Mark's Blog

TAKE ACTION TODAY....

Mark Archer (REC Real Estate Consulting Services LLC) — Thu, 10 Dec 2009 22:09:32 -0600

CONTACT CONGRESS: Support Judges Modifying Mortgages NOW! Otherwise, It's All Up to the Banks.
Posted: 10 Dec 2009 06:20 PM PST
SCROLL TO BOTTOM FOR BUTTON THAT MAKES IT SIMPLE TO CONTACT YOUR REPRESENTATIVE IN CONGRESS. YOU DON'T EVEN NEED TO KNOW HIS OR HER NAME... JUST YOUR NAME, ADDRESS AND ZIP CODE.

In the next 2-3 years, it is estimated that there will be an additional 14 million foreclosures in this country. That will make the total roughly 20 million homes lost in this catastrophic recession.
But it won't stop there. Foreclosures breed foreclosures. And 20 million foreclosures just means that millions more homeowners will find themselves seriously underwater... owing quite a bit more than their house is worth... and they'll walk away... just like 18% are doing now. And that will mean even more foreclosures after that. And that will mean everyone's property values continue to fall, which will bring even more foreclosures.
Both President Bush and President Obama have tried to put plans in place to stop the flood of foreclosures... BOTH HAVE FAILED. Why? Isn't it obvious?
The banks cannot be trusted to act in anyone's interest but their own. The government has given them hundreds of billions of dollars, after they bankrupted themselves. And yet, they act as if it's business as usual.
This year alone, the major banks in this country are paying out $91 BILLION in BONUSES to their executives!

The only answer is to allow judges to modify mortgages for homeowners in bankruptcy court. Here are a few facts that will show you why this is so important:
1. President Obama's Making Home Affordable program was designed to work with "a carrot and a stick". The "carrot" is the money banks receive when they modify a loan, and the "stick" was supposed to be allowing judges to modify the loans. Without the "stick," the plan cannot work.
2. Banks don't modify their behavior for the same reason I wouldn't modify my driving habits if there weren't Highway Patrol officers out there to give me a ticket or take me to jail if I drive 100 miles per hour. No stick.
3. Allowing judges to modify mortgages in bankruptcy court WILL NOT increase borrowing costs in the future, which is what the banking lobby is saying and wants you to believe. The amendment only allows judges to modify mortgages that are already in existence when the bill is signed. It will have NO EFFECT on borrowing in the future whatsoever. NONE.
4. If we allow judges to modify mortgages on primary residences, chances are they'll never get the chance... because the banks will modify them... like they're supposed to.
5. Judges can already modify every other type of loan in bankruptcy court, just not mortgages on primary residences. Allowing them to do so will help stop the foreclosure crisis that is hurting every homeowner in America... AND IT WON'T COST THE TAXPAYERS A DIME!

Our economy cannot begin to recover until we stabilize the housing market. We've tried letting the banks decide... and look where we are today.
The only people opposed to this amendment are the bankers and financial service companies. We can't turn our country over to them, can we?
Click the button below NOW, 24/7. There is literally NO TIME TO SPARE... You don't even need to know your representative's name. All you need to know is your own name, address, phone and zip code. The letter is already written for you. Just enter your information and click the button to send. It's that simple and takes less than a minute. OR YOU CAN CALL 877.354.4958 DURING REGULAR BUSINESS HOURS.

DO IT NOW. IF YOU DON'T, IT WILL ALL BE UP TO THE BANKS.

EMERGENCY!! PLEASE TAKE ACTION RIGHT NOW... SAVE BANKRUPTCY REFORM!
Posted: 10 Dec 2009 01:45 PM PST
JUST MINUTES AGO...
House Rules Committee agreed to allow the bankruptcy modification amendment THAT WOULD ALLOW JUDGES TO MODIFY MORTGAGES to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!
THIS AMENDMENT IS BEING FIERCELY OPPOSED by the BANKS AND FINANCIAL SERVICES communities and we NEED to get people CALLING in IMMEDIATELY.
PLEASE TAKE TIME NOW TO contact your friends, family and business associates... stop whatever your staff is doing to give them time to call in. Put it on your Facebook pages, on your LinkedIn pages, Twitter it... re-tweet it! PLEASE DO IT RIGHT NOW!
IT'S SUPER EASY TO DO:
Phone toll free at: 877.354.4958
Put in your zip code
When you reach the receptionist:
State your name
Say that you are a constituent
Ask the Representative to vote FOR the Conyers-Turner-Lofgren amendment (#201) to the Financial Services Reform bill.
This amendment will cost taxpayers NOTHING and will save millions of homes from foreclosure. IT MUST BE CONSIDERED...
IF THE LINE IS CLOSED, BECAUSE CLOSES AT 6:00 PM...
Email your Senators (24/7) using the link below, which will lead you to a sample email that you can edit and personalize. YOU DON'T EVEN NEED TO KNOW YOUR REP'S NAME... CLICK AND GO!
Email Your Congressional Representative Now

PLEASE READ AND ACT NOW... VERY IMPORTANT...

Mark Archer (REC Real Estate Consulting Services LLC) — Thu, 10 Dec 2009 16:43:51 -0600

EMERGENCY!! PLEASE TAKE ACTION RIGHT NOW... SAVE BANKRUPTCY REFORM!

JUST MINUTES AGO...

House Rules Committee agreed to allow the bankruptcy modification amendment THAT WOULD ALLOW JUDGES TO MODIFY MORTGAGES to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!

THIS AMENDMENT IS BEING FIERCELY OPPOSED by the BANKS AND FINANCIAL SERVICES communities and we NEED to get people CALLING in IMMEDIATELY.

PLEASE TAKE TIME NOW TO contact your friends, family and business associates... stop whatever your staff is doing to give them time to call in. Put it on your Facebook pages, on your LinkedIn pages, Twitter it... re-tweet it! PLEASE DO IT RIGHT NOW!

IT'S SUPER EASY TO DO:

Phone toll free at: 877.354.4958

Put in your zip code

When you reach the receptionist:

State your name
Say that you are a constituent
Ask the Representative to vote FOR the Conyers-Turner-Lofgren amendment (#201) to the Financial Services Reform bill.
This amendment will cost taxpayers NOTHING and will save millions of homes from foreclosure. IT MUST BE CONSIDERED...

BREAKING NEWS.... WE NEED YOUR HELP NOW !!!

Mark Archer (REC Real Estate Consulting Services LLC) — Tue, 08 Dec 2009 22:17:54 -0600

BREAKING NEWS: Amendment Allowing Judges to Modify Mortgages to be Included in H.R. 4173 - Wall Street Reform and Consumer Protection Act

BREAKING NEWS EXCLUSIVE: An amendment allowing judges to modify mortgages on primary residences for homeowners in bankruptcy will finally find a home as part of the Wall Street Reform and Consumer Protection Act (H.R. 4173).

The amendment, which is being offered by Representatives Conyers (D, MI), Turner (R, OH), Lofgren (D, CA), Marshall (D, GA), Cohen (D, TN), Miller (D, NC), Nadler (D, NY), Delahunt (D, MA) and Waters (D, CA), is potentially the best news homeowners and our economy have had in quite some time.

The amendment is essentially the same as H.R. 1106, a bill passed by the House on March 5, 2009, by a vote of 234-191, but subsequently defeated in the Senate by a vote of 51-45. The measure needed 60 votes to pass over Republican objections, and 12 Democrats succumbed to pressure from the banking lobby and voted nay.

Senator Richard Durbin (D-IL) first introduced a similar bill in 2007, and after making some key compromises in order to gain the support of Citigroup and others, brought it back in 2009 only to see it defeated by the banking lobby once again. Senator Durbin, speaking bitterly on his hometown's radio station immediately following the defeat of H.R. 1106 said:

"It's hard to believe in a time when we're facing a banking crisis that many of the banks created - they are still the most powerful lobby on Capitol Hill. And frankly, they own the place."

At the end of the proverbial day, the battle was lost because the bill was made to stand alone, and in the end twelve Democrats signed on with the Republicans to vote for the bankers, and against the interests of families who are struggling to save their homes and might have been able to in bankruptcy. Senators Baucus, Bennett, Byrd, Carper, Dorgan, Johnson, Landrieu, Lincoln, Ben Nelson, Pryor, Specter and Tester all voted with the banking lobby.

So, in other words, and just to make sure that the message gets through to any banking types within earshot... It's Baaack! And this time it's not alone. This time it's back with a vengeance.

About a month ago, I wrote a feature story in The Niche Report magazine titled: "A Time for Good Judgment - The jury is in and we need judges to modify the way banks behave." Obviously, I used up all of my best puns just writing that headline, so this time out I thought I'd be more direct and come right to the point:

We need judges to be able to write down mortgages on primary residences because the banks aren't doing it voluntarily, the administration's Making Home Affordable plan isn't working, and the result continues to be millions of foreclosures that are destroying whatever equity is left in America.

The fact is, when the president's plan was designed, it was said to differ from Bush's Hope-4-Homeowners program because it offered a "carrot and a stick". The carrot was the incentive payments that would be paid to lenders and servicers who modified loans under the HAMP guidelines. The stick was supposed to be the reform of the bankruptcy code allowing judges to modify mortgages if the banks failed to do so voluntarily.

Some people have said that the program's failure has something to do with the inadequacy of the carrot being offered, which is another way of saying that the monetary incentives offered to lenders and servicers for modifying loans aren't enough to get them to perform. But personally, I'm damn tired of the answer being that we're not paying the banks enough. How can we judge the efficacy of the carrot when the plan has no stick whatsoever?

You want more money for the banks, try the stick first and get back to me. And I know for a fact, that the hundreds of thousands of homeowners who have applied for a loan modification under the HAMP guidelines would all love the idea of being able to hit their respective lender or servicer with a stick, so why not give it a go?

The simple fact is that the situation has become so incomprehensibly inane that writing about it makes me want to chew on glass. At first the banks said that they were simply overwhelmed by the number of homeowners applying for loan modifications. It sounded kind of crazy from the start, to my ears anyway, because they hadn't been too overwhelmed to originate millions of loans, but you've got to give in to a few start-up bumps in the road. Now, it's been two years since this foreclosure crisis began in earnest, so if Bank of America still can't answer the phone, oh well.

Then the banks said it was the investors who were stopping loan modifications dead in their tracks, which we all bought for a month or so until we discovered that it simply wasn't true. Servicers have the authority to modify mortgages in at least 92% of cases, and probably more.

Lately, the banks say that it's the 99% of borrowers not completing their paperwork properly that's holding things up, and that's why as of last week, out of 650,000 trial modifications there were just 1700 and change that had been permanently modified. I'm not even going to respond to this latest bit of drivel except to say: Shut up. Shut up. Shut up.

The banks and mortgage servicers aren't modifying loans for the same reason I wouldn't modify my driving behavior if there weren't any Highway Patrol Officers waiting to write me a ticket or take me to jail for not doing so... NO STICK. Are there any questions?

Of course, the banking lobby doesn't like this amendment one bit. They say it will result in higher borrowing costs for everyone in the future, which is ridiculous because for one thing, the amendment would only grant judges the power to modify loans that are already in existence when the bill is signed. And for another, if we don't do something to stop the flood of foreclosures that's destroying whatever equity is left in this country, there's not going to be any lending in the future, so what the heck do we care about borrowing costs?

The banks and servicers also say that it will take away their control of the situation, but the amendment requires borrowers to notify their lenders or servicers at least 10 days before filing bankruptcy, so lenders and servicers could always decide to modify the loan themselves... like they're supposed to in the first place, remember?

And in the case of TILA, or Truth in Lending Act violations, the amendment offers the exact same remedies that are offered outside bankruptcy court. Judges wouldn't have the power to wipe out the mortgage, as was the case in the original bill, so don't buy anything you hear about that.

