HAMP-PRA Program Explained

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What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, Tennessee, Georgia, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Note: The PRA (Principal reduction Alternative) portion of HAMP has not been utilized with efficiency by homeowners. First of all  it is a good idea to have several copies —digital and on paper — when you submit your modification proposal. The pattern that is clear. They claim to have not received it, they destroy the file because one thing was missing, etc. So be prepared to submit multiple times and get in writing that the foreclosure will not go forward while this process is underway. A demand letter from an attorney referencing the Dodd-Frank Act and its prohibition against dual tracking, will probably produce some results, especially if it is sent to every known party at every known address including the tiny letters in a font so light you can barely see it on the bank of the end of month statement.

Remember you are in all probability communicating with people who never owned nor funded the loan nor the purchase of the loan and that in order to clear the title on your client’s home you will need a “Guarantee of Title” from the title company and I think it is a good idea to get a judge’s order (a) approving the settlement and (b) declaring that these are the only stakeholders. That Order probably will require notice by publication for a period of weeks, but it is the only sure way of ending the corruption of your title. If you are not in court yet, then see if you can work into the agreement that you can file a quiet title action and that the party approving the modification will not contest it.

As you know, if you have been reading this blog for any length of time, I do not consider the lowering of the principal due as a reduction or a forgiveness. This raises tax issues but also raises your chances of getting a very good settlement.

Don’t limit yourself to the documents requested by the bank. The package you submit should contain a spreadsheet of calculations and the formulas used by an expert to determine a reasonable value for the property and a reasonable rate of interest and term. In your submission letter, you should demand that the party receiving it (which I think should include the subservicer, Master Servicer, Investment Banker and “trustee” of the investment pool) must respond in kind unless they accept the modification as proposed.

Realize also that modification is a sham PR stunt, but it can have teeth if you use it properly. The current pattern is the “servicer” or “pretender lender” tells you that in order to get relief you must stop paying on your mortgage. Their excuse is that if you are paying, there is nothing wrong. My position is that if you are paying, you are undoubtedly paying the wrong amount of interest and principal because of the receipts and disbursements that occurred off balance sheet and off the income statements of the intermediaries who claimed the insurance and bailout money as their own.

Thus your expert should provide a formula and estimate of the amount of money that should have been paid to investors but which is sitting in  custodial or operating accounts in the name of the investment banker or its affiliate. If that doesn’t bring down the principal then move on to the hardship stuff mentioned in the article below. But remember that if the expert is able to estimate the amount of principal that was mitigated by the subservicer (continuing to make payments after the loan was declared in default) and When the receipts occurred, this would reduce not only the principal demanded by demonstrate the extra interest paid on a principal balance that was misstated in the EOM statements and the notice of default and notice of sale (or service of process in the  judicial states). In such cases, which is by far the majority of all loans out there including those paid off and refinanced, the overpayment of interest and perhaps even an overpayment of principal.

This is tricky stuff. You need an expert who understands this article and has some ideas of his/her own. AND you need a lawyer who wants more than to simply justify his/her fee. You want a lawyer, obsessed with winning, and who won’t let go until the other side gives in. Remember these cases rarely if ever go to trial. Once the pretender lender takes you as a credible threat they cannot afford to posture any longer lest they end up in trial where it comes out they never owned or purchased the loan, the investor’s agents were prepaid by insurance, CDS and federal bailouts. Millions of foreclosures preceded you in which title was corrupted by the submission of a credit bid by a stranger (non-creditor to the transaction. The tide is turning — be part of the solution!

The Home Affordable Modification Program (HAMP) was established a few years ago by the Departments of the Treasury and Housing and Urban Development to help homeowners who are underwater avoid foreclosure.

Since 2010, one of HAMP’s programs has been the Principal Reduction Alternative (HAMP-PRA). Borrowers who qualify for the program have their mortgage principal reduced by a predetermined amount (called the PRA forbearance amount).

A borrower qualifies for the HAMP-PRA program only if:

  • the mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac
  • the borrower owes more than the home is worth
  • the house is the borrower’s primary residence
  • the borrower obtained the mortgage before January 1, 2009
  • the borrower’s mortgage payment is more than 31 percent of gross (pre-tax) monthly income.
  • up to $729,750 is owed on the 1st mortgage.
  • the borrower has a financial hardship and is either delinquent or in danger of falling behind
  • the borrower has sufficient, documented income to support the modified payment, and
  • the borrower has not been convicted of a real estate related fraud or felony in the last ten years.

The end goal of the HAMP-PRA program is to reduce the borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines.

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61 Responses

  1. FRAUDCLOSURE IS IN FACT, GRAND LARCENY……BEING COMMITTED BY OUR FOREIGN ENEMIES…ON U.S. SOIL…AGAINST WE THE PEOPLE….THE ONLY PARTY WITH A VALID LEGAL CLAIM ARE WE THE PEOPLE …AGAINST THESE FEDSTER CROOKS….

