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Friday, October 29, 2010

Why Banks appear to be so eager to foreclose on as many homes as fast as possible, perhaps its the Fifteen revenue streams that are created.


Why do Banks want to foreclose on so many homes so quickly?

I have come up with a list of possible foreclosure income streams that get generated when a bank forecloses on a homeowner. This list could explain why the banks are in such a rush to foreclose on a homeowner and not so interested in helping the homeowner.

1. The banks keep the original down payment once a home is foreclosed, which can be anywhere from 5% to 20% of the possibly over inflated value of the home when the foreclosure victim first purchased the home.

2. Home Equity lines, yes, there still are PLENTY of homes that have home equity value in them, which gets forfeited back to the banks as well. Think of it as filling up a piggy bank, and once full, it's all yours, but instead, its broken into and all of the contents go back to the big pig. In many instances, the piggy bank, (the home), is not broken and can be resold again.

3. Fees - lol, I know they exist because they are mentioned in practically every article I read about home foreclosures. The mortgage servicer may try and tack on an additional home insurance policy or pay for legally suspended property taxes then demand payment, which may include additional fees for creating the unnecessary charges.

4. Penalties - such as losing a home because a monthly payment was fourteen cents short and the resulting penalties equaled over 2,000 dollars, when this penalty cannot be paid, future mortgage payments are refused and foreclosure actions are initiated.

5. Accruing Interest charges on fees and penalties. If a fee or penalty is too much to pay, the fee/penalty debt begins accruing interest rate charges and possibly additional penalties as well.

6. Assessing charges for reselling the foreclosed home, such as the ads that are required to resell the foreclosed home and all ensuing paperwork.

7. Professional service fees that can range from attorneys & accountants, to appraisers and home improvement services.

8. MORTGAGE INSURANCE claims on the foreclosed home by the bank, called PMI's, can pay out 20% of the value of the home when originally purchased.

9. Banks can claim Income tax deductions from alleged losses from a foreclosed home.

10. Possibly an infusion of money from the government to the banks that we don't know about that replaces the "lost income" from the foreclosed upon home,

11. A new homeowner's down payment,

12. Monthly payments from the new homeowner,

13. Collecting money from the foreclosed upon homeowner and soon to be indentured debtor since they still owe the difference from the sale price of the house (many times less than 50% of what the foreclosed upon homeowner purchased the home for), plus accruing penalties and fees, and the original mortgage,

14. The foreclosed upon homeowner now has to rent, creating an income stream for some other bank owned property.

15. The foreclosed upon homeowner's credit is ruined and any future credit they do get will be with the worst possible terms, meaning the highest possible interest rates.

By foreclosing on the homeowner, the mortgage servicing company, the holder of the note, and the banks appear to be able to generate 15 income streams!

When Barack Obama helped pioneer HAMP (home affordable mortgage protection) the banks were offered 1,000 dollars to help homeowners reduce their home loans.

If you were either a note holder, investor, or bank, which would you prefer, fifteen income streams for foreclosing on a home, or a shiny 1,000 dollar bill from our government?

If anybody out there has additional forms of income from foreclosure actions that I am unaware of, please contribute them in the comments section.

Thursday, October 28, 2010

Foreclosures: Homeowners who get loan modifications still losing to (parallel) foreclosure - South Florida Sun-Sentinel.com


Sigh, I have actually had to resort to inserting the word "parallel"(in parenthesis) in front of foreclosure in the above title link because I just don't know how to get the word out, or phrase out, about the destructive power of parallel foreclosure and how I believe it could and should lead to Barack Obama's impeachment.

A president just can't use taxpayer money to create a taxpayer funded program supposedly for that same taxpayer, such as HAMP, but then expose that taxpayer to the actual risk of LOSING THEIR HOME just so they can take advantage of this federal program.

And even if one were to say, "oh, parallel foreclosure was a mistake and Barack Obama fixed it", the answer would be, "No, Barack Obama has not fixed the mistake and he has had 18 months to find the parallel foreclosure "mistake" and fix it".

