Yes it is true. I have seen it with my own eyes and IN WRITING. In our office we have on record a statement from Freddie Mac, which they submitted to the courts, that “Freddie Mac has made all relevant and required payments to the investors on behalf of the borrowers.” Did you catch that?!?! Yes, Freddie Mac acting as the [...]
Fannie Mae requiring borrower to be more credit worthy. Say it isn’t so!
May 5, 2010 By Leave a Comment
Citing the need to protect borrowers from mortgage payments that potentially balloon out of control, Fannie Mae is putting forward new standards for the purchase and securitization of adjustable-rate mortgage (ARM) products. Why stop now? You have unlimited U.S. taxpayer money. Everyone NEEDS to have a home. More loans, more loans, more loans. A mortgage [...]
No Trust in the Trustee – Rigging foreclosure auctions for profit
May 3, 2010 By Leave a Comment
“There is no trust in this business” said the foreclosure trustee. Scary huh? This isn’t some fictional story. This is real life in Harris County, Houston, Texas. Recently, members of our team confronted the Trustee that was about to auction off the homestead of one of our clients. In our hand was the Temporary Restraining [...]
IndyMac is a shady operation – HAMP, we don’t need no stinking HAMP
May 2, 2010 By Leave a Comment
IndyMac is a shady operation. One of our staff used to be on the inside working against homeowners but (in my words…turned his life around) and now battles for home owners. He tells tales of “being trained” on programs like HAMP and seeing blacked out sections. When he asked why IndyMac (now OneWest) redacted [...]
Obama is handing out $3,000 to short sellers
April 5, 2010 By 1 Comment
Our U.S. Treasury stands ready to hand out checks to homeowners to help them with short selling their home! Ok, not exactly but the Obama Administration is pledging to chip in to help homeowners who are underwater and need to sell their home. Bank of America, clearly our Nation’s leading “uplifting promise to do something press [...]
Lenders fear or can’t buy back loans from FREDDIE MAC
March 8, 2010 By 1 Comment
If you are dealing with a short sale situation involving Freddie Mac (and I suspect Fannie Mae as well) and it is dragging on forever then heads up…it might be in this buy back loop. Until Freddie decides what if anything is going to happen to a loan in default it might take some real firepower to [...]
Fannie Mae not complying with Tenant Protections?
March 4, 2010 By Leave a Comment
As a REALTOR it is important to understand the protections available for renters for whom you have helped locate a home but are facing being “kicked out” due to a foreclosure as the landlord not paying his mortgage. Hats off to Robert Dogget for uncovering Fannie’s moves… The Neighborhood Stabilization Program (NSP) was established to stabilize communities that [...]
Citi will give you 6 months for free!!!!
February 16, 2010 By Leave a Comment
Yeah!!! Citi announced that it will let borrowers stay in their homes for up to six months plus snag $1,000 to help defray costs for relocation, if they agree to a deed-in-lieu of foreclosure. (i.e., so you will stop suing them, trying to get a loan mod, short sale or file bankruptcy not to mention [...]
Too politically powerful to fail
February 15, 2010 By Leave a Comment
OPM…Other People’s Money, right? Isn’t that how to get rich, using other people’s money (according to many investment gurus). Looks like our Uncle figured it out. – The Bank Slayer It’s a slow day in a little East Texas town.. The sun is beating down, and the streets are deserted. Times are tough, everybody [...]
Holiday foreclosure moratorium is a worthless!
December 22, 2009 By 1 Comment
While Bank of America, JPMorgan Chase & Citi are suspending foreclosures for the holidays, just like Fannie Mae and Freddie Mac, this is a nothing more than a sick joke on those in Texas. Why? Quite simply it doesn’t help you one bit. I will make a fearless promise…ready…no one in the State of Texas will be foreclosed [...]
