http://wallstreetpit.com/599-bofa-agrees-in-8-bln-settlement-over-bad-mortgages Wed, 08 Feb 2012 22:13:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://wallstreetpit.com/599-bofa-agrees-in-8-bln-settlement-over-bad-mortgages#comment-3954 Jack Lane Sat, 25 Oct 2008 19:30:17 +0000 http://wallstreetpit.com/?p=599#comment-3954 If the lenders acted so fast on loan modification there will be no foreclosure,short sale or bankruptcy thus result dropping the appraisal value of the home. The problem with lenders is they gave problems and took so long about 90-120 days to decide, refuse or to modify the borrower's loan or if they modify they asked for large upfront down payment to come out; where as the borrower cannot give in.The government must implement policy that the result of loan modification has been done within 30 days and with compassion and mercy, and also credit rating and foreclosure must be suspended for a year. The government must also implement and encourage the lenders that they should accept partial payment and the foreclosure must initiate after 7th missed payment. Loan modification is a good solution but some lenders refused to cooperate and they gave problems with the borrowers, sometimes they demanded large upfront cash whereas at the beginning the borrower could not pay the mortgage payments.Remember, the lenders is losing initial $50,000 when they started to foreclose the property . Worst lenders such HSBC, only give 6 months modification- the economy is not improving in that short time and maybe 2 years is the best. Other lenders are also worst like Chase,Wells Fargo,WAMU,Central Mortgage,American Home Mortgage or Servicing owned by Option, National City, Homecoming, Homeq , HSBC , Saxon,US bank.etc... I wished the attorney generals of other cities will follow what the Attorney General of Illinois did against Countrywide.Economy will not be improving and bailout does not help the poor guy. Let the cash rebate from $10,000-$100,000 be given to US citizens, 21 years of age and above only, (based on Board of election lists,US passport and certificate from the social security office, birth certificate and Citizenship certificate) like what they did in 1930, year of depression. These costs $50-75 billions only rather than $750 billion giving for big guys or company's .Look if the small businessman is losing their business due to no income, did the government help. Nothing but if the big guys is losing here are the federal helping them,. These will benefit majority and this will help to stimulate our economy. I am calling the association who is helping counseling the homeowners. Have a class suit against these lenders to strictly implement loan modification and must act within 30 days not 60-120 days. If i won a jackpot lottery, I will set up foundation to help the homeowners,renters, and senior citizens. Where are the billionaires and millionaires here? What are they doing? Instead they help people outside USA and stop giving foreign aid and bring back all the troops assigned in Irag to USA. If the lenders acted so fast on loan modification there will be no foreclosure,short sale or bankruptcy thus result dropping the appraisal value of the home. The problem with lenders is they gave problems and took so long about 90-120 days to decide, refuse or to modify the borrower’s loan or if they modify they asked for large upfront down payment to come out; where as the borrower cannot give in.The government must implement policy that the result of loan modification has been done within 30 days and with compassion and mercy, and also credit rating and foreclosure must be suspended for a year. The government must also implement and encourage the lenders that they should accept partial payment and the foreclosure must initiate after 7th missed payment. Loan modification is a good solution but some lenders refused to cooperate and they gave problems with the borrowers, sometimes they demanded large upfront cash whereas at the beginning the borrower could not pay the mortgage payments.Remember, the lenders is losing initial $50,000 when they started to foreclose the property . Worst lenders such HSBC, only give 6 months modification- the economy is not improving in that short time and maybe 2 years is the best. Other lenders are also worst like Chase,Wells Fargo,WAMU,Central Mortgage,American Home Mortgage or Servicing owned by Option, National City, Homecoming, Homeq , HSBC , Saxon,US bank.etc… I wished the attorney generals of other cities will follow what the Attorney General of Illinois did against Countrywide.Economy will not be improving and bailout does not help the poor guy. Let the cash rebate from $10,000-$100,000 be given to US citizens, 21 years of age and above only, (based on Board of election lists,US passport and certificate from the social security office, birth certificate and Citizenship certificate) like what they did in 1930, year of depression. These costs $50-75 billions only rather than $750 billion giving for big guys or company’s .Look if the small businessman is losing their business due to no income, did the government help. Nothing but if the big guys is losing here are the federal helping them,. These will benefit majority and this will help to stimulate our economy. I am calling the association who is helping counseling the homeowners. Have a class suit against these lenders to strictly implement loan modification and must act within 30 days not 60-120 days. If i won a jackpot lottery, I will set up foundation to help the homeowners,renters, and senior citizens. Where are the billionaires and millionaires here? What are they doing? Instead they help people outside USA and stop giving foreign aid and bring back all the troops assigned in Irag to USA.

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