Wednesday 1st May
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Homeowner tells Mandelman Matters of SCOVIS LAW GROUP, and I am DISGUSTED
Written on 7 Jun, 2010 at 10:03
Hey, McDevitt⌠you have no idea what youâre talking about most of the time, do you. Expert? Published author? As seen on television? What were you on T.V. for⌠oh yeah⌠were you one of the... (Continue reading)
ABA and More Than a Dozen State Bars Ask Congress for Lawyer Exemption on Loan Modification Rule
Written on 4 Jun, 2010 at 7:03
âA growing list of more than a dozen state bars and the ABA have asked for changes in congressional legislation aimed at protecting consumers from financial fraud because it contains language so broad that the everyday work of lawyers in... (Continue reading)
The Article that Started it All: Pigs, Puppets and People in Peril
Written on 4 Jun, 2010 at 4:50
Here it is... the first article I ever wrote for The Niche report magazine. Click the linked title below: Pigs, Puppets & People in Peril. Seems like soooo long ago... ... (Continue reading)
HEY, CHASE! YEAH, YOU JPMORGAN CHASE! One of Your Customers Asked Me to Give You a Message
Written on 3 Jun, 2010 at 13:25
Just to make it interesting⌠and fun⌠Iâm going to do my best to really paint a picture of the situation, so the reader can feel like he or she is there⌠in the picture at the time of the... (Continue reading)
Bringing Up the Rear: Lloyd Blankfein, CEO, Goldman Sachs
Written on 2 Jun, 2010 at 6:22
Just think how it would have looked⌠Blankcheck would have said: âGee, I couldnât tell you about the ins and outs of those billions we made,â and someone would have walked over and whacked him with a good size stick.... (Continue reading)
Martin Andelman Responding to Erin Baldwin Writing on her Blog, The Big Bearian Returns
Written on 2 Jun, 2010 at 6:12
Initially, I didnât think there was any need to address Ms. Baldwin's accusations one by one because, they were either obviously untrue or just goofy. Additionally, they are the kind of things that are easily verified, so I figured why... (Continue reading)
Nina Easton’s HOT Stocks for Homeowners Losing Homes
Written on 1 Jun, 2010 at 5:42
No, folks⌠the good news for our emerging foreclosure industry, and for my new Empty Homes Hi-Yield Bond Fund, is that our government has failed at every single turn in trying to stem the tide of foreclosures in this country,... (Continue reading)
It’s Mandelman on The Real Estate Guys Radio Show!
Written on 30 May, 2010 at 21:56
It's Mandelman on The Real Estate Guys radio show! Yay! It's sort of like Click & Clack, those brothers that do the Car Talk show on NPR on weekends. You think it's going to be dull, but... (Continue reading)
Books That Matter: Crisis Economics, by Nouriel Roubini & Stephen Mihm
Written on 30 May, 2010 at 20:59
Roubini explains things I didnât previously understand, such as the details of Federal Reserve Chairman Ben Bernankeâs and Treasury Secretary Geithnerâs response to the meltdown. Oh, I knew some of what those two had done, but not enough in terms... (Continue reading)
We Are On the Brink of a New Age of Rage
Written on 29 May, 2010 at 7:17
Iâm also fearful that weâve become a nation of people that doesnât believe in our democracy anymore. A nation of people who will wait for things to happen to them, rather than trying to change what happens to them.... (Continue reading)
Treasury’s Mortgage Modifications: A Failure Prolonging the Economic Crisis
Written on 28 May, 2010 at 0:12
Here it is. The Committee on Oversight and Government Reform published this report on February 25, 2010. And I'd say more about that, but this is one report, that speaks for itself.... (Continue reading)
Every Time a Judge Cancels a Mortgage a Homeowner Gets His or Her Wings
Written on 26 May, 2010 at 2:45
Judge Bailey also reprimanded Huffman: âSome day, this foreclosure crisis is going to be over, and you need to decide what kind of lawyer you are going to be. Because at the end of the day, you are responsible... (Continue reading)
Wall Street to Securitize Delinquent Loans. Because it went so well last time, I suppose.
Written on 25 May, 2010 at 8:31
So, based on that⌠the only logical thing to do is securitize some non-performing loans. Of course, itâs brilliant! Iâm calling AIG-FP later today to see if theyâll sell me a credit default swap against this crap. ... (Continue reading)
BRINGING UP THE REAR FTC Chairman Jon Leibowitz
Written on 24 May, 2010 at 15:49
If you want to get rid of the loan modification scammers, you certainly donât reduce the number of legitimate options available to help, you let people know where they can get help⌠beyond calling their bank or standing in line... (Continue reading)
When Outrage Becomes Rage. Historically speaking, this story doesnt end well for anyone.
