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kwddost's comments:
on July Show Ideas
You need to really do a show that tells the truth about subprime lending....I have written your staff, I have blogged and I have sat down at your offices and you still want will not speak to or address the issue. the real issue.
WHY DO YOU KEEP ON IGNORING THE TRUE FACTS.......
posted 3 years, 9 months ago
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on Fear of Foreclosure
Wells Fargo.....please
posted 3 years, 9 months ago
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on Fear of Foreclosure
There is an IRS form that lenders required aggregators or originators to have signed and filled out by the borrowers known as a 4506T. This is a form that gives permission to the IRS to disclose to the broker, originator and lender a borrowers previous years taxable income.
In affect a means of income verification. These were even required by lenders on the so called liar-loans and ninja loans. Who in their right mind is going to lie on loan docs and sign a 4506T, which is very clear in its meaning as opposed to the loan docs themselves.
NOBODY....unless of course the form is never given the borrower and forged by the broker.....There is a mountain of evidence that is piling up against the brokers, funny how well they manage to stay insulated.......In times when even finanicial sector lobbying is down, the only group that has substantially increased their efforts are the mortgage bankers assn........
posted 3 years, 9 months ago
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on Fear of Foreclosure
In a nutshell, we have been duped, ladies and gentleman. I can tell you from months of investigations that we are not being given the full story, far, far from it.
I have no doubt in my mind had the truth been told from the outset, the political will would have gone in the favor of stopping foreclosures, and this economic crisis, recession, depression, whatever you want to call it would have not been as deep as it has become.
We have allowed the banks to get stronger and more powerful than ever before. We gave them hundreds of billions and they bought up other banks that were going under, and they have horded money, in effect controlling the whole economy. They did not at all do what they were supposed to do, and it all began with the grand illusion that they passed as subprime.......
For those that could care less and/or are still unmoved by thosethat have lost their homes, not worry their lives are completely over, their credit destroyed beyond repair.
Credit card interest rates have been raised on nearly everyone, and for those that are struggling to make ends meet now can not afford the new payments. This means missed payments and possible default, which damages credit scores.
Others have had their credit limits lowered, which has been proven damages credit scores. For the individual this has great affects. For thousands of small businesses there credit limit or line of credit is the live blood that keeps them in business. Record numbers of businesses are going under, which , you got it damages credit scores......
As the ultimate kick in the teeth, the banks have raised the prime lending point score from 680, to 720 and recently to 760. According to a recent Transunion report the average score in the US is 651........
Is anyone getting this, the banks are enslaving us with higher interest rates..........This has to stop and the place to start is with foreclosures....Forget the defecit people, we will not be able to ever come close to paying it because all our money is going not to productivity or GDP but into the hands of banks......
So all you prime people out there wake up they are coming to get you to
posted 3 years, 9 months ago
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on Fear of Foreclosure
I challenge anyone to produce a mortgage backed security that has any loans that are forecasted to go beyond 5 years, 10 at most..These were designed for that, they were designed for the quick profits they were to yield....
There are very distinct differences between the disclosure on an mbs in comparison to the loan docs that subprime borrowers were given. The prospectus for an mbs is about 500 pages and another couple of hundred for the Pooling and Servicing Agreements. When i first opened up the mbs that my loan belongs to I could not make heads or tails out of it. But I spent months educating myself and asking questions to learn about them, and what they are essentially is a plan that lays out the means by which to bleed the equity out and drop the homeowners off on the side of the road. All the traps that are absent from the loans docs that the borrowers sign are all spelled out in the Pooling and Service Agreements......it is actually quite disgusting.
As far as the loan docs. people have the opinion that the borrowers are stupid, unintelligent idiots....Well there have been studies done where prime borrowers fared no better at understanding them. Hell, Alan Greenspan admitted in an interview that he could not make heads or tails out them....
posted 3 years, 9 months ago
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on Fear of Foreclosure
The first item that we need to understand are these are not prime loans in no way, shape or form....There are no similarities, none whatsoever. The absolute truth of the matter is that these are legalized methods of keeping people down, and if they are already not down, a means by which to get them down.....Why? .....an endless life of debt enslavement...
The saddest thing about it is that our elected officials made all this possible, both Republican and Democrat. There is no room here for partisanship, because they both have a share in it. Do you know that between the years 1998-2008, +$1.7 billion dollars went to national campaign contributions, and another $3.7 billion went to the lobbying interests, that is over $5 billion dollars spent by the financial sector (finance, insurance and real estate) that went into the hands of Congress essentially.
