February, 2011

Man Drives Car Through Bank of America’s Lobby – Police Investigate, Unsure of Motive

Man Drives Car Through Bank of America’s Lobby – Police Investigate, Unsure of Motive

So, wait a minute here… he drove into the bank… into it… he was inside a Bank of America at 4:00 AM… and police are still trying to determine if any property was taken… but he’s only being charged with... (Continue reading)

Guest Post: Principal Reduction Modification Math, by Rick Rogers, JD/MBA

Guest Post: Principal Reduction Modification Math, by Rick Rogers, JD/MBA

This report will compare the Net Present Value (NPV), of standard Home Affordable Modification Program (HAMP), modifications with Principal Reduction Alternative HAMP (PRA HAMP) modifications. If the mortgage principal balance on a home exceeds 115% of its market value,... (Continue reading)

If at first you don’t succeed, CRIME, CRIME again.

If at first you don’t succeed, CRIME, CRIME again.

I’m not going to attempt to write some scathing or potentially insightful commentary about Mr. Mozilo, I’m sure that’s been done many times before, and frankly… he bores me to no end. But, at the same time I felt... (Continue reading)

Is HAMP Poised to Improve in Year 3?

Is HAMP Poised to Improve in Year 3?

Laurie, as “the architect” of the HAMP program, are you aware that these servicers you’re pandering to at the Mortgage Bankers Association conference, have been nothing short of torturing America’s homeowners relentlessly, mercilessly, and without rhyme or reason for three... (Continue reading)

Bankers Apoplectic Over Arizona’s Republican Dominated Senate Passing Chain of Title Bill, 28-2

Bankers Apoplectic Over Arizona’s Republican Dominated Senate Passing Chain of Title Bill, 28-2

The only reason this bill is being pushed through the Arizona legislature is that one of that state’s senators actually tried to rescind her own predatory loan and found out first hand what it’s like to have to deal with... (Continue reading)

Ice, Ice Baby – Iceland’s people give cold shoulder to paying for acts of reckless bankers.

Ice, Ice Baby – Iceland’s people give cold shoulder to paying for acts of reckless bankers.

Now, the British and Dutch governments want their money back, but Iceland’s people are saying, well… no, not to put too fine a point on it. You might even say that the Icelanders are saying: “Hell no!” ... (Continue reading)

Sen. Whitehouse Questions Expose a Kinder, Gentler and possibly more Frightened Tim Geithner

Sen. Whitehouse Questions Expose a Kinder, Gentler and possibly more Frightened Tim Geithner

They've finally realized it... do you think? They thought other things would have happened by now as a result of pumping trillions into banks and the economy overall... and they haven't. And housing is in a free fall,... (Continue reading)

Federal Regulators to Bring Enforcement Actions Against Banks… May Get Rid of Hot Towels in Washroom

Federal Regulators to Bring Enforcement Actions Against Banks... May Get Rid of Hot Towels in Washroom

You know what… go to hell. How about the servicers offer “enhanced, streamlined modifications to troubled borrowers” just because it’s the right thing to do? How about the servicers do it because although they can never come close... (Continue reading)

Hawaiian Homeowners Pay Unexpected Visit to Bank of America in Honolulu

Hawaiian Homeowners Pay Unexpected Visit to Bank of America in Honolulu

You know… I’ve been wondering when the Hawaiians were going to get into the game on this loan modification foreclosure thing and there you have it… and they brought Valentine’s Cards and sang a song. ... (Continue reading)

New Fed Governor Sarah Bloom Raskin Gives Me Reason to Hope

New Fed Governor Sarah Bloom Raskin Gives Me Reason to Hope

I read her speech yesterday evening; parts actually gave me chills, and parts left me with a hopeful tear in my eye. She says almost exactly what I’ve written in my articles on at least dozens and at this... (Continue reading)

David Stern – The Foreclosure King

David Stern - The Foreclosure King

Stern is emblematic of everything that’s ugly and wrong with the mortgage banking and finance industries in this country. Whether all the allegations about him are true is irrelevant. In my view, he’s an unethical, arrogant, abusive and... (Continue reading)

New Bankruptcy Court Decision Sounds the Alarm – The USS MERS is Going Down

New Bankruptcy Court Decision Sounds the Alarm – The USS MERS is Going Down

Now, clearly this is a decision that’s worth reading for one’s self… Judge Grossman is one heck of a writer and not one to play patty-cake with MERS or those of the banking persuasion, but I thought I’d at least... (Continue reading)

CalHFA’s $2 Billion Home Rescue Program… Here’s How Stupid They Think We Are.

CalHFA's $2 Billion Home Rescue Program... Here's How Stupid They Think We Are.

You see, it’s a very well thought out no-lose proposition, this new California foreclosure rescue program… because if the banks refuse to participate in it, which would kill the whole principal reduction aspect of the plan, it’s really not a... (Continue reading)

A San Diego Attorney Speaks Out on How SB 94 Has Taken Legitimate Lawyers Away from Homeowners

SB 94 is simply a law written by the Senate Banking Committee to make it next to impossible for a homeowner to hire a lawyer when at risk of foreclosure. I bet the banks wish they could have passed... (Continue reading)

Tomorrow, February 3rd, is Call Your Attorney General Day to Get Tough on Foreclosure Fraud!

Tomorrow, February 3rd, is Call Your Attorney General Day to Get Tough on Foreclosure Fraud!

Tomorrow is call your Attorney General Day nationwide. I need you to take action here... it's time to be heard. The foreclosure crisis must be stopped and servicers must be held accountable for their crimes.... (Continue reading)

Mandelman’s Monthly Museletter… Version 10.0

Mandelman's Monthly Museletter... Version 10.0

1. California’s ex-AG, Governor Jerry Brown Settles Countrywide Suit for $6.5 million. 2. Mandelman ADMITS HE WAS WRONG About AZ’s Foreclosure Program’s Potential. 3. Wall Street Journal: $135 Billion for Bankers in 2010… Breaks Previous Record Set in 2009.... (Continue reading)

Kramer & Kaslow’s “Mass Joinder” Lawsuit – Mandelman Interviews Attorney Phillip Kramer

Kramer & Kaslow's

The bottom-line is… NEVER hire a law firm unless you’re talking to that law firm and can speak with a lawyer employed by that law firm before you do. Don’t get scammed by someone who is NOT AUTHORIZED by... (Continue reading)


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