Written on 24 May, 2010 at 15:08
Tomorrow, the country will go on as it did yesterday, foreclosures will continue essentially unabated, and more and more Americans will fall into the abyss of disenchantment with all authority⌠the frequent and extended strikes by workers during the 1970s... (Continue reading)
Judge Sentences Wall Street’s Greed and Hedge Fund Founder to Prison
Written on 23 May, 2010 at 16:23
"He had a choice as a leader of the financial industry. He could have led by example. Instead, he chose to follow. He became a joiner, surrendering to the spree of the financial market's virtual mob mentality that nearly brought... (Continue reading)
Arizona Loan Modification – Couple Says Wells Fargo is the Scammer
Written on 23 May, 2010 at 14:26
Given thirty days homeowners might have a shot at bringing everything current and weâll avoid a foreclosure or two. I donât care which side of this foreclosure crisis youâre on, whether you blame the borrowers or the banks, you... (Continue reading)
FHA-HAMP Helped 171 Homeowners Nationwide in April
Written on 22 May, 2010 at 18:31
The HUD Neighborhood Watch Website shows 171 FHA-HAMP modifications for the month of April 2010. What? Did they have to win a drawing?... (Continue reading)
INTRODUCING: Freddie Macs New HAMP Backup Modification Plan
Written on 21 May, 2010 at 1:19
So, it would seem that the HAMP Backup Modification is an option for homeowners who were in a HAMP trial modification based on having stated their income, but then were turned down because they lacked documentation or failed other underwriting... (Continue reading)
Books That Matter: 13 Bankers, by Simon Johnson & James Kwak
Written on 20 May, 2010 at 7:15
On Friday, March 27, 2009, the CEOs of thirteen of the countryâs largest financial institutions gathered at The White House to meet with President Barack Obama. ... (Continue reading)
Federal Reserve Bank President Says Were In For a Long Hard Road Ahead
Written on 19 May, 2010 at 22:04
What happened? As the decline in housing prices began to accelerate across the country, this exposed underlying cracks in the financial system. Foreclosures began to rise, loan losses mounted, and housing prices dropped even more, creating a downward spiral not... (Continue reading)
Here We Go Its HAMP Confusion Day
Written on 19 May, 2010 at 7:08
The real estate industry is positively pathetic in their apparent willingness to simultaneously all agree that the emperorâs clothes are entirely magnificent. And the real estate industryâs reporting today includes the performance numbers related to the foreclosure crisis and loan... (Continue reading)
Short Sale Power Hour Does Mandelman Matters Live!
Written on 17 May, 2010 at 18:19
So... there's a site called ShortSalePowerHour.com that's seriously into Mandelman Matters. They're a couple of very funny real estate types that specialize in helping real estate agents with the whole short sale thing. ... (Continue reading)
Mandelman Matters Presents: ARE YOU READING THIS STUFF?
Written on 17 May, 2010 at 8:45
Tweet Mandelman Matters Presents: ARE YOU READING THIS STUFF? What am I supposed to do? I read constantly and it’s painful. I figured that maybe by sharing it with you, I would know I wasnât alone, and it would stop... (Continue reading)
Banks Lobbying, Financial Reforms & Who’s Recovering?
Written on 16 May, 2010 at 18:07
Like the flying monkeys from the Wizard of Oz, theyâve been summoned by the bankers to our nationâs capital; flying in from around the country until they hit the steps of the U.S. Capital building⌠when theyâre transformed into lobbyists... (Continue reading)
What Others Have Written About the NPV Test You Need to Pass to Get a HAMP Loan Modification
Written on 16 May, 2010 at 6:17
Last week, which was about a week after he had sent his REST Report to his lender, he received a response from his servicer... and they were offering him a loan modification in line with one of the alternative strategies... (Continue reading)
Why Can’t We Answer the Question About HAMP That Could Save Taxpayers Tens of Billions?
Written on 13 May, 2010 at 5:06
How about if we all write letters to our elected representatives demanding to know the answer to this question, because the answer has the very definite potential to save many billions in unnecessary taxpayer funded expenditures associated with the current... (Continue reading)
Who is Freddie Mac to Strategic Defaulters? Well, I Have a Message for Freddie Mac.