Okay, so what are we talking about? We're talking about a reform to the bankruptcy code that will allow judges to modify a mortgage on a homeowner's primary residence so they can keep paying for it, as opposed to the home being foreclosed on, and therefore serving to lower the value of all the other homes in the neighborhood. Bankruptcy judges are already allowed to modify just about any other type of loan, and this new rule would expand that power to primary residences. Seems pretty straight forward, doesn't it?

And here's the real truth of the matter: If judges are allowed to modify mortgages in bankruptcy, they'd likely never be given the chance... the banks would modify the loans themselves, again... like they're supposed to, remember.

H.R. 4173, the Wall Street Reform and Consumer Protection Act will be considered by the full House of Representatives beginning this Wednesday, December 9^th. You can read the bill here:

The Wall Street Reform and Consumer Protection Act - H.R. 4173

And you can read my much more in-depth, yet not boring in the least feature story, "A Time for Good Judgment - The jury is in and we need banks to modify the way banks behave," here.

We need this amendment to pass as it's written. But don't get lulled into a false sense of security... it's the banks we're up against and they've managed to defeat what this amendment would allow twice before. We need to let our voices be heard LOUD & CLEAR.

You can help by taking action at three different levels:

1. Call Your Representative - Calling your elected representatives is effective, because you can count on the fact that you won't be the only one placing such a call. Next year is an election year and the entire House of Representatives is up for reelection. When your representative hears from hundreds or thousands of his or her constituents, it makes a real difference because he or she knows that for every call received, there are dozens of others in your district that feel the same way you do, but didn't take the time to place a call.

Ask to speak with the staff person who is handling H.R. 4173, the Wall Street Reform and Consumer Protection Act. Identify yourself as being a constituent.

2. Email Your Representative - Writing to your elected representatives has even more impact that calling does. That's because it requires a bit more effort, and therefore your representative knows that there are hundreds of others in your district that feel the same way you do, but didn't take the time to write and send an email.

3. Drop By and Say Hello - Writing a letter, printing it out, placing it in an envelope and delivering it to your congressional representative's district office has even more impact than emailing, for the same reason that emailing has more impact than calling. You don't have to worry about your representative being there... staff members will let him or her know when a group of people all stop by to drop off a letter related to the same issue, because it's highly likely that thousands of people in the district feel the same way.

A SAMPLE LETTER TO YOUR ELECTED REPRESENTATIVE:

I am writing to urge Rep. __________ to support the amendment to H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others that will help stabilize the housing market by helping families avoid foreclosure.

The foreclosure crisis continues to worsen and is preventing the economy from beginning its recovery. In 2009 alone there have been more than four million foreclosures, and it has been forecasted that unless something is done, there will be 14 million more over the next few years.

The Obama Administration's Making Home Affordable plan has failed to-date because it provides a carrot, but no stick. The stick was always intended to be judicial loan modifications.

Obviously, the banks and servicers are not going to modify loans voluntarily. We need judges to be able to modify the mortgages on primary residences for homeowners in bankruptcy.

If you voted yes on HR 1106 this past spring, this new amendment is identical to H.R. 1106. If you voted no on HR 1106: Please consider that in the intervening months, the foreclosure crisis has gotten much worse. If our economy is to recover, we need the housing market to stabilize before any recovery can take hold.

Thank you.

Sincerely,

John and Joan Q. Public

Whatever you do... DO IT TODAY... like now would be perfect. Don't put it off and let it go. Our country's economy and millions of homeowners are counting on you. TOMORROW AT THE LATEST...

CONGRESS WILL BE DEBATING THIS ON THURSDAY OF THIS WEEK...

THERE IS NO TIME TO SPARE. PRESIDENT OBAMA HAS TRIED TO GET THE BANKS TO VOLUNTEER. IT HASN'T WORKED. THERE IS ONLY ONE GROUP MORE POWERFUL THAN THE BANKING LOBBY... THE PEOPLE.

TAKE ACTION AND ENCOURAGE OTHERS TO DO THE SAME... NOW! PLEASE FORWARD THIS EMAIL TODAY TO EVERYONE YOU KNOW. WE SIMPLY CANNOT ALLOW THE BANKS TO WIN OUT OVER HOMEOWNERS AGAIN.

COMMERCIAL MODIFICATIONS

Mark Archer (REC Real Estate Consulting Services LLC) — Mon, 16 Nov 2009 15:09:18 -0600

We INTERRUPT this FORECLOSURE CRISIS for a COMMERCIAL Message by: Martin Andelman

Also copy and paste this link for another great article... http://mandelman.ml-implode.com/2009/11/a-hundred-thousand-homeowners-voices-of-hope-change/

So... commercial real estate has been the next financial shoe to drop for some time now.

The best thing about the meltdown in commercial property, for me anyway, is that it's just a variation on a now all too well-known theme: Underwater properties cannot be refinanced so when loans come due... it's foreclosure time. And foreclosures on underwater properties result in losses for banks and other investor groups, which in turn lead to federal bailouts, at least in cases where the bank is deemed TBTF - too big to fail, which should really be renamed TPCTF - or "too politically connected to fail". So, at least I don't have to spend time explaining what's causing the problem... capiche?

And although I don't know how successful such efforts are, some are now offering to work with lenders to get these loans modified, and its been talked about for the last year by those claiming knowledge of the space.

To be entirely candid, I expected to be hearing more about the impact of commercial property defaults tearing into bank balance sheets by now. A few months back I read about the John Hancock building in downtown Chicago being bought by a new investor group for something like $600 million less than the amount of the last mortgage, and I thought to myself... ouch, that's gotta' smart.

The commercial property meltdown is also familiar territory in that, even though there are hundreds of billions of dollars in underwater loans that will likely end up blowing up on bank balance sheets, Treasury Secretary Tim Geithner says there's nothing to worry about. According to Bloomberg, on October 29^th of this year, while Tim was speaking at the Chicago Economic Club, he was asked whether defaults on commercial real estate could lead to another banking meltdown, he responded by saying:

"I don't think so. That's a problem the economy can manage through even though it's going to be still exceptionally difficult."

I don't care what anyone says... I love Tim. He's really is the best, don't you think? This is a guy that would have awoken on the morning that Katrina slammed into the Gulf Coast, looked out the window of his hotel, and said:

"It's a bit damp, but I'm sure it will clear up by this afternoon."

And, lest you think I exaggerate Tim's propensity to view the future through only the rosiest of lenses, Tim said what he did about the commercial real estate market on October 29^th, just a few days AFTER Capmark Financial Group, one of the country's largest commercial real estate lenders, filed for bankruptcy protection. According to Moody's, Capmark has originated more than $10 billion in commercial property loans.

Capmark came into existence in 2006, when an obviously prescient group of investors, including KKR & Co., Goldman Sachs and Five Mile Capital Partners acquired GMAC's commercial-real estate business, renaming it Capmark. The group ended up with about 75% of the company, with GMAC and its employees holding onto the rest.

Capmark reported a second quarter loss of $1.6 billion this year, and finally filed for bankruptcy around the 24^th of October. KK&R has already written down its investment in Capmark to... wait for it... zero. Maybe the guys at KK&R haven't spent enough time hanging out with Tim, because they sound like real downers.

The FDIC has also notified Capmark that it must raise capital in order to increase liquidity at its Utah bank, which also has roughly $10 billion in assets, although the bank is not included in Capmark's bankruptcy filing... don't ask me why. That's funny, isn't it? The FDIC going around telling other financial institutions about their need to raise capital and increase liquidity. I'm not saying it's wrong... that's the FDIC's job and all, but it's still funny to me. Sort of like Bernie Madoff going around telling fund managers what they need to do to remain in compliance with SEC regulations. Not exactly, but sort of.

Predictably, Capmark was just another company that relied heavily on selling the loans it made into the now non-existent, secondary market. When that market froze solid, as a result of the fabulous rating system we've developed in this country, and property values fell as a result, poor Capmark found itself stuck owing more to lenders than its loans were worth.

Doesn't that make you wonder why homeowners aren't described in that light?

Why is it that when Capmark goes bankrupt as a result of owing more on real estate than it's worth, as a result of the secondary (read: bond) market freezing solid, the company is described as being the victim of unfortunate circumstances beyond its control? But, when the same exact thing happens to a homeowner, that homeowner becomes an irresponsible individual who assumed real estate prices would go up forever, used his or her home as an ATM, and bit off more than he or she could chew.

The problem is that between now and 2013, more than $2 trillion in commercial mortgages will need to be refinanced, according to a Deutsche Bank report published last July. Commercial mortgages aren't like their residential cousins, because they typically have 5-10 year terms, as opposed to thirty.

With Moody's/REAL Commercial Property Price Index showing that commercial properties have declined in value by 40% since their peak in October of 2007, the owners of these properties are going to have a dickens of a time refinancing them, assuming they'd want to in the first place. Homes are all about emotion, but I'm not sure the guy who owns a strip mall center in Des Moines feels all that much of an emotional connection to his property. Maybe I'm wrong, we'll soon see.

The Philadelphia Inquirer recently quoted a guy by the name of Paul Halpern, who is a partner at Versa Capital Management of Philadelphia. Paul's view is that a lack of available financing for commercial real estate has prevented properties from trading at depressed values. He says that may help some lenders that would otherwise be facing huge write-offs. But then he got all Geithner-like when he said:

"By the time financing is available, asset prices will have recovered substantially, though not enough to save everybody."

Where do these guys get their sense of humor... or rather "hubris"? Rock on, brother Paul, rock on.

Okay, so does anybody have any questions about what's going on here? Commercial real estate, a couple of trillion worth, is now circling the drain and soon we're all going to hear that loud flushing sound we've all come to know and love, coming from banks all over the country.

I can't keep up with the number of banks that have closed their doors forever during this past year, the list grows too quickly, but I think we're at something in the neighborhood of 126, give or take, and you know that many of these regional banks... the ones not TBTF... have gone down as a result of their commercial loan portfolios.

Wilbur Ross, the at least somewhat creepy looking Chairman & CEO of WL Ross & Co. told CNBC on September 15^th, that he sees perhaps 1,000 more regional banks going under in the months to come. But here's the rub... his characterization of this catastrophic forecast is that it will "create opportunities for investors". Oh, well in that case, let the rooting and cheering begin. Fail banks, fail! Fail banks, fail!

I'll say: What do we want?

You say: Opportunity!

I'll say: How will we get it?

And you say: By 1,000 banks failing in the next few months!

Ross also told CNBC that his company will be looking to pick up some of the smaller institutions that fail, but... and pay attention here... he said: "There will be opportunities, but we will need federal assistance in them, because what we're mainly looking for is stable sources of deposits, not so much the loan portfolio."

You might want to go back and read that last paragraph. What he just said, besides that he's looking to buy banks in order to get "federal assistance," which is a euphemism for you know what, but far more importantly in my view, he's looking to pick up "stable sources of deposits" at a discount. "Stable sources of deposits?" That sounds suspiciously like the bank accounts of regular folk... homeowners, if you will.

Does that say anything important to you, because to me it speaks volumes. Maybe "the people" have more power than they think. I wonder what would happen to Mr. Ross' interest if the stability of those coveted deposits was somehow lessened. I don't know, it's besides the point... just thinking out loud over here.

Okay, so there's not a whole lot of question that the implosion of commercial real estate is upon us, and that its growth as a destructive force over the next several years is assured. So, what is our government doing about this clear and present danger, to borrow a line from Tom Clancy?

It's simple, really. And predictable, too, I suppose. Just conjure up some new rules and regulations that allow banks to ignore the losses, what else? I mean, it's working fabulously well in the residential real estate market, so why quit on a winner?

According to the Halloween issue of the Wall Street Journal, federal bank regulators, including the FDIC, the Federal Reserve, and the Office of the Comptroller of the Currency ("OCC"), have issued guidelines that allow banks to keep commercial property loans on their books as "performing," regardless of the true value of the underlying properties. It seems that the new guidelines were provided because of the government's concern about commercial property owners that are... are you ready for this...

"Experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties."

