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Clusterzine Mortgages

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1. Torture charged in L.A.-area mortgage rescue case

Written by:Shitheadery Team

( Clusterzine / Clusterzine Mortgages )
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As Los Angeles housing advocates launched a campaign warning of mortgage rescue scams, a couple hit by foreclosure are charged with torturing two loan-modification agents they suspected of fraud, authorities said on Monday. The couple, Daniel Weston

Fri, 30 Oct 2009 02:29:01 -0400

Word count: 76

2. TARP Report: Lack of Transparency

Written by:Shitheadery Team

In a scathing report out Wednesday, a government watchdog blasts the Treasury Department for its handling of a $700 billion bailout program and for not adopting all of its earlier recommendations. Special Inspector General Neil Barofsky, who is in c

Fri, 23 Oct 2009 01:13:59 -0400

Word count: 94

3. Waiting for the Next McMansion to Drop

Written by:Shitheadery Team

Despite some tentative signs of recovery, the U.S. housing market remains vulnerable to further price drops—especially in areas where large numbers of mortgages are headed toward foreclosure over the next few years. The Wall Street Journal's qua

Fri, 23 Oct 2009 01:10:05 -0400

Word count: 104

4. Simplified Paperwork Should Increase Loan Modifications

Written by:Shitheadery Team

Successfully modifying loans has proved elusive at times because of multiple factors, including under-trained negotiators, lost paperwork and foreclosure proceedings inadvertently begun before trial loan modifications are complete, panelists at a

Tue, 13 Oct 2009 18:07:21 -0400

Word count: 76

5. Be careful when looking for mortgage changes

Written by:Shitheadery Team

None of the government’s efforts to help Americans save their homes has put any legal pressure whatsoever on lenders and their representatives to offer more affordable terms to homeowners stuck in bad mortgages. With mortgage rates at historic low

Tue, 13 Oct 2009 17:58:25 -0400

Word count: 148

6. Treasury Hails Milestone

Written by:Shitheadery Team

Five hundred thousand troubled homeowners have had their loan payments lowered on a trial basis under the Making Home Affordable Program, said Treasury Secretary Timothy F. Geithner in a morning telephone briefing with reporters. Mortgage payments ar

Tue, 13 Oct 2009 03:30:23 -0400

Word count: 120

7. Obama Plan Won’t Slow Foreclosures

Written by:Shitheadery Team

A day after the Obama administration proclaimed significant progress in its effort to spare troubled homeowners from foreclosure, an oversight panel on Friday sharply criticized the program and declared it would leave millions of Americans vulnerable

Tue, 13 Oct 2009 03:27:33 -0400

Word count: 84

8. Turn to Media, Courts - ProPublica

Written by:Shitheadery Team

Qualified homeowners are being routinely denied loan modifications through the Obama administration’s Making Home Affordable plan [1], but they have little recourse to correct the mistaken denials, housing advocates say. In the absence of an effect

Tue, 13 Oct 2009 02:37:46 -0400

Word count: 120

9. Elizabeth Warren: Serious Questions Remain

Written by:Shitheadery Team

The Obama administration's effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers and may simply delay mortgage defaults for many, a government watchdog group says. The Congressional Oversigh

Tue, 13 Oct 2009 02:29:32 -0400

Word count: 82

10. Still in Trouble

Written by:Shitheadery Team

The federal government is engaged in a massive mortgage modification program that's on track to send billions in tax dollars to many of the very companies that judges or regulators have cited in recent years for abusive mortgage practices. The fir

Thu, 08 Oct 2009 19:58:28 -0400

Word count: 65

11. Only a Fraction Have Been Helped

Written by:Shitheadery Team

The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a list released Tuesday showed which lenders are laggards. As of July, only 9 percent of eligible borrowers had seen their

Thu, 08 Oct 2009 19:48:52 -0400

Word count: 60

12. Lenders: Record Profits

Written by:Shitheadery Team

Never ones to let an opportunity go unexploited, mortgage lenders are taking advantage of a market fueled by low interest rates and massive government subsidies to turn record profits. Their secret: The return of "junk fees." The Mortgage Bankers As

