Tuesday, December 31, 2013


As 2013 draws to a close I look back on what has transpired since 2008 with the financial meltdown and the banks. Our back hill slide has finally stopped, at least for now. After over FIVE years of trying to work with the banks here was our outcome:

6 properties went to foreclosure at the banks absolute refusal to consider working with us. One property that was even put on a trial modification which they then didn't honor regardless of the fact we made all trial payments on time and in full.

1 property, our main home, went to short sale for which Chase took $700,000 less than what was owed, BUT they refused to work with us.

3 loans with Bank of America, after over five years and relentless submittal of hundreds of pounds of paper work, which they continued to state they hadn't received (by design I am certain), modified the three loans, in doing only what I had suggested from the start----add the past due to the loan and move forward. None of the mods reduced any of the principal due.

What I have learned through all this: 

Our government is owned by the big banks, they are too big to fail however our governing body will throw all American's under the bus.

The bail outs, and settlement after mortgage settlement did minimal to help homeowners or reimburse them for fraudulent mortgage practices by the banks.

The banks despite most not having their paperwork in order, and in some cases having no paperwork at all were still allowed to foreclose. National and State Governments allowing this for payoffs, or fines levied.

This will happen again, as the banks encourage debt. Us, well we are moving to don't want it if we can't pay cash.

And finally not one of the perpetrators of this financial meltdown, mostly bank CEO's and folks on Wall Street, will ever go to jail for engineering the perfect storm with their greed. They are not here to help you, they are here to take advantage of you.

Tuesday, November 19, 2013

Bogus denial by BofA

After being denied twice by Bank of America, who solicited us for a modification prompted by the Justice Department, due to not having pay stubs (WHICH WE DON'T HAVE BECAUSE WE ARE SELF EMPLOYED--this was noted 9 times in 3 packages.) I consulted with an attorney who told me to file a complaint with the Consumer Financial Protection Bureau or CFPB and the OCC. Both you can do online and very easy. I filed 11/14/13 last Thursday late afternoon. Yesterday Monday 11/18/2013 I got two calls one from a representative that appointed herself as my primary contact and she would get to the bottom of this and the other from a women in the office of the CEO of BofA.

If you are being denied for bogus reasons, take the time to file a complaint. Not sure what the outcome will be.....let you know.

Saturday, November 16, 2013


William Dudley, president of the New York Fed:

"After all, collectively these enhancements to our current regime may not solve another important problem evident within some large financial institutions---the apparent lack of respect for the law, regulation and the public trust."

Calls Big Banks "Pathological environment"

Let's just call it whet it is crooks and criminal behavior who get away with whatever they want

Saturday, October 26, 2013

Pay a fine, walk away

"Bank of America was found liable for fraud Wednesday for a program — dubbed "the Hustle" — that caused millions in losses to federally backed mortgage finance firms Fannie Mae and Freddie Mac amid fallout from the financial crisis.

The civil verdict by a Manhattan federal court jury similarly found the bank's Countrywide Financial unit found liable, and also determined that former Countrywide executive Rebecca Mairone committed fraud while overseeing the loan-origination program."


The problem here is they walk away and all the millions of people who lost there homes still have never been compensated.

Wednesday, October 2, 2013

Who's making them

"Fielding complaints from borrowers struggling to save their homes, New York’s top prosecutor is preparing a lawsuit against Wells Fargo, accusing the bank, the nation’s largest home lender, of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses.

The lawsuit, which is expected to be filed as early as Wednesday, accuses Wells Fargo of violating the guidelines of a broad agreement reached last year between five of the nation’s largest banks and 49 state attorneys general."

Of course they didn't comply.....who's making them

Monday, September 30, 2013

FHA bailout

"We all knew it was eventually going to happen.  FHA is looking for a bailout to maintain it's required reserve account.  What's somewhat surprising is that they say it's due to losses on their reverse mortgage side.  The thing that's frustrating to understand is that FHA is nowhere near bankrupt."

