This mod, just like the boom, is done by design. The worm-hole and how deep it goes is so foreign to 99% of the population that we buy into this crap decade after decade and the corps are getting ready to pull our underware down to our ankles and spank our ignorant butts again.

Don’t think this is the way things work? Stop watching the tv and start reading or watching things that will open your mind. Our entire country and large percentages of our world are systematically controlled by the corporations that run our government, select our Presidents, feed us news and media, and LOAN us money.

3 movies you can watch right now for free are “Loose Change Final Cut” This movie is about 9-1-1 (We haven’t forgot about that already have we). Although it’s not directly related to the subject at hand, it is intertwined because it demonstrates what our government is capable of with respect to its citizens. Remember, nothing stands in the way of PROFIT…..nothing. The other 2 movies are Zeitgeist and Zeitgeist Addendum. Watch them in this order. All of the movies are FREE and available at Google Video. By the time you get to the mid way point of the third film you will see how the world operates and who controls it. There are tons of other films out there about these types of subject but people usually just want to be entertained and not educated.

Before you sttart ranting about how I’m just some wacko that fell down with last week’s rain dig deeper and follow the money back to its origin. I am a former mortgage officer (14 yrs), Police officer (20 yrs), and former Military Officer (7 yrs). No one was more shocked than me.

I hope you all have a safe & happy New Year.

P.S. It’s no wonder JP Morgan Chase (and Wamu now) and BofA are doing these loans. They are a couple of the corps at the very top of the food chain. Before they prey was greed. Now the prey is the desperate.

“Refinanced a $515k home with a loan balance of $900k” His origininal loan was $920,000 already 115% of his cap
“Put the borrower underwater by $385k in a pen stroke without recourse” Borrower already under water $400k + downpaymt & close cost $320k
“Stuck the borrower in a home that they can’t sell or refinance” ** Borrower was already stuck with home can’t sell can’t refi
“lured the borrower by using lo w monthly payments” * Borrower had no where to go there were already lured
“Hid an ultimate default and subsequent foreclosure” ** This was 100% fate already & potentially could be Speculation
“Averted a 50% write-down and pushed out the loss indefinitely into the future” — Averted 30%-40% – This is good thing Buyer not psycologically devasted – Buyer has ability to try and bail themselves out in 5 years. No option but to lose now, Yes maybe at no consequence but Credit Ding & Mental Anquish. (I just don’t see this as harmful) The House Market Tanked big time it keeps getting worse because Banks didn’t try Loan Mod’s in the beginning. Banks can’t loan on properties that have no appraisal value — Why is it to anyones benefit to have the bank fail ? The fewer banks that are out there the more chance for the solitary TAKE ADVANTAGE of the Monopoly there is.
“WHERE ARE THE REGULATORS!” — The Regulators have no clue their fix has done little to help the homeless and the more companies that go under the more job losses, the more foreclosures the more the housing declines, the more writeoffs the more liquiditity the banks needs and no more loans, which again means no more home sales, lower prices, this entire event has more ability to self perpetuate the problem. Like the Rumor that causes everyone to go close their bank accounts.
“This is why homeowners should never manage their own mortgage modification.” What would you have done differently ? Is Your Solution – foreclose ? — no loan modification. Is that that your solution? You speak to John and Jane Doe everyday .. you already know how naive they are, So why would they take your advice to walk a way ? How would you guarantee them that it is in their best interest to walk away. These people don’t sound like the irresponsible buyer, they put a lot of money down, they tried to make payments they tried to keep up by moving out and renting their residence and did keep them current for 3 years. Now they have 5 more years on this loan at the same monthy payment and it is not getting any bigger, which it was before. They have a 2% interest rate. Would it have been better to have the loan amount modified to $800k (original) and have a 6% interest rate fully amortized ?
What deal do you think you could have got them ? “Typical home owners have such little understanding of the market, interest rates, qualifying ratios, banks thresholds, the consequences of their actions or even of their own household balance sheet that a self-negotiated mortgage modification will end up looking like the one described here. The consumer stands no chance. I am all for banks ’working out’ loans but this out of control.” — What would have been fair? And what about the guy next door who has a fully amortized loan, and is mananging to keep paying on his upside down loan? And the many other neighbors who for now have a job, and are still able to pay.
I’m totally against the “teaser Rate loans” and even advertising the low rate that only 1 in million ready to close that day can get. Where were the regulators then? The regulators are not fixing the problem. To me this step may help, just like Jimmy Stewart in It’s a good Life. The people and the bank were saved because people didn’t Panic & BAIL. We don’t need people BAILING just because they have a non-recourse loan.

When the banks or investors whine, the government cares and hands them billions of our tax paying dollars. This after years of unbelievable profits. They could give a s*!t about the people, so we should give a S**t about ourselves. If one more person on this site say’s its the borrowers fault and why should we care, I will vomit. We are the only ones who are going to look out for ourselves in these times regardless of who’s fault it is. This site is informational and will help so that maybe we don’t become ignorant to the next set of corporate great opportunities available to us.

I heard a funny but true joke the oher day “if a borrower forecloses on his home loan, he becomes a dead beat, But if Countrywide or Bear Stearn’s forecloses on billions of loans , the government hands them billions of dollars.

Thank you for the information Mr. Mortgage and posters.

Right on the money^^^. That is why I can’t stand all the crying about upholding your commitments. These mortgage holders are crooks trying to get what they can, while they can. Beware.