Thu, 08 Oct 2009 19:45:10 -0400

Word count: 70

13. Homeowners Turn to Media, Courts

Written by:Shitheadery Team

Tue, 06 Oct 2009 22:01:45 -0400

Word count: 120

14. Banks Bite Bullet on Loans

Written by:Shitheadery Team

Banks and loan investors are starting to bite the bullet and lower the principal due on home mortgages for some struggling borrowers, a new report from bank regulators shows. That's good news for some homeowners, but may portend more write-offs over

Mon, 05 Oct 2009 01:59:37 -0400

Word count: 80

15. Leaving Affordable Mortgage

Written by:Shitheadery Team

Scott Conroy pays the mortgage every month on his one-bedroom condominium in San Diego, even though it’s worth 33 percent less than what he owes and it may take more than a decade to break even. Homeowners like Conroy who can afford their monthly

Mon, 05 Oct 2009 01:56:24 -0400

Word count: 105

16. Foreclosure Rate Rises 17 Percent

Written by:Shitheadery Team

The number of homes lost to foreclosures rose about 17 percent in the second quarter of this year despite the launch of an extensive government program aimed at helping borrowers save their home, according to government data released Wednesday. Comp

Sat, 03 Oct 2009 02:17:31 -0400

Word count: 88

17. Feds to Cut Your House Payment

Written by:Shitheadery Team

If your income slumped along with the economy, you've got plenty of company these days. So much so that the government has a program meant to help you out by cutting your mortgage payments to 31 percent of your gross income. But it turns out that qua

Sat, 03 Oct 2009 02:15:02 -0400

Word count: 88

18. Mods push payments .... higher

Written by:Shitheadery Team

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthly payments and larger debts on their homes. Homeowners who were hoping for lower payments are disco

Sat, 03 Oct 2009 02:02:40 -0400

Word count: 64

19. Geithner's Written Testimony

Written by:Shitheadery Team

Chairman Frank, Ranking Member Bachus, members of the House Financial Services Committee, I am pleased to be back before you today as our Administration and this Congress work toward comprehensive reform of our financial regulatory system. The Chai

Sat, 03 Oct 2009 01:59:38 -0400

Word count: 154

20. Watchdog Fed Didn't Bother Barking

Written by:Shitheadery Team

They began to present research in 1999 showing that large banking companies including Wells Fargo and Citigroup had created subprime businesses wholly focused on making loans at high interest rates, largely in the black and Hispanic neighborhoods to

Sat, 03 Oct 2009 01:54:31 -0400

Word count: 69

21. 10 Outrageous Foreclosure Stories

Written by:Shitheadery Team

Foreclosures have skyrocketed virtually every month since the collapse of the housing market. Across the country, people who bought homes at inflated prices and took adjustable rate mortgages are losing the properties to foreclosure in record numbers

Sat, 19 Sep 2009 03:14:01 -0400

Word count: 95

22. Bringing Hypocrisy To A City Near You

Written by:Shitheadery Team

“Let’s Start Banking Better, Tampa” says Chase Bank in its newest ad campaign. Your city probably has similar signs. “Let’s?” You mean Chase wants “us” to do a better job of banking? Give us a break, Chase. That takes a lot of ner

Sat, 19 Sep 2009 03:09:24 -0400

Word count: 94

23. The Secret Test

Written by:Shitheadery Team

“NPV Test: Failed.” That was the red-lettered verdict on the computer screen of a CitiMortgage negotiator in June. The result: An 83-year-old widow in Illinois was denied a loan modification through the Obama administration’s Making Home Affor

Wed, 16 Sep 2009 00:57:41 -0400

Word count: 116

24. Renting Your House

Written by:Shitheadery Team

And not by choice ... But there was a problem. Like millions of Americans, the couple owes more on their present home than it's worth. More than 15 million homes are mortgaged for more than their value, according to an August report by real estate r

Wed, 16 Sep 2009 00:38:33 -0400

Word count: 84

25. Firms are getting billions

Written by:Caped Shitheader

Sun, 13 Sep 2009 02:34:19 -0400

Word count: 65

26. HUD Can Help for Free

Written by:Shitheadery Team

NOt many people have had much luck with HUD, but this site offers some info: With that being said, HUD offers free assistance that can go a long way. By using the resources that HUD provides you could save thousands of dollars when compared to a l