Written on 12 May, 2010 at 9:00
What is Freddie Mac anyway? Iâve personally spoken with several thousand homeowners from all over the country, hundreds that have considered walking away from their mortgages, or are now in the process of doing so, and let me assure... (Continue reading)
The FTC Needs a More Reasoned Approach to Stop Loan Mod Scams
Written on 10 May, 2010 at 11:19
Yes, Iâve walked through this steaming pile of freshness so many times and in so many ways, that Iâve come to consider the idea that thereâs something in the water thatâs causing otherwise intelligent people to lose their capacity for... (Continue reading)
SO, HAMP ISN’T GREAT. WE KNOW. WHAT ARE YOU GOING TO DO ABOUT IT?
Written on 4 May, 2010 at 3:01
Why the banking lobby starts to look downright puny next to millions of American homeowners all shouting at the same time⌠âCongress better take note! We intend to use our VOTE!â Yep, after that the foreclosure crisis would... (Continue reading)
My Year in A-Trance: What Ive Learned About Loan Modifications
Written on 4 May, 2010 at 1:50
Why the banking lobby starts to look downright puny next to millions of American homeowners all shouting at the same time⌠âCongress better take note! We intend to use our VOTE!â Yep, after that the foreclosure crisis would... (Continue reading)
The CA State Bar’s Task Force, the OC District Attorneys Office, Storm Trooper Tactics and Loan Modifications
Written on 23 Apr, 2010 at 5:12
Look⌠I donât know Christopher Diener, Iâve never met him, and I donât know anyone who has hired his firm to help with a loan modification. But hereâs what I do know⌠if heâs guilty of some crime, then... (Continue reading)
Senate Investigation Says Banks Caused Crisis, Not Borrowers
Written on 22 Apr, 2010 at 13:45
As Iâve said what feels like a million times in a million different ways⌠it wasnât the borrowers, it was the banks, and what caused the crisis was that the banks broke the bond market⌠and it remains broken to... (Continue reading)
WaMus Top Gun Loan Officers Targeted Low-Income Minorities to Rob the Bank and the Nation
Written on 16 Apr, 2010 at 7:19
It would be one thing if the story of Tom Ramirez and Mario Loria at Washington Mutualâs Loan Processing Center was nothing more than the story of two rogue mortgage bankers who gamed the system and got away with millions... (Continue reading)
Obama Asks for Help from Public to Reform Housing Finance System?
Written on 15 Apr, 2010 at 1:14
Do you suppose that next week he's going to ask if we have any thoughts on Afghanistan? Oh my God! I'm taking an Adivan. Who did he ask about health care reform? Oh my God! ... (Continue reading)
WaMu and We Dont Lose Deals to Income!
Written on 14 Apr, 2010 at 5:55
Tweet Those are the words that were printed on a large banner that hung above the cubicles at Ameriquest Mortgage in Sacramento, California, according to an ex-employee of the now defunct sub-prime mortgage banking lender that was shut down by... (Continue reading)
MANDELMANS MONTHLY MUSELETTER VERSION 7.0
Written on 13 Apr, 2010 at 7:57
1. Wells Fargo - Out of frying pan into fire. 2. Nicholas Cage Looses Home to Foreclosure and No One Bids at Auction. 3.Arizona Homeowners at Meeting on Stopping the Foreclosure. 5. Two Women Sentenced for Scamming... (Continue reading)
Judge Dismisses 110 of the Felony Counts Against Southern California Attorney Accused of Loan Modification Scam
Written on 12 Apr, 2010 at 17:05
You mean to say that the District Attorney prosecuting the case, who presumably had reviewed the evidence, made the decision to file the charges, had Mr. Diener arrested and then argued for a seven-figure bail amount, suggesting that he was... (Continue reading)
HAMPs New Enhancements are Stupid and Im Getting Tired of Stupid
Written on 10 Apr, 2010 at 20:43
They did it again, damn it. The Harvard contingent thatâs packed in like sardines in this administration once again demonstrated that they have no idea what theyâre doing when it comes to the foreclosure crisis.... (Continue reading)
Books I’ve Loved Reading: Freefall by Joseph Stiglitz
Written on 8 Apr, 2010 at 11:08
He points out, for example, that when you talk about a group that borrowed too much on the assumption that housing prices would never fall and sub-prime loans presented no risk, youâre talking about the Wall street crowd. Some... (Continue reading)
The secret NPV formula used to qualify for HAMP loan modifications that no one is allowed to know. Transparency at its finest.