  2. Guest…..Those rules for radicals you speak of are crimes and you & they are not funny……you are criminal felons.

  3. The trolls will only tell you go find a scumbag attorney who will help the FEDSTERS rob you out of your property. I will tell you THE TRUTH…YOU ARE LIVING IN A LAND OF COMPLETE CORRUPTION …..So you better go educate yourself BEFORE YOU GO SEE AN ATTORNEY..

    You can’t help those who don’t want to help themselves and want to believe everything they are told. You better get a clue….THE TRUTH IS ………THIS IS is a vast communist conspiracy to steal our liberty & freedom BY OUR COMMUNIST ENEMIES BOTH FOREIGN & DOMESTIC AND WHAT THEY WANT IS TOTALITARIANISM …..COMPLETE COMMUNISM…..THE U.S. GOVERNMENT……WE THE PEOPLE…..HAVE BEEN HIJACKED BY COMMUNIST THUGS WHO ARE HOLDING US HOSTAGE AND WANT YOU TO BELIEVE THEIR LIES….THAT THEY OWN EVERYTHING & THEY OWN YOU……DO NOT BELIEVE THEM…THEY ARE DANGEROUS TERRORISTS & CRIMINAL FELONS…..THEY ARE WOLVES IN SHEEPS CLOTHES…DO NOT TRUST ANYBODY.

  4. People who take the Bull by the Horns without first learning the rules in the playbook are DOA. snorts

  5. E Tolle you ARE A LYING CROOK &..NO ONE BELIEVES YOU except for your fellow commie trolls …… and anyone who does has obviously not been educating themselves.

    That person that is asking for help is acting intentionally vague…it is either UNEDUCATED or a FEDSTER CROOK or a POLITICIAN…..

    You can’t help anyone who does not want to take the bull by the horns.

  6. Wickster1959, Call your state bar association in your state and get a referal for an attorney near you. You need an attorney. Good Luck and Best Wishes to You!

  7. wickster1959 wrote, “need help.”

    Very succinct, to say the least.

    I’m not sure if you’ve fallen, and found yourself a few feet from your med-alert bracelet while convulsing on the floor, or if you’re referring to the fact that the idiot poster known as stripes obviously needs some serious psychiatric help pronto, or if you’re washed up on some remote deserted island all Crusoe like, and are using the last few rays of your I-phone’s battery to craft a modern day version of rocks on the beach, alerting us to the fix you’re in.

    Regardless, more information is definitely needed, if anyone here might have the where-with-all to help you with any possible solutions for what ails you. Unless, of course, you in fact were alluding to the idiot stripes, in which we all are in desperate need of help from her constant blithering idiotness enveloping every square inch of this site. I’d gladly fix that little problem on my own, but I’m afraid my cure is about to be legislated away through gun control legislation.

  8. Evil has many agents and agencies….That always leaves the pot calling the kettle black…when in fact, they are all the black pot……Amendment 9 will prevail…white stripes forever…!

  9. In my case….the only assignments that exists are the fraudulent ones that the IMPOSTERS recorded after the IMPOSTERS filed their fraudulent foreclosure complaint…….the FRAUDULENT CONVEYANCES AND RECONVEYANCES BY THE ISSUER OF THE ORIGINAL BILL OF CREDIT ….THE ORIGINATOR HAVE NOW TAKEN ON A NEW IDENTITY TO CONCEAL THEIR TRUE IDENTITY & TO CONCEAL THE ORIGINATION FRAUD THEY COMMITTED IN MY NAME WITHOUT MY KNOWLEDGE OR CONSENT……

    That can only mean one thing…..dismissal of the imposters fraud complaint with prejudice with no chance to amend their fraud…..Defendant’s have all the rights of a harmed party and clear title plus monetary compensation for damages for permanent harm caused by plaintiffs negligence & permanent harm intended.

  10. Everyone with assignments might want
    to make clear copies and keep them safe for
    future reference or better yet post them all online. If you don’t have copies get them from the County Recorders Office as who knows they might “lose” them. I think we should have a website to post all assignments online and teach people what to look for on their own docs as well as show what they are & have gotten away with. When we heard banks were breaking into homes clearing everything out and changing locks my husbands first thought was they’re trying to get evidence of their crimes. I think it is important to safe keep all
    documents related to foreclosure as it is
    the only paper trail and even if you are not
    in court you never know when these documents will be needed.

  11. Notmynpv….found the videos on youtube….Insider info is always the best as the FED INVESTORS well know..thanks..!

  12. An addendum to my last comment…..none of what they did is described in those mortgage documents …… so don’t believe for a minute that because you did not read that contract thoroughly before signing it, you are to blame. They must disclose every aspect of the transaction they are intending to commit in your name says the law and they disclosed nothing.