Friday, September 13, 2013


"Fannie Mae Hires Ex-Fraudster

Fannie Mae hired Adam Glassner last month after they sued him while he was working for Bank of America for defrauding them.  Yeah, you heard it right. Yes in the crazy industry we work in strange things happen.  Adam Glassner used to work at Bank of America was sued by FHFA for defrauding the GSE's.  Then after he leaves the company Fannie Mae hires him.  Okay, that makes sense.  Why not?"

Just how this lovely industry works................. 

Wednesday, July 31, 2013

Looking up?

"Although existing home sales retreated in June, new home sales rose to their highest level in five years. Orders for capital goods have now risen for four consecutive months, and the labor market appears to be holding up."

Friday, July 26, 2013

More fraud

"Steven Cohen's hedge fund, SAC Capital Advisors LLP, pleaded not guilty in federal court on Friday, one day after it was indicted on insider-trading charges.

The firm's general counsel, Peter Nussbaum, flanked by five defense lawyers, entered the plea before U.S. District Judge Laura Taylor Swain in New York.

U.S. prosecutors on Thursday charged the $14 billion hedge fund with presiding over a culture where employees flouted the law and were encouraged to tap their personal networks for inside information about publicly traded companies.

Government-obtained evidence includes "court-authorized wiretaps" and "a large number of electronic recordings," such as emails and instant messages, Antonia Apps, an assistant U.S. attorney who has prosecuted other insider-trading cases, told the judge.

"In short, a tremendous volume," Apps said of the evidence."

And more keep getting away with the fraud....

Friday, June 28, 2013

Letter to Brian

Submission for modification January 8, 2013

Paper worked to death

Point of contact states approved as of May 15, 2013 paper work coming

June 28, 2013, nothing and no response from point of contact

June 28, 2013 overnighting complaint letter to CEO

Wednesday, June 26, 2013

Great idea...

"Last year's $25-billion national mortgage settlement required five giant banks to assign a single employee to each borrower seeking a loan modification — a personal guide who could cut through the bureaucracy.

The so-called single-point-of-contact rule sought to address the biggest complaint of borrowers trying to save their homes: Getting bounced around among random employees with conflicting answers.

Great idea. Too bad it hasn't worked much. According to a report this week from the settlement's official monitor, Joseph A. Smith Jr., a third of the 60,000 serious complaints about the banks' handling of distressed loans from last October through March involved single points of contact. The contacts were either not provided, not helpful or hard to reach."

Monday, June 17, 2013

Lot prices

"In recent years, builders have become accustomed to pay below true market value for finished lots. In some markets the finished lot prices fell to as low as 5% to 6% of home values. Builders and developers wrote down lot costs and were able to dispose of them at less than the cost to develop. Additionally, as the REO inventory grew, and many builders were acquiring lots from banks, not developers. Supply was plentiful and the holding cost of lots was comparatively low.
As recent activity has heated up, builders are challenged to control lots that they previously were reluctant to carry on their books. Developers and investors who opted to hold out through the downturn are now being rewarded for their patience. In many markets finished lots in prime locations account for 20% to 23% of finished home price. The price of lots in the same locations have jumped from $15k to $30k plus."

Friday, June 14, 2013

Credit bubble

"After the Great Recession, many commentators talked about the "housing bubble" and how problems in the economy were the result of the unprecedented run up in housing prices. For eight years, housing prices in the United States increased at double digit rates, fueling vast amounts of speculative buying and the psychology that housing was a great investment and could only go up. Describing the problem in that way makes it very difficult to construct a solution. How do you change human nature to eliminate bubbles? How do you prevent developers from building too much housing?

On the other hand, if we view the problem as a credit bubble, we might be able to protect ourselves and speed up the recovery time after future recessions. While no one can predict when the housing market will crash or how far it will fall, the loosening of credit standards for mortgages is easy to gauge. For example, in December 2007, the New York Times reported, "Fed officials noticed the drop in standards as well. The Fed's survey of bank lenders showed a steep plunge in standards that began in 2004 and continued until the housing boom fizzled."

