I am so fed up with the bloody nay sayers out there.

I am so fed up with the bloody nay sayers out there. I am so bloody fed up with those who wish to turn the loan Restructuring/Loan Modification business over to the banks and or the attorneys. Who the heck got us into this reprehensible situation in the first place.

Well we are giving it back to them if we don't watch out.

The banks will do EVERYTHING in their power to retain their money (they have a profit to maintain and shareholders to pay). You think they care about you? Even if you are a shareholder.... If you said yes then you are living any where else but here on earth. No, the banks are out for only one thing and that is to preserve their Bottom line, their Profits, their Salaries. And how will they do that, by making sure you accept an loan on their terms so they can make the best of a bad deal that they underwrote to start with. Martin Andelman wrote a splendid article that I advise everyone to read and digest. http://mandelman.ml-implode.com/2009/06/former-sub-prime-lenders-are-back-to-profit-off-the-mess-they-made-seriously/ In this he really makes you understand just a little of what the Banks are all about.

Ask yourself this one question. When you are on hold with your bank do they say "This is an attempt to collect a debt" or do the say "This is an attempt to modify your loan". If they truly had your best intentions in mind they would, (and if they say the latter then go for it), unfortunately I have never heard them say it and most likely will have to wait a very long time before I do (hell will freeze over first in my opinion) but please call me if you do.

Attorneys,,,,will tell you that only they can help you. B.S. With bells on. Only a few states require an attorney intervention and then in particular circumstances such as foreclosure, (then they are worth it) otherwise the borrower is paying through the nose and are Most definitely the Most expensive. Most of them are breaking the very law they tell you, that they and only they can do. By outsourcing the business end to me they are not representing you, we are since we do the negotiating. I know, first hand.They pay me to do their work. And I can prove this. But I won't because it would hurt my business and my income (unless someone is willing to pay me more, any callers ?????).

Crooks. And I mean crooks. Those that would take your house, your dreams, your hopes. This is huge, independent group and are actively out to scam you. One particularly nasty scheme is to take your money and do nothing until your foreclosure date is upon you then advise you that the best possible solution is to do a short sale, oh and by the way they will offer you 70 cents on the dollar. Beware of all of the scams out there. The brokers and attorneys I know are good people and I am very happy to be working with them but there are always those who will take advantage of you.

If they say it is free, guess what..... they lie. Beware no one works for free, for nothing, not the banks, not the attorneys, not even the government. We, the tax payer are paying them. Who pays those that don't work for the government??? if not you, then who? Are the banks working for free?? don't make me laugh. Will you work for free? If so I have a job for you. Please call 555.5555 Oh and please give me your SS number, date of birth and bank account details aswell. Thank you so much, I'll be in touch.

The answer to all of this is not a simple nor a one line answer, it is complex, the business is complex. And my friends is that. Every loan, every person, every home, each is and by definition has to be, wait for it. Different. It can not be any other way. Every persons situation is unique, every person needs to be represented, to feel that they are empowered to look to their own well being. This can only be accomplished by allowing the free market to truly work as the free market should. The market itself will regulate itself. Satisfy the clients needs and accomplish the goal and reap a small but worthy fee. No reward. No Market. No loan. No Home

Ladies and Gentlemen of this industry. I implore you to be responsible. Home owners I implore you to be realistic and understand that the bank is not your friend. Like you, they are after their and only their best interests.

Thank you for reading this.

PS I just bought more stock in Bank of America. Great price and it will go up.

Home prices saw a “striking improvement in the rate of decline

une 30 (Bloomberg) -- Home prices saw a “striking improvement in the rate of decline” in April and trading in funds launched today indicates investors believe the U.S. housing slump is nearing a bottom, said Yale University economist Robert Shiller.

“At this point, people are thinking the fall is over,” Shiller, co-founder of the home price index that bears his name, said in a Bloomberg Radio interview today. “The market is predicting the declines are over.”

Home prices in 20 major U.S. metropolitan areas fell in April at a slower pace than forecast, the S&P/Case-Shiller home- price index showed today. Today’s Case-Shiller numbers are the latest sign that that the worst of the housing slump may be passing. Sales of existing homes posted gains in April and May, while housing starts jumped in May from a record low.

“My guess would be that home prices are going to level off -- they’re not going to keep falling,” Shiller said in a separate interview with Bloomberg Television. Still, it’s “hard to predict” a speculative market, and “I am not optimistic that we’re going to see any sharp rebound.”

The index decreased 18.1 percent from a year earlier following an 18.7 percent drop in March. Economists predicted the index would drop 18.6 percent, according to the median of 33 responses in a survey conducted by Bloomberg. The measure fell 19 percent in January, the most since the data began in 2001.

‘Taken Aback’

“These numbers are really showing that there’s been a change in mood,” said Karl Case, a professor at Wellesley College and another co-founder of the index. “For these numbers to go up in eight states, I was quite taken aback.”

Home prices rose in eight of the cities measured on a monthly basis, led by Dallas, where home values rose 1.7% percent from the previous month. Values also gained in Denver, Cleveland, the District of Columbia, San Francisco, Boston, Atlanta and Seattle.

Prices were down from this time last year in all 20 cities in the index.

Shiller said the decline in housing prices may be less steep by year-end. “At this rate, it’ll be down 12 percent and I suspect it will be down less than that because of the improvement that we’re seeing,” Shiller said.

The Case-Shiller index has been falling for the last three years. The gauge declined 0.6 percent April from March, the smallest monthly drop in the since June 2008.

Index as Hedge

Shiller said that the MacroShares Major Metro Housing Indexes might help avoid future upheavals in the housing market, by allowing investors to hedge against falling home prices.

“This economic crisis is substantially due to a failure to manage risk adequately,” he said. “This is an opportunity to manage these risks.”

