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  #1  
Old 04-30-2009, 06:25 AM
Julio E. Sune, Jr. (FL)'s Avatar
Julio E. Sune, Jr. (FL) Julio E. Sune, Jr. (FL) is offline
 
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Angry Shoddy Loan Mods

http://www.thetruthaboutmortgage.com...ddy-loan-mods/

A release from law firm Grais & Ellsworth LLP alleges that the safe harbor agreement is simply a “second bailout” for the big four banks, otherwise known as Bank of America, Chase, Citi, and Wells Fargo.

The lawyers’ claims are similar to the Amherst report, asserting that the big banks aim to keep principal balances high so they can take in heftier servicing fees, instead of providing more meaningful solutions that reduce loan balances.

Soo........Things do not change.....He who has the gold makes the rules.........
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Old 04-30-2009, 07:49 AM
Randolph Kinney Randolph Kinney is offline
 
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The bill is intended to give loan servicers, including big banks like Bank of America and Citi, breathing room to modify loans more easily without having to worry about investor lawsuits.
The long term effect of cheating the investor, changing the terms and amounts of the contract unilaterally, means higher interest rates. How can any investor in residential mortgage backed securities, other than what the government guarantees, trust that they won't be victimized again at some other time?

Most of these loans that are being serviced by the banks have been sold to the secondary market, other than the GSEs. There are no government guarantees like with Fannie and Freddie mortgage bonds.
  #3  
Old 04-30-2009, 09:08 AM
moh malekpour moh malekpour is offline
 
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Originally Posted by Randolph Kinney View Post
The long term effect of cheating the investor, changing the terms and amounts of the contract unilaterally, means higher interest rates. How can any investor in residential mortgage backed securities, other than what the government guarantees, trust that they won't be victimized again at some other time?

Most of these loans that are being serviced by the banks have been sold to the secondary market, other than the GSEs. There are no government guarantees like with Fannie and Freddie mortgage bonds.
.I thought investors have already filed lawsuits against the loan servicers. These big banks have already screwed the investors by selling them their trash and by servicing their own trash with lofty fees and now they are more than happy to screw the investors again by changing their legal contracts without their consent. That is very unfair way of doing business. It is a big mistake to punish and discourage residential mortgage investors.
All these servicers are the ones who made those loans and they should be forced to eat their own cake. They should pay off the investors and take their loans back and then modify them. The one who did bad loans should be punished not the one who was cheated.
  #4  
Old 04-30-2009, 09:43 AM
Randolph Kinney Randolph Kinney is offline
 
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The servicers are being granted immunity from liability because it is under law and part of the law.

This is just another "tax the rich" scheme where you screw the investor because he has the money .... or had the money. He should have known better than to trust the system and now it is time to share the wealth and the pain.
  #5  
Old 04-30-2009, 10:28 AM
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Riick Riick is offline
 
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....This is just another "tax the rich" scheme where you screw the investor because he has the money .... or had the money. He should have known better than to trust the system and now it is time to share the wealth and the pain.
Agreed it's tax the Rich... but which Rich ??
I'd say it's a Tax-The-Politically-Unconnected scheme.

Once we had a rule of Law and not Men.
Gone, and soon to be forgotten, or so it seems.
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  #6  
Old 04-30-2009, 03:44 PM
moh malekpour moh malekpour is offline
 
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Originally Posted by Randolph Kinney View Post
The servicers are being granted immunity from liability because it is under law and part of the law.

This is just another "tax the rich" scheme where you screw the investor because he has the money .... or had the money. He should have known better than to trust the system and now it is time to share the wealth and the pain.
Servicers who are also big bankers are not poor. The money has been lost and is not going to come back. Some body has to pay for the damage and that should be the one who made the money and causes the damage. You can call the forced payment tax or you can call it penalty.
  #7  
Old 04-30-2009, 06:37 PM
Randolph Kinney Randolph Kinney is offline
 
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Actually, all the taxpayers are going to share their wealth in varying proportion by picking up the tab as this government sees it. Some will bear more of the burden and some will share more of the benefit.

I wish the UAW and the government well on running the car companies. I doubt that any moneyed investor with a wherewithal to invest significantly will do so. It will be the taxpayer that will have the largest investment and the least benefit.

Chrysler will be a health care company run by the UAW that happens to make cars that they sell to the taxpayers.
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