"Parallel Foreclosure exists" and there may be anywhere from 250,000 to a million victims of this process, and that surely has caused enough devastation to warrant an impeachment.

Tuesday, October 26, 2010

Aussies Get the American Deal of the Century, American foreclosure victims pick up the tab, Barack Obama and the Republicans pretend everything is ok.

CLICK ON IMAGE TO ENLARGE.

The Aussie couple pictured above is very very happy.

The Australian dollar is at an all time high and they've just gone shopping for American Homes for 15-20 cents on the dollar! And the news gets even gooder!

The foreclosure victims will be hit with the loss of their original down payment and any built up equity, additional foreclosure debts such as paying for the ads to sell their foreclosed upon home, additional filings and paperwork and late fees piled on top of all kinds of penalties as well.

Rumor has it the american foreclosure victims may even get to serve as butlers and maids for the Aussies so they can pay down their foreclosure debt in 19 years, rather than 20.


Cashed up Aussies buy up big in the States!

When Barack Obama was asked what he thought of the foreclosed upon, displaced americans who may need decades to pay off their own foreclosure debt while the Aussies get such a great deal. Mr. Obama was rumored to have replied, "Shucks, we offered the banks A THOUSAND DOLLARS for every HAMP deal they could complete, who would have thunk that investors holding the note would not want to cooperate over such a generous offering to the bank!" (the bank and the note holder are not necessarily the same entity)

When Mr. Obama was then asked if perhaps the note holders would rather foreclose on the homeowner so they can keep the initial down payment, any accrued equity, charge fees and penalties including all the real estate ads needed to resell the home, plus resell the home so they can collect another down payment, Mr. Obama paused for a long moment and allegedly said "hmmph, maybe we should have offered the banks 1,500 dollars for every HAMPSTER, er, for every HAMP deal they made."

Thanks to ABC Australia for the report and Matt Weidner for getting the word out.

Saturday, October 23, 2010

Down Payment Rebate Checks to foreclosed upon home owners could help both the banks and struggling homeowners solve the current home foreclosure mess.


Mortgage loans used to be boring. A down payment of anywhere from 5% to 25% was required, and then the homeowner simply paid their monthly mortgage bill. Since most mortgages are for either 15 or 30 years, unless the homeowner moves, once the home loan is approved, it's a LONG TIME before the bank will see another chunky down payment on that home.

But what if the homes could be "churned" at a faster rate than once every 15 or 30 years? Then the banks could get their hands on more "fast money" aka, down payments. Nowadays, when a bank forecloses on a home, they can financially benefit in a myriad of ways. The banks can charge all kinds of fees and penalties on late payments, the banks can file and collect a claim against the mortgage insurance that is attached to a foreclosed home, the banks get to keep the foreclosed upon home owner's down payment, and, once the home is resold, the banks can finance the next occupier of that home and once again, keep the down payment.

To summarize, four income streams are available to the banks when they foreclose upon a homeowner, the original down payment, fees and penalties, mortgage insurance, and then a new homeowner who comes along with their down payment. So, it appears that banks are more motivated to foreclose, than not to foreclose.

I would suggest that the original down payment made by the foreclosure victim should be fought for in a court of law. I think it can be argued that a predatory situation gets created when the banks rapidly suck up the homeowners original down payment and then reuse it in such a way that it no longer exists, (bankers bonuses, commissions, excessive salaries and the repackaging of the mortgage loan into different types of wall street offerings).

If foreclosure meant the homeowner would be rebated back a fair percentage of the original down payment, say 75%, it would level the playing field in terms of how the foreclosure process proceeded. If a homeowner put a 100,000 thousand down payment on a 500,000 dollar home, but then could no longer make the monthly 3,000 mortgage payment, the 75% mortgage rebate concept would actually buy the homeowner 25 months of living in the home without making a payment if they so choose, or, if they voluntarily left earlier than 25 months, a pro-rated amount based on the $75,000 "credit" that they had earned from their original down payment of $100,000.

