Financial Crisis Inquiry Commission (FCIC) Report Angelides: “People Want To Know How This Happened and Why It Happened.” February 11, 2011 • 12:44 PM In his second interview with WNYC’s Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC’s Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what’s driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angelides said, adding, “we’ve created a very tangled web.” Saying that more aggressive federal action is needed, Angelides pointed out that in the 1930s, Franklin Roosevelt created a home-ownership assistance program, under which thousands of federal agents were sent out to help people negotiate with their banks. Angelides again urged people to go to the website, download the report, or purchase it from Public Affairs press or the GPO. “This is an important story: of what happened to this country, how we came to the verge of financial collapse, and hopefully there will be lessons learned here, so we do not repeat this… I think it shows there’s a tremendous hunger in this country still …
www.60minuteloanmod.com LOAN MODIFICATION Hardship letter – IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD So here’s some good—though much-belated—news. The folks who regulate nationally chartered banks and thrifts are going to start releasing data detailing if modifcations increase, keep the same, or decrease a borrower’s monthly payments, and then how well those modifications fare over time. (I won’t go into the details here, but a lot of modifications, counterintuitively, don’t lower what a borrower pays each month.) In March, we’re supposed to get data on what’s happened to loans in each category since receiving modifications in the first and second quarter of 2008.
www.60minuteloanmod.com LOAN MODIFICATION Hardship letter – IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD ….Second, the Board, along with the other federal financial agencies, has worked to guide federally supervised institutions as they deal with mortgage defaults and delinquencies. The federal financial institution agencies issued a Statement on Working with Mortgage Borrowers in April 2007, and, in cooperation with the CSBS, a Statement on Loss Mitigation Strategies for Servicers of Residential Mortgages in September 2007.
www.60minuteloanmod.com LOAN MODIFICATION Hardship letter – IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD Q What information will I need when I talk to my lender? You’ll need information about the monthly gross income of your household including recent pay; stubs if you receive them or documentation of income you receive from other sources; your most recent income tax return; information about any second mortgage on the house; payments on each of your credit cards if you are carrying balances from month to month; and payments on other loans such as student loans and car loans.
Cecilia Rouse, member of the Council of Economic Advisers, takes questions from the readers of Black Enterprise, theGrio, and Jack & Jill Politics on Wall Street Reform and how the new consumer protections will affect African American communities often targeted by predatory lending.
Weekly jobless claims up more than expected •the number of workers continuing to filing claims for unemployment benefits topped 6.1 million www.msnbc.msn.com Top Freddie Mac official dead of apparent suicide •The acting chief financial officer of Freddie Mac was found dead in his suburban home in Virginia mobile.latimes.com Existing-home sales fall 3% in March www.marketwatch.com Recession linked to more abortions, vasectomies news.yahoo.com FDA expands access to Plan B for 17-year-olds www.msnbc.msn.com A dismal real estate market can be a good time to purchase a bigger house www.msnbc.msn.com Apples 2nd-quarter profit beats expectations •Strong sales of the iPhone helped Apple Inc. lift its quarterly profit 15 percent www.msnbc.msn.com UPSs profit plunges more than 55 percent to 1 million as revenue dropped more than 13 percent www.msnbc.msn.com
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy. There are a …
00 Tax Credit for First Time Home Buyers with Low Down Payment. Lender Finance Program with Low Payment and Fixed Interest Rate on FHA Mortgage and Government Assistance. Go To realestatemarketingthisweek.com Part 8 (Excerpt) Analyzing tax returns for self employed and small business owners; Use a Mortgage Planning Expert Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees. Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back. I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income. In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a …