Is Your Lender A Patriot Or Terrorist? Part 2

President Obama pledged on Wednesday to help as many as 9 million American homeowners refinance their mortgages or avert foreclosure, an initiative he said would shore up distressed housing prices, stabilize neighborhoods and slow a downward spiral that he said was “unraveling homeownership, the middle class, and the American Dream itself.”

The plan, more ambitious than many housing analysts had expected, was unveiled by Mr. Obama in a high school gymnasium here, in a community that is among the nation's hardest hit by the foreclosure crisis.

“This plan will not save every home, but it will give millions of families resigned to financial ruin a chance to rebuild,” the president told the crowd. “It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone.”

In a nutshell from the LA Times, the plan would:

• Remove restrictions on Fannie Mae and Freddie Mac that prohibit the institutions, both taken over by the government last year, from refinancing mortgages they own or have guaranteed when more is owed on a home than it is worth. The White House says this could reduce monthly payments for up to 5 million homeowners.

• Create incentives for lenders to modify subprime loans at risk of default or foreclosure. For lenders that agree to reduce rates to levels borrowers can afford, the government will make up part of the difference between the old monthly payment and the new payment. Participating lenders also will be required to cut payments to no more than 31 percent of a borrower's income. Up to 4 million homeowners could benefit.

• Keep mortgage rates low for millions of middle-class families seeking new mortgages. Using money already approved by Congress for this purpose, the Treasury Department and the Federal Reserve will continue to buy Fannie and Freddie mortgage-backed securities to maintain stability and liquidity in the marketplace. The department, through its existing authority, will provide up to $200 billion in capital for this purpose.

• Pursue reforms to help families avoid foreclosure. The administration will continue to support changing bankruptcy rules so judges can reduce mortgages on primary homes to their fair market value, as long as the borrower sticks to a court-ordered repayment plan. As part of the $787 billion stimulus package that Obama signed into law on Tuesday, the administration will award $2 billion in competitive grants to communities experimenting with innovative ways to prevent foreclosures.

:-) Morgana
http://www.broowaha.com/profile.php?id=2434

Good sourcing. Good facts. Well expresed. But you're up against the demonization of the victim. Countrywide is out to demonize the borrowers.

"Power is the inflicting of pain and humiliation. Power is tearing human minds to pieces and putting them together again in new shapes of your own choosing. Do you begin to see, then, what kind of world we are creating?" - George Orwell, 1984 Legal terrorism is another example of America's cultural shift to violence in sex, especially domestic violence, and torture porn and terrorist lawyers in their escalating demonization of the victim, especially the wife/girlfriend/significant other.

It's a deliberate, conscious choice by the perpetuator. David Edelstein in New York Magazine wrote "Fear supplants empathy and makes us all potential torturers, doesn't it? Post 9-11, we've engaged in a national debate about the morality of torture."

In Orwells' 1984, the "thought criminal" Winston Smith's torturer says "Always, at every moment, there will be the thrill of victory, the sensation of trampling on an enemy who is helpless. If you want a picture of the future, imagine a picture of a boot stamping on a human face forever."

Once Upon A Time in America the Geneva Convention guaranteed that "no physical or mental torture, nor any other form of coercion, may be inflicted on prisoners of war to secure from them information of any kind whatsoever." The $54 million dollar pair of pants http://sf.broowaha.com/article.php?id=1928 and the Marin crossdresser with two wives suing one of his wives for the astonishing million and half bucks http://sf.broowaha.com/article.php?id=1873 are tragic examples of mental torture via legal terrorism to secure information and, incidentally, to shut down a whistle blower, the wife with now his boot on her face, or punish a Korean dry cleaner. Too bad we don't give the same rights to the legal victims that we do to POWs.

Kent J., former Santa Rosa, California, north of San Francisco, lawyer. There is too much sleaze and slime from my lawyer and judge colleagues.

