JP MORGAN INSIDER – “CHASE is in the Foreclosure Business, NOT the Modification Business.”

INSIDE CHASE and the Perfect Foreclosure “JPMorgan CHASE is in the foreclosure business, not the modification business’.”  That, according to Jerad Bausch, who until quite recently was an employee of CHASE’s mortgage servicing division working in the foreclosure department in Rancho Bernardo, California. I was recently introduced to Jerad and he agreed to an interview.  … Read more

Hello Connecticut – Mortgage Foreclosure Standing Order – All Foreclosures Frozen Until Defendant Can Apply for Relief Under Federal Loss Mitigation Programs

Standing Order on Mortgage Foreclosure Mortgage Foreclosure Standing Order – Federal Loss Mitigation Programs has been posted to the Judicial Branch’s website. This standing order is effective September 1, 2010. ~ The purpose of this standing order is to ensure that no mortgage foreclosure proceeding is initiated, no previously initiated mortgage foreclosure proceeding goes to … Read more

More and Better Predatory Loan Servicing Fraud

Commentary by George W. Mantor RISMEDIA, August 17, 2010—As the vast majority of applicants for loan modification have learned, HAMP, the Home Affordable Modification Program, is little more than a thinly disguised mechanism through which to conclude the foreclosure process on behalf of financial intermediaries who never loaned a dime and never lost a dime … Read more

Whistleblower Lawsuit: Fannie Mae Bungled HAMP Anti-Foreclosure Program – Caroline Herron v Fannie Mae et al Case 110-Cv-00943-Rmc

Fannie Mae executives bungled their stewardship of the federal government’s massive foreclosure-prevention campaign, creating a bureaucratic muddle characterized by “mismanagement and gross waste of public funds,” according to a whistleblower lawsuit by a former Fannie Mae executive and consultant. Caroline Herron, a former Fannie vice president who returned to the mortgage giant in 2009 as … Read more

Whoopsie – Bank America Screws Another Homeowner – Bank of America’s Error Cost Cape Coral Woman a House

Excerpts from the report… Nicole DePuy thought she was one of the lucky ones when she walked out of Harborside Event Center on Jan. 27 with a loan modification that would save her home from foreclosure. After waiting hours to talk to her lender at the highly publicized event, the 40-year-old speech-language pathologist had been … Read more

Where Do Those Trial Payments Go? Hamp Data Shows 1.2 Million Trials Started

Ever wonder where those trial payments go? Do they go to your loan balance? To your escrow?  Do they go to your interest due? Do they go to fees owed? Or do they go into a black hole? I personally just don’t know… Check out the less than exciting Hamp Report below… ~ HAMP … Read more

Huffington Post – Crucial Help for Homeowners Could Never See the Light of Day

  Richard Zombeck Eyes and Ears Mortgage Specialist and Founder Senator Al Franken (D-Minnesota), who in my opinion should be wearing a cape to work every day, introduced an amendment to the Financial Reform Bill that would create an Office of Homeowner Advocate to assist homeowners who have been denied a loan modification through … Read more

Making Home Affordable Program Servicer Performance Report Through April 2010

Calculated Risk About 299,000 modifications are now “permanent”, and 277,000 trial modification cancelled. There is still a huge number of borrowers in limbo. According to HAMP, there are 637,353 “active trials”. As of April, there were 1,214,085 trials started, and as of last September there were 553,568. That gives 660,000 trials started over the last … Read more