There is an expanding polarization going on between homeowners and the banks. If the homeowner is expected to walk away from their home with very little to nothing, then they may try every maneuver they can to stay in their homes for as long as possible. If however, the homeowner was offered up to 75% back of their original down payment, they might be willing to run out the door, last one out closes the lights!

Suddenly, all the other valid foreclosure concerns that are in the news become less alarming. Lets say the homeowner thinks they signed a predatory loan, fine, move out and with the 75% down payment rebate, the homeowner may actually have enough money to both hire an attorney AND pay rent elsewhere. Meanwhile, the banks can, if they want, RENT the home out, NOT SELL IT, but RENT IT, until the litigation on that home is completed.

I really believe if homeowners could fight for a return of a significant portion of their original down payments, and get the courts to see that the banks lose the desire to work with a homeowner since they already possess the original down payment, then massive progress could be made in the entire home foreclosure issue on EVERY LEVEL.

The rush to foreclose would be reduced since banks would be cutting 75% down payment checks on every foreclosure. The banks might instead decide to let the homeowner live in the home until the homeowner has exhausted their 75% of their down payment rebate. That is fine as well since it means the banks DON'T HAVE TO RUSH every foreclosure. The passage of time is no longer considered a financial issue to the banks since the extended stay in the home by the homeowner will reduce any down payment rebate the homeowner is to receive.

The homeowner is now incentivized to move out of the home, (especially if they find a lower cost rental situation) with the knowledge that they will get a CHECK for up to 75% of their original down payment. As long as the IRS does not step in and consider the rebate as income, it seems like a "75% down payment rebate to the homeowners" concept could help grease the wheels for the entire foreclosure mess.

One more point, if the homeowner has actually built up a bunch of equity above and beyond the original down payment, than a percentage of that equity should be rebatable as well.


Wednesday, October 20, 2010

Couple loses home over a 14 cent payment mistake.

I tried contacting Teresa Dixon Murray about possibly culling her three heart wrenching home foreclosure stories into three individual articles and am waiting to hear back. In the meantime, the two excerpts below are so amazing I wanted to help get this particular home foreclosure story out.


Mortgage Foreclosure uproar sweeps up Northeast Ohioans:
by Teresa Dixon Murray of the Cleveland Plain Dealer

Martin and Kirsten Davis lost their home in Cleveland to foreclosure two years ago. The reason: a mess that started when they accidentally paid 14 cents too little on their monthly payment. Martin Davis wonders whether anyone truly read his case file before his foreclosure was approved.

He refinanced his home on the Cleveland-Garfield Heights border in 2003 with People's Choice Mortgage, and the loan soon was sold to Ocwen Financial. The second month, he accidentally paid $595 instead of $595.14. Ocwen imposed $2,200 worth of fees and penalties, which Davis couldn't afford to pay and couldn't get wiped out despite countless phone calls.

The home remodeler soon received a foreclosure notice and filed for bankruptcy to stall the action. He lost his home in February 2008 and is now renting a home in Parma. "I've wondered myself whether they actually went through the paperwork," said Davis, 44. "Why should I have lost my home over 14 cents?" "We went through so much," Davis said. "Every night we prayed that they wouldn't take our house. It was all we had." Ocwen, as well as other banks involved in these foreclosures, would not comment about the (3) cases (featured in the longer version of this article found at the link above).

Monday, October 18, 2010

Breaking News, Ohio, Eastlake couple foreclosed upon three times despite never missing a payment.



Please read this incredible Plain Dealer story by Teresa Dixon Murray about a couple that has battled GMAC for the past 9 years even though they have never missed a payment. This couple was so honorable that when the mortgage company at one point did not accept their payment, they put their monthly payments into a bank account so they could pay the mortgage company when they finally got their act together!

GMAC has continually lost in court to this couple yet they continue to misapply payments and apparently are trying to bankrupt the couple into giving up.

Saturday, October 16, 2010

WARNING, THIS IS HOW THE FORECLOSURE WAR WILL BE LOST!

