2009

Attorneys Offering Loan Modification Services Find a Friend in NACBA

One of the things the Commission has wanted to do from the beginning was lobby against SB 94 as it was written, and that became more important when the bill was modified just before July 4th to prohibit attorneys from... (Continue reading)

Who Are We Punishing?

Who Are We Punishing?

We wanted to punish Germany after WWI. That's what the Treaty of Versailles was intended to do... punish the country that had caused so much pain. It was a bad idea. Ultimately it led to WWII. We learned, and we... (Continue reading)

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Obama’s New Federal Agency: The Comedy Board

President-elect Barack Obama, in a press conference held earlier today at a Georgetown Comedy Club, announced the formation of a new federal agency that will officially operate under the name: The United States of America Comedy Board, or TUSOACB, thus... (Continue reading)

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What Happened On Wall Street and Why

What Happened On Wall Street and Why

But until homeowners are able to refinance their adjustable and recasting mortgages into affordable loans, and foreclosures abate as a result, we'll see no recovery. As they say, this too will pass… but not tomorrow, not next year, and not... (Continue reading)

Joe the Plumber Hired as Journalist

Joe the Plumber Hired as Journalist

This will not be a long article, I promise. I don't even feel like talking about it much, to tell you the truth. I don't even know why I started it. I mean, I don't have the foggiest idea of... (Continue reading)

Income Inequality Gap Widens, Government Report Shows

Income Inequality Gap Widens, Government Report Shows

"It remains to be seen just how far the rich have fallen behind," said Sen. Bunkie T. Witherspoon III (R-Texas). "It may only be a temporary problem and the federal government has no business giving further entitlements to the rich... (Continue reading)

Democrats Supporting a Bill Allowing NO DOWN PAYMENT on FHA Mortgages?

HR600 is about "Seller Assisted Down Payments," which is a euphemism for a scheme that enables people who cannot save enough money to make a down payment, to qualify for FHA insured mortgages. ... (Continue reading)

Changing the Way the President Gets Elected and What it Means to Your Business

Changing the Way the President Gets Elected and What it Means to Your Business

A long, long time ago there were "Media Kings". They had names like King Henry and King George. Sure, they also controlled armies and wealth, but as they were soon to discover, it was their control of the media that... (Continue reading)

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The Employer No Choice Act

The new legislation essentially gets rid of the secret ballot election that in the past, has always been held to determine the outcome of a unionization drive. But that isn't really that bad, is it? I don't know what all... (Continue reading)

Confidence Lost

Even if we can't agree on what to call it, can we agree on the cause of our latest national catastrophe? With every single economist, policy expert, and regulatory official apparently working on the problem, surely we've gotten to the... (Continue reading)

It’s Been a Year Since I Lost My Friend to Suicide

It's Been a Year Since I Lost My Friend to Suicide

I wanted to write something about Alvar's death because I wanted to share my feelings with others who have lost someone to suicide, because I think when you lose someone that way, the wound never heals. And maybe it helps... (Continue reading)

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Business Owners Need to Face Strategic Truths of 2009 and Beyond

Web 2.0 technologies are one are in which business can gain a competitive advantage and be noticed by their target audiences. Many have already adopted these new tools, and some implementations are better than others, but most have not. ... (Continue reading)

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I Say… Keep Guantanamo Open!

I Say... Keep Guantanamo Open!

You see, I have an idea that perhaps the Obama administration hasn't considered as yet, and I think the American people, both those on the right and on the left, might see it as being a good one. After all,... (Continue reading)

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How Many Light Bulbs Does It Take To Change An Investor?

How Many Light Bulbs Does It Take To Change An Investor?

People ignored anyone suggesting that yet another bubble was in the making. The fact that housing prices had fallen after previous booms, such as in 1990, didn't seem to matter. "This time is different", was the order of the day.... (Continue reading)

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Bad Biz Finder’s Erin Baldwin is Awe Inspiring…

Anyway, then she goes on to say that I’ve never worked anywhere I said I did, that no one’s ever heard of me at those companies, that my companies either don’t exist or they’re suspended, and frankly I'm relieved that... (Continue reading)

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Matt Padilla… Again? Matt, Matt, Matt…

Tweet Matt Padilla of the Orange County Register has done it yet again… reported a story about loan modifications without having the foggiest idea what’s actually going on. I don’t know about everyone else, but it’s getting annoying, as far... (Continue reading)

Mandelman vs. Matt Padilla of the Orange County Register

Matt... all articles like this one do is hurt homeowners. People read them... and as a result they don't hire a firm to represent them in the negotiations with their bank... and they lose their home as a result,... (Continue reading)

July’s Niche Report: Cover Story by Mandelman on HVCC

July's Niche Report: Cover Story by Mandelman on HVCC

Tweet The July issue of The Niche Report is in mailboxes across the country and the cover story was written by me once again. It’s on HVCC, the Home Valuation Code of Conduct, which is a new set of rules... (Continue reading)

