June, 2009

Wells Fargo Closes Accounts if Firms Offer Loan Mod Services

Today, I was informed that Wells Fargo Bank is unilaterally closing the business checking accounts of companies simply because they are offering loan modification services. Yes, you read that right. Business checking accounts. Because you offer to help people obtain... (Continue reading)

Wells Fargo’s “Ghetto Loans” and the “Mud People”

Wells Fargo’s “Ghetto Loans” and the “Mud People”

Beth Jacobson says that she and fellow loan officers at Wells Fargo Bank systematically singled out blacks in and around Baltimore in order to sell them high-interest sub-prime mortgages, whether they would have qualified for prime loans or not. ... (Continue reading)

Songs of the Mortgage Meltdown

Song of the Mortgage Meltdown... CD Coming in April... I'm always looking for new ideas though... so what do you think...... (Continue reading)

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CA’s Foreclosure Moratorium a Sham… We’ve Been Lied To By Our State Government

Our state government announced that the legislature had passed a 90-day moratorium on foreclosures, saying that it would give people time to obtain loan modifications and the like. But, they also knew that something like 90% of all lenders... (Continue reading)

WATCH THIS! And then tell me why we can’t hit our politicians with sticks.

Because there's no reason to talk about what went on there. None whatsoever. If you're the Inspector General of the Federal Reserve and you know that $9 trillion has been spent... and you leave the office on the day you... (Continue reading)

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So, here's the deal... It's costing me a fortune to find you. And it's taking far too long. We've now been asked AGAIN by legislators and regulators at the federal and state levels for the data we have... (Continue reading)

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101 Pages of Barackracy: Obama’s Regulatory Reforms

Tweet It’s been over a week since President Obama presented his plans to reform the regulatory structure of our financial markets. As someone who writes about such things, I knew many of my readers would expect me to watch the... (Continue reading)

“Mish” Shedlock: California’s 90-Day Foreclosure Moratorium Will Accomplish Nothing… Supporters Disagree.

“It’s a very righteous law,” says The Duke. “Summer’s here and Californians are tired of thinking about how their gonna’ come up with the Dead Presidents they need to stop a foreclosure. All they want is some cool... (Continue reading)

NY’s Attorney General Cuomo & The Loan Modification Industry

Then, proving to me that he was completely ignorant and insensitive about the situation he is investigating, Cuomo said: "No one has to pay for this service."
 Well, alrighty then. At 48 years old I have just been shown the country’s... (Continue reading)

The Bank’s Latest Tactic to Shut Down Loan Modification Firms

I got a call today from someone who is in the loan modification business In Arizona. He told me that if you’re a loan modification company, you will not be allowed to have a merchant account with Wells... (Continue reading)

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H.R. 1728: The Death of Creative Financing

Tweet H.R. 1728 passed the House by an overwhelming majority in a record three days time. Now it’s in the Senate and is widely expected to pass quickly as well. Why the rush? Is AIG planning to hand out zillions... (Continue reading)

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Former sub-prime lenders are back to profit off the mess they made. Seriously?

Former sub-prime lenders are back to profit off the mess they made. Seriously?

Apparently, they were not quite satisfied with the hundreds of millions they stole… I mean made, so they’ve launched a company that will buy distressed mortgages from banks and the government at a discount, modify the loans so that the... (Continue reading)

FTC is Seeking Consumers’ Advice on Mortgage Practices: Here’s Your Chance!

2. And if you’re someone who works in or owns a private sector loan modification firm, whether real estate licensed or a law firm, now is the time to talk to your clients whose homes you’ve helped save about sharing... (Continue reading)

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FTC Testifies on Loan Modification “Scams”

A Ms. Peggy Twohig, the Associate Director of the Division of Financial Practices at the Federal Trade Commission (“FTC”) was called before the committee to discuss the FTC’s efforts to protect consumers from foreclosure rescue and loan modification scams. ... (Continue reading)

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New Federal Law Would Prohibit Advance Fees in all 50 States

3. The bill prohibits mortgage foreclosure rescue and loan modification services from requesting or receiving ANY funds until any such services have been fully performed AND the results have been achieved AND the services and results have been documented to... (Continue reading)

It’s Time to Play… Housing Jeopardy!

It's Time to Play... Housing Jeopardy!

ANNOUNCER:Yes, it's time to play Let's Solve the Housing Crisis on the game that at least half the country loves: Heal the Misfortune!... (Continue reading)

Treasury Discovers Glitch: Banks Healthy, Ready to Lend

The error was discovered when a mid-level government employee questioned the number of zeros on a stress test report, one thing led to another, and within hours Lehman Bros. was back in business, Merrill Lynch announced plans to buy itself... (Continue reading)

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California Attorney General Brown Issues Directive to Foreclosure Consultants

Tweet Attorney General Edmund G. Brown Jr. issued a directive today that forces “foreclosure consultants” to register with the Attorney General’s office and post a $100,000 bond by July 1, 2009. According to the press release issued by the AG’s... (Continue reading)

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