Written on 7 Apr, 2010 at 5:12
If your report says you donât qualify for HAMP, then you wonât have to go down a path that requires you to make months of trial payments only to find your home in foreclosure anyway. At least youâll know... (Continue reading)
What We All Should Have Learned by Now About Loan Modifications
Written on 7 Apr, 2010 at 4:33
Okay class... if you've been keeping up with your reading assignments, then the following should be no problem for you to keep up with... but it also may cause motion sickness.... (Continue reading)
Obama Administration to Announce Expansion of HAMP Principal Reductions and Help for Unemployed
Written on 25 Mar, 2010 at 20:33
On Friday, the White House is expected to announce an expansion of the presidentâs Making Home Affordable loan modification program to include reducing the mortgage loan balances for some homeowners, and providing additional temporary assistance to unemployed homeowners. ... (Continue reading)
After One Year, Obama Plan to Help Modify Second Mortgages Modifies NONE Nada, Ziperino!
Written on 25 Mar, 2010 at 6:17
The plan was announced last April. Treasury released guidelines in August. And five weeks ago, Bank of America, with three million seconds, signed up. Five weeks ago. Stop it⌠theyâve been busy.... (Continue reading)
Did I say HELP? I didnt mean help. I meant OFFER to HELP. Or talk about helping. It depends on your definition of HELP.
Written on 24 Mar, 2010 at 23:53
When Obama introduced Making Home Affordable he claimed that the program would help 3-4 million homeowners, but as it turns out, the program has at best helped⌠and I use the term "helped" very loosely⌠about 170,000 homeowners to-date. ... (Continue reading)
As Pressure Mounts, Bank of America Plans Principal Reductions for Underwater Homeowners
Written on 24 Mar, 2010 at 14:44
Bank of America will offer qualified homeowners an interest-free forbearance of principal that the homeowner can turn into forgiven principal annually over five years, provided they stay current on their mortgage payments. Over the five-year period, homeowner can bring... (Continue reading)
Green Credit & Me
Written on 24 Mar, 2010 at 2:00
If the guys in Sacramento or Washington D.C. think that I view ANYTHING theyâve done to-date as being even remotely competent, let me be oh so clear⌠I DONâT. As far as Iâm concerned, our government is functioning just... (Continue reading)
TARP Chief Elizabeth Warren: Its the Bank Lobbyists vs. American Families
Written on 24 Feb, 2010 at 9:27
Warren then went on to say: âSix months ago, I really thought that we were on the brink of financial reform.â In response, Maher asked her what she was smoking back then. The audience laughed. I did... (Continue reading)
Fox Business Reports: Leaked Document Shows Obama Considering Changes to HAMP Loan Modification Program
Written on 21 Feb, 2010 at 8:29
Clearly, these proposed rules are being considered, assuming that they are in fact being considered, in response to our nation's lenders' and mortgage servicers' flagrant and total disrespect and disregard for the federal government's Making Home Affordable Program... (Continue reading)
The Question of Bankruptcy
Written on 15 Feb, 2010 at 6:43
Having now spoken with several people who have struggled with the question of filing bankruptcy, Iâm just trying to offer my two cents in case it might help even one person. ... (Continue reading)
WANTED: One Lawyer Scamming Homeowners
Written on 13 Feb, 2010 at 13:22
After all... It's All the News That Fits, We Print. ... (Continue reading)
RED ALERT: Mortgage Bankers Strongly Oppose New Foreclosure Bill in California – SBX8 38
Written on 12 Feb, 2010 at 3:51
I have but one thing to say to the Mortgage Bankers Association⌠Kush meer in toches. You can figure that one out without a Yiddish dictionary, right?... (Continue reading)
SPOTLIGHT ON: The Law Offices of Kenneth E. Gertz
Written on 10 Feb, 2010 at 5:50
Iâve gotten to know Ken well over the last six months and Iâve had the opportunity to see how he works. First of all, Ken takes on a relatively small number of clients each month. Heâs no assembly... (Continue reading)
FTC Considering Wrong Approach to Protecting Homeowners in Foreclosure from Loan Modification Scams
Written on 7 Feb, 2010 at 9:14
How long did it take you guys to come up with this dazzling piece of regulatory virtuosity anyway? Donât tell me this wasnât the first idea that came up at meeting one, because thereâs no way Iâm buying. ... (Continue reading)
MANDELMAN’S MONTHLY MUSELETTER ISSUE 6.0
Written on 3 Feb, 2010 at 15:54
1. Obama Administration touts success with housing. 2. Quotes about Goldman Sachs. 3. HAMP Waiver 4. FHA is Going Down 5. Florida Bankers Draft Legislation... (Continue reading)
ONCE AND FOR ALL, THE ANSWER IS YES. Water is wet, the sky is blue, and you need a lawyer Period.
