Posts Tagged ‘OBAMA’
Wall Street Journal Reports- USA Scammed by French in The Bailout
Author: Matthew D. Weidner, Esq.
One shocking aspect of the Great Mortgage Meltdown and the Bajillion Dollar Boondoggle Bailout was the fact that many of the parties that were directly responsible for the fraud, meltdown and collapse were paid off IMMEDIATELY 100% of EVERYTHING THEY COULD EVER CLAIM TO BE OWED. No negotiation, no reduction in value, just good ole USA cuts a check to AIG, Goldman, Merrill, et. al. for 100% of their investment, to the tune of $62 Billion Dollars.
Today’s Wall Street Journal reports that the massive payoffs were the result of a ploy by the French where they essentially floated a totally nonsense theory that their creditors had to receive their full investment back…and not one penny less…or risk jail. According to the reports…..
The banks and the regulator, known as the Commission Bancaire, said bank executives could be criminally liable for accepting a discount on their contracts, according to a November report of the inspector general of the Troubled Asset Relief Program.
While true in the abstract, “their argument was very overstated,” said Pierre-Henri Conac, a University of Luxembourg law professor and a director of France’s oldest corporate-law review. “Banks give haircuts every day.”
Just so we’re clear, the French come up with some totally nonsense, the feds and their friends just buy right into it and US taxpayers cut a $62 billion dollar check….that’s nice work…
Obama To Push For More Mortgage Modifications
Author: Matthew D. Weidner, Esq.
As foreclosures in Pinellas County continue to increase, there is news that the Obama administration plans to announce a new campaign to pressure lenders to modifiy mortgages for borrowers. This will come as welcome news to the many homeowners struggling to obtain a mortgage modification from their lender but who have hit a brick wall.
The Lucky 2000
Last month, an oversight panel created by Congress reported that fewer than 2,000 of the 500,000 loan modifications then in progress had bdecome permanent under the Making Homes Affordable Program. The same report expects thousands of permanent modifications out of the more than 650,000 trial modifications that will then be in progress, but I frankly doubt we will seee that many. That’s a dismal percentage when you consider that the federal government has poured $75 billion into the mortgage modification program.
For the full text of an article that appears in today’s New York Times, click here.
If you’re one of the thousands of homeowners in Pinellas or Hillsborough County struggling with attempts to obtain a mortgage modification or in foreclosure trouble, contact Matt Weidner at www.mattweidnerlaw.com
Obama’s HAMP Mortgage Modification Off to Slow Start
Author: Matthew D. Weidner, Esq.
In March 2009, the Obama Administration announced a new mortgage modification program that promised relief for the millions of homeowners behind on their mortgages or in foreclosure. Program guidelines can be found at http://www.ustreas.gov/press/releases/reports/modification_program_guidelines.pdf .
On Tuesday the Treasury Department released a report which indicates that only 400,000 borrowers have even been offered help while only 235,000 have actually entered the program. There are wide disparaties in which mortgage companies are actually getting loan modifications done with JP Morgan Chase having 79,000 loans in modification while Bank of America has only 28,000.
A problem with the program is that the first step provides only a trial modification for homeowners, requiring them to make three monthly payments before being considered for a full modification. In September the program requires mortgage companies to begin telling some homeowners that they do not qualify for a full, long term modification. For those lucky few homeowners who are in a trial modification, it will likely come as a unpleasant surprise to learn that they’ve paid into the program only to get rejected in the long run.
What’s most concerning is the relatively small number of homeowners who have been considered for the programs, a fact that is particularly disturbing given the millions of Americans who are behind on their mortgages or in foreclosure. If you’re finding it difficult to get through to your mortgage company, you’re not alone. Deloitte and Touche reports that call volume for mortgage servicers is up 500%. If you have submitted a loan modification package and don’t have an answer, keep in mind that in 2008, loan modificaiton employees were responsible for reviewing 50-80 files while they are now reviewing 200-300 files….you may be waiting for an answer to your loan modification request for a long time.
Don’t go it alone when trying to navigate this mortgage crisis. Hire an experienced real estate attorney to help you. Contact me at www.mattweidnerlaw.com.