Oh, poor babies... Now I'm worried about them too. How could I not be? You have to feel sorry for anyone that's making less money, has property whose value has dropped quite a bit, and who's having trouble selling or renting their property as a result, right? I mean... UNLESS THEY'RE JUST REGULAR OLD HOMEOWNERS, THAT IS! If you're a homeowner in exactly that SAME position, for exactly the SAME reasons... well, excuse my French, but vous êtes baisé.

The guidelines also point out that "restructurings are often in the best interest of both lenders and borrowers," so what do you know about that?

Up until now, it seems, banks have been suppressing losses on commercial real estate the traditional way, which is by using a methodology known in financial circles as "extending and pretending," or as my mother would call it... "LYING". Basically, when a loan on commercial property comes due, the bank just pretends it hasn't come due yet. Analysts and investors criticize the practice of "extending and pretending" because they say that pretending the maturity date hasn't arrived will only put the pain off into the future.

Ya' think? You don't mean to say that pretending that a certain date hasn't yet arrived doesn't permanently stop that date from arriving, do you? Heaven forefend. I pretend that my birthday hasn't arrived every year, and I'm still not yet 24. Morons.

The Rush to Fabrication

I think "Mish" Shedlock said it best this past week when, commenting on the new rules that allow banks to ignore losses on commercial real estate, he said: "It should come as no surprise that the banks are rushing to adopt the new rules." And the Wall Street Journal concurred:

Banks are moving quickly to restructure commercial mortgages under new U.S. guidelines that are more forgiving of battered property values and can help banks avoid bigger losses."

Citigroup Inc., regional bank Whitney Holding Corp. and other lenders around the country are planning to review loans now considered nonperforming to determine if they can be reclassified under the guidelines announced Oct. 30 by bank, thrift and credit-union regulators, according to bank executives and people familiar with the matter. The moves could help the banks absorb fewer losses on troubled real-estate loans and preserve capital.

"It's a positive all the way around," said James Smith, chief credit officer for National Bank of South Carolina, a unit of Synovus Financial Corp.

"Regional and small banks are the most likely financial institutions to benefit from the guidelines because of their exposure to commercial real estate. 2,600 banks and thrifts have commercial real-estate-loan portfolios that exceed 300% of total risk-based capital and regulators ignored it every step of the way. Now that loan losses are soaring, regulators came up with new rules so that banks can pretend the losses are not real."

Regulators consider the 300% threshold a red flag, though it doesn't necessarily mean the banks are in danger of failing. Risk-based capital is a cushion that banks use to cover losses. Commercial real-estate woes contributed to 100 of the 120 bank failures this year, according to Foresight Analytics.

Responds "Mish"...

These kind of reporting games do not really help anyone. All the pretending does is prolong the agony. Banks know the true score even if investors don't. Thus, such measures to free up capital for banks to lend will not work here anymore than the same shell games encouraged lending in Japan.

The fact that regulators are resorting to such shell games is just further proof as to how weak the financial system is. This is an effort by Bair to stem the tide of bank takeovers. However, the time to do that was before (not after) 2,600 banks accumulated commercial real-estate-loan portfolios exceeding 300% of total risk-based capital.

The Response to the Criticism...

I should not have been the least bit surprised to find out that banking regulators responded by saying that in their view, they are in fact, being "prudent," and that any banks that misinterpret the new rules to mean that there is an opportunity for leniency will be in big trouble.

Exactly what I was thinking... I better not hear about any bankers that think just because the government is allowing them to not recognize billions in losses, that the government's being in any way lenient with them. No leniency here, Boy-O... that's the absolute last thing anyone should take away from these new rules. Strictness... that's what the government's trying to impart as far as any message goes... total strictness.

I do have one more thing to say: Why did I not become a banker? I don't remember anyone telling me about any of the fringe benefits involved. I mean, had I understood that bankers get all the profits and the government picks up the losses, or at least doesn't make the bankers recognize them, I might have said... "Well, alrighty then..."

Yeah, I'm pissed, but I'm also starting to envy these guys.

Voices Of Hope & Change by Martin Andelman

Mark Archer (REC Real Estate Consulting Services LLC) — Sat, 14 Nov 2009 12:36:40 -0600

A Hundred Thousand Homeowners - Voices of Hope & Change
Posted: 13 Nov 2009 05:12 PM PST

I spend time talking with homeowners every single day. I listen to their stories day after day and it's so painful, because I feel so helpless. Many times I want to scream. The foreclosure crisis that has been allowed to continue in this country must be stopped, and I'm quite sure it would have been months ago... if homeowners had a powerful lobby in Washington... if America's homeowners had a voice that could be heard.
Well, this next year is a very important election year on both sides of the aisle, and to the Obama Administration. And it's time for the voices of homeowners to be heard.
I'd like to think that there is no stronger or more outspoken advocate for homeowners in this country than Mandelman Matters, and we started filming homeowners at risk of foreclosure for a documentary on the crisis over a year ago. Since then, we've been looking for the "right" project... one that would carry the voices of distressed homeowners to the politicians on both sides of the aisle, to the bankers and mortgage servicers, to the media, and to the nation as a whole... and we've now found that "right" project in "A Hundred Thousand Homeowners - Voices of Hope & Change".
"A Hundred Thousand Homeowners" is a documentary that will deliver a cacophony of outrage at the way our government has addressed the foreclosure crisis. It will make loud the voices of a hundred thousand homeowners.

The finished documentary, will be distributed using the power of the Internet, but it will also be distributed on DVD, wrapped in high-impact "A Hundred Thousand Homeowners" packaging. It will land on the desks of every single elected representative in the House of representatives and the U.S. Senate. It will be sent to the governors of all 50 states... to every single banking industry CEO... to every major media outlet. It will be seen, the voices it represents will be heard, and the story will be told.
We need everyone's help to make this happen, and it's far too important to be allowed to fail. People ask me all the time how they can help. Well, here's how. Together we can be heard... together we will make a difference.
The Documentary: A Hundred Thousand Homeowners
A Hundred Thousand Homeowners will open with President Obama's speech introducing his Making Home Affordable program, which was to help millions, but has fallen far short of its goals. It will include interviews with real homeowners... unscripted... as they share what they've been forced to endure trying to save, or losing their homes.
It will deliver the real numbers of loan modifications, the real costs of the failed program, and the real need to do something to fix what's so clearly broken... NOW. It will illustrate why it's not homeowners who are at fault, for it was not they that caused this catastrophe... without question it was the banks and investment banks that brought us to where we are today.
The federal programs that have been put in place to rescue those banks and their shareholders and investors, have cost the American taxpayer trillions. While the American homeowner has received little more than a series of broken promises and outright lies.
I've written close to 200 articles on Mandelman Matters to-date, and if you've read even one, you know that I'm quite capable of breaking eggs when an omelet is ordered. I don't pull any punches, and I'm not beholding to anyone but myself.
A Hundred Thousand Homeowners will be a wake-up call in Washington D.C. It will send the very clear message that doing nothing is not an option... that favoring the banks over the American people, at a time like this, can only result in being voted out of office. The voices any one American homeowner may be faint to the point of being inaudible, but the voices of A Hundred Thousand Homeowners will be deafening as the sound echoes through the halls of our legislature, and into the Oval Office.

A Virtual March on Washington...
Everyone can join this virtual march on Washington but there is a minimum cost to participate: $1.00. That's "one dollar," just so everyone's clear about this. And by contributing one dollar, you're name will be listed as one of the 100,000 voices, if you want it to be... or kept anonymous, if you'd prefer it that way.
By contributing $1.00, you'll be supporting something important... something that will be heard... something that has to at least start to make a difference, because when politicians see that 100,000 people have taken the time to support something, they know that behind those 100,000 are many more who feel the same way.

Of course, you can decide to send more... you could send $5, or $10, or even $20 in support of the project. The thing about producing a video program is that you can always do more... interview more people, increase its production values, license music. And you can trust that we will use as much as we receive to make the documentary have that much more impact. If we receive $150,000, we'll be able to use a celebrity host or voice... if we receive more, we may be able to air the program on cable.
But, all we need to make it happen is $1.00 from 100,000 people who understand what Mandelman Matters is all about, and want their voice to be heard. Who knows... if everyone loves what we accomplish, maybe we'll do it again... and again. I have to believe that at some point... the madness of the foreclosure crisis will have to be stopped, because in the end, this is still very much a country of the people, by the people, and for the people.
Please take the time to send in your $1.00 today. Time is of the essence, and it's not easy to get 100,000 people to do anything. So, send your dollar now, and help spread the word by asking others to do the same. We plan to have the documentary program completed and distributed by Valentine's Day, but we can't do it without everyone's support.
You can send your dollar via credit card and Pay Pal by clicking on the "Contribute to the Cause" button, which you'll find at the top right of the Mandelman Matters site. Or you can send a check to:
Mandelman Matters/A Hundred Thousand Homeowners
1472 Marelen Drive
Fullerton, CA 92835
Performance Guarantee: Although I don't foresee this being an issue, in the unlikely event that we do not receive sufficient funds to complete and distribute the project, we will donate all excess proceeds to Homes for Our Troops, which assists severely injured service men and women and their immediate families, supplying building materials and professional labor and coordinating the process of building new adapting existing homes with handicapped accessibility.

Now This Is The REALITY of Loan Modifications...

Mark Archer (REC Real Estate Consulting Services LLC) — Mon, 09 Nov 2009 19:23:48 -0600

How Banks View Loan Modifications

I can't think of any subject that has been so widely and frequently discussed and studied, over such a long period of time, by such a large number of experts and observers, who continually espouse such a diverse range of opinions and cite such a large number of conflicting facts, that is still is so misunderstood... or understood differently by different people... or in short, is such a mess... that affects so many people... and is so important to our government and our economy... yet remains pretty much unsolvable... AS LOAN MODIFICATIONS.

See... loan modifications today represent such a complex subject that even writing a sentence describing the situation surrounding them, such as the one above, was a pain in the neck.

Let's start with the questions on everyone's mind... Why aren't more loans getting modified? Why is it so difficult to get the bank to modify a mortgage? Why are trial modifications ending in foreclosure? Why is it that people are consistently treated so poorly by the banks? Is it the investors that are making it hard to get a loan modification? Is the government doing enough to get banks to modify loans? And should people hire an attorney to help them obtain a loan modification, or go it alone? That's at least a pretty good start, right?

I think the fundamental thing that almost no one understands involves how a bank views a borrower's request for a loan modification. Lot's of people, including me in past articles, have said that banks simply don't want to modify mortgages. Lot's of people, including me, have also pointed out that servicers make more money by foreclosing than modifying loans.

All of those points apply in certain circumstances, but they're also beside the point to some degree.

A Banker's View...

Your bank views you calling to request that your mortgage be modified as the beginning of a process. Maybe you truly need and deserve a loan modification, but maybe not. The only way the bank will be able to tell one way or the other is by putting you through that process, and it's not a pleasant process in the least.

Let's say that you're someone that has good credit, you've never missed a payment, and now are saying that you need your loan modified or you may lose your home to foreclosure. When you call your bank to ask about a loan modification, they're going to tell you that they can't talk to you until your payment is delinquent by at least 30 days.

You hang up the phone. You're disappointed. And you now have your first decision to make: Do you let your credit score get trashed by going 30 days late on your mortgage? It's not easy decision. Once you head down that path it'll be years before your credit score is back up where it's always been, and if you need your credit to be good for other reasons, chances are you'll decide that you no longer want a loan modification because the cost of trying to get one... sacrificing your credit score... is too high.

The bank's process has just saved the bank quite a bit of money. Had the bank agreed to modify your loan, it would have been like throwing money away unnecessarily because you kept making your payments without them having to modify your loan.

Now, let's say that you decide to go 30 days delinquent on your mortgage. You call back, now 30 days late, but now your bank tells you that you have to be 90 days late before you can be transferred to a negotiator. You hang up the phone. Again, you're disappointed. Do you go 90 days late, or do you bring your loan current and forget the whole thing? Some bring their loans current, others don't.