    They intentionally misrepresented that contract and those notes were not legal contracts, they were checks we wrote to them. ONCE THE NOTES WERE CASHED….THE LEGAL ASSIGNMENTS ARE THE ONLY EVIDENCE THE DEBT EXISTS….THAT IS THE ORIGINATION FRAUD THEY ARE CONCEALING…….THAT CRIME NULLIFIES THE MORTGAGE CONTRACTS & THE NOTES…..THE NOTES ARE NO LONGER NEGOTIABLE INSTRUMENTS AND WERE NEVER EVER SECURITIES OR SECURITY ENTITLEMENTS….THEY WERE FRAUDS…THEY WERE CREDIT SLIPS, OVERISSUED, SWAPPED, & TRADED ON WALL STREET AFTER THE DEFAULT BY THE ISSUER OF THE ORIGINAL BILL OF CREDIT… THE FED DEFAULTED……THEREFORE, THE FED FULLY INTENDED TO DESTROY THE VALUE OF THOSE INSTRUMENTS..THE PROOF…..THEY WERE ALL OVERINSURED ON THEIR RISK TO THE TUNE OF $700 TRILLION DOLLARS….THE VALUE OF OUR ORIGINAL INVESTMENT …$12 TRILLION DOLLARS……

  13. Not mynpv… I will look into that person.

    I heard about THE DOJ lawsuit yesterday against the S&P & I do believe their pretend ignorance played a big role in this. The tired old story about how no one knew about the quality of these
    “instruments” of mass financial destruction is not valid. Everyone of these agencies played a role in this and helped manufacture this. There is certainly plenty of blame to go around. I place the blame solely on who had the most to gain from the destruction of our property values, the 8 Illuminati banking families at the top of the pyramid scheme. The traitor politicians from within were & are proxies to this investment scam to completely control the American people and are a disgrace.

    I don’t put any faith & confidence in these traitor politicians who all need to step down. They have not upheld the Constitution and have betrayed the American people. They are sell outs to the people who pay for everything…..WE THE PEOPLE.

    None of us signed or agreed or gave any of them permission to use our signatures to default on what they borrowed in our names. None of us agreed to participate in or gave them permission to participate in their ponzi scheme with our wealth on Wall Street. What did they tell us at the “closing”…..? “We may sell this “loan” to another bank”….. That discloses nothing, therefore we had no knowledge of the machinations that were going to be used to destroy our wealth.

    Therefore WE THE PEOPLE were not a party to this scam…&..they can all go to the hell they created. I want my stolen wealth & hijacked property returned.

    Just heard Holder explain the case against the S&P and what he called their EGREGIOUS BEHAVIOR…..to gain unjust enrichment….steal from us.

    THERE IS THE PROOF OF INTENT TO HARM US RIGHT FROM THE TOP LAW ENFORCEMENT AGENCY IN THE COUNTRY….THE DEPARTMENT OF JUSTICE….NOW…STOP FRAUDCLOSING & BAILING THESE CROOKS OUT…GIVE THE AMERICAN PEOPLE BACK OUR STOLEN & HIJACKED WEALTH YOU CROOKS….!

  14. Stipes listens to Bill Schneblin. He’s was a high priest.

  15. Here comes the calvary, unfortunately they are not carrying guns.

    http://finance.yahoo.com/news/mcgraw-hill-p-sued-u-050101388.html

    S&P sued for freedom of speech violations, LOL, can the circus can get any better than this. WE need handcuffs, not more pen pushers.

    You want to raise some money for Treasury – start locking up some of the officers of these companies,and as soon as the Board see the exposed theft making its way back to them, heads start to roll.

  16. [...] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: HAMP-PRA, Inman News, investment banker, Master Servicer, modification, overpayment of interest, overpayment of principal, principal correction, principal reduction, Stephen Fishman, subservicer, Trustee of investment pool Livinglies’s Weblog [...]

  17. I was listening to a video by Bill Cooper and I was surprised to hear Bill try to sell the greatest lie ever sold, that lie was that supernatural evil does not exist….I was very disapointed by Mr. Cooper who told a lot of truth to sell that one big lie. Bill said evil only exists within the minds of mankind and only mankind are to blame for evil by their own actions. He went on to say, if man ceased to exist, evil would cease to exist. I disagree….evil does need an agent and evil has many agencies, many disguises. However to say mankind is the reason evil exists would mean we will someday cease to exist because good can never prevail over the hearts & minds of mankind. I agree mankind are weak and easily controlled, however, I also believe mankind are capable of using their own free will to stick to a decent moral code. Greed & temptation are powerful seducers. They are just a couple agents of evil. Everyone has a choice, their own free will, however the supernatural world of evil employs all of its weapons against good to undermine it and usurp it. Bill went on to thank God.., If you believe in good than good old fashioned common sense should tell you that good has an enemy that works against it. If you accept a higher power for good exists than you have entered the supernatural world where evil also uses all of its powers, though its powers are not as great as the Creators, we enable evil and give power to it by ignoring its existance by our own ignorance.