Written on 31 Jan, 2010 at 22:02
So, when an attorney fails to get a bank to agree that it would make more sense to modify a loan⌠when it would, by the way⌠and the bank forecloses anyway⌠letâs blame the people that are actually to... (Continue reading)
Books I’ve Loved Reading… The Great Depression Diary
Written on 31 Jan, 2010 at 15:09
Tweet The Great Depression Diary By Benjamin Roth Benjamin Roth was born in the last years of the nineteenth century, passed the Bar Exam during the Roaring Twenties and was a practicing attorney in 1929 when over a few days... (Continue reading)
BREAKING NEWS: Treasury Announces Much-Awaited Major Improvements to HAMP Loan Modifications
Written on 28 Jan, 2010 at 23:15
Recognizing that the Making Home Affordable and HAMP loan modification plan are ridiculous failures, President Obama and Secretary Geithner worked tirelessly and today announced how they've fixed the problems.... (Continue reading)
Bank of America Forecloses on Florida Home. Big Deal. (Oops, Wrong House.)
Written on 27 Jan, 2010 at 8:24
They tried and tried to make the bank understand that they should not be foreclosing on their dream retirement home, but the arrogant pricks at Bank of America, or as it âs more appropriately called, âThe House that Lewis Broke,â... (Continue reading)
Journalists on Crack: Are Lawyers Turning to Crime in Tough Times?
Written on 25 Jan, 2010 at 6:35
Oh for Christâs sake Miller, donât you have anything better to do than to scare people out of hiring a lawyer when at risk of losing their home? Because thatâs all this kind of crap is accomplishing, donât you... (Continue reading)
Todays Weather in India – Low 80s, Not a Cloud in the Sky.
Written on 25 Jan, 2010 at 3:00
So, I bet youâre wondering how this whole thing happened. Funny story⌠I was actually trying to get my mortgage modified and since President Obama announced that there was now a fabulous government help-line phone number I could call,... (Continue reading)
Returning Home From Speaking at the ABAs Consumer Financial Services Conference on Loan Modifications
Written on 23 Jan, 2010 at 23:20
If any private sector attorney thinks that he or she can practice autonomously, hidden away in a little box, pretending to exist under some sort of imaginary radar⌠and that somehow federal or state regulators are supposed to know that... (Continue reading)
Bringing Up the Rear: President Barack Obama
Written on 23 Jan, 2010 at 2:52
Guys⌠we have problems, big problems⌠problems that President Obama hasnât even commented on publicly since last February! Not even a comment, Mr. President? What are you thinking? And please donât say âhealth care reform,â because I... (Continue reading)
OC Lawyer Arrested for Defrauding 400 Homeowners with Promises of Loan Modifications DA Presses Criminal Charges
Written on 22 Jan, 2010 at 21:30
awyers that âscamâ people harm their victims, harm the profession, and harm our nation. They scare homeowners from seeking legitimate representation. We are entering a period in which we as homeowners, will need to depend on lawyers to... (Continue reading)
Look What Alan Zibel of Associated Press Finally Figured Out
Written on 18 Jan, 2010 at 12:41
Alan, what are you babbling about⌠a recovery in the housing market last summer? Are you a crack smoker, Alan? Iâm so sick of this kind of propaganda being espoused by know-nothing journalists that itâs making me physically... (Continue reading)
Martha Coakley, My Dear You Are An Inspiration
Written on 18 Jan, 2010 at 1:35
Massachusetts Attorney General Martha Coakley is hunting for bank. She just bagged Goldman Sachs, among others, and they're writing down mortgages faster than you can say "fraudulent securitization". She's my God damn hero. I think I'm voting for her for... (Continue reading)
CNBCs Diana Olicks Husband is More Than Just a Little Scared Tonight
Written on 8 Jan, 2010 at 5:31
The idea behind principal reductions is to prevent the United States banking system from imploding, and to prevent the deflationary spiral weâve been in for the last two years from becoming a full scale depression from which we are unlikely... (Continue reading)