If you don't bring your loan back to current status, you're about to start receiving a series of letters and phone calls designed to make you feel ashamed, guilty and scared. And those letters will come more and more frequently, and they'll be written using stronger and stronger terms. And chances are you'll feel worse and worse as time goes by.

Then in 90 days, assuming you've gone the distance, you call the bank again. This time they'll tell you that your credit score is now too low to qualify for a loan modification. Now you're enraged. You stomp your feet. And then, if there's anyway you can do it, chances are you bring your loan current and try to forget the whole idea of a loan modification. Maybe you get rid of a car payment to do it, maybe you rent out a room or take on a part-time job to generate the extra income you need, or maybe you borrow the money from a relative.

You never even bring up the whole experience to your friends or family members because you're ashamed that it even happened. You're ashamed that you were having trouble making the mortgage payment that you signed up for, and you're ashamed about having gone 90 days late on your mortgage payment and almost losing your home. The whole thing becomes one of those skeletons that you hope will soon fade away in your closet of memories.

Besides, what would your friends or family members even say if you did tell them? Do you think they'd be on your side and angry at the way your bank treated you? Or would they take the view that the bank had every right to handle your situation the way they did, because after all, you signed the mortgage and agreed to make the payments... the bank has no obligation to lower your payment just because you having trouble making it. You're lucky the bank didn't foreclose, in the eyes of your friends or family members.

Oh, and one or two more things, while we're at it... maybe you should have opted for a little less house and not gone quite so far out on a limb... maybe you should have spent a little less on your car too, and not used your credit cards for all those nice clothes you wear... maybe you're just living way beyond your means. You're probably not saving for retirement either. You're one of THOSE irresponsible people and maybe losing your home to foreclosure would teach you a lesson.

Whew... it's exhausting, isn't it?

But, let's say for a moment that you could not find a way to bring your mortgage payment current when told, when you were 90 days delinquent, that your score was now to low to qualify for a modification. Now you're 120 days behind, and soon it's been six months since you've made a payment to your bank on your loan.

By now the bank is sending you the most threatening letters imaginable. They could foreclose at any moment, according to the letters and their tone tells you that you are basically an irresponsible failure who cannot be trusted because your word means nothing. You promised to make the payment and now you're not living up to that promise. You're a promise breaker... a liar. How do you sleep at night? You shouldn't even have friends, because if your friends knew what you were up to, they likely wouldn't want to be your friend anymore.

Nonetheless, you're now seven months late, then eight, and then nine. Now the bank is calling you almost daily, the pressure is becoming unbearable, you're trying everything to make more money so that you can make the payment. If you do find a way to come up with the cash, you bring your mortgage payment current immediately. If you get a new job that pays more, you call your bank and start begging and explaining that everything is going to be okay... you're working again... if they'd just please understand... you're a good person... you'll pay your payment every month and on time from now on... you're sooooo sorry to have gotten behind... How about $1200 this week, and then $1200 the following week, and then $2000 by the end of the... blah, blah, blah.

You're a babbling fool that will agree to just about anything the bank says at that moment. If the person you're talking to at the bank acts the slightest bit nice to you, or comes off as even a little bit understanding of your situation... you gush with appreciation and feel like you want to be their BFF. Thank you, thank you, thank you, thank you, thank you, thank you... really... thank you so much. My husband thanks you, my children thanks you... my dog thanks you. Yuck. It's disgusting, really. I just threw up in my mouth a little.

Or, maybe that's not what happens. And now you're almost eleven months late. You're working. You could make a reasonable payment if you weren't so far behind. You'll never be able to pay off the arrears though, so what's the point. You're desperate... you're about to give up and resign yourself to the fact that you're going to lose your home to foreclosure. You're trying to get used to the idea that you'll soon be packing and calling the moving truck... its heart wrenching for anyone to watch.

Well, guess what? Depending on the specifics of your situation... whether there's any equity in your home... how far underwater you are... how long are homes like yours and in your area remaining on the market before being sold? Things like that.

Do you see what's going on?

Since foreclosure is now imminent, the bank can't threaten to ruin your credit score anymore, as it's already ‘F' and would be ‘G' if scores went that low. The bank is now trying to figure out two things:

1. What is the likelihood of you being able to make the payment if the bank modifies your loan? What if they take the amount in arrears, tack it on to the back end of the loan, and reduce your monthly payment by a couple hundred a month? Would that do it? Or would you agree to the deal and then not be able to make the modified payment... and again in six months end up right back in foreclosure where you are now.

If the bank thinks that might happen, they won't modify your loan. They'd rather foreclose now than go through this same thing next year and end up foreclosing then. Real estate values will likely be lower next year, so by waiting the bank just assures itself of a bigger loss on the property.

The cost of foreclosure to your bank is going to be 30% to 50%, or even more in the worst of instances. But that's not the most important factor to your bank... this is all about your bank's degree of certainty that if they modify your loan, you won't be back in foreclosure anytime soon, and likely never. Your bank views a loan modification as pretty close to unthinkable in the first place, so it's unquestionable that it's a once in a lifetime thing in their eyes. You should be too embarrassed to even ask a bank to modify a loan a second time, according to your bank. It's almost like... if that happens, you'll probably want to change your name and move to another state. What a load of crap the banks have peddled our way all these years.

So, you see... it's a range. In order to get your loan modified, you need to fall somewhere between "Definitely won't default again if loan reasonably modified," and "Will self-cure the mortgage before home is actually taken back by the bank". Get it?

I talk to people all the time that have recently applied for a loan modification, and they always talk to me about how it will cost the bank more to foreclose on their particular house, so they expect the bank to modify the loan. But then the bank refuses, and I hear people say that they can't understand it because the bank should do what's in the best interests of investors. Then we start talking about how servicers make more money foreclosing, all of which is true.

The problem with this line of thinking, however, is that it fails to incorporate all the data... it's not just a numbers game to the bank. First they need to know, if they offer you nothing, will you really end up losing the home to foreclosure, or will you let the Devil himself rent out a room to avoid that shameful outcome? Then they need to know that if they do accommodate you and provide you with a modification, chances are good that you'll never miss a payment for the rest of your life.

Shame, shame, shame...

So, how should a bank go about getting the answer to either or both of those key questions? Self-cure and/or re-default? It's not like you can find the answer to either of those questions from looking at an application or a credit report. You certainly can't tell by talking to someone on the phone.

The only way a bank can know for sure whether you're going to self-cure and eject yourself from the foreclosure process, is to let you get to that point and see what you do.

It's like a game of poker... will you fold under extreme stress and pressure and show up with the money to save your home, or will the bank actually be forced to foreclose, and therefore better off to modify your loan... and if they do approve your "mod," as they say in the biz, will you make it just fine for a long, long time, or will you end up right back where you next year at this time, if not sooner?

Once a bank knows the answer to those two questions about you, then the bank's cost comparison between modification and foreclosure becomes pivotal, but until then, chances are the bank will play out its inherently superior hand and count on you folding your cards before foreclosure by coming up with the money you said you could not possibly come up with when you were talking with your bank's representative about a loan modification.

I talked to a woman a few days ago, she said she was in her early sixties, said she owned two homes, desperately needed at least one loan modified and probably both, otherwise she's going to be on the street. She wanted me to recommend a few attorneys for her to talk to, and I gave her the contact information for the lawyers I knew in reasonably close proximity to her home. Then she asked me a few questions, and the last one I'll always remember. Referring to the lawyer, she said:

"Do you think I have to tell him about my trust account?" (Adorable, right?)

I answered as honestly as I could. I said: "I wouldn't." (It's probably not the right answer, I realize, but I'm just saying...)

If this were a tennis match, the score would always read: Advantage - Banks & Servicers

The reason that, other things being equal, I advise people to hire an attorney to help them negotiate a loan modification is that their lender or servicer will ALWAYS have a huge built in advantage in any negotiation over the settlement of a debt you contracted to repay, because the moral norms for borrowers work against them, and the market norms that apply to banks, support the bank doing pretty much whatever it thinks it needs to do to get the borrower into compliance with the terms of his or her loan... or reclaim the property.

Even when people hear that a bank did something really egregious or even illegal, many of them just say: "Yeah, well, I guess that can happen." It's as if to say that perhaps the bank went too far, but the borrowers were juggling flaming chainsaws in terms of risk, and the bank still has the right to take back its home and punish the irresponsible homeowner who fell outside of our society's norms by failing to fulfill his or her promise to repay a debt.

See, there are some things in our society that work the way they do only because we believe they will work the way they do. The FDIC, or Federal Deposit Insurance Corporation, is a commonly offered example of this principle at work. The FDIC "guarantees" cash deposits up to $250,000 per account, as of last year, I believe. So, no one has to worry about rushing down to the bank to get their money out if there's a problem at the bank, the FDIC will cover any loss up to $250,000 per account.

Except, even in the best of times, the FDIC could not possibly come up with the money to cover even a small fraction of bank deposits in this country. If there ever were a disaster that caused all the banks to fail, the FDIC would be meaningless. The FDIC is an independent agency of the federal government and you might call it a "faith based" organization because it only exists to give us faith in our banking system, and only works as intended because of that faith.

Well, loan modification negotiations are a little bit like that. The bank gets to use shame, guilt and fear to get you into compliance with your loan. Once you're deeply ashamed, you won't tell anyone what's going on... and you'll feel worse every day. Then you become afraid to answer the phone. Then you're turning off the machine... you won't even want to hear the phone ring.

Your bank will also greatly exaggerate what it will cost you to lose your property to foreclosure. You'll be told that you won't be able to buy anything for a decade, and all kinds of other nonsense. By the time you're done reading a few of the letters you get from your lender each week, you can easily become convinced that losing your home is almost the end of all opportunity in your life. Might as well be a bum after that. It's absurd of course... you can buy another home in 2-3 years, if that's even what you want to do. There'll be so many foreclosures on the market... you're going to be hearing about foreclosures selling ten years from now.

The Point Is...

The point is, that when homeowners start the process of negotiating with their lender, they're not only subject to being made to feel guilty and ashamed, but they are also likely to over-estimate the personal cost of foreclosure, all as a result of the bank's and our society's intentional efforts to make borrowers feel that way. It's no accident, is what I'm trying to say.

You see, we keep the banks open and safe by believing in the FDIC, and we keep people from walking away from their homes when the value of those homes drops significantly by imposing our society's moral norms, which include shame, guilt and fear, related to repaying debts. If the government and the banks can make homeowners deeply ashamed and afraid to lose their homes, then fewer people will even ever ask for a modification in the first place. With me?

Why the Bank Doesn't Want You to Hire a Lawyer or other Expert...

When a homeowner hires an attorney to help negotiate a loan modification, that attorney is not going to being made to feel ashamed, guilty, or afraid... the borrower can be made to feel all of those things and more, but the lawyer, not so much. He or she is a hired gun, if you will. That's why the banks don't want homeowners to be represented, and why they want homeowners to call them directly.

Treasury looks the other way on this "put-the-borrower-through-hell" process because it understands that banks have to make sure that they are not throwing away money by modifying loans for borrowers who would have self-cured. Nor does the government want the banks to modify loans for people who won't be able to make the modified payment. And since the only way for the bank to really know either of those things is to put the borrowers through their paces, as it were. Many will self-cure, some should be foreclosed upon... blend, shake, stir and pour,,, see what comes out. And of those that fall somewhere in the middle, some will have more or less equity, and some will be in markets where houses are selling relatively faster than others.

Out of that psycho-social-financial-market analysis, the bank will modify some loans... but the process used to conduct the so-called analysis is guaranteed to frustrate the hell out of everyone who enters it that's determined to obtain a loan modification.

Being represented by an attorney or other expert throughout the process is unquestionably better than not being represented, mostly because that attorney won't be subject to the bank's tactics of trying to shame, guilt or scare, and as a result of that, is likely to think more clearly than you would be able to. And also because of the attorney's or other expert's knowledge of the law related to the foreclosure process and the HAMP guidelines, that attorney is more likely to get a result that's acceptable to you, the homeowner... and by acceptable, I mean a modification that's sustainable over time.