  18. DeMarco knows there is no principal to reduce. The FEDSTERS & WALL STREET destroyed the value of everything. Those underwater homeowners should just stop paying these FEDSTER crooks and stand up for their own rights. The American people are acting like cowards & dumbasses for continuing to pay these investor crooks any money. Instead of paying these IMPOSTERS, who are in default to the U.S. TAXPAYERS for gazillions and are insolvent on their balance sheets, they should be suing them into oblivion….

  19. Don’t demonize DeMarco he is NOT blocking the economic recovery…Obama, Congress, the Senate and the politicians are by allowing the FEDSTER TYRANTS to carry out their TBTF robbery of US…FEDSTER “CREDIT POLICY” AND PROGRESSIVE TAXATION IS FASCISM….THESE TOTALITARIAN CONTROL FREAKS ARE OPENLY BUT SECRETLY BANKRUPTING THE AMERICAN PEOPLE.

  20. DeMarco DOES NOT want to resocialize the unsustainable debt created by Wall Street. I like that. That is honesty. Unlike these other totalitarian control freaks.

  21. Sign the petitition:

    DeMarco’s opposition to principal reduction is driving millions of underwater homeowners towards foreclosure, hurting all taxpayers, and single-handedly dragging down our economic progress.[3] We need an FHFA director who fulfills their duty and stands for millions of homeowners and families.

    https://petitions.whitehouse.gov/petition/make-federal-housing-finance-agency-acting-director-ed-demarco-personally-call-10-underwater/RvT9Gty8?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl

  22. Tell President Obama: Make Ed DeMarco call 10 homeowners a day and immediately nominate a new director to replace DeMarco.

  23. He’s been called the “biggest roadblock to our economic recovery”[1] and it’s time he faces the people he has hurt most.

    Ed DeMarco, Acting Director of the Federal Housing Finance Agency, was appointed four years ago by President Bush to oversee the organizations that control more than half the mortgages in the country. Since then, he has blocked fair and needed actions that would jumpstart our country’s economic progress and help millions of families who suffered after big banks crashed the economy.

    Every day, President Obama reads 10 letters from people all over the country.[2] It’s time for DeMarco to face the people he serves too. That’s why we just put up a petition on the White House’s website demanding that Ed DeMarco call 10 homeowners a day and personally tell them why he is driving them into more debt and towards foreclosure.

    Tell President Obama: Make Ed DeMarco call 10 homeowners a day and immediately nominate a new director to replace DeMarco.

    DeMarco’s opposition to principal reduction is driving millions of underwater homeowners towards foreclosure, hurting all taxpayers, and single-handedly dragging down our economic progress.[3] We need an FHFA director who fulfills their duty and stands for millions of homeowners and families.

    After months of organizing and pressure from all of us, multiple reports confirm that the White House is ready to replace Federal Housing Finance Agency Director DeMarco with a new nominee. But for every day DeMarco remains in office, millions of us suffer.

    That’s why we’re also demanding that President Obama act swiftly and announce a new nominee to replace DeMarco immediately. Millions of families and our economy can’t afford DeMarco in office for one more day.

    Until then, DeMarco’s got a lot of homeowners to call, so sign the petition today. Thanks!

  24. OBAMACARE IS IN REALITY, THE MICROCHIPPED MARK OF THE BEAST BEING IMPOSED BY THE REVIVED ROMAN EMPIRE…..WHO ARE THE 8 ILLUMINATI BANKING FAMILIES…

  25. It does not matter how rich or well educated you are, when you comply with tyrants, you will never win….

    Obama wants to give legitimacy and legal rights to illegal aliens …..FOREIGNERS…..to FREE HEALTHCARE and FREE EDUCATION….. WHICH WILL ROB MORE OF OUR WEALTH WHILE HE IS ROBBING US OF ALL OF OUR WEALTH, PROPERTY & OBSTRUCTING JUSTICE AND IGNORING OUR LEGAL RIGHTS …… afforded to EVERY Natural Born U.S. CITIZEN…..ALL UNDER THE GUISE OF WHAT HE CONSIDERS MORAL & SOCIAL JUSTICE…..IT IS FRAUD AND IT IS CRIMINAL….

