“Servicer will provide a single point of contact (“SPOC”), which may be more than one person, to any first lien, owner occupied, borrower suffering a hardship through the loss mitigation processes.”
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Huh?
And it gets better from there…
Adam Levitin sums it up pretty well…
Banks to AGs on Servicing Fraud: Drop Dead
Here’s the banks’ counterproposal for a servicing fraud settlement. I can sum it up in two words: drop dead. Or two letters: F.U. This proposals is so pathetically thin that it’s not a good faith counterproposal. This document only deals with servicing standards–nothing in it whatsoever about penalties, modification quotas, etc. But even on servicing standards it is a bunch of empty promises to have internal controls and try harder.
The first point about this counterproposal is simply to note what’s absent from it:
(1) nothing about principal reductions
(2) nothing about second liens and conflicts of interest
(3) nothing about MERS (reserved for later)
(4) nothing about in-sourced vendor fees or force-placed insurance to affiliates. This makes the fees and force-place insurance sections pretty meaningless.
(5) nothing about pyramiding of fees.
I’m sure I’m missing a bunch of important points that aren’t addressed, but these seemed to be the most obvious ones.
Next, it’s worth noting just how little it actually promises and how cagey the promises are. For many points it does not promise results. Instead, it promises “processes reasonably designed” or “procedures reasonably designed” to do something or another. Basically a lot of it boils down to promises to implement internal controls, reviews, and procedures to make sure things don’t happen again.
Put differently, this is the servicers’ saying “trust us.” Ummm, that’s the whole problem. No one trusts the servicers–not investors, not homeowners.
Let’s look at some specific terms. Orwell couldn’t have drafted these any better:
Check out the rest of this must read analysis here…
Full “proposal” below…
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4closureFraud.org
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Draft Uniform Servicing Standards
Why is it that am I not surprise? lets see..They asked for 700 Billion with the promise to help homeowners and the economy, didn’t happed, check. They promise to help the homeowners when the HOPE program came out, they didn’t check, They promise to lend to help the economy, they didn’t check, They promise to help when the HAMP came out, not only they didn’t but they illegally use it to profit themselves, check They promise to stop the fraudclosures when the robo signing scandal occurred, and they still Fraudclosing check, I can go on and on….
THIS IS GETTING GOOD!!!! LOL
Now that they have revealed their cards, the banks/servicers need to be told this is how it will be done and set deadlines, guidelines and penalties if it is not done! No more BS. Undermining the public (tax payers) should have been unlawful enough to make loan modifications and reasonable workouts mandated, not encouraged.
Do you know what it takes to get a loan modified? Our agency has done just that, followed the guidelines, met deadlines, provided creative underwriting techniques with financially sound homeowners that are now recovering through our budget & credit management requirements. We still had to wait 12 -18 months before the homeowners file was ever reviewed before it was denied! Our escalation team of counselors would not stop until they got the right individual in executive offices, letters to congress members to get the final APPROVAL FOR A LOAN MODIFICATION. It is hard and a thankless job, but we are so glad when a homeowner is able to remain in their home.
Director of Foreclosure Prevention-Westchester County-NY
GOOD MORNING PEEPS!
push and shove!
Yesterday CNBC reported that Chase’ pimp CEO Jamie Dimond stated that there will be no loan write downs. I take that as the same answer from the entire bankster cabal. I do not want no stinking fraudulently induced loan mod anyways. I refuse to assume a possible new 40 year debt burden until the servicer can prove they are the party in due course. I have not been shown a shred of evidence that they are owe any money from me. So far all I can see is fraud in the whole of my loan from the Origination to the Fraudclosure Complaint. . I was deceived and intentionally set up to fail, defrauded and robbed in a giant Ponzi Scheme that I never asked to be a participant in. They used MY HOME and my signature as collateral and a gambling tool to defraud me and rob me and now they want to steal my home, too. RESCIND MY LOAN.
I vent……that pimpy ‘ Demon” is talking with fork tongue…his nazi bank does not own the mortgages…especially WaMu’s..cause WaMu didn’t even own the mortgages…they just thought they did…WaMu was so far into being greedy they forgot someone else did the funding. Ya..they thought the money was theirs just like they thought the houses were theirs…when in fact..they were just the pee-ons closing the deal for a nominal fee…plus any extra ‘ commissions ‘ paid for corrupt wrong doings..and yes, there was alot of ‘ wrong doings.’…. So Mr. ‘ Demon.’ need not worry about write downs….only a sucker would fall for that. Sorry Chase..those days are gone…we are out to get back our homes, our country, ( just in case Demon forgets..THIS IS OUR COUNTRY AND DON’T FORGET IT)….HE CAN GO BACK AND CRY OVER THE FRAUD MORTGAGES FROM WAMU THEY RUSHED SO FAST TO GET. NOW CHASE CAN FAIL….DON’T OWN SHIT FROM WAMU…..SEE YA IN COURT………..
Then the lord of that servant was moved with compassion, and loosed him, and forgave him the debt. Matthew 18:27 I filed for Loss Mitigaton and it was denied on my first and second mortgage.
Is this ‘proposal’ an April Fool’s joke?!?!?!?!
This amounts to nothing less than what we’d get if we let indicted criminals decide their own sentences, which would go something like this:
The next time I feel like murdeirng someone I’ll do it in such a way that I won’t get caught.
And, I’m changing the punishment for murder, in case I’m actually charged, to three days of community service.
Take the fight outside of the Judicial!
The Department of Housing’s Fair Housing Complaint is a way to bring a Bank to the table at gun point. It is a shame that FHC is not getting the press it needs to be used for more at risk homeowners. Please educate yourself and see Fair housing complaints at http://diligencegroupllc.net.
American Middle-class Homeowner
-AMH
Since we have become a government of the banksters’ puppets, by the banksters’ puppets and for the banksters and their puppets, what do you expect?
Hey, isn’t bribery a crime? It is, but then again, fraud is a crime. Yet, for some reason, the prosecutors will not prosecute the banksters. Is it because the prosecutors have had their heads completely up their asses for the last several years and still have them up there or are the prosecutors taking bribes to let the banksters steal the homes of millions more American families?
Fire, arrest and prosecute the prosecutors or expect the raping and pillaging to continue!
Do I have to quit my night job, and come out and explain to everyone how to do this? Come on foreclosure activists and foreclosure defense attorneys. Think about how who needs to be fired and how to fire them. Here’s another hint: hire a political consultant if you need somone to explain how to get rid of these crooked puppets. Would a petition for their impeachment look good in the next election?
There are peaceful ways to do this, but before long, I expect someone will use the other means provided to protect against criminals. If and when that happens, will any jury convict anyone for using the last resort to make criminals pay?
Officer….My gut feeling is the other means will win out. it will come from the shadows at any given time. To much time has gone by and corruption reeks everywhere…and is going no where in the right direction. All this has made the fires hotter and anger much deeper….no saying what will happen…but it is bound to happen. And this too will be the driving force of anger that this government must wake up to the fact , they too, have caused whatever happens, right along with all the corruption that has tried to ruin America. Stick the NWO where the sun don’t shine….stick it all in the same area….yes..when push comes to shove….it may not be a pleasant sight. Sad, but true.
Sure is!!! hmm,,,