Hey Countrywide and your four employees Temena McGee, Michelle Langley, Ashley Stix, and Brandon Coltin, the latest is that according to U.S. Treasury Department website at http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/Execu... Hard-Pressed Homeowners Stay in their Homes: This initiative is intended to reach millions of responsible homeowners who are struggling to afford their mortgage payments because of the current recession, yet cannot sell their homes because prices have fallen so significantly. Millions of hard-working families have seen their mortgage payments rise to 40 or even 50 percent of their monthly income.

a. Providing Loan Modifications to Bring Monthly Payments to Sustainable Levels: The Homeowner Stability Initiative has a simple goal: reduce the amount homeowners owe per month to sustainable levels. Using money allocated under the Financial Stability Plan and the full strength of Fannie Mae and Freddie Mac, this program has several key components:
b. A Shared Effort to Reduce Monthly Payments: For a sample household with payments adding up to 43 percent of his monthly income, the lender would first be responsible for bringing down interest rates so that the borrower's monthly mortgage payment is no more than 38 percent of his or her income. Next, the initiative would match further reductions in interest payments dollar-for-dollar with the lender to bring that ratio down to 31 percent. If that borrower had a $220,000 mortgage, that could mean a reduction in monthly payments by over $400. That lower interest rate must be kept in place for five years, after which it could gradually be stepped up to the conforming loan rate in place at the time of the modification. Lenders will also be able to bring down monthly payments by reducing the principal owed on the mortgage, with Treasury sharing in the costs.
c. “Pay for Success” Incentives to Servicers: Servicers will receive an up-front fee of $1,000 for each eligible modification meeting guidelines established under this initiative. They will also receive “pay for success” fees – awarded monthly as long as the borrower stays current on the loan – of up to $1,000 each year for three years.
d. Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.
e. Reaching Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.
f. Home Price Decline Reserve Payments: To encourage lenders to modify more mortgages and enable more families to keep their homes, the Administration -- together with the FDIC -- has developed an innovative partial guarantee initiative. The insurance fund – to be created by the Treasury Department at a size of up to $10 billion – will be designed to discourage lenders from opting to foreclose on mortgages that could be viable now out of fear that home prices will fall even further later on. Holders of mortgages modified under the program would be provided with an additional insurance payment on each modified loan, linked to declines in the home price index.

I'll always give you the benefit of the doubt. If I didn't, what does that say about me and my ethics? Craig B

http://reno.broowaha.com/profile.php?id=1516 and http://groovystuff.ning.com/profile/CraigBerkeley

Here is a link to what the Fannie Mae and Freddie Mac Loan Mofification Rules were in 2006 and 2007: http://groovystuff.ning.com/profiles/blogs/is-your-lender-a-patriot-or-1. So why hasn't Freddie and Fannie and for that matter HUD, NOT following their own rules?! From what I read here, there's been a million or so illegal foreclosures since then!

Attorney-at-law?

More like ahole-at-large.

Countrywide is not doing the required homeloans because of the origination fees they make off the refinance loans for the loans they should never have put us into in the first place.

Sheryl Christensen of Countrywide in Reno, NV, can you spell MORTGAGE FRAUD? Sure you can. The one with the 30-year Federal felony and $1 million fine per occurrence. Remember me Sheryl? The one your Ferrari-Lund Real Estate buddies referred to you. The one that did three purchase with you from Spring 2003 to Fall 2005 for a total of six loans. The one that you created that first rental agreement for the house I was selling through your Ferrari-Lund Real Estate buddies. You were then with Wells Fargo on Kietzke Lane. You told me that your manager, James Elvick had told you to do that when the underwriter conditioned for either the sale of that house or a rental contract of that house. It was faster for you to create that rental contract than it was then to sell the house. I had never been a landlord nor did I have any intention of ever becoming one. Your rental contract worked. I moved into my new home. I never did rent my previous home as your Ferrari-Lund Real Estate buddies listed it the morning after close of escrow on my new home. A bit of a financial hardship for me making both payments, but the market was starting to heat up and it sold in six months. You put me on that 100% 80 Heloc-20 Heloc that you sold me on that I “could just write a check out of as the property appreciated.” Use my home as a checking account you extolled. I'm sure now Wells Fargo was paying you a bonus to push that product. You sure quickly glossed over the details about that product. I naively made the mistake of assuming that what you told me was the same as what was in that paperwork in very small print that you mailed to me. I didn't know until much later that your 100% 80 Heloc-20 Heloc was a bullet to my head.

