEOPLE NEED TO WAKE UP – MY HO– USE VALUE IS DOWN 40% THATS NOT MY FAULT IT’S THE BANKS FAULT – AND IN THE NEW YORK AREA THE HIRED THE THE LOWEST THIEF THEY COULD FIND BAUMS FORECLOSURE MILL HE IS AND WAS THE SAME AS STERN IN FLORIDA THESE FIRMS MADE TENS OF MILLIONS OF DOLLARS AND ALL THE BANKS — USED THEM AND THE GOVERMENT KNEW ABOUT IT THE WHOLE TIME – THE GOVERMENT IS AND HAS MADE US AN THIRD WORLD COUNTRY WITH THERE GREED

    • lvent says:

      And the home prices are never coming back Ed..the commercial property either..It was all a scam..a big swindle..! But they don’t have the notes!

    • talktotennessee says:

      Wells Fargo is one of the worst. You could fill out forms until you were blue in the face and still not gain their cooperation to modify. I personally think there is more beneath their failure to cooperate. Perhaps they do not retain authority to re-negotiate? I don’t know what the problem is but I had a financial counselor, and now have an attorney and all of us working to modify a loan and even my attorney submitting the paperwork for modification can’t gain Wells Fargo’s cooperation. There must be a good reason they would pay an attorney (one of he highest priced) to defend their refusal to modify rather than settle by modifying the loan. There is much more below the surface of Wells Fargo’s refusal to cooperate! Something is wrong here.
      I am suspicious that they have no legal standing to modify and it is easier to pay a lawyer to muddy up the waters until you give up, are out of money or your attorney gives up and you go away so they can proceed with their foreclosure. In non-judicial states, which is most of them, they don’t have to go to court, prove anything, their standing, rights, NOTHING, in order to steal your house despite you trying to pay them!!

      • Joe Gaffney says:

        TTT:

        They do not want to do mods! (And, you can take that to the bank, as they say.) They have bogus notes, bogus security, bogus title, bogus assignments, you name it – it’s all bogus. They will not do mods unless and until forced to, or until they discover some fully vetted paperwork that seems to concretize ownership.

        The problem is, if the counties do not have proper title docs, or proper assignments, they stand open to much larger law suits than they migh have at the hands of angry delinquent homeowners.

  16. Katheryn says:

    This is a response letter I received from AG’s Office state of Washington. I have also attached my response to the letter with permission to share. I did receive another response with an attachment letter written by the AG to the Senator of Washington. I will copy and paste later.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Thank you for your inquiry about our ongoing settlement negotiations with the big banks over robo-signing and other foreclosure and loan servicing practices. There has been a lot in the news and in the blogosphere lately about these negotiations between the country’s largest mortgage loan servicers and a group of state attorneys general and a number of federal agencies. Our Attorney General and staff are among the longtime leaders in the fight to protect consumers from unfair or deceptive lending practices. From that perspective, let me give you our perspective on the negotiations and the potential settlement.

    Beware the misrepresentations, distortions and outright falsehoods being circulated by those who don’t know the substance of the settlement negotiations. The truth is that the settlement is still being negotiated and criticism of it at this point is rank speculation. Nevertheless, it is not too early to make a few observations as negotiations continue.

    A settlement promises significant benefits for distressed homeowners. We estimate the final settlement amount will be in the tens of billions of dollars in total value – unless it is allowed to be indefinitely stopped by critics who insist on diverting our focus away from the needs of homeowners. Those harmed by the mortgage meltdown need relief now, not months or years down the road. Every day we delay, more homeowners face losing their homes to foreclosure.

    A settlement promises new approaches to the problems. For example, principal reduction for “under water” borrowers is very much on the table and will likely be part of any settlement. The settlement will also set new and stronger standards for loan servicing, including provisions that will ensure greater accuracy, timeliness and greater responsiveness to borrowers.

    A settlement will not give the banks “total immunity” or a “blanket” or other broad release of matters not covered by the settlement. As is typical of all multistate settlements, the States will provide the servicers with a release appropriate to the relief they provide homeowners, including increased loss mitigation efforts and reformed systems to ensure that these servicing problems do not reoccur. Moreover, there will be no amnesty from criminal prosecution. This is a civil investigation not a criminal one. The states have never contemplated doing anything that would interfere with any criminal prosecution. While some state attorneys general have criminal jurisdiction, many are like Washington State, where the Attorney General does not have original criminal jurisdiction. If you have concerns regarding criminal prosecutions, you should address those to criminal prosecutors such as the U.S. Attorney’s Office or local county prosecutors. But you should also understand that over a decade ago, Congress deregulated the financial services industry. That meant there were a lot fewer rules to accuse bankers of violating.

