"...it's brokers and lenders gone wild who make irresponsible loans"

Seems pretty obvious that people lending money want to make sure that they have a pretty good chance of getting it back. What does the law do about the securitization of the mortgages? I can underwrite a risky mortgage, but if it's my own money that's at risk, I will do a better job of making sure that the loan will be repaid. Has the law specified what are the requirements that a lender must follow to determine whether a homeowner can afford the loan? What happens if a broker massages the information and the homeowner signs that they agree to the information? Who is responsible? As for requiring 90 days before a lender can send file a lis pendens - most families don't get a notice for 4-6 months. It seems that banks will just change their policies so that at the first missed payment, they will send out the required documents to make sure they are covered and can file a foreclosure lawsuit in 90 days. This legislation doesn't seem to fix the problem but does seem to make it more expensive to foreclose on a property. This will most likely translate into making mortgages unaffordable for most lower-income families and make getting a mortgage even more expensive for the rest of the state's population. I don't understand how making it harder to access credit will help housing prices stabilize in the long run. It seems like the reverse will happen. People who are making their payments on time will see the value of their house drop substantially because mortgages will be harder to get.

The new statute is an improvement for some and congrats are due all around. However, many are excluded from coverage under the compromise enacted. For example, the special 90-day notice requirements run only to those borrowers who took out sub-prime loans in a time-limited period. Many borrowers in trouble will not, as a result, benefit.

In our current Bush-economy of stagnant earnings, increasing prices and falling home prices, many more owner-borrowers will fall into default than are covered by this otherwise good change in law. Further, and urgently needed, improvement may have to wait 'til next year (as we Brooklyn Dodger fans used to chant).

The article is quite informative about the new laws for home mortgage. The law will benefit a great deal to the home owners. Finding a good enough mortgage broker is the first task you have to do when you have decided to refinance your mortgage as it will not raise any problem in the future. I have came across with a site that contains good facts about home mortgage and its refinance. you can visit and check it now.

The article presents quite informative facts about the new law for home mortgage. Finding a good enough mortgage broker is the first task you have to do when you have decided to refinance your mortgage as it can solve various issues regarding home mortgage. i have come across with a site that consist of very informative facts about home mortgage and its refinance. You can visit and check it now.

I live in the Central Valley of California, sometimes called the foreclosure capital of the world, and although we are financially secure, many of our neighbors aren't. I wrote a song to vent my frustration over the whole fiasco. Please see and listen to it at
http://www.youtube.com/watch?v=LnYZJB-8tf8

I think (hope) it represents the middle class view on the issue.

i want information about your sites

curtsmith

MichiganDrugTreatment

how and when will the mortgage crisis end? after a new president is in office?
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http://www.mysunsetmortgage.com

Laws regarding mortgage at New York are worthy of consideration by anyone thinking of taking a plunge into the mortgage industry there.

Smart Equity - mortgage Payoff, ask mortgage, live mortgage free, mortgage debt

March 14, 2009

Re: Mortgage fraud, PREDATORY LENDING, MISLEADING INFORMATION, FALSIFYING PAPERS, ASKED TO SIGN BLANK FORMS, BROKER LYING ON APPLICATION AFTER I SIGNED IT, LYING ON MY APPRAISAL, NOT REVEALING MY TRUE FINANCIAL TO LENDING COMPANY – HELD MY W2 AND MADE ME GO “STATED”- NEVER TOLD ME: (I DIDN’T OWN A BUSINESS) REFUSING TO EXPLAINING (OR LYING) TO ME THE EXACT MEANING OF MORTGAGE TERMS OR CODES, REFUSING TO GIVE ME COPIES OF MY DOCUMENTS, NEVER TELLING ME THE EXACT TERMS OF THE LOAN: ADJUSTABLE RATE OF 8.5% TO BECOME 15% THEREBY INTENTIONALLY DESIGNING THIS LOAN TO FAIL SO I WOULD LOSE MY HOME (THIS BROKER OWNED THE MORTGAGE COMPANY = HE INSTRUCTED ALL HIS LOAN OFFICERS NOT TO HELP ME AFTER I REALIZED HE LIED TO ME-TODAY HE IS BANKRUPT : BROKER (together with LENDING INSTITUTION: COUNTRYWIDE FALSIFYING APPLICATION, LYING ON HOUSE APPRAISAL AND MISLEADING SENIOR CITIZENS in an inappropriate loan (intentionally designed to fail from the start) of 8.5% ADJUSTBLE MORTGAGE RATE- LYING, promising at signing that …” Next year at this time, the rates will adjust automatically, and I’ll lower them for you to fit a 1/3 of your monthly budget (or 31% of your income- THAT WAS THE ONLY REASON WHY I SIGNED- HE LIED, IT WAS MY FIRST TIME REFINANCING – I COULDN’T TELL IF HE WAS LYING OR NOT) AND INTENTIONALLY MISINFORMING THEM TO SEE THEM LOSE THEIR HOME !