Excuse Me… Secretary Geithner? Secretary Donovan? With All Due Respect…

Is it just me? Am I really the only one who wants to push these clowns around the playground after school? Really? Come on… you kneel down behind them and I push them over… then we can... (Continue reading)

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Lucas Law Center Reports Saving 500 Homes Before FTC Files Injunction to Temporarily Close Firm

Tweet At just after 9:00 AM this morning, the FTC (Federal Trade Commission), served a temporary injunction requiring Lucas Law Center in Aliso Viejo, California to cease operations until the firm appears in federal court next week to defend itself... (Continue reading)

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July’s Issue of The Niche Report… Bringing Up the Rear: FDIC Chair Sheila Bair

Tweet In case you don’t already know, I wrote the cover story for the May issue of The Niche Report magazine, titled “Pigs, Puppets & People in Peril – The Administration’s Curious Case Against Loan Modification Firms”.  And it was... (Continue reading)

Economy Watch: State of California Says Attorneys Stealing Smaller Sums

Tweet It wasn’t that long ago when you couldn’t get a practicing attorney to even consider stealing anything under seven figures from a client.  And the Ivy League law school grads wouldn’t be caught dead ripping off anything under eight... (Continue reading)

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Gov. Schwarzenegger Move Will Deprive Homeowners of Legal Representation When Negotiating Loan Modifications

The only group this provision helps is the bankers, and with the hundreds of billions of bailout dollars WE'VE GIVEN THEM, don't you think they've have enough going for them? Homeowners NEED help. Don't deprive them of their... (Continue reading)

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LOAN MODIFICATIONS: IS THIS WHAT I’M SUPPOSED TO BELIEVE??

USE YOUR HEAD. THIS MESS WASN'T YOUR FAULT. POOR PEOPLE WHO WANTED HOMES DIDN'T CAUSE THE WORLD'S BANKING SYSTEM AND WALL ST. TO FAIL. DON’T BE A SUCKER FOR THE BANKS... AGAIN.... (Continue reading)

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A Gangster Government: Is that what we’ve come to?

Rep. Michele Bachmann (R-Minn.) speaking on the House floor: Now weve moved into the realm of gangster government.... (Continue reading)

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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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ALL LOAN MOD FIRMS NEED TO RESPOND TO THIS IMMEDIATELY!

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)

Stop Blowing Sunshine Up My Skirt – Recovery, My Aunt Petunia

Stop Blowing Sunshine Up My Skirt - Recovery, My Aunt Petunia

Tweet It has occurred to me over the last several weeks, that there are many people that simply want… and perhaps need… the news to be good, regardless of what the news actually is. When the news is not good,... (Continue reading)

CA DRE Orders T.N.L.M.A. Owner to Desist and Refrain

Tweet According to The National Loss Mitigation Association’s (“TNLMA”) website, its mission is: “to promote integrity, ethical business practices and responsible regulation that inspires public confidence in the loss mitigation industry.” That might sound good, especially in an industry that’s... (Continue reading)

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California Senate Passes SB 94 Legislation, Now Up To State Assembly

Tweet The California State Senate has passed Senate Bill 94 (“SB 94”), legislation proposed by Sen. Ron S. Calderon (D-Montebello), Chairman of the Banking, Finance & Insurance Committee. The senate passed the bill on May 21, 2009, by a vote... (Continue reading)

CALIFORNIA HOMEOWNERS SHOULD KNOW: Loan Modification Companies To Be Avoided

Tweet When I spoke with the California Department of Real Estate a few weeks ago, they told me that they would soon be publishing information related to the problematic companies and “scammers” involved in loan modifications. Here it is… The... (Continue reading)

Bank of America Says They Modified 50,000 Mortgages… Whatever That Means…

Bank of America Says They Modified 50,000 Mortgages… Whatever That Means…

Look, if loan modifications aren't taken more seriously and soon, we're all in serious trouble. Foreclosures breed foreclosures. They lower housing prices, which leads to lower consumer spending... which leads to reduced corporate profits... which leads to more layoffs... which... (Continue reading)

Tired of the Lying: 55,000 Helped by Obama Mortgage Rescue

Tired of the Lying: 55,000 Helped by Obama Mortgage Rescue

But why, if a bank refuses to modify a loan to the point where the borrower can remain in his or her house, and instead chooses to sell it at some moment in time, would we possibly want to tell... (Continue reading)

BRINGING UP THE REAR: MSNBC’s John W. Schoen

BRINGING UP THE REAR: MSNBC’s John W. Schoen

Tweet According to MSNBC.com, John Schoen “has reported and written about business and financial news for more than 25 years”.  He produced a series titled The Mortgage Mess in 2008, and as a result won a Best in Business Journalism... (Continue reading)

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Loan Modifications and the Right to Representation

Loan Modifications and the Right to Representation

Is it really so difficult to imagine that homeowners, scared to death that they will lose their homes to foreclosure, would agree to terms before they should have in an effort to "save" their most highly valued asset? I think... (Continue reading)

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CALLING ALL LOAN MOD FIRMS: A Family in LA Needs Help NOW!