    A settlement will not interfere with the work of other state or federal agencies or of attorneys general who elect not to join the settlement nor will it waive any rights of individuals without their consent. The settling states may only release the claims of their own states. They cannot release the claims of states that do not choose to settle or the claims of individuals without their consent. If a state is unhappy with the settlement, they are not required to join it. The settlement will thus have no effect on that state or its citizens.

    The attorneys generals involved in multistate negations with the banks maintain a laser-like focus on bringing as much help to distressed homeowners as soon as we can. The interests of homeowners are not the same as those of the hedge funds and other Wall Street investors he seeks to include in our negotiations. Diverting our energy and losing precious time while investigating the securities industry will only delay relief to homeowners and could blow up our whole effort.

    Contrary to what some have alleged, this settlement will give us more, not less, leverage with the servicers to ensure that the home mortgage servicing industry serves the needs of America’s homeowners, and puts in place national servicing standards they will have to adhere to. We are at a critical juncture in our settlement talks. These negotiations are being handled by a savvy and experienced group of consumer protection professionals who have a long track record of bringing real relief to defrauded mortgage borrowers. If they agree to a settlement, it will be because they believe the terms are in the best interests of America’s homeowners. Combining the claims of private institutional investors with the claims of investors puts homeowners’ interests on the back burner at a crucial time. We believe the settlement holds the prospect of significant and immediate relief to distressed homeowners, which is good for homeowners, good for the real estate marketplace and good for the economy.

    In closing, we recognize that there is much conversation in the blogosphere and that emails from various interest groups are being circulated. However, what I’ve offered here is the view from one of the states actually leading the settlement talks. These remarks are based on factual information about the actual substance of the negotiations. Please take accusations from those not involved in the talks with a healthy dose of skepticism.

    /S/

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Dear Ms. Ferazza (ATG),

    First, let me thank you for your response and for giving me your insight into this most devastating issue. Where I agree with you that information received by means of the blogosphere can be all of those things you site in your second paragraph, I also believe you may get more truth there then that of other media sources, as they do not always “tell it like it really is”. It is up to each of us an individuals to sort out the true facts as best we can. I am quite confident that pressure is on from the White House to get this settled and swept under the carpet as quickly as possible. It is an election year and it’s “politics” as usual. Unfortunately for those of us that have been harmed, “politics” as usual will not fix this problem. What you perceive as “criticism” is our way of voicing our concerns that a settlement will be reached without the input from those that have been harmed. To sit complacently and quietly while those of you in power decide on our fate would be an injustice in and of itself.

    Your third paragraph refers to tens of billions of dollars in relief. Tell me how that relates to each individual. Let’s throw out the figure of $20,000. That very well may help someone with a mortgage balance of $70,000 but what about the millions of people with balances of $200,000 and up. Will you honestly try and tell me, with a straight face, that this would keep them out of foreclosure? Really? Then we have the President’s $3,000 tax credit for “responsible” people to refinance at a low interest rate. Many problems with this. Again, it will only help a very limited group of people. Interest is the largest tax reduction we “small” people have. So you give a person in the 20% tax bracket a credit of $3,000 but have reduced the deduction they get anyway because of a lower interest rate cancels itself out; it is of no use. To add to that, the banks, again, make all the fees and costs associated with a refinance thus raising up the mortgage balance again in a economy that prices are still falling. I assure you I’m no math genius, but, Really? I would like the President to define “responsible” homeowner that will be entitled to refinance. I have been a homeowner for 30 years. I have owned more than one home at times. Up until 2010, we have never, ever missed a single payment on any home. My credit score was 770. We had a nice savings account. What happened. My income was tied to the industry; it went down. My husband has had the same job for almost seven years and is a middle income government employee. In 2008 and 2009, while we still had a nice amount in savings, we tried to get a modification from Countrywide which then became Bank of America. We were jerked around, outright lied to, until our savings started to run really low. Suddenly, just like that, we were pre-approved for a refinance. We were trying to sell the house and our backs were against the wall. They inflated our income as well as the value of our property and charged us $15,000 in closing fees which were then tacked onto the already underwater balance. The enticement; it lowered our payments so we could bleed our savings at a slower pace. We were also promised we could try again for a modification. Not true. It was a carefully orchestrated plan to collect on the credit default swap, collect Tarp funds, use our signatures again to procure more advanced funds with it and finally; to take the house. I have two “blue ink notes” one which was obviously cut and pasted with our signatures marked true and correct copy from Bank of America as well as a second note that we actually signed at closing and is filed in the county recorder’s office. I could go on and on with the banks less than forthright dealings, but I’m sure you get the gist. My husband and I were “responsible” homeowners but were thrown, by no fault of our own, into the “deadbeat” category. I am sure that if a home intruder broke in and took many of your possessions only to be caught and warned not to do that again, you would not feel good or that justice was served. This is how the many millions of “us” feel. The problem most of you, who are not in our shoes is missing, is the fact that the middle class is being hurt the deepest and will be helped the least. The middle is the support of two ends. When the middle is removed, the two ends fall and the middle collapses. If you all in law enforcement do not step up to the plate and find real solutions as well as prosecutions, you will all be affected also. It is inevitable that in some way shape or form, you will feel the pain. This will not be solved and our economy will not be improve if you use a Band-Aid to stop the bleeding of an elephant’s mortal wound.

