Groovy Stuff: Is Your Lender A Patriot Or Terrorist?

Monday, March 2, 2009

Is Your Lender A Patriot Or Terrorist?

An Open Letter to Our Home Loan Lenders.
I am writing you to request an immediate note modification as already allowed for by all your investors. For years, Freddie Mac, Fannie Mae, HUD and the VA have had foreclosure mitigation standards for note modifications in place. They allow for principal forgiveness and interest rate reduction to market or below market rate. That begs two questions: 1) why have lenders not followed them before, and 2) why have lenders instead chosen their senseless fanaticism to foreclosure?

As you know, President Bush has blamed the collapse of the American economy on “too many houses were built.” You and the other home loan lenders financed those “too many houses built.”

President Bush signs HR 3648, The Mortgage Forgiveness Debt Relief Act of 2007. It created a three-year exception for debt forgiveness on home loans.

Home loan lenders are increasingly being accused and * proven of pandering, Unclean Hands and being a threat to American economic interests and security. President Bush and millions others are rightfully blaming lenders for the American recession. Unreasonable lender insistence on foreclosure is driving the American economy further into recession. That is an increasingly contemptible tactic as it pushes us nearer to global depression.

Home value continue to go down because of lender initiated foreclosures. Lender foreclosures only make the recession worse. They drive home values further down as they add to the already enormous inventory of houses for sale.

Because of home loan lenders previous illegal lending practices and now irrational frenzy to foreclose in violation of their own investor existing guidelines, home values have dropped further putting me upside down. Your loan to me is more than the current value of my home.
The Feds, to boost the American economy, have recently done several aggressive emergency fund rate cuts. They have stated they will continue to cut interest rates to stimulate the economy. Those interest rate reductions should be passed through to me. Your investor guidelines even allow for it, and strongly encourage it, to avoid foreclosure.

Realtors are correctly not interested in taking any more listings for upside down properties as they are flooded with them and can no longer afford the costs to market a declining in value product.

Permanent loan forgiveness and permanent interest rate reductions would immediately put a floor under the collapse of housing prices. That would pull America out of this ruinous recession. Are you a patriot or a terrorist?

For a patriot, a note modification is the only answer. Without a note modification, I am facing bankruptcy. Bankruptcy attorneys are getting court-ordered note modifications. It is against public policy and unconscionable to throw people out of their homes because they are upside down because of lenders previous illegal lending practices.

The American Congress, President and Presidential candidates all support a freeze of several months on foreclosures, and a freeze of several years on upward interest rate adjustments. Senator McCain said that “the home lenders created the housing problem, they have to solve it, NOT the American government.” So, solve it. Follow your own investor foreclosure mitigation standards for note modifications. They have been in place for years.

My proposal is fair and reasonable as the current interest rate and the current fair market value of the house support it. I propose a note modification of an interest rate reduction to a fixed 4.000% and a debt forgiveness of $175,000, with a 30 year fixed fully amortized loan.

Sincerely,

cc: US Senators Obama, Clinton, McCain, Reid, Ensign
US Representative Pelosi

* Gledhill, Maree, King, Sickler & Kahan, Barry & Countrywide, Clark & First Centennial Title, Vaughan, Stewart & Wells Fargo, Mapes & Prudential Nevada Realty; Zane, Dugan, LeGault, First American Title & RemCor Realty, Homier

P.S. How about cleaning house and prosecuting these * evildoers and putting them on your banned lists?

The photo is from: www.ace-clipart.com

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Consumers are Less Likely to Keep Their Opinions to Themselves

Everyday consumers of goods and services now have the Internet to describe their experiences with businesses and those businesses’ employees.

Government executives, administrators and all government employees, businesses, both non-profit and profit, legal and not legal, and every single one of their owners and employees, and all religious participants are ever increasingly more vulnerable to exposure, and accountability.

Consumers have become bolder that their payment means total accountability for what consumers paid for. Consumers are less likely to keep to their place, do as they’re told and keep their opinions to themselves.

Today’s governments, businesses or religions that dismiss or ignore consumers do so at their own risk. The Internet is free at public libraries, free at many businesses and free to anyone that wants to crawl on to it from a nearby wireless connection. Consumers of these goods and services more often than not relate bad experiences over good experiences. Exercising their freedom of speech rights where legal and illegal in other countries, they not only spell out and link the offending business’ name and location, but also the offending employees and/or owner’s names and locations. They spell out in great detail, and link with supporting documentation, their complaints.

I am glad to see “Gone are the days where settings from Auschwitz to Abu Ghraib contaminated in isolation both superiors and subordinates.” I am glad “the Internet is real-time exposure forcing attention, and repercussions.” I am glad “The result has been an increase in holding others accountable, just saying no and exposes.”Governments, schools, teachers, businesses, attorneys, judges, Realtors, home loan lenders, doctors, mechanics, hospitals, religions, etc. should be “relentlessly interviewed, closely monitored, increasingly resisted, and constantly scrutinized.”

“Online exposes and nastiness” happen for a reason.

Reasons like bad customer service or injustice. “As the realization sinks in that the Internet is also a real time conduit of ones’ reputation,” customer service will be deliberately forced to get only better.I have come to the recent conclusion that the Internet has made the Better Business Bureau a dinosaur. The BBB does not publish what the complaint is, and without that, the complaint is useless. Complaints made to the BBB about businesses not providing goods and services as advertised or legally required, bar associations about lawyers lying and taking client’s money but not doing what they were paid to do, Realtor associations about Realtors clearly violating written ethics rules, ethics committees, commissions, etc. should not be private. Instead, all should be public.

That’s another reason why there is an increase on the Internet of complaints and exposes. Too often, ranks have closed in around an offending member and protected them rather than hold them accountable. Or worse, the accused makes threats against the complaintant and witnesses, or bribes are offered by the accused and accepted by the investigator(s), prosecutors and/or judges.

The Internet is the medium to not only expose the offending member, but also these cover ups by those paid to investigate, judge and punish offenders.Public records are public to protect the public. That’s why our publicly elected officials voting records are public. That’s why publicly elected officials can only have public meetings “putting their opinions and conclusions easily available to everyone.” That’s why all complaints, investigations and outcomes should be public.

As MadMax wrote, “Remember, we have a legal system, not a justice system.”

HOWEVER, "Government is instituted for the common good; for the protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men; therefore, the people alone have an incontestable, unalienable, and indefeasible right to institute government; and to reform, alter, or totally change the same, when their protection, safety, prosperity, and happiness require it."

John Adams, (2nd President of the United States of America), 1776 (Thoughts on Government)

Groovy Stuff

Monday, March 2, 2009

Is Your Lender A Patriot Or Terrorist?

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Consumers are Less Likely to Keep Their Opinions to Themselves

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