The MacroShares Major Metro Housing Up, an exchange-traded fund that tracks the cumulative change in the S&P/Case-Shiller Composite-10 Home Price Index, started trading today on the New York Stock Exchange with a value of $19.40 at 2:06 p.m. New York time.

The MacroShares Major Metro Housing Down, which allows investors to take the opposite position, betting that home prices will fall, traded at $30.87.

To contact the reporter on this story: Alison Sider in Washington at

Loan Modifications

Before this year, loan modification wasn't a viable option of mortgage assistance for the average American. Lenders would only approve a handful of applications a year and homeowners at risk of foreclosure were left with either refinancing or losing their homes. The Bush Administration attempted to give homeowners a method of loan modification mortgage relief in late 2008, but the program did not accommodate enough circumstances to work as speculated. It was estimated to help 240,000 homeowners while it only helped them in the hundreds.

This year (2009) the Obama Administration started off in the midst of the biggest housing market crash in history. In March the Home Affordable Modification Program was put into effect. The program is estimated to aid 4 to 5 million homeowners across the country stay in their homes -- that is quite a large number. The program makes loan modification mortgage relief something that anyone can try, not just a select few.

The previous loan modification program would not accept homeowners whose property fell below 95 percent of initial value, while the Home Affordable Modification Program demands that the value have fallen below that to qualify. And with homes falling in value all the time, more homeowners are becoming qualified every day.

But what is loan modification mortgage relief? At the most basic, it is a reduction of a homeowner's monthly mortgage payments to accommodate their inability to pay it as is. Lenders do this through reducing the mortgage rate based on the homeowner's debt to income ratio and locking it. At the same time, some homeowners have a portion of the initial principal deferred and even some of the money they owe the lender is wiped clean.

The new lower rate can extend the mortgage up to 40 years, with a possible balloon on payments near the end. This is a great relief and help to homeowners across the country, and as such the lenders have tight criteria as to who can qualify for loan modification mortgage relief. The lenders look at credit, employment history, whether the homeowner is residing in the property, debt to credit ratio, bankruptcy history, current property value, and mortgage payment history.

Each lender is looking for their own specific criteria for loan modification mortgage relief. A homeowner can either search out their lender's qualifications online or call to get the information and possibly the application. Many lenders offer applications on their website, but even if the website rejects a homeowner that does not necessarily mean they cannot get a loan modification. Even if rejected by the automated application process, a homeowner can try to negotiate with their lender for an agreement they can both agree on. Successfully negotiating a modification agreement can take a lot of time and sometimes ends up a fruitless endeavor, but with lenders opening up to modifications each day there is no reason not to try.

Mortgage Fraud

41 Charged as Mortgage Fraud Hits Condos & Suburbs
Wednesday, June 24, 2009 5:51 PM

Federal law enforcement officials recently announced charges have brought against 41 defendants in five separate cases in Chicago. The cases involve more than $48 million in fraudulently obtained mortgages for dilapidated homes in urban areas as well as deals involving million dollar condominiums in a Chicago high-rise and sprawling homes in affluent suburbs like Wheaton and Glenview. The vice president of a title company, mortgage brokers, loan officers, appraisers, real estate investors and an attorney are among the 37 defendants charged.

“Mortgage fraud is a serious issue that affects not just financial institutions but ordinary citizens who may have invested in such financial institutions or who hope to purchase, sell or refinance a home by honestly setting forth their finances. Today’s charges also show that the mortgage fraud issue affects suburbs as well as cities,” said Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, who announced the charges along with Robert D. Grant, Special Agent-in-Charge of the Chicago Division of the FBI and Barry McLaughlin, Special Agent-in-Charge of the U.S. Department of Housing and Urban Development (HUD) Office of Inspector General in Chicago.

Among the cases are:


* U.S. v. Lisnek, et al. is one of the most comprehensive mortgage fraud schemes ever charged in Chicago. The 22-count indictment names 19 defendants, including LaSalle Title Company and three other businesses, who allegedly schemed to fraudulently obtain loans totaling more than $10 million on 70 residential properties in Chicago, including many blighted homes on the city’s South Side between 2002 and 2007. The resulting losses by various mortgage lenders totaled approximately $5.8 million.

* The 23-count indictment returned in U.S. v Askar, et al. names 10 defendants accused of scheming to fraudulently obtain loans totaling more than $17.2 million on various multi-million-dollar condominiums and penthouses at 33 West Ontario St., also known as Millenium Centre. Between July 2004 and December 2006 the co-defendents are alleged to have fraudulently obtaining more than $17.2 million in loans to purchase nine Millenium Centre units.

* Six defendants accused of fraud and using stolen or fictitious identities to fraudulently obtain approximately $3 million in home loans from various lenders by submitting false applications for loans in U.S. v. Okulaja, et al.

* In another $3 million mortgage fraud scheme, the nine-count indictment in U.S. v. Beck, et al. alleges six defendants were purported to be in the business of buying, repairing and reselling real estate.

* U.S. v. Luckett charges the chief executive of a Burr Ridge mortgage lender who allegedly defrauded GMAC Bank out of approximately $15 million in funding more than 450 fictitious residential loans.


All the charges filed in these cases are felonies. They carry a variety of maximum penalties including 30 years in prison and a $1 million fine on each count of mail and wire fraud affecting a financial institution or 20 years in prison and a $250,000 fine if no financial institution was affected. Alternatively, the court may impose a maximum fine totaling twice the gain to any defendant or twice the loss to any victim, whichever is greater. If convicted, the four business entities charged each face a maximum penalty of five years probation and a $500,000 fine.

“People who would want to commit this crime should understand there’s a lot of attention being focused on it, and we’d like to think that we have our ears up,” Fitzgerald told the Chicago Tribune.