    Here is an example of Obama lying under the guise of AFFORDABLE HEALTHCARE & LEGAL RIGHTS……..OBAMACARE IS IN REALITY, NOT AFFORDABLE…..OBAMACARE WILL COST A FAMILY OF 5 …..$20,000.00 PER YEAR REPORTED FOX BUSINESS…. OBAMACARE IS NOT A LEGAL RIGHT…..OBAMACARE IS A SOCIAL ISSUE THAT DOES NOT COMPLY & CONFORM WITH THE MORALS OF THE MAJORITY OF AMERICANS LIVING IN A CONSTITUTIONAL REPUBLIC……OBAMACARE IS NOT JUST HEALTHCARE……OBAMACARE IS 13000 PAGES OF TYRANNY BEING GOVERNED BY 9000 PAGES OF FEDERAL LAW……OBAMACARE IS IN REALITY, THE INSTALLATION OF A FOREIGN DICTATORSHIP……UNDER THE GUISE OF AFFORDABLE HEALTHCARE….OBAMACARE IS ALSO FEEDING OUR FOREIGN ENEMIES A CRADLE TO GRAVE REVENUE STREAM OF OUR WEALTH AND GIVING US GLORIFIED MEDICARE THAT IS UNACCEPTABLE BECAUSE IT ALLOWS THE POLITICIANS TO TELL YOU WHAT TO DO …. WHAT MEDICAL TREATMENTS YOU CAN HAVE & ULTIMATELY WHETHER YOU LIVE OR DIE…..THOSE DECISIONS WILL ALL BE GOVERNED BY THE FOREIGN INVESTORS WHO CONTROL THE BANKS…..THE VERY PEOPLE WHO WANT TO DESTROY US….

  26. When you cooperate with tyrants you never win. If the Politicians told everyone to go jump into a nuclear reactor would they get the hint….?

  27. There is no hearing scheduled GUEST…. so name the place, date & time you want to call me names to my face and reveal yourself you lousy stinking coward. You call trying to make people believe lies and stealing from hard working Americans working all day….? What a scumbag….!

  28. I’m Sorry, you are right, its never gonna happen. Its 30 days to vacate not 120. I’m a little tired after working today, I am sure you understand. See You Soon!

  29. Remember this…..I ABSOLUTELY, UNEQUIVOCALLY DO NOT FEAR YOU CROOKS…and I know who every stinking one of you are…..and I will expose you and your crimes against the American people by name……and publicly document everything for the entire country to bear witness to what these traitors have done.

  30. The only real hearing will be the sound of handcuffs being slapped on your wrists…

  31. I will post the name of every lying commie crook who is involved in this robbery.

  32. We both know that’s never going to happen you lying coward …… so name the day, time & place…..I want to know which FDIC bank whore you are…. Fisher & Shapiro or Aronberg, Goldgehn & Garmisa…..?

  33. In the courtroom at your next hearing, right after the Judge gives you 120days to vacate. How will that work for you?

  34. GUEST…..WHY DON’T YOU NAME A TIME AND A MEETING PLACE AND SAY THAT TO MY FACE YOU FREAKING COMMUNIST COWARD…..?

  35. All Talk & Bulling and No Action! Just like a Buttwipe!

  36. Furthermore, it will be a cold day in hell before GUEST OR ANY lying DEMON commie totalitarian scumbag gets away with telling me to be ashamed of ANYTHING……let alone telling a NATURAL BORN U.S. CITIZEN INVOKING MY FIRST AMENDMENT RIGHT TO SPEAK MY MIND in this FREE & OPEN Constitutional Republic AKA…The Good ole U.S. of A…..WHERE ARE YOUR BIRTH CERTICATES THAT GIVE YOU LYING SCUMBAG TROLLS ANY LEGAL RIGHTS TO OPERATE OR SPEAK FREELY ON U.S. SOIL……..?

  37. nanny nanny boo boo … what are you going to do about it buttwipe, Nada.. thats what!

  38. Guest YOU ARE A GREEDY FOREIGN IMPOSTER TOO…..get the hell out of our CONSTITUTIONAL REPUBLIC….. ! No one believes your lies and don’t tell me what I need to do or the American people what to believe or what they should be ashamed of you immoral SCUMBAG bag of totalitarian communist puss….GET THE HELL OUT before someone shoots your commie imposter lying ASS full of lead….because that is our legal right as you are a foreign imposter operating and speaking YOUR COMMIE TOTALITARIAN GIBBERISH on U.S. SOIL ….GOT THAT …? GET THE HELL OUT…YOU WERE WARNED…

  39. Stripes, You are not going to get any moral support here. You need to convince the Judge of your Jibberish, and that is not going to be as easy as it was as convincing yourself. If you were so confident of your Opinions … you wouldnt be here trying to drum up support. I suspect you fed your Jibberish to others and have already cost them their homes. Shame On You!

  40. The American people are not fooled…..everyone is saying these politicians and their political appointments in the judiciary and in all branches of this fraudulently induced government, the media, law enforcement, the educational system, the healthcare system are totalitarian and communist as hell…DICTATORS……They better start admitting THE TRUTH…..they are FOREIGN IMPOSTERS OPERATING BLACK OPS ON U.S. SOIL…. and they are not a part of our Constitutional Republic.

    WE THE PEOPLE who believe in our Constitutional Republic and a Free Market Society will never accept this totalitarian dictatorship by deception or by force so they better all get the hell out of America.

  41. U.S. and States Prepare to Sue S.&P. Over Mortgage Ratings
    By ANDREW ROSS SORKIN and MICHAEL J. DE LA MERCED

    The Justice Department, along with state prosecutors, plans to file civil charges against Standard & Poor’s Ratings Service, accusing the firm of fraudulently rating mortgage bonds that led to the financial crisis, people briefed on the plan said Monday.