Gentlemen:

COUNTRYWIDE (my mortgage lender) has been refusing to modify my loan according to the White House Homeowner Affordability and Stability Plan -March 5, 2009- (President Obama’s detailed housing plan to keep homeowners in their homes- I qualify 100% ON ALL THE 9 GUIDE LINES: I PAY MY MORTGAGE ON TIME …-ORIGINALLY, on August 2006, I APPROACHED COUNTRYWIDE’S BROKER TO GET A REVERSE MORTGAGE – I AM A SENIOR CITIZEN AND I UNDERSTOOD ON AUGUST 2006 THAT I DIDN’T QUALIFY FOR A CONVENTIONAL MORTGAGE BECAUSE OF MY AGE AND THE EQUITY OF MY HOME- MY HOUSE WAS TOTALLY PAID FOR, (valued at $321,400.00 on August 2006) BUT TODAY ALTHOUGH I have always been paying my new mortgage on time- the broker stalled, duped me and lied to me – he refused to give me a reverse – I was working for him as a snior citizen telemarketer - COUNTRYWIDE AND THEIR BROKER MICHAEL PATRICK ZAGARINO EX OWNER OF PRUDENTIAL MORTGAGE PLAINVIEW NY (today works as a loan officer at LENDAMERICA MELVILLE, NY filed for bankruptcy same month he did my refinancing) they intentionally designed this new conventional loan to fail FROM THE START and adjust from 8.5% up to 15% in order to see me lose my home. They gave me a rate of 8.5% STATED SUB PRIME ADJUSTABLE MORTGAGE LOAN, NO DOCS - WITHOUT MY KNOWLEDGE, UNDERSTANDING, APPROVAL AND PERMISSION knowing perfectly well according to my financial information (W2) that I could never afford this loan THEY TOLD ME TO BORROW TWICE THE AMOUNT- to pay off my ex-husband his share of the house and put the other half in an account in order to pay off the mortgage directly until the following year BECAUSE THE RATES WERE GOING TO AUTOMATICALLY DROP THE FOLLOWING YEAR TO ADJUST TO MY MONTHLY BUDGET – THEY LIED AND I DIDN’T KNOW IT WAS MY FIRST TIME REFINANCING! (I DIDN’T KNOW IT THEN, BECAUSE THE BROKER LIED TO ME: IT WAS MY FIRST TIME REFINANCING - he told me that the rate of this loan 8.5% will DROP AND “AUTOMATICALLY” adjust TO MY BENEFIT the following year- because they would be reducing it to a rate of 31% or 1/3 of my budget income – THEY LIED AND TODAY THIS RATE IS ABOUT TO ADJUST TO TWICE AS MUCH AS WHAT IM PAYING RIGHT NOW AND I WILL BE ON THE VERGE OF LOSING MY HOME BECAUSE OF THEIR LIES- Also, they falsely appraised my house to more than $177,700.- to what it’s really worth- (I received the Town of Oyster Bay’s appraisal and assessment on August of 2006 – it was $321,400.00 and not $500,000.00 – they lied on the appraisal also- BECAUSE OF THEIR LIES, I AM FINDING MYSELF PAYING A RATE OF 8.5% AND A MONTHLY MORTGAGE PAYMENT WHICH IS SOON TO BE DOUBLED -

ACCORDING TO THE NEW OBAMA MODIFICATION PLAN: I QUALIFY FOR A NEW MODIFICATION TO REDUCE MY MONTHLY MORTGAGE BY STRETCHING THE YEARS AND REDUCING THE CAPITAL BECAUSE OFS THIS ORIGINAL FRAUD ON THE APPRAISAL TO 1/3 – OR 31% OF MY MONTHLY INCOME ACCORDING TO THE NEW WHITE HOUSE MODIICATION PLAN OF PRESIDENT OBAMA- but COUNTRYWIDE has been refusing to work with me for the past 36 months, THEY KEEP JERKING ME AROUND, HANGING UP ON ME, STALLING ME, TRANSFERRING ME TO BOMBAY INDIA TO THE PHILIPPINES TO CALIFORNIA AND BACK TO NY, THEN THEY HANG UP AUTOMATICALLY! WHEN THEY CALLBACK THEY REFUSE TO GIVE YOU THEIR DIRECT NUMBER-