Because it is probable that 75% to 90% of all home foreclosures may be "warranted" (although the paperwork still MUST BE DONE CORRECTLY), it will be very easy to turn sympathy against the other 500,000 to 1,000,000 million homeowners who either did not get a fair break by the banks or were mislead by a HAMP program that then actually accelerated their foreclosure via a process called parallel foreclosure!

It is video stories like the one below that will hurt foreclosure victims and also turn public opinion against the foreclosure controversy. Most people don't understand that the paperwork MUST be done CORRECTLY, but most people will NOT CARE about the PAPERWORK ISSUE when they hear that a homeowner has not paid their mortgage for the past two years but still wants to be viewed as a foreclosure victim anyways.
allowscriptaccess="always" allownetworking="all" allowfullscreen="true" src="http://cdn.abclocal.go.com/static/flash/embeddedPlayer/swf/otvEmLoader.swf?version=&station=kgo&section=&mediaId=7726268&cdnRoot=http://cdn.abclocal.go.com&webRoot=http://abclocal.go.com&configPath=/util/&site=">

Videos like the one above are poorly made and actually make one wonder, is this family receiving assistance, trying to get a HAMP, and still not paying on their mortgage? It sounds like they were able to make the payments for the first five year, then when the home mortgage escalated, they just gave up but continued living in the home for two more years. The synopsis of the video, "In September the number of foreclosures in the U.S. hit an all-time high as many question the banking industry" is a poor match for the actual content of the video.

To make the plight of this family more sympathetic, issues revolving around what happens to the down payment they did make, or possible available equity that could have been applied towards the monthly mortgage could have been analyzed. Also, WHY WASN'T the family eligible for a HAMP? Get them in a HAMP right away and then if they still don't pay, then their case gets very weak.
Lets be real here, and LETS NOT BE WHORES and celebrate every time the news media reports about home foreclosures. There are too many REAL VICTIMS of home foreclosures who did the many many things that were required of them, and still were suddenly out on the street because of an ineffectual HAMP program and the parallel foreclosure tactics that were used the moment they applied for the HAMP program.
NOT EVERY STORY ABOUT HOME FORECLOSURES WILL HELP THE TRUE VICTIMS OF HOME FORECLOSURES. The reporter who did this story is an IDIOT who is helping to kill the foreclosure issue before its time. As I stated above, not every home foreclosure that is reported on will generate sympathy from the fair minded television viewer and I am begging anybody with media contacts to START VETTING THE FORELCOSURE STORIES they participate in, and help shape the story if necessary.


Friday, October 15, 2010

"Inside Job" Opens in Theaters Across the Nation Today!



I didn't know anything about this movie until I read about it at Bankster USA dot org (click on first link above). The first link above also contains a couple of links to where Inside Job is playing along with a movie review.


Thursday, October 14, 2010

All Gov News Reports "Jobs Available" Foreclosure Expert, No Experience Needed.


Well, the Stinking Gun regarding foreclosure fraud has just been produced. What better way to prove the irresponsibility and possibly fraudulent actions of the home mortgage industry than looking back in time and discovering just who mortgage companies and mortgage service companies were hiring to help process their home foreclosure documents.

The answer, anybody they wanted. While I do take exception to the above article's use of the phrase "assembly line workers were hired", as if that was somehow more outrageous than hiring other types of people, the point still remains, the qualifications for becoming involved in the home foreclosure document processing industry appear to have been slim and none over the past few years.

Wednesday, October 13, 2010

Barry Ritholtz is a voice of reason in CNBC Kudlow Report (with Transcript) that features some questionable conclusions by CNBC reporter Diana Olick.


Below is a transcript of the last five minutes of the CNBC Kudlow Report with a "Swarm The banks" mini analysis. My preference is people link here if they want to refer to it as it took me longer than I care to admit to do the transcription.

If you need to reference a portion of the transcript below, Swarm the Banks would appreciate being credited as it is pretty much a thankless task.
-------------------------------------------

Diana Olick - ..."I have spoken to Obama administration officials today, who say they have been meeting all weekend and they are not calling for a national foreclosure moratorium.