Is This How Things Should Be Done Today?

Absolutely not. The situation we're in today is NOT a normal market correction, and I thought I'd better make it clear how I feel about how the banks are handling loan modifications: I hate everything about it, and I think it could not be more wrong. The Obama Administration has continued our government's tradition of implementing pointless programs designed to help stop the foreclosure crisis. Nothing our government has done has helped in the least... they've failed us at every turn.

It's not today's homeowners that are responsible for the position in which they find themselves... no matter what anyone tells you... it is NOT your fault. If someone would like to debate that point with me, bring it. I'm easy to find and can be emailed at mandelman@mac.com. But come to the discussion prepared, because I am.

This meltdown was caused by this country's financial institutions, and not by people with mediocre credit scores who wanted to buy houses. It's the banks that did this, but no one is making them do anything to fix what they've clearly broken.

We've given the banks in this country something like $11 TRILLION so far, and we're going to have to give them a lot more. The so-called toxic assets are still right where they were last fall, and the banks that were too big to fail last year, are now bigger. They have an obligation to act in the best interests of the homeowners they screwed, and in the best interests of our nation's economy because without American taxpayers, they wouldn't even be open for business.

So, don't read what I've written and come away thinking that I approve of the way banks view borrowers asking for loan modifications... I don't. I've only written what you've just read because I think it's important that people understand the dynamics of what's going on... that the reason they feel guilty and ashamed is because the banks and our government want them to feel that way, so that people don't just start walking away from their mortgages because they're so far underwater.

They're manipulating you into feeling ashamed for being in trouble on your mortgage... but don't let them make you feel that way. It's not your fault... it's the banks that wear the black hats in this horror movie, make no mistake about that.

And, in the event that you've already lost a home to foreclosure, don't believe the crap about how your life will be ruined for another ten years. It's simply not true. You may not be able to buy another house for the next few years, but so what? We haven't come close to hitting bottom, so you wouldn't want to buy another home in the near future anyway.

All forecasts say that we'll have 12 million more foreclosures in the next two years, and that number is probably low, so don't feel alone and ashamed about your situation. The people you're talking to down the street have problems too, they're just too ashamed to tell anyone about their situation, just like you've been afraid to talk about yours.

Let it go... and let's turn up the heat on exposing what the banks have done and continue to do. Next year the mid-term elections will mean that every single representative in the House is up for re-election. Let's just see if we can't send a message they'll hear and listen to... I'm sure we can, if we want to.

It's not over until it's over. Don't give up the fight. Knowledge is power. As Winston Churchill once said:

"Never give up. Never give up. Never. Never. Never."

BY: Martin Andelman "mandelman matters"

IndyMac Bank/ One West Bank.... This Is Good.. What will they say next...

Mark Archer (REC Real Estate Consulting Services LLC) — Tue, 03 Nov 2009 18:22:28 -0600

A Tale of Four Trial Modifications at IndyMac Bank

It was the best of times and then it was the worst of times, until it was the best of times again, before returning to the worst of times, which lasted until it was the best of times once more, and then settling into being the worst of times... which became the best of times and then...

The Story You Are About to Read is 100% TRUE...

IndyMac Bank, now One West Bank, whose major shareholders include liberal billionaire George Soros and his young ward, computer industry all-around good guy, Michael Dell, appears to have embarked on a mission to defraud as many people as possible out of their homes through a clever trial loan modification scheme. Here's how one homeowner was introduced to the bank's underhanded tactics.

This is the story of how IndyMac offered a homeowner in the Inland Empire region of Southern California four separate trial loan modifications over the past six months. Let's say that they're family name is Geithner, just for fun... The Geithner Family. They have two kids. We'll call them Danny and Fanny.

The Geithners had owned their home for a decade, having purchased it with 6% down back in 1999. Their 700 FICO score, as of six months ago, showed that they always made their payments on time. They refinanced a few years back with a loan from IndyMac, who apparently felt that the Option ARM mortgage design was the young family's ideal option.

Their starting payment was around $1800, but roughly a year later had jumped up unexpectedly to $2200. When Mrs. Geithner's father fell, injuring his neck quite seriously, what else could the family do but invite him to move in with them where he could be waited on hand and foot and ultimately nursed back to health. They decided perhaps they could qualify for the President's loan modification program.

Since they started working towards getting IndyMac to approve a loan modification, they've done absolutely everything the bank asked them to do, made every single one of their payments on time and as agreed, and never touched their noses unless the bank said "Simon Says." But now, regardless of all that, their home is due to be sold out from under them on November 19^th.

Our story begins last February...

It was February of this year when the Geithners retained an attorney to help them negotiate a loan modification with IndyMac Bank. His name was Robert Scurrah of CDA Law Center, and he had been practicing for roughly thirty years. On March 3^rd, Mr. Scurrah's office arranged for a conference call with the nice folks at IndyMac Bank to review the family's financial situation. The bank offered the Geithners a two-month trial modification with a trial payment of $1469.99, and the Geithners agreed. (Yay!)

The very next day, the Geithners received a letter in the mail from IndyMac Bank. It read: "We want to help you stay in your home." The letter offered a trial payment of $1711.52, so imagine how pleased the Geithners were that they had been offered and agreed to a payment of $1469.99 only one day earlier and they continued making their agreed to payment.

On April 20^th, the Geithners received another letter in the mail from IndyMac. This time the letter said that the bank was denying their request for a loan modification. Apparently, the bank believed their home to be vacant, which as you might imagine came as quite the shock to the Geithner family who was living there at the time. (Oh no.)

Two weeks later, however, on May 6^th, the Geithners received another friendly letter from IndyMac, with the now familiar headline, "We want to help you stay in your home". Thank goodness for that, the family thought. This time the trial payment offered was $1467.32. (So, yay! Again.)

That very same day the Geithners received an agreement in the mail. It was the "Stipulated Forbearance to Loan Modification Agreement," and it outlined the terms of the loan modification. The Geithners mortgage would start at 3% fixed and remain there for five years. In year six the interest rate would go up a point to 4% fixed, and after that, it would increase to 4.75% for the remainder of the loan. (Again, yay!)

The Geithners readily agreed to the terms of the loan modification IndyMac had offered, so they signed and dated the modification agreement and returned it to the bank on May 11^th along with their cashier's check in the amount of the modified payment, which IndyMac deposited. And everything was good. (Major yay!)

But then on July 9^th, the Geithners received another letter from IndyMac. It said they had been declined for their loan modification yet again because the bank said they never received the check they deposited, nor did they receive the signed agreement they had received with the check they deposited but never received. (Oh no.)

Then on August 11^th, they went to their mailbox to find another letter from IndyMac, and again read that the nice folks at the bank were saying: "We want to help you stay in your home". This time the letter offered a trial modification with a trial payment of $1395.98. (So... yay?)

The Geithners, figured they might as well give it another trial, so they made both the August and September payments on time and in the amount of $1395.98. (Okay... one more time, yay.)

But on October 2^nd, the Geithners, who had by now developed a case of letteraphobia, a fear of receiving anything in the U.S. Mail, received yet another letter from good old IndyMac Bank. Again, they were being denied a loan modification. This time, however, no reason was given.

They called their attorney immediately who in turn contacted IndyMac Bank. Not too worry, Mr. Scurrah was told by the bank's representative, it was just a mistake... must have crossed in the mail, or in the system, or something like that. You can just imagine the Geithner's relief upon hearing the news... I'm sure everyone had a good laugh. (Oh what the hell... yay.)

Except that a few days later, upon returning home at the end of a long October day at the office, the Geithners found a notice pinned to their door saying that their home would be sold out from under them on November 19, 2009. (You've got to be kidding me.)

Again, they placed a call to their attorney, who again contacted IndyMac Bank. This time he asked two things: Whether the bank's bipolar disorder was causing it much trouble when socializing with the other banks. And why... this time around... had the evidently schizophrenic financial institution denied the Geithner's loan modification, after approving it, before they had denied it, before they had approved it, which was before they had denied it, which was right before they had approved it, only to deny it.

Scurrah inquired as to why the modification was being declined again. After all, he explained, they had signed and paid as agreed all four times they had been granted trial payments and modifications. IndyMac's representative explained that it was all quite simple really. At $6,100 a month, Mrs. Geithner made too much money to qualify for a loan modification.

"Well," said Mrs. Geithner, "that's a relief. Why didn't you say so sooner? When do I start making the $6,100 a month? Because as soon as I do, the payments will be no problem." Unfortunately, IndyMac was wrong. Mrs. Geithner's paycheck stubs and W2 showed that she only made $4,100 a month, but she was perfectly willing to forego the whole loan modification thing in exchange for a two grand a month raise.

Mrs. Geithner explained that she still made $4,100 a month, just like she had since last February when she sent in the paperwork IndyMac required when applying for a loan modification, although for the life of her at that moment, she couldn't imagine why.

Their attorney asked where the bank could have gotten the $6,100 figure when they had received the paycheck stubs and W2 last February and they showed $4,100 a month. IndyMac replied that they had received the $6,100 figure "orally". Under his breath, Mr. Geithner asked if they could resubmit the correct figures to the bank anally.

The nice woman at IndyMac, the bank that had "wanted to help the Geithners keep their home," on so many occasions that no one could remember, responded that it didn't matter at this point. It was too late. The Geithners would need to come up with $29,200 in the next five days to save their home. Otherwise, it would be auctioned off on November 19, 2009... just seventeen days from now.

The irony of the story is that the new owner will likely pay about half as much as the balance on the Geithner's loan, so in a way IndyMac will be granting the new buyer a principal reduction right off the bat, but don't worry about the bank... they only paid about 20¢ on the dollar to buy the Geithner's mortgage in the first place.

Alright... that is Goddamn enough! Did you enjoy that 100% TRUE STORY? Did you?

What are we going to do about IndyMac/One West Bank? I've now interviewed a dozen law firms and dozens of homeowners; all are currently being lied to and jerked around by IndyMac/One West Bank. The way things look all will end up losing their homes to foreclosure, even though they all should qualify for loan modifications under the President's Making Home Affordable program.

I am convinced there are hundreds of others in this situation with IndyMac/One West Bank... to say nothing of the myriad of other lenders and servicers who continue to break the rules, deceive our government, and destroy our economy after we the tax payers bailed them out to the tune of $11 billion in Indy Mac/One West's case alone.

So, what do we do about this? Nothing, I suppose? Because doing nothing seems to have become a tradition in this country ever since Barack Obama went on television to tell the country that he would do better than his predecessor. Did he lie? Or he is incompetent. You are free to choose between the two, but those are the options... A or B.

And speaking of Mr. Obama... where the hell is he on this issue. The last time we heard from him on this subject was last February and here we are about to rob a liquor store to put a turkey on the country's table. How he sleeps at night I could not tell you. I could not, were I in his shoes.

Obama told me and everyone else that watched his speech last February that he had a plan that would help save 7-9 million homes. Yet this year, we're on track to hit five million foreclosures. He was going to create jobs, too. Well, absolutely cracker jack work so far, Mr. President.

I did get an email from Joe Biden today... I'm sure millions got it as well. He wanted me to help fight the war related to the president's health care proposal. I replied: NO! Why would anyone in their right mind trust this administration to fix health care after proving themselves completely incompetent and uncaring about the housing crisis... a crisis much worse than anything this country has ever seen in health care?

I won't and no one else should either.

I'm announcing today that I will write and publish every story I receive about a homeowner being jerked around by IndyMac/One West Bank. Every single one. Write to me and I'll put it out there. And I'll ask everyone to forward it along to friends online. And maybe... just maybe... someone will be listening... someone will care... and someone will force this despicable failed bank's hand... force them to do what the president's plan requires them to do: modify a loan when it makes more sense to do so than it does to foreclose.

