Mortgage Lenders

Today I wanted to take a different direction with this video. I of course have a shout out, but I also decided to take you inside a recent conversation that I had with a seller. There seems to be a very common series of questions that almost every seller asks me when I talk with them about a short sale.
1.Should I stop making my mortgage payments?
2.Do I have to be behind in my mortgage payments to do a short sale?
The conversation also took an interesting direction regarding her financial sheet and could have ended the short sale on a very poor note if we had not dug in a little deeper to find out what was really going on with her finances.

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Duration : 0:10:44

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Whatever your postion on Cuba, Castro or even mortgage deals for the elite, Obama agrees with you. Americans couldn’t HOPE for more.

Duration : 0:0:43

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This is a response to the poor video at http://www.youtube.com/watch?v=2PlzAIURH6o

UPDATE: This user pulled the video due to lack of facts and has reloaded it at http://www.youtube.com/watch?v=maWr_ZEaR5g

In short (the rest of the detailed information is at the link on the bottom), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) were the main causes of the housing market collapse and subsequent economic downturn.

They engaged in massive amounts of subprime lending (Alt-A mortages, “stated income, stated asset” loans, no down payments, etc) to the tune of over $1.6 trillion and sold these back on the market as mortgage-backed securities.

Clinton’s HUD ratcheted up the subprime (lending to “underserved”, low-income and very low-income areas) lending quotas of the Community Reinvestment Act and here we are now.

It’s no surprise that AIG, Countrywide, IndyMac and Washington Mutual were heavily invested in these mortgage-backed securities. Call your Senators and Congressman. Demand that Freddie Mac and Fannie Mae be elimintated.

http://www.freewebs.com/professor_enigma/fanniemaefreddiemac.htm

Part II of our video response is at http://www.youtube.com/watch?v=rkGE9P2aYZY

Duration : 0:9:23

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Here’s Jason Lewis on a roll, explaining how “mixed-markets” always fail and the typical Democrat utilization of them. He also rightly points out how Sen. Chris Dudd and Barney Frank shielded Fannie and Freddie from any oversight (any wonder why it wasn’t put under the auspices of Sarbanes-Oxley) and blocked any limitation of their portfolios. He also rightly points out how our health care system is a mixed-market and has been for some time with the gov’t picking up almost half the tab.

He’s my favorite substitute teacher on the EIB network. Listen and learn.

Duration : 0:9:58

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Duration : 0:5:49

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First American Homesavers assists homeowners with the challenging and tedious negotiation between you and
your lender for more favorable terms on your your mortgage loan. We have perfected the process of preventing foreclosure and putting you in a position to make reasonable house payments. Some homeowners are behind just a couple of payments, others are several months delinquent. Regardless of equity or credit, First American Homesavers has been able to help.
http://www.firstamericanhomesavers.com

Duration : 0:4:34

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3-25-09 and 6-24-09: House Committee on Oversight and Government Reform

Duration : 0:10:36

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Issa Probes Conflict Between Countrywide VIP Program Documents, Sworn Testimony of Former Fannie Mae CEO
March 4, 2009

WASHINGTON. D.C. House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today, released a letter to the attorney of former Fannie Mae CEO Franklin Raines advising him to revise statements in his testimony indicating that he did not receive preferential treatment as a Friend of Angelo and member of the Countrywide VIP program.

The involvement of Countrywides VIP unit in the refinancing of Mr. Raines mortgage and the rate reduction and waiver of junk fees that are reflected in the documents produced to the Committee indicate Mr. Raines was aware he was receiving special treatment, including a reduced interest rate and waived fees, says the letter from Issa to Raines attorney. Information obtained by the Committee, therefore, calls into question the truthfulness of Mr. Raines testimony.

During the question and answer period of the December 9, 2008, Oversight and Government Reform Committee hearing on the role of Fannie Mae and Freddie Mac in the Housing Meltdown, Rep. Dan Burton asked Mr. Raines about his Countrywide VIP loan (watch the exchange here):

Mr. Burton: Have you ever had a home loan from Countrywide?

Mr. Raines: Yes.

Mr. Burton: Was this given to you through the term, Friend of Angelo?

Mr. Raines: No.

Mr. Burton: So you didnt get any preferential treatment?

Mr. Raines: No, I did not, in terms of the terms of my mortgage.

Mr. Burton: So you paid the same rate and same conditions as anybody else would under the same conditions?

Mr. Raines: If they have the same credit profile, the same loan to value as I had, yes, sir.

Mr. Burton: So if we checked on that loan that you got from Countrywide, we wouldnt find anything different from anybody that borrowed from Countrywide in the whole country? You would not get preferential treatment?

Mr. Raines: I am unaware of any preferential treatment.

These denials are contradicted by documents obtained by committee Republicans including a June 9, 2003, internal Countrywide e-mail directing per Angelo that Franklin Raines receive 1% reduction in his loan rate and that all junk fees associated with the loan be waived.

Loan documents provided to the committee show, in fact, that Raines was aware that his loan had received a discount following his executive assistants call to Countrywide and that normal mortgage fees were being waived (4/29/03 loan application and 6/25/03 HUD-1 Good Faith Estimate attached).

Countrywide used its VIP program to buy powerful friends for the sole purpose of using these relationships to further their business bottom line and continuing a process that made loans available to those who could not really afford them, said Issa. It is unconscionable for those who received preferential treatment to continue this deception when company documents show otherwise.

Rep. Issa and Rep. Mark Souder first called for a probe of the Countrywide VIP program in June 2008.

They later requested a House Ethics Committee investigation into Countrywide VIP beneficiaries but never received a response.

Duration : 0:5:40

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