Thu, 10 Sep 2009 14:21:25 -0400

Word count: 180

27. Video of Calls to BofA

Written by:Caped Shitheader

According to the website for the program, “If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but h

Thu, 10 Sep 2009 14:19:07 -0400

Word count: 73

28. Eligible but Denied

Written by:Shitheadery Team

Donna Whitaker applied for a mortgage modification on April Fools' Day. The joke was on her: Her bank, JPMorgan Chase, lost her paperwork and then denied her application on May 8 because it was incomplete. She has reapplied twice and each time the ba

Thu, 10 Sep 2009 14:15:28 -0400

Word count: 97

29. What to do When ....

Written by:Shitheadery Team

The lender isn't playing fair. Sadly, in the past week we've gotten two separate emails from homeowners who are also having trouble with getting banks to approve their requests for the government-sponsored loan modifications. "Who can we contact t

Sat, 05 Sep 2009 00:59:28 -0400

Word count: 72

30. On Calls for 10 Months

Written by:Shitheadery Team

In this video, Mark Kollar, from this CNN interview and segment. The second video (and I'm speaking from experience) is typical of what a conversation with a bank is like. Here are the two videos. UYnbelievable, but typical.

Thu, 03 Sep 2009 14:11:38 -0400

Word count: 38

31. While Debt Mounts, Couple Chases BofA

Written by:Shitheadery Team

Bank of America is the biggest mortgage servicer in the business. And judging by Treasury Department data, its customers searching for loan modifications are the most frustrated. Through the end of July, it had modified just 4 percent of its most del

Wed, 02 Sep 2009 19:49:38 -0400

Word count: 62

32. Homeowners Frustrated

Written by:Shitheadery Team

The Kollars thought they had one last hope: the Making Home Affordable program, which should have reduced their monthly mortgage to affordable payments. In theory, it'd be a win-win: The Kollars and their two children keep their home, and the nation

Wed, 02 Sep 2009 02:36:53 -0400

Word count: 61

33. MHA Hasn't Helped Enough

Written by:Shitheadery Team

Six months into the program, only 6 percent of the 4 million eligible homeowners have gotten help. A lot more say they've been frustrated with the runaround they've been getting from lenders. Are the new program's growing pains responsible for the

Tue, 01 Sep 2009 01:36:08 -0400

Word count: 60

34. It Takes a Thief

Written by:Shitheadery Team

Many of the lenders who helped fuel the subprime mortgage boom are now receiving billions in taxpayer money to modify those same loans, according to a new report by the Center for Public Integrity.... Other companies eligible include subsidiaries of

Sat, 29 Aug 2009 20:06:44 -0400

Word count: 86

35. Unemployment Spikes Foreclosure

Written by:Shitheadery Team

Unemployment is now atrtributed to a rise in foreclosure, gaining on the sub-prime fiasco. Since the banks showed no leeway with a problem they caused we can expect nothing from this mess. The country's growing unemployment is overtaking subprime mo

Wed, 19 Aug 2009 14:47:38 -0400

Word count: 75

36. Tax Bills Put Pressure on

Written by:Shitheadery Team

And in more great news, we find out that counties have been selling or property tax dept to collection agencies who charge higher fees - more fleecing. Hard times are causing more homeowners to fall behind on their property taxes. But in thousands o

Tue, 18 Aug 2009 14:53:14 -0400

Word count: 68

37. Judges Rip Servicers

Written by:Shitheadery Team

In many rulings, judges have shown frustration and even outrage. They’ve ruled that servicers have attempted to collect unjustified fees, charged homeowners for unnecessary insurance, failed to properly credit homeowners’ payments and failed to p

Wed, 12 Aug 2009 19:35:06 -0400

Word count: 76

38. Servicer Performance

Written by:Shitheadery Team

Treasury released a list of servicers that are participating in the Making Home Affordable program and their performance and progress. It shouldn't come as much of a surprise that the ones receiving the most money from the governement through tax dol

