Friday, February 4, 2011


Mike M.

Mike M.   You and Mike M. have groups in common

Major Account Manager at Riverbed Technology
Hong Kong

Mike Mudd • Sorry I am not a victim of buying a house too big for me or borrowing too much, or expecting my house to increase in value, or taking out an equity loan to buy an oversized truck when it did not exist. I wish all those victims out there to at least take some responsibility for their financial position, don’t you?

Kelly Hansen • Hi Mike, 

Certainly. There are those homeowners who are victims of their own poor decisions. However, I'm speaking directly to the millions of victims of predatory lenders. Those whose mortgage loans were bundled and securitized immediately after origination which restricted their ability to modify due to "Master Pooling and Servicing Agreement" restrictions. This wasn't a problem early on, but it became a problem. 

Mortgage loan servicers (BofA, Wells Fargo, et al) began to search out homeowners, calling, sending letters, inviting them to refinance. When a homeowner called, the servicer told them to miss three payments so they would "qualify" for a modification. (In reality the servicer has been given just enough time to finish up all the pertinent details to finalize and set the loan up to foreclose. Those three months work in the servicers favor, and you can bet it was set up that way for just that reason.) Then, after the homeowner makes their three payments, and their servicer has squeezed every other possible dime out of them necessary for "reinstatement" the servicer finally deals the last blow: "your investor doesn't allow modifications, AND foreclosure actions have begun." 

These homeowners were set up and pushed to re-finance, then "marked" for foreclosure the minute they requested, or said, "well OK" to a modification. They were "set up to fail", and the biggest names in the securities market have made billions on this sure bet, and have had to answer for it. However, it is the homeowners and the investors who have to pay dearly for it. 

And this is just ONE type of fraud homeowner’s face. I can think of about 10 other different types of fraud these lenders and servicers use in an attempt to bombard homeowners right out of their homes. Every day I am amazed at the greed in this industry, it seems to be getting worse not better. 

Mr. Mudd, when I read your comment I felt as if you were living on the very outer edge of this on-going tragedy; do you live on a safe perch? Is your job and your home extremely secure? I'm glad for you, but if so, you must admit, you can not understand where people in fear of losing everything are coming from. 

You are absolutely oblivious to the real pain homeowners are feeling each and every day, by no fault of their own, by no fault of your own. 

God Bless Your Heart, people are having their homes stolen out from underneath them. I had over $100,000 in equity in my home, a 740 credit score, never missed a payment in 14 years on my mortgage. My loan was sold to Wells Fargo and it took them one year to completely ruin my credit and my mortgage account. I fought and I fought and I fought. All the while they told me they were working things out on my loan, but very sneakily and quietly, behind my back they foreclosed in a court action. I was in the hospital so I was served with no paperwork. Wells received a default judgment against me. 

I continued to work with the President's office, Cara Heiden, Sharon Cecil, Mary Coffin, Mike Heid, and Todd Boothroyd. I received promises, promises, promises, because this was their mistake my mortgage was restored, all was well, credit to my mortgage loan, letters to the repositories to fix their errors. 

Then they sold my home at a sheriff sale. 

What I'd really like, Mr. Mudd, is for these lenders to stop committing fraud. I'd like them to acknowledge their illegal affidavits, make recompense for their wrongful foreclosures, and I'd like them to willingly fix the system. That is what I would really, really like.

Mike Mudd • You certainly make a point if there has been miselling then there is a legal case to answer. My comment is still valid imho which was not directed at the remortgaging of homes, but to people buying too much house just because money was cheap. I do not live in the US and the practices that you describe are illegal where I live. Clearly the US public have been let down by their lawmakers. I wish you luck in your case which sounds quite tragic.

Kelly Hansen • In the U.S., because lenders control a borrower’s ability to borrow based on their credit score and their annual income, it has never been possible to "buy too much house just because money was cheap." 

A "blame game" of putting the fault on the homeowner for the industries problems is simply a red herring introduced by the banking entities. They are desperate to move the focus off their fraud and failures. How they long for an ejection button out of that hot seat. However, with the recent Court rulings in Boston, New York, Florida, California, and Utah, it appears that hot seat is just warming up. 

And that makes me smile.

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