Tweet CBS just reported that the Arteaga family of Winnetka has been left homeless as a result of being scammed by someone who said he could get their loan modified. THEY NEED YOUR HELP TODAY!  DO IT NOW! The family... (Continue reading)

There’s the OUTRAGE: Riverside Man Booby-Traps Foreclosed Home

There's the OUTRAGE: Riverside Man Booby-Traps Foreclosed Home

Tweet Here’s how the LA Times, in just a few brief paragraphs, reported the story today: “A 42-year-old Riverside man has been arrested on suspicion of setting up fake booby traps outside his foreclosed home, authorities said today. Former homeowner... (Continue reading)

LA Ordinance No. 180675: MORTGAGE MODIFICATION CONSULTANTS

Tweet Well, here it is… the City of Los Angeles, acting on almost no reliable information as to the extent of the problem, or the solution, passed this stunning piece of work a few weeks back. Anyone feel like reading... (Continue reading)

Treasury Gives Banks Guidance on Loan Modification/Foreclosure Rescue Scams

Tweet The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has issued what they refer to as “guidance” to financial institutions related to the practice of using Suspicious Activity Reports (“SARs”) to report loan modification and foreclosure rescue scams. The guidance... (Continue reading)

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Loan Mod Firms NEED to Be SCARED STRAIGHT

I’m not at all sure that the private sector, for-profit loan modification firms have an appreciation for what’s going on in California or across the nation as a whole. To be blunt, I’d be willing to bet money that... (Continue reading)

I’ve Got SIX QUESTIONS for Loan Modification Experts?

But surely something should change, right? Everyone I’ve spoken with agrees that the industry should be better regulated, because no matter how many people were “scammed,” no one wants to see any homeowners scammed. So, how can the... (Continue reading)

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WEEKEND READING: Effective Marketing of Your Loan Modification Firm

Since I want private sector loan modification firms to succeed, frankly because I want homeowners to keep their homes if at all possible, it falls to me to do whatever I can to help. Why? Well, because I’ve... (Continue reading)

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Have You Called the Homeowner’s HOPE™ Hotline?

Have You Called the Homeowner's HOPE™ Hotline?

One of the things that concerns me is the way Ms. Hernandez talked about the need for even more patience than usual, saying: "The recent dramatic increase in calls to the hotline may require homeowners to be more patient... (Continue reading)

Mortgage & Real Estate Brokers: Upfront Fees on Loan Modifications NOW ILLEGAL in Los Angeles

Once a mortgage is modified, what would a loan modification company do if the customer didn’t pay the bill? Threaten to ruin the homeowner’s credit? You must be kidding. These are people that almost lost their homes.... (Continue reading)

Holder and Geithner LIED About Loan Modification Scams

Holder and Geithner LIED About Loan Modification Scams

Today was a very sad day for me. Today was the day that I discovered the truth about something that I had been certain was just the result of the administration being misguided. They didn’t know, I reasoned.... (Continue reading)

AIG BONUSES: Someone Get a Rope… The Angry Mob is Already Here.

Tweet I cannot even believe what’s going on in our country today. I am so totally pissed off at greedy, obnoxious, mega-rich corporate executive fat cats that I can’t see straight. Apparently, and I am not making any of this... (Continue reading)

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the BETTER do BUSINESS with us BUREAU

the BETTER do BUSINESS with us BUREAU

What kind of world do we live in when you can’t trust an organization like the Better Business Bureau? Talk about sad. What’s next? Will I find out that the Red Cross sells blood to the highest... (Continue reading)

Goldman Sachs… You’re a Liar!

Goldman Sachs… You’re a Liar!

But, Goldman Sachs… you’re a liar. A phony. A manipulator of the rules. A company willing to mislead, misinform and malign. You cannot be trusted. And during times like these, to act in such a... (Continue reading)

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Obama Administration is Drawing Up Plans to Disclose Conditions of Biggest Banks

Obama Administration is Drawing Up Plans to Disclose Conditions of Biggest Banks

Here we have a senior official who declined to speak on the record because: “the extent of the disclosures were still being debated?” Were they now? By the Obama administration? Now that’s transparency. Change I can Goddamn... (Continue reading)

HUD Says Hope-4-Homeowners Modified ‘1’ Mortgage.

HUD Says Hope-4-Homeowners Modified '1' Mortgage.