Remember, yes, there was likely some kind of fraud in the document process but underneath all of it the bulk of the foreclosures that we were talking about here are valid foreclosures. Yes everyone has a right to a fair trial, and we need to have that fair trial in the paperwork, but the bulk of these borrowers were simply not paying their mortgages.

And once you get through the paperwork and figure out which dot, which I's need to be dotted and which t's need to be crossed your gonna come back to the same fact and that is, people aren't paying, they can't afford their home, they shouldn't be in them.

Larry Kudlow - hmmm.

Diana Olick - Now the question is, what do you do with the banks, well you know, there was rampant fraud you talk about that in the foreclosure process, well guess what, there was rampant fraud in the sub prime mortgage process and yet the government bailed out the big banks, so lets put that into perspective as well.....

(skip small portion of interview)

Barry Ritholtz - ..........But keep in mind, we're not talking about keeping people in houses who can't afford the mortgage who are delinquent, who are behind. The significance of this to the banks going forward is to make sure that the huge, huge build up of inventory of homes that they own, they want to able to actually sell those and make sure that the next buyer has a clear title, has the ability to buy that.

You know the clip that Diana did, showed the women saying, "Hey, is it really going to be my house, is this going to be a paperwork problem?" That's why the banks are stopping the foreclosures, voluntarily, to make sure their doing this right.

There is a massive set of problems, it's huge in Florida, its big in elsewhere, you can't have these document companies putting price lists for pick a fraud that you want, and that's actually now on the internet. You cannot have banks signing 300, 400 foreclosure documents in a day when they each require 45 minutes worth of paperwork. So it's not just dotting the I's and crossing the t's, it's making sure.

Hey Look, when you have people in Texas and Florida, being foreclosed on, and they paid cash, they don't have mortgages, something's wrong with that process, that has to be fixed"...

Olick - "yeah, those are, you're always going to see those stories"

Ritzholtz - (interrupting Olick) "No, no you NEVER see those stories, that has never happened before"

Olick - (attempting to talk over Ritzholtz "you're always going to see those stories, one story about a guy who loses his home, "No we did see it."

Ritzholtz - "no, that's historicially an impossibility"

Olick - "the bulk of that-

Ritzholtz - "that is a LEGAL impossibility"

Olick - "It's an impossibility what I'm trying to tell ya is you'll always find that one story

Ritzholtz - "but this has never happened before, you have banks sending people to change the locks on houses that aren't in foreclosure, you have all sorts of craziness going on.

You cannot have service processors dump hundreds of services in the sewer and claim they filed with people, and that's how you end up with a guy who doesn't have a mortgage actually having his house foreclosed on, the whole system has been turned upside down.

Olick - "That's a very small minority

Ritholtz - it should never happen, there should be a 100% never ever ever happen. Diana, if you came home and your stuff is all over your front lawn and your locks changed, that's just unnacceptable.

Olick - "I'm not arguing that, I'm not arguing that Barry, what I'm saying is, is that is a very small percentage of the people we are talking about.

Ritholtz - It should be zero, for most of american history it has been zero.

Olick - It should be zero, but you know what,

Ritholtz - It was zero for a long time.

Olick - But you know what, cops often knock on the wrong door in other cases as well. How many times do we hear cases of cops knocking on the wrong door because they think that a criminal is living there, that is what point I'm trying to make.

Kudlow - Alright, Diana, if she's got the property and her stuff is strewn over her front lawn, Barry Ritholtz and I are going to come down there and help her pick it up, that's point number one,

Olick - "No thanks"

Kudlow - "Point number two, Barry's making some powerful argumetns about the private property and the legal system, we will have more to be revealed, Diana thank you for helping us tonight, Barry thanks very much for the all the work you've done on this story.

End of Transcription by Swarm the Banks.

-Below is the actual video.