Then your Ferrari-Lund Real Estate buddies told me I “should buy another property and flip it for a quick buck.” I had zero cash but your Ferrari-Lund Real Estate buddies told me “Sheryl'll show you how to do it.” Sheryl certainly did. Sheryl, the Pusher, created another rental contract on my home and put on the loan I was moving into the new property. Again, I had no intention of being a landlord, and in this case, of moving. That property was flipped, but the next year during tax filing, after all the loan fees to you, the real estate commissions buying and selling, the income tax prep fees, and the capital gains taxes since the loan paperwork had it as an owner occupant which wasn't exempt since I'd just taken the exemption on my other home, since my tax preparer wisely disclosed to me what tax fraud is, its consequences and that she wasn't participating in it, I'd made a grand net profit of minus $9,872. At the time though, I hadn't yet learned all that. Or that the only ones that made money off that deal was you and your fellow Pusher Ferrari-Lund Real Estate buddies. In fact, it turned out, you and your Ferrari-Lund Real Estate buddies made a lot of money of that deal. In stocks, what you and your Ferrari-Lund Real Estate buddies were doing is known as churning. The deal was done for your benefit, not mine. I still didn't yet know that though.

So you and your Ferrari-Lund Real Estate buddies had me do another one exactly like the previous one. But the market, unknown to me, had peaked and was collapsing. No flipping in that market. I lost that house in foreclosure soon after my tax preparer broke all the bad news to me of what you and your Ferrari-Lund Real Estate buddies had aggressively tricked me into.

My tax preparer also broke more bad news. The IRS is one of the few hiring. The IRS is hiring
So they can go back and audit loan files such as yours. They're looking for declarations of rental status then matching that up to the borrower's income tax returns. No rental income tax income declared and the IRS hauls the borrower in for an audit. In my case, there was no rental income, but my tax preparer says I won't be believed since my loan documents, with my signature, say different. My six Deed of Trusts recorded at the Washoe County Recorder's Office clearly has owner occupant on all those turns out were fraudulent loans you did for me. So I'll be assessed taxes and penalties for rental income that I never received on three properties. I may even be facing criminal charges. My recourse will then be to sue you and Wells Fargo and Countrywide and your Ferrari-Lund Real Estate buddies and Ferrari-Lund Real Estate for the MORTGAGE FRAUD I didn't know then you and they then were doing. MORTGAGE FRAUD, you know, that creating and/or providing false information to a lender. Which I have since learned is also an NRS 645 violation for Ferrari-Lund Real Estate.

My tax preparer is convinced once the IRS gets to me I'm screwed. I'm not going down alone. I hear the FBI and Nevada AG is also hiring to go after the MORTGAGE FRAUDSTERS. If the IRS comes after me, I'm going to the FBI and Nevada AG and telling them everything. I know you'll then say to them what you said to me, that your manager, James Elvick had told you to create a rental contract when the underwriter conditioned for either the sale of that house or a rental contract of that house. Elvick will of course deny he said that. I'll have your loan records and Ferrari-Lund's real estate records subpoenaed and since you and/or your Ferrari-Lund Real Estate buddies created the false rental contracts, they're not in my handwriting.

My home? Well, I finally met an honest loan officer and she, a veteran herself, refinanced me into the loan you really didn't want to do for me, my 30 year fixed VA loan.

Under the Federal HUD (Housing & Urban Development), which is FHA and VA, and Feddie Mac and Fannie Mae rules, home loan/mortgage modifcations have been REQUIRED since SUMMER 2005. The home loan lender have NOT been following their own regulations and rules. That's 2 3/4 million ILLEGAL foreclosures so far!!!!!

Why do a refinance with all those very expense fees when you can do the required loan modification at zero cost? Is Your Lender A Patriot Or Terrorist? http://reno.broowaha.com/article.php?id=3462.

Just Do The Required Home Loan Modification, http://www.broowaha.com/article.php?id=4070.

The issues in this Foreclosure Fraud must start with the Sheriff as it is the Sheriff that issues the Sheriff's Deed, which is the title given to a buyer at a mortgage foreclosure sale. A Sheriff's Deed carries no warranties. After a buyer eventually comes along, then escrow is usually opened and the title companies get involved in issuing title insurance. Without title insurance there is no marketable title. Without marketable title, the house is worth zero no matter how much debt is on it.