    A suit against S.&P. — expected to be filed this week — would be the first that the government has brought against the credit ratings agencies related to the financial crisis, despite continued questions about the agencies’ conflicts of interest and role in creating a housing bubble.

    Several state prosecutors are expected to join the federal suit. The New York State attorney general is conducting a separate investigation, an official in that office said. The official declined to say whether New York State’s action involved ratings agencies besides Standard & Poor’s.

    Until last last week, the Justice Department had been in settlement talks with S.&P., people briefed on the matter said. But the negotiations broke down after the Justice Department said it would seek a settlement in excess of “10 figures,” or at least $1 billion, they said. Such an amount would wipe out the profits of S.&P.’s parent, the McGraw-Hill Company, for an entire year. McGraw-Hill earned $911 million last year.

    During settlement negotiations, the Justice Department held out the threat of a criminal case against S.&P., people briefed on the matter said. Ultimately, the government plans to bring a civil suit, which has a lower burden of proof than a criminal case.

    Click here for the rest of the article http://dealbook.nytimes.com/2013/02/04/u-s-and-states-prepare-to-sue-s-p-over-mortgage-ratings/

  42. A banker going to jail for fraud…? Oh! Never mind. It’s in Singapore…
    Here, the more they steal, the more we reward them. America or the making of a third-world country… (Cont.)

    http://www.channelnewsasia.com/stories/singaporelocalnews/view/1252086/1/.html?utm_source=twitterfeed&utm_medium=twitter

    Former private banker gets 20 weeks’ jail for forgery
    By Claire Huang | Posted: 04 February 2013 1238 hrs

    SINGAPORE: A former private banker has been sentenced to 20 weeks’ jail for forgery, involving losses of about S$2 million.

    Jegathes V Baradan, 50, was convicted of 12 counts of forgery. The prosecution proceeded on four of the 12 charges.

    He committed the offences between 2008 and 2010, when he was a banker with Merrill Lynch International Bank Limited, and later with Credit Industriel et Commercial.

    The Malaysian citizen issued fraudulent letters to his clients, which stated promises of the bank extending credit financing services, among other things.

    The letters deceived third-party companies into paying his clients and suffering losses totalling about S$2 million.

  43. Faking ignorance about the laws of this land in order to ignore crimes and using that fake ignorance to not apply the rule of law is criminal……Faking ignorance by highly educated people is being used as evidence of a debt and that is criminal by it’s deception. It is deliberate when you realize these financial “experts” and “officials” are the most highly educated and experienced professionals who have been educated by the most brilliant people in the world.

    The laws governing foreclosure are taught in first year law school…..

    The foundational principles of our Constitutional Republic …OUR BEDROCK……these governing laws that protect our legal rights and our freedoms….the U.S. CONSTITUTION & the U.S. BILL OF RIGHTS were taught to the U.S. citizenry in 8th grade…

    Who do these jokers & theives, these radical subversives think they are fooling…..?

    These are very deceptive crooks….they are incredibly arrogant and act as if we never learned the bedrock principles of our Constitutional Republic in school. That is simply not the case.

  44. The judges are ignoring the governing principle of foreclosure…POSSESSION of the LEGAL ASSIGNMENT…..THE UCC CODE ARTICLES 1-9 GOVERNS BANKS & BANKING IN REGARD TO NEGOTIABLE INSTRUMENTS…..SECURITIES & SECURITY ENTITLEMENTS ….THOSE ARTICLES ARE FEDERAL LAW…….. AND THAT IS THE RULE OF LAW THAT GOVERNS FORECLOSURES…..NOTHING OVERRULES NON- PERFORMANCE OF ARTICLE 3 REQUIREMENTS BY THE BANKS ……ONLY BY ACCEPTANCE BY ARTICLE 5/3-103 AND CONSIDERATION….ARTICLE 5/3-303 …..CAN A SECURITY…OR A SECURITY ENTITLEMENT BE CREATED…..THE LEGAL ASSIGNMENT IS PRIMA FACIE EVIDENCE THAT THE SECURITY WAS CREATED…..AN UNINDORSED NOTE IS NOT EVIDENCE OF A DEBT WITHOUT THE LEGAL ASSIGNMENT ATTACHED AT THE ONSET OF PLAINTIFFS CLAIMS IS A REQUISITE TO BRING A FORECLOSURE COMPLAINT….THE ALLONGE TRANSFERS NOTHING IN REGARD TO AN UNIDORSED NOTE ….WITHOUT THE LEGAL ASSIGNMENT PLAINTIFFS CAN ONLY BE CONSIDERED IMPOSTERS; FICTITIOUS PAYEES & THE PLAINTIFFS ENTERING UPON THE COURTS….COPIES OF THE NOTES & MORTGAGES CAN ONLY BE CONSIDERED COUNTERFEITS & FORGERIES..& FRAUD UPON THE COURT…

  45. Don’t Freddie and Fannie own/guarantee almost all of the mortgages now. So who is this going to even help ????

  46. Fresh Questions Over a Bank of America Settlement

    By GRETCHEN MORGENSON
    Published: February 3, 2013 76 Comments

    Bank of America has long rued its decision in 2008 to acquire Countrywide Financial, the subprime mortgage giant. To date, the bank has set aside some $40 billion to settle claims of mortgage misconduct that occurred before it acquired the freewheeling lender. [Set aside? As in... written down in the books as fiat money potentially owed, i.e., maybe, possibly, a liability if we get the wrong judge but we have also set aside that buyout money to sway him in the right direction?]