Another uneducated enemy of Foreclosure Victims, reporter Diana Olick of CNBC, appears on the Larry Kudlow show.

Diana Olick quote, "The bulk of foreclosures are "valid"."
Diana Olick, please define "bulk". Is bulk 90%, 95% are valid foreclosures? If "bulk" means just 5% were done fraudulently, that would mean anywhere from 50,000 to 200,000 HOMES A YEAR were fraudulently foreclosed upon. The reason for the variance is 4 million homes receive foreclosure notices a year, but around 1 to 1.5 million homes are actually foreclosed upon every year.
In the video above, no one mentioned how many hundreds of thousands of homeowners wanted to be part of HAMP, and basically were given the run around. To simply lump these HAMP victims into those who were unwilling to keep up on their mortgage payments is UNREASONABLE because a homeowner only becomes eligible for HAMP if they fall behind on their mortgage payments.

I suggest you suffering homeowners contact Ms. Olick and educate her on the other side of the foreclosure issue.

Ms. Olick twice made a two wrongs make a right argument. Ms. Olick would say that because a homeowner could be the victim of mistaken identity by the police in which a police might break down the door of their home and mistakenly arrest them, it was therefore acceptable for that homeowern to also lose their home through a fraudulent foreclosure as long as the "bulk" of foreclosures were legally accomplished.
Ms. Olick then used this same logic, but in reverse, for the banks, claiming that since the government bailed out the banks once before over the sub prime mortgage issue, doing it now over foreclosure fraud would be a no brainer.

So according to Olick, it's ok to break down the home of an innocent homeowner via mistaken identity, and it's also ok to subject home owners to fraudulent home foreclosure as long the "bulk" of foreclosures are not fraudulently done, and it's also ok to bailout the banks again because the government already did it once before. gasp.

wow, just wow.

Thanks to Barry Ritzholtz for being the voice of reason and mentioning that taking mistakenly taking someone's home should NEVER happen for a myriad of logical reasons and the fact that it is happening means SOMETHING is broken and needs to fixed.

Tuesday, October 12, 2010

The Two headed Barack Obama, helping Wall Street and Main Street battle each other with the help of Elizabeth Warren.

I found an interesting article that explains the quagmire Barack Obama was in regarding how to select and actually install Elizabeth Warren to run the new consumer financial protection agency. The article also reinforces my belief that Republican politicians never met a banker they did not like.

Monday, October 11, 2010

Opponents of Foreclosure Rights and the Foreclosure Moratorium, Link List found here.

I will be adding to this article over time as more and more opponents of Foreclosure Rights and a foreclosure moratorium come out of their caves and into the light to bellow their opposition. This list is in no particular order as the foreclosure moratorium opponents come out of their caves at all times of the day and night.

The people below oppose a Home Foreclosure Moratorium and home foreclosure rights. Click on their names to see what they have to say about home foreclosure rights for the homeowner.

Saturday, October 9, 2010

What do Charlie Gasparino, Frank Garay and Brian Stevens have in common, they think home foreclosure protestors are scum.



Um, pardon me, but wasn't there already a 30 to 50 percent "correction" in the price of everybody's home in the country? Now these financial media darlings want ANOTHER one?
I bring the issue of those who are against the home foreclosure freeze to remind the home foreclosure movement that just because you are in the spotlight doesn't mean you can't be taken down several pegs and marginalized by the media, overnight.
All it takes is a couple of news stories about home foreclosure squatters who owe money and are simply trying to stall leaving their home and will use every paperwork trick available to do so, to turn public opinion around on the home foreclosure issue. Don't think that our friends at 60 minutes are not thinking hard about doing such a story as a follow up to their "strategic default" story they did a few months ago on home owners who walk away from homes they can afford to make the mortgage payments on.

I believe it is important to try and frame legitimate gripes and issues within the home foreclosure debacle before they are framed for us by the banksters and the BIG media. Local media and nightly news media might do the story from the homeowners point of view, but it is the BIG media like 60 minutes that may attempt to paint the homeowner as the scum bag.