Congress can do anything it wants, supposed to be the will of the people. They could have easily marched their butts into session and voted to change what deregulatory actions they enacted, to reverse them or something.........WHY DID THEY NOT??? Those are the questions we need to start asking.
posted 3 years, 9 months ago
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on Fear of Foreclosure
Thirdly, how is it that legislation, on such a serious issue, can be passed without even looking to what is going on in other states. This legislation they passed is so ridiculously inept, its frankly ludicrous.
In 2005 a judge in Cleveland, Ohio threw out 14 cases of foreclosure based on standing, saying that MER's (mortgage electronic Registration) does not have the right to foreclose because they never had in their possession ownership of the note. It was upheld a couple of years later by the Ohio Supreme Court.
MER,s has been thrown out of many court rooms from Florida to Nevada. Laughed out of court from Michigan to New York......New Jersey, Pennsylvania, and a couple also from Washington State.
Drop me a line at kwddesigninc@centurytel.net or call me at 503-543-3642 and I will glad to share the hundreds of lawsuits I have on file...............
My intention is to file a complaint with the governors office to investigate Our Oregon's nonprofit status because I do not all feel that they served to protect the consumers in this case........They wasted taxpayers money and they have their heads so far up the rearends of the legislature that all others are ignored....
posted 3 years, 9 months ago
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on Fear of Foreclosure
Secondly, and directly regarding SB628.....It is a travesty and a joke, a waste of taxpayers money. I was invited to testify by Senator Johnson, as being the best qualified person she knew who could provide personal insight into the foreclosure issue. Senator Bonamici, and her committee had my testimony in advance and knew what I was going to say. It was a packed house that day, and they gave Our Oregon and a couple of other so-called consumer protection agencies as much time as they wanted to exbound their bs onto the committee.
I was to have 5 minutes, and I was cut-off after about 30 seconds, and asked if had solutions to discuss. I gave them 2 very good items, the first which could have saved the state alot of money with their kangaroo proceedings.
NACA.COM..... These people are devoted to the stopping of predatory lending and the assistance of those facing foreclosure. They are a government funded nonrprofit who have diligently pursued the servicers and lenders of subprime mortgages, and have built agreements with them to modify loans that work, and do not fail after a couple of months, as so many do.
Oregon will have over 20,000 foreclosures this year, if I am not mistaken, The state of Florida will have over 400,000, a hugely stark difference. NACA (Neighborhood Assistance Corporation of America), in addition to their offices which currently are in over 23 states also has weekend bus tours. They will go into an area and in one weekend will have modified 10,000 mortgages........Apparantly Bonamici and her gang, do not how to add to well. That is 2 weeks to solve Oregons foreclosure problem.
The thing is with NACA, in order to set up offices in any state, they must first be invited by the legislature of that given state........Again, Bonamici and her gang would rather waste taxpayers money and nonprofit money to Our Oregon to come up with this ludicrous legislation..
ANYONE IN FORECLOSURE DO NOT WASTE YOUR TIME WITH THIS LEGISLATION.....PLEASE CONTACT NACA.COM ...THEY WILL ASSIST YOU EVEN THOUGH THEY DO NOT HAVE AN OFFICE HERE.
posted 3 years, 9 months ago
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on Fear of Foreclosure
I am truly upset about SB628 because it does not address any of core issues whatsoever. The core issue is the stigma that surrounds foreclosure that the mainstream media pumped into public mindset. Mainly, that people took mortgages that they could not possibly afford, that they lied on applications inasmuch as their income levels and even employment.Obviously, that does not generate any political will to assist people, given that story. It is true though, but only to a small mass of the 7 million people that were sold subprimes. SOMEHOW THE REST OF TRUTH JUST NEVER MADE IT OUT......
Does it make a difference to anyone if over 70% of subprimes written were to people who qualified for prime conventional mortgages. Does it matter that they were steered by unscrupulous brokers into subprime, and that millions of dollars are flying around Washington to keep this under wraps. This is straight from the mouth of a legislative aide to Senator Merkley, who if you do not know, sits on the housing, Banking and Urban Affairs Committee....
It damn well should matter, because the people who have been foreclosed on are shown little empathy, when in fact they should be given carte blanche treatment for being setup and sent to hell, which is exactly what these mortgages are. The Brokers, they need to be investigated and held responsible for the damage that they have caused people's lives.....They have destroyed good families, not to mention the economy as well.
I have devoted thousands of hours to study on this issue, and I have dozens upon dozens of university legal and economic research studies as well as thinktank studies that provide details that mainstream media simply does not report, and I will be more than happy to share those reports with anyone interested
drop me a line at kwddesigninc@centurytel.net
posted 3 years, 9 months ago
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