I'd also like to call for a boycott on Indy Mac/One West Bank... if you bank there... please move. There are plenty of other choices, why would you want to give your money to a bank that is lying, cheating and stealing from the American people and from our government. Congress continues to meet and talk. Vote with your wallet and bank somewhere else. Please... do this for the people being so totally jerked around every day by Indy Mac/One West Bank. Show them that this is still a country of laws and rules... still a country where the people have the power.

The stories are coming. The war is on.

You can email me at mandelman@mac.com.

WOW.... Now This Is Scary!!!!!!!!!!

Mark Archer (REC Real Estate Consulting Services LLC) — Fri, 30 Oct 2009 12:39:02 -0500

The despair and desperation that often accompanies a foreclosure seems to have gotten the best of one California couple - but it turned to outright violence when they kidnapped the loan modification consultants they'd hired to help them.

Daniel Weston and Mary Ann Parmelee, aided by three accomplices, are said to have lured loan agents Lamond Dean and Gustavo Canez to a home in Glendale, where they imprisoned the pair, robbed them, and beat them - an attack that the Los Angeles Times said involved wooden knuckles and a handgun.

Weston and Parmelee, both 52, live in a home in La Canada-Flintridge, a suburb outside of Los Angeles. When the home went into foreclosure, the couple "allegedly sought loan modification assistance from the victims but believed that nothing was being done and wanted their money back," according to a statement from the Los Angeles County district attorney's office.

Local police said the victims had worked with Parmalee, a real estate agent, on other foreclosure cases. Parmalee often sent loan modification referrals to the agents to help other troubled homeowners.

According to court documents, the five assailants, all of which have been arrested, set out to "cause cruel and extreme pain and suffering for the purpose of revenge, extortion, persuasion and for a sadistic purpose, inflict great bodily injury."

Both victims were treated at a local hospital and have now been released.

The case became public the same week Los Angeles officials and federal housing agencies kicked off a nationwide public-awareness campaign urging homeowners to be on alert for phony foreclosure rescue scams and to report suspicious activity to authorities. NeighborWorks America said it had selected Los Angeles for the program's launch because it is consistently ranked among cities with the highest foreclosure rates.

A TRUSTED LOAN MODIFICATION FIRM RECOMMENDED BY:

Mark Archer (REC Real Estate Consulting Services LLC) — Wed, 21 Oct 2009 11:46:11 -0500

Massachusetts Judge Rules Against Wells Fargo and U.S. Bank – Threatens Millions of Foreclosures

Mark Archer (REC Real Estate Consulting Services LLC) — Thu, 15 Oct 2009 19:35:23 -0500

This is starting to get interesting, at least for those living in a judicial foreclosure state.

Massachusetts Land Court Judge Keith Long has refused to reverse a ruling that opens up the very real possibility that tens of thousands of foreclosures in the state, dating as far back as 1989, could be invalidated. The judge denied a request made by Wells Fargo and U.S. Bank to reinstate two foreclosures that he had invalidated last March because of problems with the paperwork presented by the banks.

As reported by Jerry Kronenberg in the Boston Herald this morning:

"The foreclosure sales (in question are) invalid because they failed to meet the requirements of (Massachusetts law)," Land Court Judge Keith Long wrote yesterday in reaffirming a decision he originally reached in March.

It should go without saying that the banks were very unhappy with the ruling.

"The judge has thrown into question every foreclosure performed in the Commonwealth over the last 20 years," said lawyer Lawrence Scofield, who represents both Wells Fargo and U.S. Bank.

And Scofield may just be right, darn the luck. It may just be that the lenders and servicers won't be able to continue foreclosing without being able to prove chain of title.

The core issue has to do with filings that banks are required to make any time they sell a mortgage to a new investor... filings they neglected in hundreds of thousands if not millions of instances, as mortgages changed hands more times than the penny I have in my pocket. Judge Long ruled that a bank cannot foreclose on a home unless it can present the documents that show who owned the mortgage each time the loan changed hands.

The judge also said that fixing the documents after the fact, which is what Wells Fargo and U.S. Bank did in the case he was ruling on, isn't kosher, and I can't believe that Wells or U.S. Bank would think that fixing things after the fact would be okay.

In Kronenberg's article, he quoted Judge Long who wrote:

"The issues in this case are not merely . . . a matter of dotting i's and crossing t's. Instead, they lie at the heart of the protections given to homeowners and borrowers."

Bravo, Judge Long!

Many attorneys and other experts have weighed in on Judge Long's decision, saying that it will make it possible for thousands of people that have lost homes to foreclosure to challenge those foreclosures and potentially have them reversed. The only foreclosures that would be out of bounds would be those that occurred before 1989, per the state's statute.

But, the ruling affects homeowners who have bought foreclosed properties, as well, as they may find the homeowner who owned the house previously coming back to sue to have it invalidated. And that may make it difficult for those who have bought a foreclosed home to sell it or refinance it, because of titles that the courts will likely see as being "clouded". According to Kronenberg, some homeowners who have bought foreclosed homes have already been unable to get mortgages or obtain insurance as a result of Judge Long's ruling.

Scofield, the lawyer representing the banks in this case makes the case that the Judge's ruling will push the economy deeper into its recession, which is exactly what I'd expect a bank attorney to say.

However... Memo to Mr. Scofield: It's your clients and their pals on Wall St. that caused this recession you're now so worried about. And if you want to see it end, the answer isn't to allow banks to fail to comply with the law... the answer is for the banks to stop foreclosing and start modifying in earnest those mortgages on which they're now foreclosing. Like they said they would, remember?

Here's a link to Kronenberg's article in the Boston Herald:

Ruling Could Undo Thousands of Foreclosures

http://mandelman.ml-implode.com/

Mark Archer (REC Real Estate Consulting Services LLC) — Thu, 15 Oct 2009 15:18:02 -0500

http://mandelman.ml-implode.com/2009/10/spotlight-on-arizona-firm-real-estate-consulting-services/ http://mandelman.ml-implode.com/ SPOTLIGHT ON ARIZONA FIRM: Real Estate Consulting Services Real Estate Consulting Services (REC) is the Glendale Arizona firm where you’ll find Mark Archer and Donna Gribben. I’ve known these two for over six months now, I talk with them all the time, and never miss having dinner with them when I’m in the Phoenix area. Mark’s been in the real estate industry for years as an investor and licensed agent and Donna has a background in banking and venture capital. If I was trying to get my own mortgage modified in Arizona, I’d call them for sure. Here’s why: They’re really good people. I know, you probably thought that I was going to say something about their level of expertise or how effective they are… but that would be besides the point, I think. Mark and Donna are as straight as straight can be, and that’s important today when it comes to choosing someone to help you get your mortgage modified. They truly care about their clients. No question about it. These two don’t just take on clients, they help new friends. I can’t imagine anyone not becoming friends with these two. And they truly care about every homeowner they work to help… a lot, actually. They’re tough and they’re smart. Mark Archer is not someone that gets pushed around by lenders or servicers. And Donna knows all of the rules and regulations that the banks are supposed to follow, so together they make a very effective team. REC is an Authorized Affiliate of a national company called PCAG, which is a group of attorneys who will support and aggressively negotiate on your behalf. In addition, REC has relationships with Arizona attorneys that can litigate or facilitate bankruptcy filings, when that’s the best option. All in all, I wanted to list REC because I’ve heard from quite a few people that its become hard to tell who you can trust in the Phoenix area, and when you need a loan modification, the last thing you need is to worry about getting ripped off. And in my opinion, there’s no way Mark Archer or Donna Gribben have ever or would ever take a dime from anyone they didn’t earn. But I don’t have to sell these two… you’ll see what they’re like within five minutes of talking to them… Call them and see for yourself… And for sure tell them I said hi. Real Estate Consulting Services 7942 West Bell Road Glendale, AZ 85308 Ph. 623-444-4498 You can also visit them online at: www.realestateconsultingservices.com http://mandelman.ml-implode.com/

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Credit Card Negotiation & Loan Modification

Mark Archer (REC Real Estate Consulting Services LLC) — Mon, 05 Oct 2009 13:03:53 -0500

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http://www.HoldOnTightToYourDreams.biz CREDIT CARD NEGOTIATION, WE SETTLE DEBT AND KEEP YOUR CREDIT SCORE IN TACT! LOAN MODIFICATION STUDENT LOAN MODIFICATION HOME LOAN MODIFICATION COMMERCIAL LOAN MODIFICATION LOAN Latest news from REC Real Estate Consulting 08/12/2009 LOAN MODIFICATIONS: RESIDENTIAL LOAN MODIFICATION, COMMERCIAL LOAN MODIFICATION, STUDENT LOAN MODIFICATION,SBA LOAN MODIFICATION. CREDIT CARD NEGOTIATION, SAVE YOUR CREDIT, OUR ATTORNEYS WILL NEGOTIATE FOR YOU! WE OFFER OVER 50 YEARS OF COMBINED LEGAL EXPERIENCE AND A PROVEN TRACK RECORD IN MODIFYING CONSUMER LOANS WHETHER IT BE FOR COMMERCIAL, RESIDENTIAL, SMALL BUSINESS OR STUDENT LOANS... LOWER YOUR INTEREST RATE EXTEND THE TERM OF YOUR NOTE REDUCE THE PRINCIPLE LOWER YOUR OVERALL MONTHLY PAYMENT CREDIT CARD PAYMENTS ARE A PROBLEM FOR MANY FOLKS JUST LIKE REAL ESTATE MORTGAGES. LET US NEGOTIATE YOUR CREDIT CARDS WITHOUT DAMAGING YOUR CREDIT SCORE. DON'T LET A DEBT SETTLEMENT COMPANY DESTROY YOUR CREDIT. WE ALSO SPECIALIZE IN NEGOTIATING SHORT SALES FOR OUR CLIENTS. CALL TODAY FOR YOUR FREE CONSULTATION MARK 623-444-4498

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WORK WITH PROFESSIONALS THAT CARE ABOUT YOU

Contact Information
	REC Real Estate Consulting Mark Archer 7942 W. Bell Rd C-5 #190 Glendale Az 85308 More Listing Information Visit Website Email Me

WELLS FARGO IN FEDERAL COURT...

Mark Archer (REC Real Estate Consulting Services LLC) — Mon, 07 Sep 2009 12:03:09 -0500

http://www.nytimes.com/2009/09/04/business/economy/04wells.html

Well Fargo was it lip service or will they MODIFY????

Mark Archer (REC Real Estate Consulting Services LLC) — Sun, 06 Sep 2009 11:59:27 -0500

Only time will tell. This past week Wells Fargo was called into Bankruptcy Court to explain why they are NOT Modifying Loans. Federal Judge Randolph Haines grilled Wells Fargo Senior Vice President Joe Ohayon on why Wells Fargo was derilect in modifying loans for those facing the real threat of foreclosure. During the hearing it was revealed that Wells Fargo had failed to tell the consumer that there were problems with their loan Modification and that Wells Fargo had denied the modification.

The Federal Judge in this case was the hero by calling Wells Fargo onto the carpet. The Senior Vice President had to fly into Phoenix to appear in court. This in and of itself is out of the ordinary as usually the banks are allowed to phone in to the court and they will be put on the courts speaker phone system so everyone in the court room can hear.

As we all know the banks are continually acting in a manner that many find to be criminal. Often times the banks violate the very agreements they signed with the Government in order to achieve the Billions of Dollars in taxpayer funds. The Banks have agreed to the provisions under the HAMP program. What this means is the Banks have agreed to modify loans down to between 31% to 38% of the consumers Gross Income. It is not unusual for a bank to find every way possible to not comply with these terms including losing parts or entire files that the consumers have sent into the banks numerous times.

Mr Ohayon was interviewed by a local news station and his response to the hearing went something like this. What I have learned here today is that we (Wells Fargo) are not perfect and we have room to inprove. REALLY? Joe are you serious? You LEARNED that today???? Are you telling us that you had NO IDEA what a chambles your loss mitigation department is in??? You should be FIRED for not knowing....