Thursday, June 13, 2013

Up again?

"Although the housing market is recovering in many regions, new research suggests there’s still some cause for concern: Foreclosures are on the rise again. After hitting a 75-month low in April, U.S. foreclosures rose 2% in May and bank repossessions jumped 11%, according to data released Thursday by RealtyTrac, a real-estate data firm. The increase comes after five straight months of declines. The good news is that May’s drop aside, foreclosures are still down 28% for the year, thanks to stronger markets in Arizona, California, Georgia and Michigan."

Monday, June 10, 2013

Jan 8

Turned in paperwork to Bank of America for modification Jan 8, paper worked to death, five months later still no word.

Ah, what happened to the new mortgage settlement that they have to respond in 30 days??

Friday, June 7, 2013


"One week ago, I reported on a recent study by the Federal Reserve Bank of St. Louis that found Americans had recovered less than half of the personal wealth they'd lost during the recession, once you accounted for population growth and inflation. Now we've got an update. Yesterday bank posted fresh numbers reaching through the first quarter of 2013, and it appears households have now reclaimed 62 percent of what disappeared."

Tuesday, June 4, 2013


"The pace of home price increases stayed strong in April with prices up 12.1% year-over-year, CoreLogic says.

The annual increase is the biggest in more than seven years. Prices were up 3.2% in April from March.
"Increasing demand … coupled with low inventory, has created a virtuous cycle for price gains, says Mark Fleming, CoreLogic chief economist, noting that home price growth continues to "surprise to the upside."

Monday, June 3, 2013


"At the height of the financial crisis, bargain hunters would gather each week on county courthouse steps to bid on foreclosed properties throughout Northern and Central California. The inventory lists were long, especially in hard-hit areas such as Sacramento and Stockton. But the auctions were generally short affairs — often because real estate speculators were illegally fixing the bidding process.

In the past three years, federal prosecutors have charged 54 people and two companies in three states for bid-rigging during courthouse auctions of foreclosed properties. Most cases originated in California, the state with the highest foreclosure rate during the financial crisis. Nearly identical rings were also broken up in Raleigh, N.C., and Mobile, Ala."

Thursday, May 30, 2013

Rates rise, but still low

"The rate on a 30-year fixed-rate mortgage jumped 0.22 percentage point to 3.81% this week, according to Freddie Mac. That's up 15% from the record low of 3.31% set the week of November 21, 2012. The 30-year rate was as low as 3.35% in early May.

The 15-year fixed-rate mortgage also spiked, up 0.21 percentage point to 2.98%.
Home buyers can blame it on Bernanke, according to Keith Gumbinger, vice president of HSH.com, a mortgage information company.

"Comments he made ... left the impression that the Fed's [stimulus] policy might start to be pulled back soon, perhaps as early as September," said Gumbinger. "That fostered a spike in interest rates as investors scrambled to adjust their positions."

Wednesday, May 29, 2013

Housing up

"Wall Street closed higher on Tuesday, fueled by new data showing a strengthening housing market in the United States and supportive comments from central banks around the world. 

By the end of trading, the Standard & Poor's 500-stock index was 0.6 percent higher, and the Dow Jones industrial average gained 0.7 percent. The Nasdaq composite was 0.9 percent higher. 

Markets were bolstered by a report that American home prices rose 1.1 percent in March, according to the Standard & Poor’s Case Schiller index. Analysts were looking for a rise of 1 percent. It was the biggest annual gain in nearly seven years, and a further sign that the strengthening housing recovery is providing a source of support for the economy."

Thursday, May 23, 2013

Above the law

"A West Sacramento man is among the first in the state to use California's new Homeowner Bill of Rights to stop a bank from foreclosing on his home, and experts say the case marks a shift in a legal system that has traditionally favored lenders.

Kevin Singh, a house painter, secured a federal court order earlier this month after Bank of America allegedly engaged in a now-forbidden practice called dual tracking. The behavior, in which a bank proceeds with foreclosure while negotiating with a borrower for a loan modification, has been widely criticized as deceptive.

