Comments on: When Denying Loan Mods, Loan Servicers Often Wrongly Blame Investors

By: Donna

Donna — Fri, 13 Aug 2010 11:20:45 +0000

In reply to indio007.

They sell the loans to wall street so they can have the capital to continue to lend money. Banks don’t have enough of their own money to keep billions of dollars of mortgages on their balance sheet. No wall street, no more money to loan for homes.. there just isn’t enough money on a banks balance sheet to do it. They would have been loaning “deposit” funds. not good…

By: Donna

Donna — Tue, 10 Aug 2010 12:29:28 +0000

I, too, am bringing suit against PNC for non compliance with Michigan Foreclosure Law, and ultimately for violating debt collection practices act, and Truth in Lending and anything else we can come up with. I got the run around for 18 months, told investor doesn’t participate in HAMP, (Bank NY Mellon) then finally found someone at PNC that claims to have sent it to BNYM who came back with an offer to reduce my payment to 50% of my gross monthly income. If anyone else is struggling with PNC or BNYM, please respond. I see this as a class action waiting to happen. My point is, I showed up with an Attorney but saw many others in that law office without anyone. I’m willing to bet that in Michigan alone there are a thousand or more who have have been stomped on without knowing their rights….

By: indio007

indio007 — Sat, 24 Jul 2010 02:59:35 +0000

disinfo piece….
especially this part
“banks often sold mortgages to investors on Wall Street so they wouldn’t have to keep the loans on their own books, ”

Why wouldn’t they want an asset on their books? God damn, who hires these reporters?

By: maia

maia — Fri, 23 Jul 2010 20:12:16 +0000

Good post, Elyse–also add that all Pooling and Service Agreements list just about every bank–one is the depositor, one is the master servicer, another is the servicer, another the custodian, ect.–it’s kinda spiritual–they’re all ONE!

By: Elyse

Elyse — Fri, 23 Jul 2010 19:34:06 +0000

Wall Street is demanding the banks Do Not Modify loans because all the roads will lead to their criminal activities! There are only a handful of Wall Street Banks at the TOP…In order to cover the “roands that lead to them”, they created new banks under new names taking over old banks with failed names!! Are you people “getting it”????

Sue the banks, sue MERS, the Judges are “getting it” little by little…they have to see the fraud in their Courtrooms day after day…same story! Day after Day!!..Push to get the media involved….so many will not because they are under comands from that small group of Wall Street .Banksters in charge of all of this!!.