Tweet Yes, you read that right… just one very lonely mortgage.  Only 399,999 more to reach their goal! Well, it’s been a long time coming in my opinion, but Brian Sullivan of Fox Business News has finally looked under the... (Continue reading)

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Wells Fargo May Need $50 Billion? Wow… That Was Even Faster Than I Thought.

Tweet Well, it seems like just yesterday when Wells Fargo Bank was announcing its shockingly high profits for Q1 of 2009… and I was writing an article saying that based on the Wells Fargo press release, it was time to... (Continue reading)

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Wells Fargo’s Surprising Profits? Time to Go Short…

Wells Fargo's Surprising Profits? Time to Go Short...

Oh, hell... the fact is, tying the amount of "credit extended" to TARP funds is ridiculous. The TARP funds were invested by the government to recapitalize banks, not to provide funds that would be lent to borrowers, and making statements... (Continue reading)

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Giving Money Back, Not Profitable: Federal Reserve Study Proves

Giving Money Back, Not Profitable: Federal Reserve Study Proves

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. ... (Continue reading)

Obama’s Campaign Against Mortgage Modifications

Obama’s Campaign Against Mortgage Modifications

President Obama has apparently embarked upon a campaign to put all private sector loan modification firms out of business because some are apparently scams. It's a curious approach when you consider that there have been and continue to be... (Continue reading)

WHAT I NOW KNOW ABOUT THE FORECLOSURE CRISIS AND LOAN MODIFICATIONS

WHAT I NOW KNOW ABOUT THE FORECLOSURE CRISIS AND LOAN MODIFICATIONS

The government’s responsibility here is to regulate the loan modification industry to protect consumers. You know, punish the bad guys and leave the good guys to do their jobs, help homeowners who are in trouble, and earn a fair... (Continue reading)

I Finally Figured It Out… It’s The Banks.

I Finally Figured It Out... It's The Banks.

The interview went great. The guy was wonderful. He explained everything he goes through with customers and for customers and I gained a much deeper understanding of what was actually involved in a loan modification. He even offered to call... (Continue reading)

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The Letter I Sent to Senator Feinstein Today…

The Letter I Sent to Senator Feinstein Today...

What follows is the text of a letter I sent to Senator Feinstein today. The situation is grave and worsening as related to private sector loan modification companies. Soon they will all be gone if something isn't done... (Continue reading)

Adding Insult to Injury – Homeowners Told to Walk Away From Loan Modifications

Adding Insult to Injury – Homeowners Told to Walk Away From Loan Modifications

President Obama and the US Treasury have told the country "If you have to pay, walk away". So, in other words, now that the private sector has finally risen up to help solve a problem the government has failed... (Continue reading)

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The Foreclosure Crisis: Private Sector Solutions vs. Government Cheese

The Foreclosure Crisis: Private Sector Solutions vs. Government Cheese

Our nation is facing a home foreclosure crisis. Four million Americans have already lost homes to foreclosure, and forecasts show another 3.6 million foreclosures through 2010. Who knows what will happen beyond that, the numbers could go even higher. Housing... (Continue reading)

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Fed to Start Scam Warnings in Movie Theaters

By the fall of 2008, John and Mary said that they had lost all hope. Every dime they earned was going towards the mortgage payment. They couldn't afford to buy the kids an ice cream. Mary's mother heard an ad... (Continue reading)

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SPOTLIGHT ON: Litchney Law Firm

The Litchney Law Firm offers proof on their website in the form of an updated list of their successful settlements. The site continously shows roughly 10 current examples of successful real life loan modifications with original paperwork (the names and... (Continue reading)

SPOTLIGHT ON: Peerally Law Group

'We compassionately and zealously serve our clients. Our attorneys have years of experience helping our clients regain financial health... each and every client is treated with dignity and respect no matter how serious their personal situation." ... (Continue reading)

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SPOTLIGHT ON: Feldman Law Center

Tweet According to Feldman Law’s Website: The Feldman Law Center was founded by Steven C. Feldman who has been licensed by the State Bar of California for over 25 years. The firm is an advocate for consumers and homeowners  who... (Continue reading)

SPOTLIGHT ON: McFarlin & Geurts LLP

Tweet Timothy McFarlin is a Partner at McFarlin & Geurts, a firm with expertise in a variety of practice areas including real estate law, bankruptcy and reorganizations, business litigation, consumer law and mortgage litigation.  I’ve gotten to know Tim pretty... (Continue reading)

I’m Sorry Mr. President That’s Just Not Enough

I'm Sorry Mr. President That's Just Not Enough

President Barack Obama traveled to Mesa Arizona this week to tell the country about his Homeowner Affordability & Stability Plan to fix the housing market. I didn't watch his speech. I didn't listen to it on the radio. I didn't... (Continue reading)


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