Experts said Singh's case was the first instance in which a judge issued a preliminary injunction to halt a foreclosure auction under the Homeowner Bill of Rights.

This week, North Carolina-based Bank of America was negotiating to resolve the case, said Singh's lawyer, Sacramento attorney Aldon Bolanos. Any settlement would have to include rescinding the foreclosure, he said. The Homeowner Bill of Rights also provides for attorneys fees for winning an injunction."

Even with all the fines and laws they still think they are above it.

Read more here: http://www.sacbee.com/2013/05/23/5441875/west-sacramento-homeowner-uses.html#storylink=cpy

Tuesday, May 21, 2013


"Stocks were mixed in early morning trading Tuesday as investors waited to hear Federal Reserve Chairman Ben Bernanke testify on Capital Hill. Investors are also eager to see the minutes of the latest Fed policy-making committee due out this afternoon."

Monday, May 20, 2013


"Sales of homes in foreclosure by Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes.

The banks said they paused the sales on May 6 to make sure that their late-stage foreclosure procedures were in accordance with the guidelines. The banks wouldn't say exactly which issues had been under scrutiny.

Bank of America Corp., by contrast, continued foreclosure sales at a normal pace, apparently confident its procedures met the revised restrictions."

Friday, May 17, 2013

Shoddy loans

"Americans lost $192.6 billion in wealth, or an average of $1,700 per household, last year due to foreclosures, according to a report released Thursday by the Alliance for a Just Society, a coalition of progressive grassroots organizations across the country. The report also found that the U.S. could lose $221 billion if officials don't come to the aid of millions of borrowers who owe more on their homes than they're actually worth.

The findings indicate that many Americans are still suffering from the housing bust, which critics say was the result of major lenders pushing shoddy loans on borrowers who couldn’t afford them. Meanwhile, Wall Street investors and construction companies are reaping the benefits of a recent rebound in the housing market."

Wednesday, May 15, 2013

Yesterday...more paper

Yesterday more paper work was requested from Bank of America---we are now up to over four hundred pages of documentation requested. As I've stated before this is all by design---most people simply give up.

Sunday, May 12, 2013


"Foreclosure activity in April fell to its lowest level in 74 months, but action is ramping up in some states, says a national foreclosure tracker.

In April, one of every 905 U.S. housing units received a foreclosure filing, market watcher RealtyTrac says. That was the lowest level since February 2007 — near the beginning of the nation's foreclosure crisis — and down 23% from a year ago.

But foreclosure activity is increasing in some states where legal procedures and new laws to protect homeowners had slowed down foreclosures."

Friday, May 10, 2013


"Federal Reserve Chairman Ben S. Bernanke said risks persist in wholesale funding markets used frequently by Wall Street brokers to finance securities trading.

“Important risks remain in the short-term wholesale funding markets,” Bernanke said today in a speech at a Chicago Fed banking conference. “One of the key risks is how the system would respond to the failure of a broker-dealer or other major borrower.”
Bernanke outlined how the Fed has overhauled risk monitoring since a collapse in mortgage finance triggered a crisis in 2008 that led to the worst recession since the Great Depression.

“More work is needed to better prepare investors and other market participants to deal with the potential consequences of a default by a large participant in the repo market,” Bernanke said. He said that the “possibility of a run” on money-market funds remains.

Bernanke said the financial crisis revealed that the market for repurchase agreement funding -- where a securities dealer uses collateral for short-term loans with an agreement to reverse the transaction later -- was “quite fragile.”

“As questions emerged about the nature and value of collateral” during the crisis, “worried lenders either greatly increased margin requirements or, more commonly, pulled back entirely,” the Fed chairman said. “Borrowers unable to meet margin calls and finance their asset holdings were forced to sell, driving down asset prices further and setting off a cycle of deleveraging and further asset liquidation.”

I hate to be a cynic but nothing has been overhauled, the whole system is still broken.