When the Washoe County Sheriff fails to do their due diligence, which they are 100% doing, that the foreclosure is legal and not fraudulent, as just about every single one of them now are, the title company should refuse to issue title. Before any title company issues title on a deed out of foreclosure, it must do its due diligence that that deed out of foreclosure was lawfully obtained, which just about none of them. So yes, the title companies are hanging themselves out for huge future liability by issuing title insurance after these Sheriff's Deeds.

I think the Washoe County Sheriff Dennis Balaam has zero clue about his and his office's role and fiduciary duties in all this Foreclosure Fraud. dbalaam@mail.co.washoe.nv.us That lack of understanding by Sheriff Dennis Balaam and his and the Washoe County Sheriff's participation in Foreclosure Fraud to me violates the WCSO VISION STATEMENT - The Washoe County Sheriff's Office will exist to preserve liberty, enhance the safety of the community and defend human dignity.

The Constitutional Issue of Due Process has affected the ability of lenders to foreclose property. In Ohio, the Federal District Court has dismissed numerous foreclosure actions by lenders because of the inability of the alleged lender to prove that they are the real party in interest. In Colorado, on June 19, 2008, a District Court Judge dismissed a foreclosure action because of failure of the alleged lender to prove they were the real party in interest.

Because the right of redemption is an equitable right, foreclosure is an action in equity. In order to keep the right of redemption the debtor can ask an equity court for an injunction. If repossession is imminent the debtor would need to seek a temporary restraining order.

A debtor may also challenge the validity of the debt in a claim against the bank in order to stop the foreclosure and sue for damages. In a foreclosure proceeding, the lender bears the burden of proving that there was a valid debt. There is case law to support the debtor's case: First National Bank of Montgomery vs. Jerome Daly, 1969, in the Justice Court State of Minnesota the Judge ruled in favor of the debtor on December 9, 1968: IT IS HEREBY ORDERED, ADJUDGED AND DECREED:

1.That the Plaintiff is not entitled to recover the possession of Lot 19, Fairview Beach, Scott County, Minnesota according to the Plat thereof on file in the Register of Deeds office.

2. That because of failure of a lawful consideration the Note and Mortgage dated May 8, 1964 are null and void.

3. That the Sheriff's sale of the above described premises held on June 26, 1967 is null and void, of no effect. That because of failure of a lawful consideration the Note and Mortgage dated May 8, 1964 are null and void.

The Washoe County Sheriff should just stop enforcing these foreclosures.

When I drafted into the Army, we handled ass holes like these by fragging them. In the U.S. military, fragging refers to the act of attacking a superior officer with a fragmentation grenade.[1] The term originated in the Vietnam War and was most commonly used to mean assassination of an unpopular officer of one's own fighting unit, often by means of a fragmentation grenade, hence the term. Although the term is derived from the grenade, the act was more commonly committed with firearms during combat in Vietnam.

A hand grenade was often used because it would not leave any fingerprints, and because a ballistics test could not be performed (as it could to match a bullet with a firearm). The grenade would often be thrown into the officer's tent while he slept.

Sometimes the intended victim would be 'warned' by first having a smoke grenade thrown into his tent. If he persisted in antagonizing his men, this would be followed by a stun grenade, and finally by a fragmentation grenade.

A fragging victim could also be killed by intentional "friendly fire" during combat. In this case, the death would be blamed on the enemy, and, because of the dead man's unpopularity, the perpetrator could assume that no one would contradict the story.

Many soldiers were not overly keen to go into harm's way, and preferred leaders with a similar sense of self-preservation. If a C.O. was incompetent, fragging the officer was considered a means to the end of self preservation for the men serving under him. Fragging might also occur if a commander freely took on dangerous or suicidal missions, especially if he was deemed to be seeking glory for himself.

The very idea of fragging served to warn junior officers to avoid the ire of their enlisted men through recklessness, cowardice, or lack of leadership. Junior officers in turn could arrange the murder of senior officers when finding them incompetent or wasting their men's lives needlessly. Underground GI newspapers sometimes listed bounties offered by units for the fragging of unpopular commanding officers.

Throughout the course of the Vietnam War, fragging was reportedly common. There are documented cases of at least 230 American officers killed by their own troops, and as many as 1,400 other officers' deaths could not be explained.[2] Incidents of fragging have been recorded as far back as the 18th century Battle of Blenheim.