Wed, 12 Aug 2009 18:42:33 -0400

Word count: 64

39. Waiting Game

Written by:Shitheadery Team

Eleven of the 25 largest participating banks are helping under five percent of Americans headed toward foreclosure. The Bank of America -- recipient of $45 billion in bailout funds -- is helping less than four percent of qualified borrowers. Some of

Wed, 12 Aug 2009 17:09:22 -0400

Word count: 88

40. Right to Rent

Written by:Shitheadery Team

Further, "right to rent" would enable more families to stay in their homes as owners, by giving banks an extra incentive to pursue mortgage modifications. Currently, in spite of the various government programs, most banks have little incentive to pur

Wed, 12 Aug 2009 17:07:23 -0400

Word count: 78

41. Adding Debt to Loan

Written by:Shitheadery Team

This is the same crap banks and servicers like Ocwen Bank are pulling. Wells Fargo says "the investor" won’t waive past-due debt, which in the Harrises' case, adds up to over $80,000 in accrued interest, overdue debt and various fees. Krumm, the

Fri, 07 Aug 2009 19:28:55 -0400

Word count: 61

42. City Life Helping

Written by:Shitheadery Team

Community organizer Steve Meacham of City Life/Vida Urbana is fighting on the frontlines of the foreclosure crisis. Meacham and his colleagues at City Life employ a community organizing strategy they call the The "shield" is a strategy of legal defen

Fri, 07 Aug 2009 19:16:29 -0400

Word count: 82

43. Servicers Can Make the Mod

Written by:Shitheadery Team

It comes as no surprise that loan servicers would tell homeowners that they have to answer to investors in order to modify loans. It also comes as no surprise that it's not true. The investors have no direct involvement in it, and have no legal say

Fri, 07 Aug 2009 14:35:50 -0400

Word count: 91

44. Servicers Harassing Borrowers

Written by:Shitheadery Team

I Know, hard to believe that mortage servicers would actually harrass customers. Or God forbid add additional fees that might be illegal. Ocwen, which is in line to receive up to $553.4 million from the Treasury, faces a federal class-action complai

Fri, 07 Aug 2009 01:25:30 -0400

Word count: 63

45. Underwater Mortgages to Hit 48%

Written by:Shitheadery Team

The percentage of “underwater” loans may rise to 48 percent, or 25 million homes, as prices drop through the first quarter of 2011, Karen Weaver and Ying Shen, analysts in New York at Deutsche Bank, wrote in a report today. The share of borrowe

Fri, 07 Aug 2009 01:12:09 -0400

Word count: 61

46. Worst Foreclosure Cities

Written by:Shitheadery Team

I can't tell you how happy it makes me to know that I lve in one of the top 10 cities for closures in the country. You gotta wonder if that's because the value of homes were so artificially inflated around here. Many cities with populations larger t

Wed, 05 Aug 2009 02:32:22 -0400

Word count: 116

47. Only 15 Percent Offered Aid

Written by:Shitheadery Team

The Making Home Affordable program has been available since early April. So far it's helped a small percentage of the 4-6 million it was designed to help. Why? Another question is: Of the ones it's helped what exactly constitutes help? As of July, o

Tue, 04 Aug 2009 19:10:22 -0400

Word count: 123

48. Shaming the Shamless

Written by:Shitheadery Team

The Obama administration's next plan is to shame the loan servicers, mortgage companies, and banks into modinfying loans more quickly and more acurately. The question is: How do you shame people who have no shame, let alone a concept of it. "We want

Tue, 04 Aug 2009 14:20:19 -0400

Word count: 127

49. Geithner's Letter to Servicers

Written by:Shitheadery Team

Treasury Secretary, Tin Geithner sent a letter to 25 mortgage loan servicers and met with them all on Tuesday. Here's the letter. The servicers should “devote substantially more resources to the program,” the letter said, including beefing up s

Fri, 31 Jul 2009 17:26:25 -0400

Word count: 55

50. Fees May Deter Efforts

Written by:Shitheadery Team

Interesting piece. Especially since some of the quotes are from Ocwen, the same bank one of our contributers, Zed, is in negotiations with. Sounds like a lot of BS. “It frustrates me when I see the government looking to the servicer for the soluti

Fri, 31 Jul 2009 17:14:03 -0400

Word count: 75

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