    It has been a regular refrain at Bank of America. Last month, Brian T. Moynihan, the bank’s chief executive, told Bloomberg television at the World Economic Forum in Davos, Switzerland, that carrying Countrywide was like climbing a mountain with “a 250-pound backpack.”

    But according to new documents filed in state Supreme Court in Manhattan late on Friday, questionable practices by the bank’s loan servicing unit have continued well after the Countrywide acquisition; [HA! we knew that already...] they paint a picture of a bank that continued to put its own interests ahead of investors [and, especially, homeowners...] as it [pretended to modify] modified troubled mortgages.

    The documents were submitted by three Federal Home Loan Banks, in Boston, Chicago and Indianapolis, and Triaxx, an investment vehicle that bought mortgage securities. They contend that a proposed $8.5 billion settlement that Bank of America struck in 2011 to resolve claims over Countrywide’s mortgage abuses is far too low and shortchanges thousands of ordinary investors. [And millions of homeowners...]

    The filing raises new questions about whether a judge will approve the settlement. [Well, with the right set-aside amount, that shouldn't be too much of a problem...] If it is denied, the bank would face steeper legal obligations.

    http://www.nytimes.com/2013/02/04/business/new-questions-raised-over-a-bank-of-america-settlement.html?_r=0

  47. These politicians are acting uneducated about the laws of this land when they are in fact, highly educated about the laws of this land. They are pretending to be ignorant…..they are frauds.

  48. Tell Obama & the politicians to apply & enforce the rule of law that is already in place and quit feigning ignorance to overthrow it.

  49. The HOPE is through praise of their false idols of money, power and greed to effect totalitarian CHANGE through the gods that they made themselves. Only our own sheer ignorance allows this evil to impose itself on our Constitutional Republic. Our own sheer ignorance about the evils of totalitarianism allows these dictatots to use the method of fake ignorance to not apply and enforce the rule of law. These dictators are using fake ignorance which is in reality totalitarianism and fake ignorance is therefor being used to permanently install and fraudulently induce a manufactured slavedom that is in reality a foreign totalitarian dictatorship operating on U.S. SOIL. It is in fact unconstitutional & therefore illegal….it is felonious….it is high treason by traitors from within posing as Americans they are either traitors & IMPOSTERS who are openly undermining our Constitutional Republic by shoving down our throats the unsustainable debt created by our foreign enemies in our names without our knowledge, consent or permission.

    It is all being done by the use of “trusted names” that are in reality, being controlled and directed by investment by our foreign enemies who pay for nothing but use their trusted names to rob us and force us to pay for everything……

    The only cost to these foreign enemies is the cost of investing in everything WE THE PEOPLE PAY FOR….THIS TYPE OF CONTROL IS HIDDEN AND IS IN FACT ALLOWED TO HAPPEN BY SECRETS….LIES AND DECEPTION THESE IMPOSTERS BOTH FOREIGN& DOMESTIC ARE USING & ABUSING US……

    THIS TYPE OF INVESTMENT STRATEGY IS TOTALITARIAN AND IS CRIMINAL …..IT IS CRONY CAPITALISM…AND IS BEING ALLOWED BY TRAITORS & IMPOSTERS BOTH FOREIGN & DOMESTIC…….

  50. My favorite question is to the gal who filed BOA/MERS assignment of our Note and Mortgage together on our Title. Who authorized you to do it? …. Who? Who? Who?

  51. You Nailed it Neil!

  52. Monday, February 4, 2013
    Congress Begins Investigation of Botched Foreclosure Review Cover-Up Settlement

    The more people look at the abruptly-arranged settlement of the OCC/Fed foreclosure reviews, the more they realize something does not smell right.

    Elijah Cummings and Elizabeth Warren have started an investigation of the settlement:

    Today, Senator Elizabeth Warren (D-MA) and Rep. Elijah E. Cummings (D-MD) sent a letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry seeking documents relating to their recent settlement with mortgage servicers that ended the Independent Foreclosure Review (IFR) process.