TODAY ALTHOUGH I have always been paying my new mortgage on time - they intentionally designed this new conventional loan to fail and adjust- SOON- in order to see me lose my home. Their broker: MICHAEL PATRICK ZAGARINO, EX-owner of PRUDENTIAL MORTGAGE, PLAINVIEW NY – today bankrupt but he works for LENDAMERICA, MELVILLE NY) together with COUNTRYWIDE both have put m in a STATED NO DOCS - SUB PRIME ADJUSTABLE MORTGAGE LOAN, knowing perfectly well that they were lying and misleading me intentionally–I DO NOT QUALIFY BECAUSE STATED/NO DOCS IS ONLY FOR HOMEOWNERS WHO OWN MULTI DWELLINGS AND INTEND TO SELL IN A FEW YEARS – OR THOSE HOMEOWNERS WHO OWN BUSINESS AND DO NOT WANT TO SHOW THEIR INCOME- I INTEND TO STAY IN MY HOUSE for the rest of my life- I only home one home- I AM A MINORITY SENIOR CITIZEN WHO GOT LIED TO BY THIS BROKER AND BY COUNTRYWIDE-I DIDN’T KNOW IT THEN, BECAUSE THE BROKER LIED TO ME: he told me that the rate of this loan 8.5% will “AUTOMATICALLY” adjust TO MY BENEFIT the following year- because they would be reducing it to a rate of 31% or 1/3 of my budget income – THEY LIED !!! AND TODAY THIS RATE IS ABOUT TO ADJUST TO TWICE AS MUCH AS WHAT IM PAYING RIGHT NOW AND I WILL BE ON THE VERGE OF LOSING MY HOME BECAUSE OF THEIR LIES- Also, they falsely appraised my house to more than $177,700.- to what it’s really worth- (I received the Town of Oysterbay appraisal and assessment on August of 2006 – it was $321,400.00 and not $500,000.00 – they lied on the appraisal also- BECAUSE OF THEIR LIES, I AM FINDING MYSELF PAYING A RATE OF 8.5% AND A MONTHLY MORTGAGE PAYMENT
I QUALIFY FOR A NEW MODIFICATION TO REDUCE MY MONTHLY MORTGAGE TO 1/3 – OR 31% OF MY MONTHLY INCOME ACCORDING TO THE NEW WHITE HOUSE MODIFICATION PLAN OF PRESIDENT OBAMA of March 5, 2009- Though I qualify 100% COUNTRYWIDE has been refusing to work with me for the past 36 months-

I NEED YOUR HELP ! MY SITUATION IS DIRE !

Thanking you,

Patricia Warmhold
516-495-4556

IM IN THE SAME SITUATION BUT THE BROKER BEFRIENDED ME, WE SPENT TIME WITH EACH OTHERS FAMILY AND HE THEN SPRANG A SCHEME ON ME, NOT KNOWING ANYTHING ABOUT THE MORTGAGE BUSINESS HE SAID I CAN HELP OUT SOME PEOPLE BY GETTING THEM OUT OF DEBT,I WOULD TAKE A REFI MORTGAGE OUT AND THEY WOULD GO INTO DEBT CONSOLODATION AND THE BROKER WOULD USE THE MONEY TO MAKE PAYMENTS SO THEY CAN AFFORD TO GET THEIR BILLS IN ORDER, LITTLE DID I KNOW THAT MY NAME WAS ALL OVER THE APPLICATION AND THE BROKER LIED ON THE APPLICATION, SAID THAT I MADE ALOT OF MONEY AND THAT I WAS RENTING MY PRIMARY HOME, NOW I NEVER STATED THAT TO THE BROKER AND HE'S NOW TRYING TO SAY I KNEW EVERYTHING AND THAT IT WAS DISCUSSED WITH MY SPOUSE, NOW ITS COSTING ME THOUSANDS OF DOLLARS IN LAWYERS FEES, AND ITS POSSIBLE THAT I WOULD STILL GO TO JAIL BECAUSE ITS ALL LEFT ON ME NOT THE BROKER. I HOPE THERES A GOD UP STAIRS AND THAT HE'S WATCHING AND HE HELPS ME OUT.

SCAMMED.

Hi Patricia:

I can help you, would you please email me at: AlertPatrol@gmail.com
There are options you may be unaware of. I tried to leave you a message, but I think it got cut off.
Take care

My finace' and I too have been the victims of HSBC/Beneficials predatory lending practices and are NOT receiving any cooperation from them in resolving the issue. We were lied to by a representative stating that the extremely high interest mortgage we were getting was only temporary and we were in the perfect position for a "program' that are coming out with.
We are intelligent people and somehow fell into their trap, although it took them multiple visits since we walked out of the first closing due to the conditions changing. I just wish we stayed away, but hindsight is 20/20. Well, needless to say, 1+ year later(maybe even 2 by now), we attempted to negotiate a reasonable interest rate due to the economy abd loss of income, we were unsuccessful in this venture and decided to hire a legal firm to assist. Within the first month, Beneficial dropped the rate by less than 1% for us, which didnt hel at all, they have now been at it for 5+ months, only to continually have Beneficial request the same paper work time and time again. If they persist in dragging this on any further, I am going to go on a media blitz, using the internet email and phone (they are so 'private' I am having problems finding email/phone numbers, so any help would be appreciated) additionally, I am going to confront a lawyer regarding a class action against them for predatory lending practices! any thoughts or advice would be greatly appreciated, especially if someone has already been through it. Its getting to the point now where we are scraping to make our monthly payments, not knowing how we are going to fund the next. We do not want to effect or credit report so time is of hte essence...Please Help!

Its nice to see the vigilance and sense of community on this blog.
I live in vegas- which is just about the worst city in the country in terms of predatory lending. They have tightened the mortgage laws here- but payday lending etc. is still the worst in the country.

I was researching info for a paper and found this link of every states mortgage laws for those curious as to what is and is not legal in their state:

http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws

Thanks for sharing this info post.