What is the biggest issue regarding the banks and home foreclosures?
Did the government set up a home foreclosure prevention program knowing in advance that it would not help the majority of people who attempted to use it? Is this an impeachable offense if the president of the United States knew this program would not work but created it anyways to look good, knowing that hundreds of thousands of americans would lose their home because the program was a fraud?
And yet, who would impeach the president, congress? The same congress that is in bed with Wall Street as well? Whether you like Barack Obama or not, there are plenty of well to do financial puffeteers who can make their living bad mouthing homeowners who are attempting to try and stay in their home through the congress sanctioned, president approved home loan modification program that appears to be wrought with fraud from the banking side.

It is too bad that republican politicians never met a banker they did not like, because they could probably move to impeach Barack Obama over his botched handling of the home loan modification program. Barack Obama is probably smiling like a cheshire cat knowing that he has beaten the republicans at their own game.

I absolutely one hundred percent believe that if Hillary Clinton had been elected president, her home mortgage modification would have performed to EVERYBODY'S satisfaction and you may want to look at yourself and ask just who might be the most capable person to handle the job of actually being president in 2012.

Thursday, October 7, 2010

NACA Los Angeles Convention Center "Save the Dream" draws 30,000 people and was extended to a sixth day, but what does that mean exactly?

(Edit update: Dec. 26, 2010 The NACA event below happened in early Oct. of 2010. Since that time, there have been repeat NACA events in Los Angeles and other parts of the country.)

(Edit update: January 21, 2011, apparently there is another home foreclosure prevention event at the Sports arena - if you go and want to report your experience in the comments section, it would probably be appreciated by other readers as well as myself.)

(Edit update: January 22, 2011, When you google for these events, I think you need to use the phrase "Save the Dream", in quotes, then add the city you think the event is in. You can click here for this current event.

The NACA Los Angeles Convention Center "Save the Dream" Home Foreclosure prevention, Home Loan Modification event apparently drew 30,000 people and was extended from a five day, 24 hour a day event, to an additional sixth day because of overflow demand.

However, is this high level of demand a good thing, or a bad thing?

A NACA attendee could have spent as much as 12 hours going through the seminar and Home Loan Modification interview process. One person interviewed by channel 2 News says they would rather try and deal with all of it in one day then have the process stretched out over a year or two.

However, not all will be helped. Actually, no one knows what percentage of homeowners got actual help, and there in lies the problem. Are 10%, 20%, 50% of the NACA event being helped? We may never know, and there in lies the problem. I spoke with someone (not from the event), who said their relatives went to a prior event, were told they could be helped, but then ended up waiting for homes for relief that never came.

It would be really helpful if a college filmmaker or two DOCUMENTED one of these NACA events and polled the people LEAVING to see how many were actually being helped. Are the tens of thousands of film school students so self absorbed they don't see the biggest story of the decade right there in front of their faces?
Imagine the irony of a college film student whose very own parents are struggling to put them through college discovering their own parents in line at the NACA event. Parents who were too embarrassed to tell them how tough they are having it making ends meet and paying for their own college tuition.
The local news reported that a "mortgage investor" was actually present at the NACA event. This was briefly explained by the local news as being the actual entity that agrees to "fund" the home loan modification. Why would any "mortgage investor" be interested in lowering their profit margin when they can just foreclose on the home? The lost down payment, plus all the fees that will be taken from the resale of the home, plus the reselling of the home might prove more profitable than actually helping the homeowne in the home, no?

An additional question that needs to be asked about the NACA "Save the Dream" event is just what are the banks. and the mortgage investor looking for above and beyond monthly income verification and proof of insurance?