    “We believe that public confidence in the settlement – the confidence necessary to speed recovery of the housing markets – will exist only if the OCC and the Federal Reserve provide additional transparency into the process used and information gathered during the Independent Foreclosure Review process,” wrote Warren and Cummings. “It is critical that the OCC and the Federal Reserve disclose additional information about the scope of the harms found to establish confidence in the sufficiency and integrity of the settlement.”…

    The Members requested documents and information including:

    • The results of all IFR performance reviews by the Federal Reserve or the OCC, including all documents reviewing the performance of each of the independent contractors that conducted reviews of borrower files under the terms of the consent orders issued in April 2011;

    • All documents compiled by the Federal Reserve or the OCC indicating the total amount of settlement funds paid to each independent contractor; and

    • The total number of reviews of borrower files initiated by each of the independent contractors, and the number of borrower files in which unsafe or unsound practices were found.

    Some people in a position to know believe that this inquiry was prompted in part by our series, as well as the work done by ProPublica and the Huffington Post.

    The language of the letter requesting documentation leaves me a bit concerned about whether people in power truly recognize what went on and what is going on within these banks. There’s a level of passive aggressiveness you have to deal with in officialdom rhetoric, because there’s a veneer of politeness that assumes good faith. This is a problem, because what happened in this situation is obvious bad faith collusion from regulators, banks, and consulting firms stocked with corrupt ex-regulators. Yet, Warren and Cummings are pretending otherwise.

    For instance, the letter says its objective is to restore confidence in the settlement. Huh? Who cares about “confidence in the settlement” or for that matter “confidence in the housing markets”?

    Read more at http://www.nakedcapitalism.com/2013/02/shoes-dropping-in-the-aftermath-of-botched-foreclosure-review-cover-up-settlement.html#6FiLVdI0hFHlgoiq.99

  53. Sheer ignorance by the people is how the beast of Totalitarianism installs itself. The red dragon of socialism and communism has been fraudulently induced over the decades to install this beast, this Totalitarian dictatorship.

    It is right now, using the method of fake ignorance by the politicians,the FED, law enforcement and the courts to install itself right before our eyes. Our tolerance of these dictators who are not upholding the rule of law is allowing America to be slowly and strategically turned into a totalitarian dictatorship..

    Therefore, WE THE PEOPLE must expose the fraud and fake ignorance and stand up to it, and demand the U.S. CONSTITUTION and the U.S. BILL OF RIGHTS….The foundational Governing principles of our Constitutional Republic which is the Rule of Law, and is the bedrock foundation of our Constitutional Republic and all of the laws of this great land be upheld.

    WE THE PEOPLE must not cooperate with tyrants who pretend to be upstanding U.S. CITIZENS who are in reality, FOREIGN IMPOSTERS, WHO ARE our foreign enemies operating in disguise. WHO ARE, IN FACT… openly installing a totalitarian dictatorship on U.S. SOIL… BY PRETEND IGNORANCE.

  54. “The pattern that is clear. They claim to have not received it, they destroy the file because one thing was missing, etc. So be prepared to submit multiple times and get in writing that the foreclosure will not go forward while this process is underway.” Didn’t we go through that over and over? Didn’t the Obama administration get a hold of that one?

    Same shit. Different day…

  55. The IRS is making home more affordable now? How does that work when there is a quadrillion dollars in Securities Fraud committed by Wall Street underlying these mortgages? People can’t pull money out of their asses like they can.

  56. Please apply your own common sense to this America……This is more FAKE IGNORANCE BY THE POLITICIANS…..A QUADRILLION DOLLARS IN SECURITIES FRAUD COMMITTED BY WALL STREET CAN NEVER BE CURED…..ANY SIGNED CONTRACTS WITH THESE CROOKS IS FRAUDULENTLY INDUCED SLAVERY…ANY PAYMENTS TO THESE CROOKS IS OUTRIGHT ROBBERY….MAKE THE JUDGES FORCE THE FEDSTERS TO …..CLEAR TITLE TO US …..& PAY US BACK FOR THE ORIGINATION FRAUD & USURY FRAUD MONEY THE FEDSTER CROOKS STOLE FROM US AND UPHOLD THE RULE OF LAW…

  57. Hi – I have a question for Neil or anyone with specific info about World savings/wachovia/wells loans. Our loan was World Savings in fall 2007 (think those loans were already Wachovia but loan/DOT paperwork says World Savings) I have read in a couple of places that Wells Fargo bought the Wachovia loan portfolio at a 39.6% discount on outstanding principal balance (read this on Reggie Middleton.) My question: is there anyway that I can use this information to bring the prinicipal down? ie if they bought it at 40% less that means that 40% has been paid? Or was this just a write down and not a real discount?

    I have been reading this blog for a couple of years and think I read here that World Savings loans were some of the very few that were not securitized and involved “real” money in the loan.

    any information appreciated. We are not in foreclosure but amortization schedule of pick-a-pay makes the future unsustainable.

    thanks

  58. HAMP-Hustler’s Association of Manufactured Paperwork, Inc…..PRA-Proliferation of Robo-Signers Associated, LLC

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