    You refer to investigations of securities fraud as just a diversion of the AGs’ time which will delay a settlement and of which will serve no real purpose to the homeowner or economy. I, again, beg to differ with you. We have watched and observed more and more facts coming to light of grave breaches of our laws by Wall Street and the large banking institutions. We have watched our entire financial system almost collapse at the hands of those who are now wealthy people and who believe they will bear no real consequences to their unlawful deeds. Your assurances that they will be made to do better in the future offers most of us no consolation nor do we have any belief in your statements to this as fact. A serial killer who is caught and told that killing is bad and don’t do it any more; once released, will continue to kill. To expect your citizens to obey the laws of your state while you demonstrate that white collar crime should not be prosecuted because it is a distraction; sends a very wrong message. I have a copy of the mutual consent order of Bank of America with the Banking Committee agreed to last year. They have apparently already forgotten that agreement. This response is not intended as a criticism and I hope not taken as such. It is merely to give you insight to the thoughts of many like me.

    My last question is whether you will give me permission to share your response with my friends in the blogosphere. I will await your response before sharing. Thank you for your time in response to my email.

    Katheryn

    • lvent says:

      Katheryn..at least they responded..but the rank speculation part is I believe a ruse..and the only fair deal for homeowners in this $700 TRILLION DOLLAR MORTGAGE FRAUD LIVING HELL IS CLEAR TITLE FOR HOMEOWNERS…there is no legal fix for this and the damage these crooks caused cannot be fixed by fines and recycling of unsustainable debt…Clear title for us and prison for them…We should settle for no less!

  17. gregory says:

    They want to redo all those loans that people have found out have bad title. This is just another cover up of bad loans, bad ,bad lending ,practice, bad servicers. all sorts of other things, BAD BAD BAD

    • lvent says:

      Yes it is a cover up but, not for bad loans Gregory…it is a cover up for bad titles…millions of them…they never assigned their lien because that is how they got away with selling hundreds of interests in every single note..they never sold the loans…just interests in the notes..and created $700 trillion in collateral debt fraud with that dangerous and deceptive practice….The only way tor them to cover it up is to get people who do not know the truth is by committing more fraud and more dangerous and deceptive practices by getting people to establish a new debt…because there is no legal fix for the ORIGINATION FRAUD….!!!

    • lvent says:

      Gregory….THE TRUTH: ONLY 20% OF THE LOANS WERE LIARS LOANS…..!

      • lvent says:

        20% of bad loans out of millions of good loans doesn’t add up to a catastrophe like this!…Those LIARS LOANS WERE A PLANT FOR THEM TO — USE TO BLAME THE VICTIMS….AND TRY TO COVER UP FOR HUNDREDS OF TRILLIONS IN FRAUD THEY COMMITTED WITH OUR SIGNATURES AND OUR NOTES!!!!

  18. lies is all they tell says:

    same here why did i read this just blows my top!!! i wanted to save my home i communicated with wells fargo they lost my paper work denied me hamp put me in a mod higher then my original mortgage and then denied me a hamp again when they new i could afford the higher mortgage. so as i sit on the foreclosure train. me a RN for 25 years who is losing her home due to the constatnt need for hospitals to call nurses off when census is low. especially when tourism slowed to a crawl in st peteresburg florida after the bp oil spill. thought i was the only one i dont owrk there but a nurse friend save my number and called me when she found out chase was lieing saying they foreclosed on her. she didnt know juducal from non-judicial i calmed her and looked on the internet for her. she has not been served. a nice scare tactic of chase. scare homeowners out. thank GOD you kept my number. so here is 2 KINDRED healthcare nurses going into foreclosure because they did not calim BP money so employees could not. no deadbeats here. only hard owrking nurse that are vicitims of this crazy market. i did not mention anywhere taking those of us fraudulently put into foreclosure will get help????
    so OBAMA is ok with the banks lieing to us so when we do apply for a hamp and are denied they could just spead along the foreclosure. i do not see any accountability here. can someone pleas ehwlp me understand why my friend and i 2 hard working nurses are lsoing our homes. i was told not to pay my mortgage by wells fargo aand then denied the hamp, my friend was told to pay partial payments while waiting to get approved for a hamp but denied by chase. where is the fairness

  19. papergate says:

    okay my bad – I don’t know why I even open up an article like this . . . such a waste of grey matter even reading about it – who exactly is defining ‘responsible’ – what about ‘responsible’ servicers and lenders or brokers why do they even use the term ‘responsible’ in the same sentence of helping – they still haven’t figured it out. His speech was okay – until he had to invoke the term ‘responsible’ . . . what a joke we all passed the sniff test a long time ago – we acted out of defense – with no help – no legal – no state or federal help whatsoever – still fighting on our own – they’ll send troops to another world but not help an American facing foes and they still assert that term when they know we have all been exposed to invisible pretenders and fraud doc purveyors and will never appear ‘responsible’ in the eyes of the judiciary, rule makers or administration because there was no ability to be responsible as no structure or framework ever existed for homeowners to act in a ‘responsible’ manner when faced with fighting and defending criminal mob-like actions in defending one’s home – its an oxymoron ‘responsible’ . . .

    They [administration] need to permanently remove that term ‘responsible’ from this equation – the problem stemmed from ‘irresponsible’ parties behind the transactions in the first place – long before owners’ actions came into question – it was not the owners at origination – how could we [owners] be ‘responsible’ when confronted with nothing but relentless irresponsibility on the originating parties’ side against us that in itself resonates irresponsible regards or lack of knowledge of the apex of this crisis in the first place . . .? In this context ‘responsible’ means the homeowner is doing everything possible to protect its shelter which means not giving power or money to stranger entities defrauding them since day one – someone needs to tell the Admin to go back to the drawing board and rethink the usage and value of this term ‘responsible’ in the same context in comments and sentences re ‘help’ – or quit asserting the term in the overall scheme of things if they don’t have a clue or fully understand the gravity of what the heart or nature of the crisis is based on in the first place. In other words, don’t dump on the owners and lecture to them about ‘responsible’ when the admin and powers that be were the first to not act ‘responsible.’ I personally am sick of hearing that word and the same as the term ‘bankster’ should likewise be regarded and removed from any and all commentary regarding the issue.

    • Dan Smith says:

      Right, instead of Bankster we should use the word “criminal”. How did Obamma’s one word annoy you when his entire 3 years in the WH he has allowed millions of foreclosures and acts of white collar crime to continue.
      Even the victims have no idea how badly they have been f$*ked.

      • lvent says:

        True..too many still have the media blinders on…Banksters or Criminals doesn’t matter what we call them …….Obama is still calling them reckless!

  20. Dan Smith says:

    I’ll complete my RMA from either the public library, the homeless shelter or the funny farm. Thanks Obama!

    • Joe Gaffney says:

      The average person doesn’t know how to fill out an RMA! It looks to be fairly simple – just fill in the blanks – but, that where the problems lie! Only an experienced mortgage broker familiar with HAMP will know how to fill one out. Thus, most mods are denied or conveniently disappear!

  21. Susan Wang says:

    Jail banksters, fire Obama, cramdown/forgive debt. The alternative is Revolution. OCCUPY!!

  22. lvent says:

    The poison pills are back!..this time they really want to murder some homeowners!..no playing around..you WILL get approved for an all NEW debt…that you can never repay!! MWAHAHA!! …this time…they will make sure you establish a new debt you dont even owe because of the hundreds of trillions of dollars in fraud the debt cartel committed with our signatures…..and if you lose your livelihood or get a paycut and cant pay the debt cartel back…you will be in the street faster than Obama and Geithner can say Heil Hitler!!!

    • Joe Gaffney says:

      Imagine starting a business with very little capital, minimal office space, no significant assets, no start-up cash flow problems, that as you collect money from out of the air, will allow you to acquire assets, larger offices, plenty of starter cash, big pay checks, employ crooked politicians, and so on. Wouldn’t we all like to do that?

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