What if these homeowners also have tens of thousands of dollars in credit card debt at high interest rates? Would it not make sense to also offer CREDIT CARD PAYDOWN DEBT INCENTIVES to homeowners who are trying to get a lower monthly home loan mortgage payment?
When homeowners attempt a home loan modification might the banks be thinking, "Why should I reduce this homeowner's mortgage payment even one cent if they are hopelessly in credit card debt that is growing by the month"?
Perhaps the home loan modification program has not been fully thought out and as a result HUNDREDS OF THOUSANDS OF HOMEOWNERS, perhaps more, are not getting the actual benefit that the HAMP program was supposed to bring.
Until homeowners are offered real incentives to PAY DOWN their credit card debt via LOW LOW interest rate charges on EXISTING credit card debt, The HAMP Program may be a SHELL of what it could AND SHOULD be.

Monday, October 4, 2010

Think Big Work Small, Frank Garay & Brian Stevens with an Insane Video rant blaming homeowners for virtually all home foreclosures.


CLICK HERE TO SEE THE ABOVE INSANE HOME FORECLOSURE VIDEO RANT. I thought I liked Frank Garay and Brian Stevens of Think Big Work Small, but they sure turned out to be foreclosure idiots.

Garay and Stevens state that if a homeowner does not make their payments, they should lose their home. And yet, the PRIMARY WAY to get a home loan modification is to NOT make your payments. If you continue to make your payments, the banks assumes you have no hardship!

If the Banks were in any way, shape, or form responsible for artificially inflating home values a few years ago by making it too easy to purchase a home, then they have at least some responsibility for the decline in home values today.

If US banks have been siphoning profits and using the profits to move manufacturing jobs to other countries, then they have at least some responsibility to rework existing home loan mortgages.

Therefore, when the government intercedes and creates a home loan modification program to reduce the loss of home ownership, it is incumbent upon the banks to make a LEGITIMATE EFFORT to see who can still afford to stay in their home with a reasonable adjustment to their original mortgage deal.

If however, the banks have no true desire to help homeowners, then lets not absolve the banking industry of their illegal and unethical home foreclosure practices.

Saturday, October 2, 2010

Debt Collectors Gone Wild


ACT used former prisoners to make debt collection calls, some of whom used racist and incestuous allegations when making their phone calls. Bank of America refused to fire ACT until two days after Brian Ross of ABC News ambushed the CEO of Bank of America.

If Barack Obama had done nothing more than handle the unfairness of the home foreclosure practices, like Hillary Clinton would have done, he would be a much more popular president right now.

Maybe we now know why the banks supported Barack Obama so steadfastly in 2008?

BANK OF AMERICA hired a debt collection firm that employed recently released prisoners using foul and racist language to make debt collection calls.


You have to see this to believe this. Bank of America hired a debt collection agency that hired former prisoners who used offensive language, included racist and incestuous accusations when making their debt collection calls. It was not until the CEO of Bank of America was ambushed by an ABC news crew that the debt collection firm was finally fired.



Friday, October 1, 2010

NACA Mortgage convention convenes in downtown L.A.


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Local Los Angeles News Stations are all covering the NACA save your home 100 hour event being held in downtown Los Angeles from September 30, 2010 through Oct. 4, 2010.

You can learn all about NACA by clicking here. NACA does have its detractors however, and you can find that link later in this article.

NACA will then be moving to Sacramento just days later and conducting another save your home marathon event. Please be aware that from the moment you arrive you could be there for up to 12 hours! If you want to wear heels for the interview process, bring comfortable tennis shoes for the time you may be standing prior to that. Bring a lightweight folding chair. Bring someone with you, each with their own cell phone fully charged, so that maybe you two can switch off for the first few hours if necessary.

If there are two of you, maybe one can go to the exit area and hear from people who have already gone through the process, assuming they are willing to spare a few minutes after their own ordeal, they may just want to get out of their.
If you want to hear an OPPOSING VIEWPOINT about NACA, please click here.
I was watching the morning reports from KCBS News and there were people there who had previously been turned down. However, somebody said they would rather go through the process on one day, even if it took 12 hours, then have it prolonged over a couple of years time with no outcome.

The news reporter for KCBS said one needed to bring income verification for the past six months or maybe longer, home Insurance verification as well, and Identification.

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FOR INFORMATION ONLY, NOT AN OFFICIAL ENDORSEMENT.