If I were a gambling man I would BET this particular Consumer WILL receive an amazingly fantastic loan modification from Wells Fargo. Why??? Because the spotlight is on them now. It seems as though the public is going to have to be willing to fight these banks in court in order to achieve relief that they are due legally.

NOW REALLY... WHO IS SCAMMING WHO??? AND THE HITS JUST KEEP ON COMING!!!

Mark Archer (REC Real Estate Consulting Services LLC) — Sat, 29 Aug 2009 13:32:33 -0500

AP News reported last week that mortgage servicers, the same mortgage servicers that have received and continue to receive hundreds of millions in federal funds to modify mortgages as part of President Obama's Making Home Affordable program, are engaging in practices that would make the worst loan modification company in history look like the Boy Scouts of America.

According to the AP's report, which came out today:

At least 30 servicers are being sued for charging illegally high fees, using illegal collection practices, and foreclosing on homes prematurely.
At least 14 have been accused lying to homeowners about whether they would qualify for loan modifications or how low their payments would be if they did receive a modification. And in many cases, the servicers are accused of telling borrowers not to make payments because their applications for modification were being reviewed... and then moving to foreclosure anyway.

Apparently, three servicers settled federal predatory collection allegations by promising to change their behavior, and since then they've been sued hundreds of times by homeowners who say they were victims of such illegal practices. Some say that the problems result from no one monitoring servicers to make sure they're not abusing borrowers.

Julia Gordon, senior policy counsel with the Center for Responsible Lending, was quoted by AP as saying: "Servicers have flown under the regulatory radar."

The AP story also described the plight of Jerry Turner, who was promised a loan modification as part of a court ordered settlement, but instead his loan's servicer, Select Portfolio, foreclosed on the property and then the bank took the house back at auction.

It gets worse... Select Portfolio never told Turner that his house had been sold. And they kept sending Turner invoices and continued cashing his monthly checks. Incredibly, Mr. Turner didn't find out that he had lost his home until it was sold a second time at auction - because Select Portfolio failed to pay the property taxes on the home on which they had long since foreclosed. There's a lawsuit pending in West Virginia courts, it should come as little surprise.

According to AP, "Many servicers in line for government money are accused of ongoing, systematic abuses". Read that again. "Many" servicers? "Many"? I don't remember hearing that during Obama's speech on the Making Home Affordable program... or on the news at anytime since.

Select Portfolio, as part of its 2003 settlement with government regulators, pledged to stop collecting illegal fees and forcing borrowers to buy insurance. But the company is now owned by Credit Suisse, and since then they've been sued dozens of times for the same sort of thing.

And check this out: Craig Bullock, a spokesman for Select Portfolio, said the company doesn't comment on inquiries "about our practices and so forth."

Is that right, Craigers, you spineless sycophant? What is it that the company does comment on? How about I write up all the crap you're company has obviously been involved in... and I mail it in an invitation style envelope to your Mom. How would that be, Craigy-poo? Do you think you could comment on that, ass-face?

Another servicer, Ocwen, is apparently in line to receive more than $500 million from the Treasury, but is defending a federal class-action suit for harassing homeowners, charging illegal fees, and adding unnecessary insurance premiums to borrowers' bills. The complaint states that Ocwen was involved in:

"A nationwide scheme of illegal, unfair, unlawful, and deceptive business practices."

Get involved in a national scheme of illegal, unfair, unlawful, and deceptive business practices that harm homeowners and cause them to lose their homes, and this government's response seems to be: No problem, Sir, the line for the $500 million is right over there."

Get involved in trying to help homeowners get their mortgages modified and they'll shut you down, call you a scammer, and possibly even file criminal charges... because you failed to give someone 100% of their money back in 72 hours after working on the file for six months.

Paul Koches, Ocwen's general counsel, in an email said: "We have a deep and continuing commitment to foreclosure prevention." Jackass.

Now, please pay particular attention to this next part:

According to AP, at least 28 other mortgage servicing companies on Treasury's list also have been charged with, and in many cases settled, similar accusations.

And Treasury still says that it has no choice but to work with all servicers, no matter how dubious their records. Treasury spokeswoman Jenni Engebretsen said that refusing to work with a particularly bad player would "deprive homeowners who have mortgages with that servicer from getting modifications."

Oh, I see. Like the way working with those servicers is getting people modifications now, Jenni? Well, I suppose it's working 9% of the time, according to data published today (August 4^th) by the U.S Treasury.

President Obama, Secretary Geithner... this isn't funny... you guys should be ashamed of what you've done here. And the fact that neither of you have had the decency to say anything to the American people, the fact that you paid these corporate hooligans hundreds of millions while people were losing their homes and their jobs... well, it is repulsive.

Obama you lied to millions of others and to me. You've squandered untold millions on servicers you knew had no ethics, and a track record that could not be trusted. And in doing so you've caused pain beyond anything I've ever seen from a president.

THIS IS SAD & DISGUSTING BUT JUST ANOTHER STORY OF WHAT IS HAPPENING HERE IN THE REAL WORLD...

Mark Archer (REC Real Estate Consulting Services LLC) — Sat, 29 Aug 2009 13:20:27 -0500

Another Victim of the Foreclosure Crisis

A man was injured on his job... then he was laid off... then his benefits ran out.

He never was a day late on his mortgage payment to GMAC.

Maybe that was the problem. Maybe it was something else.

The house was worth $250,000. He owed $350,000.

He retained a lawyer to help him get his loan modified.

His attorney filed his application paperwork last March and relentlessly remained on top of GMAC for an answer.

The answer that never came, but always seemed to be right around the corner.

He kept up with his mortgage payments by tapping into his savings.

Then he tapped into his parent's savings...

And then it became too much to bear.

He took his own life yesterday.

His lawyer had been pleading with GMAC... he knew his client's stress was mounting fast.

Today, his mother said:

"Now the bank will get what they wanted... his house."

I pray he rests in peace. Amen.

Written By: Martin Andelman and Posted with permission

WELLS FARGO IN COURT THIS WEEK SPLAININ WHY NO LOAN MODIFICATIONS IN PHOENIX! THIS WILL BE GOOD

Mark Archer (REC Real Estate Consulting Services LLC) — Fri, 28 Aug 2009 21:50:57 -0500

Arizona Judge Orders Wells Fargo to Testify on Loan Modification Practices

When it comes to obtaining a loan modification, Wells Fargo's reputation is a long way from being stellar. In fact, they're one of the worst, according to several attorneys who have had significant experience working with the bank on behalf of clients over the past six months. So, when I read this past week that a woman in Phoenix had filed a complaint claiming that Wells Fargo had ignored her request for a modification, it was hardly news to me.

According to a story from KPHO.com, Channel 5 in Phoenix, the woman's name is Bobbi Giguere, and apparently she applied to Wells Fargo for a modification this past December after losing her job, and got nothing but lies, the run-a-round, and finally a foreclosure notice in return. The KPHO.com story quoted her as saying:

"I sent them everything they asked for, and then when I called to follow up they said, ‘What paperwork? What modification? We don't know what you're talking about,'" said Bobbi Giguere.

So, now a federal bankruptcy judge in Phoenix, Judge Randolph Haines, has ordered that a top Wells Fargo executive must come and testify about the bank's loan modification policies.

Ms. Giguere's bankruptcy attorney was also quoted in the story as saying that it's "very unusual" for a judge to issue such an order. "The judge is trying to send a message to Wells Fargo and other banks that they need to pay better attention to customers who want to modify their home loans," Nussbaum told Phoenix's Channel 5.

Okay, so what? Big deal, right? Yet another story about a bank or servicer not doing what they're supposed to do under the president's Making Home Affordable program. Well, here's the rub...

Again, according to the KPHO.com story, Wells Fargo responded by issuing the following statement from Mary Coffin, the bank's head of home mortgage servicing. It said:

"We appreciate the court giving us the opportunity to share our servicing practices, which include working with all customers facing hardships - even if they declare bankruptcy - until every reasonable option to prevent foreclosure has been exhausted."

The bank "appreciates" the court providing the opportunity to "share" servicing practices? Does anyone not see just how far from contrition we are here. We, and by "we" I mean anyone involved in obtaining loan modifications from servicers, all know what's going on here... Wells Fargo is full of you know what.

They routinely deny having received paperwork, routinely refuse to comply with the rules of the president's program, and obviously aren't the slightest bit concerned that they be called to task for their widely known shortcomings that are putting people out of their homes and onto the street. Their practices are costing our president a great deal of credibility, and preventing our economy from even coming close to starting on a path to recovery.

CBS 5 News also reported that after running the story, many other homeowners contacted the station, "sharing remarkably similar frustrations".

According to the station:

"Getting the runaround about lost paperwork was amongst the most common complaint. The complaints came from customers using a variety of loan providers, including but not limited to Wells Fargo and Bank of America."

Channel 5 also quoted Arizona Attorney General Terry Goddard as giving banks and servicers "a D minus" when he was asked to grade them as related to helping homeowners obtain loan modifications. He went on to refer to the servicers' response to the president's program as "pathetic".

Apparently, Channel 5 called Wells Fargo for a comment on the case and Ms. Coffin replied that the bank "could have offered better customer service and definitely could have communicated better." Well, gee golly whiz... could they now? Is that all they could have done?

Listen, I've had enough with the sugarcoating that surrounds this issue. What the bank/servicer could have done is live up to its agreement to participate in the Making Home Affordable program. Wells Fargo took billions of dollars from taxpayers and they agreed to the terms of the president's program. They need to live up to that agreement and they're not... not even close. What was the percentage of Wells Fargo loans modified under the program that was reported last week in the administration's "report card"?

Oh yeah... 6%. And in response, Wells Fargo's Mike Heid, co-president of Wells Fargo's mortgage unit issued the following statement:

"We know we've fallen short of our customer service goals in some cases."

They've got to be kidding.

According to Phoenix's Channel 5, "a Wells Fargo executive is scheduled to testify in federal court on September 3rd. The hearing was originally scheduled for this week, but the judge granted Wells Fargo an additional two weeks to research internal records and prepare their case."

Wells Fargo needed a little extra time? In my view, they should have been given the same amount of extra time they've too often given homeowners before they've foreclosed on their homes... none.

Commercial & Residential Loan Modification, SBA & Student Loan Modification

Mark Archer (REC Real Estate Consulting Services LLC) — Sun, 23 Aug 2009 13:57:12 -0500

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COMMERCIAL LOAN MODIFICATION
STUDENT LOAN MODIFICATION
SBA LOAN MODIFICATION
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LOWER YOUR MONTHLY PAYMENTS
SAVE YOUR PROPERTY FROM FORECLOSURE
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WORK WITH PROFESSIONALS THAT CARE ABOUT YOU

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	REC Real Estate Consulting Mark Archer 8203 W. Oraidi Dr. Peoria More Listing Information Visit Website Email Me

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Mark Archer (REC Real Estate Consulting Services LLC) — Mon, 10 Aug 2009 14:10:00 -0500

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Reduce the amount of the note

If you answer YES to any of the below you may qualify for a modification;

You currently owe more than your property is worth
You are about to become or are currently delinquent on your loan(s)
Your income has suffered for any reason
Your interest rate is higher than 7%
You are currently in an Adjustable Rate Loan
You are currently in a Negative Amortization Loan

Fill out our contact form or call us today so we can help you Hold on Tight to Your Dreams!

CALL NOW AND LET'S GET STARTED TODAY! 623-444-4498

PHOENIX - HOME LOAN MODIFICATIONS AND COMMERCIAL LOAN MODIFICATIONS - PHOENIX

Commercial, Residential, Small Business Loans, Student Loan We Restructure them All.

Mark Archer (REC Real Estate Consulting Services LLC) — Sat, 01 Aug 2009 19:47:38 -0500

Obama Care Revealed..... Please Listen and Then ACT accordingly...

Mark Archer (REC Real Estate Consulting Services LLC) — Fri, 31 Jul 2009 09:03:36 -0500

http://www.youtube.com/watch?v=WmmiwHw8bNg http://www.defendyourhealthcare.us

MANDELMAN MATTERS

Mark Archer (REC Real Estate Consulting Services LLC) — Sun, 12 Jul 2009 22:50:46 -0500

Giving Money Back, Not Profitable: Federal Reserve Study Proves
Posted: 12 Jul 2009 09:03 AM PDT
The Federal Reserve Bank of Boston released the results of its in-depth study on President Obama's plan to solve the foreclosure crisis, and the conclusions shocked politicians and bureaucrats alike from coast to coast.
According to the study, lenders don't modify the loans of borrowers at risk of foreclosure because to do so would likely mean having to reduce the amount of money the borrowers owe the bank, and therefore could potentially end up costing the bank money.
As a result of the study's findings, it's now considered possible by those inside the Beltway that the Obama administration's only effort to solve the foreclosure crisis, which provides the lending industry $75 billion if they would simply agree to lose more money by modifying delinquent mortgages to more affordable levels from the homeowner's perspective, is not likely to be nearly as effective as has been promised by the administration on literally dozens of occasions.
Boston Fed senior economist Paul S. Willen, who is a co-author of the study, commented that the program would be better off giving the money directly to struggling borrowers to help them with their payments, as opposed to handing the cash to lenders where it sits in vaults and is only paid out in the form of lavish bonuses to senior executives whose incompetence has never been exceeded in the history of the world.
(Okay, so far everything I've written is 100% true, except that I've rephrased things to illustrate how absurd the whole thing is in my mind. The only sentence that isn't true is the last one of the preceding paragraph about the money given to bank sitting in vaults and being paid out in lavish bonuses to incompetent executives. Well, I should say that I think that sentence is true, but it wasn't reported as part of the straight news story on the study.)
"Loan modification is not profitable for lenders,'' Willen said. "If it were profitable, they would go out and hire staff.''
Barney Frank, Chairman of the House Financial Services Committee, after considering the study's implications carefully, said that the results may lead to unraveling the mystery about why so few struggling homeowners have been able to get help. "Let's not jump to conclusions on this," Congressional Representative Frank cautioned. (Okay, Frank didn't really say that last line about not jumping to conclusions, nor did he use the phrase "unraveling the mystery, but the rest is from the straight news on the study.)
Frank is holding a hearing Thursday on his proposal to provide government loans to homeowners who have lost their jobs and can't qualify for loan modifications and other help because they don't have income. "We need to give more loans to people who don't have income," Frank said. (Okay, Frank didn't really say that last line, but the rest of that paragraph is 100% true.)
"The problem is worse than we thought,'' Frank said. Honestly, we figured that this whole thing would be wrapped up in a bow by possibly Memorial Day, but for sure by July 4th. "The failure to do these modifications means the whole situation stays bad longer, so now we may need all the way to Labor Day to get the foreclosures under control. This is going to screw up my vacation plans... It's very disappointing."
(Okay, Frank didn't say all that stuff about wrapping everything up by Memorial Day, but he did say the first line about "the problem is worse than we thought.)
The Fed's study showed that only 3 percent of seriously delinquent borrowers - those more than 60 days behind - had their loans modified to lower monthly payments; about 5.5 percent received loan modifications that did not result in lower payments, which are sometimes referred to as payment increases. (I added the line about loan mods that result in higher payments being referred to as payment increases. I think they are and should be referred to as payment increases, but the story didn't say that, I did.)
The study looked at 665,410 mortgages, originated from 2005 to 2007 that had since become delinquent, and followed about 150,000 borrowers for six months after they received some sort of undefined help, through the end of 2008. (I added the word "undefined".)
The study acknowledged that the lenders may have some compelling reasons to avoid looking for new borrowers to help, which would justify their compulsive lying about their willingness to do so. (Okay, I added the part about compulsive lying, but the rest of the sentence is 100% from the straight news story.)
As an example, the study established conclusively that up to 45 percent of borrowers who received some undefined kind of help on their mortgages ended up in delinquent again, and this phenomena appears to be even more common when the type of loan modification received by the borrower was of the "payment increase" variety. Conversely, about 30 percent of delinquent borrowers are able to fix their problems without help from their lenders, through such means as foreclosure, short sale, deed in lieu, and suicide. (Okay, I added the last part about how they "fix" the problems themselves. I think it's true, but I added it in nonetheless.)
As Mr. Willen phrased it: "A lot of people you give assistance to would default either way or won't default either way. The banks are trying to maximize profits, and at this point in time maximizing profits cannot be achieved by the banks giving some of the money owed back by modifying loans.'' (I rephrased the last part about giving money back, but the essence is right from the straight news story on the study.)
Officials from The Hope Now Alliance, which is the private-sector alliance of banks, mortgage servicers and investors, were inexplicably unavailable for comment yesterday. "Maybe they were all on Jury Duty, one source said. (I added the word "inexplicably" and the part about them being all on jury duty, the rest is straight from the news.)
Similarly, officials at the U.S. Treasury chose not to comment on the Fed study, but did note in a statement that they would be continuing to lie about this issue, stating that more than 240,000 homeowners have received loan modifications this year under the president's program. (This year? Wow. Now that's impressive. I don't believe it for a second, but it's impressive that they are that willing to throw a number out there.) (Okay, I added the part about their willingness to continue lying, even though I feel it's self-evident.)
And to add insult to injury, the federal regulators said that the pace of loan modifications has been increasing steadily since last year. (I think I've mentioned this before, but I have had enough with sophisticated entities capable of tracking billions of bits of minute details issuing vague and meaningless statements. I think we should be allowed to hit the Treasury guys with sticks.)
IMPORTANT Additional Commentary by Martin Andelman...
The preceding story, in its entirety was TRUE. Except for whatever Treasury said, those people lie all the time. To avoid sobbing uncontrollably as I was writing it, I added the lines intended to poke fun, and they are shown in italic. In other words, I enhanced it here and there to emphasize the absurdity of it all, but this story is absolutely true and you can find it online easily by typing into Google something like "Boston Fed Loan Modification Study." You'll find that everyone has written about the study's conclusion, from The New York Times to the Wall Street Journal, as if it was truly serious and important news. Please consider reading the straight news story, if you have any doubt about what I'm saying.
It reminds me of a study that was conducted at Princeton, I believe, just a few years ago, that concluded that money does, in fact, buy some happiness. I remember being in my car when I heard the results of the study being reported and thinking about driving into oncoming traffic.
Yet, here we have a prominent economist co-authoring a serious study to be published by the Federal Reserve bank... and the media in its entirety is taking the "news" quite seriously, discussing it as if it has grave implications. And this is far from being the only example of this sort of thing that I could readily produce.
I believe what this should teach everybody in the industry is that "they" don't know what's going on, at least as related to loan modifications. They just do not know. I've been telling "them" for some time now, and they are apparently doing their own studies as well. What this report shows is that we must keep telling "them," something I'm committed to doing.
Why don't they know. I'm not sure. Maybe because people losing homes, or saving them, don't tell other people. Regardless, I believe it's clear that "they" do not know.
The other thing this should show you is the importance of industry data and the valuable role it would play, if we had more of it. For example, I represent about 20 loan modification firms in Southern California in my role as the director of the Commission on Homeowner Representation, or the Crisis Commission, as it is sometimes referred to, and although all of the data is not yet in, I would tell you that those firms alone may be responsible for 5% of the mortgages that Treasury claims to have modified since Obama's plan started. And wouldn't that make a headline that would stop quite a few people in their proverbial tracks?
Yes it would. Below is a link to one of my previous articles requesting data from all loan modification firms. Most firms ignored what I asked for, although I did receive data from maybe two-dozen of you. Apparently, the rest of you either believe that you are flying under some imaginary radar, or you don't understand the importance of what I'm doing.
Just remember... I'm not in the loan modification business. I'm offering... volunteering my time and my column to try to help the industry. If I don't receive the data, it will not be me who suffers as a result. If you're concerned that by sending me your data you somehow place your firm at greater risk, I assure you the reverse is true.
Click the link below. Meanwhile, I'm going to step up my efforts to teach the world to sing...
Calling ALL Loan Mod Firms... Bring Out Your Data!
A NOTE TO MY REGULAR READERS:
I realize that I don't normally explain my sarcasm and I don't like having to do so. But, this particular news story, in its straight form, made it difficult for some people to tell what was added sarcasm and what wasn't, so please forgive me for having to explain my jokes. I don't like having to do it any more than you like having to read it that way.

We Are Here To Help Residential and Commercial Property Owners...

Mark Archer (REC Real Estate Consulting Services LLC) — Sun, 12 Jul 2009 20:37:20 -0500

Commercial & Residential Loan Restructuring

Mark Archer (REC Real Estate Consulting Services LLC) — Sun, 12 Jul 2009 20:31:27 -0500

http://www.rechomeloanmodifications.com

FREE Consultation
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Lower your interest rate
Extend the term of your loan
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Let Our Aggressive Attorneys Negotiate For You!!!

The desirability of a commercial property fluctuates with the economy and this economy does not provide for a strong demand. In a healthy economy, occupancy rates are high and so is revenue ensuring most properties can remain profitable. In tough economic times like now, competition for paying tenants heats up. Many tenants are attracted to premium properties by less expensive rates and less competition.

Owners of commercial properties such as shopping centers, strip malls, apartment buildings, office buildings and warehouses are successfully requesting and obtaining modifications of the terms of their notes. The Greatest success comes when an Investor uses attorneys to negotiate on their behalf.

For our commercial property clients our experience in the realm of commercial real estate and loan modifications allows us to provide owners of commercial real property with the services and expertise they need. Since the investor of commercial loans is usually easier to identify and approach, our attorneys are more effective in negotiating a beneficial modification.

Similar to residential loan modifications, lenders are often willing to reduce your monthly payment using a number of different methods including reducing your interest rate, lengthening the term of the loan, allowing for interest only payments for a predetermined period, and delaying payment of past due amount to the end of the term of the commercial loan.

Once you retain our firm we act as an agent for you, the property owner, and are better positioned to "break the news" to your lenders and equity investors and negotiate more favorable terms.

Upon our review of the preliminary information and the documents supporting the information provided by the client, we will engage the lender to negotiate and obtain a loan modification. We strive to obtain modifications to our clients' loan(s) that allow our clients to keep their business operations alive.

Vacant commercial developments in prime locations are desirable, but the holding costs may too great while the property is not generating income. Even if we are able to significantly reduce or discount the debt, you must be able to prove that you have sufficient resources to make your Mofified payments on time.

A commercial property default is an especially great risk to a bank since it lacks the federal backing of a private mortgage (think Fannie Mae bailout). Failure of the bank puts the FDIC in charge, and while it may be more lenient, it also may choose to sell off delinquent loans, leaving you to face competition from other investors.

To Hire our Firm to negotiate in your behalf with your financial institution Call Mark at 623-444-4498

We Also conduct Residential Loan Restructuring. Whether your needs are for Commercial or Residential just log in at

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THIS IS SAD & DISGUSTING BUT JUST ANOTHER STORY OF WHAT IS HAPPENING HERE IN THE REAL WORLD...

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PHOENIX - HOME LOAN MODIFICATIONS AND COMMERCIAL LOAN MODIFICATIONS - PHOENIX

PHOENIX - HOME LOAN MODIFICATIONS AND COMMERCIAL LOAN MODIFICATIONS - PHOENIX

Commercial, Residential, Small Business Loans, Student Loan We Restructure them All.

Obama Care Revealed..... Please Listen and Then ACT accordingly...

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Commercial & Residential Loan Restructuring

Student Loan Modification Program Can Help You Reduce Your Student Loan Cost.
We Can Help You With Your Student Loan Modification Today.

Student Loan Modification Program Can Help You Reduce Your Student Loan Cost.
We Can Help You With Your Student Loan Modification Today.