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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 4:21 pm Reply with quoteBack to top

jwerner wrote:

Ask me...
Jason


Here's what I'll ask you:

- If you had made your mortgage payments to BofA, would they have attempted to foreclose?

- How is it that you got into legal trouble with both BofA and Indymac on your construction loan?

- What did you hope to accomplish by that conversation with an employee just doing his job, other than a vain attempt to make yourself look better, or smarter, or whatever? Did he really deserve for you to be a jerk to him? How Christian was that?

I just want to point out a couple of things here Jason. The vast majority of borrowers never have trouble with even one lender because they actually make the payments they have agreed to make. Yet you went through this twice with two different lenders - and of course both of them were corrupt and full of fraud as was anyone and everyone who ever worked for them. In fact, per your previous statements - pretty much everyone in the industry was corrupt and every company fraud-laden. You seem to be the only one who was honest and has a clean slate, in your opinion.

Here's a clue Jason - most of us on this forum are honest, hard working people who are simply trying to make a living, while trying to also improve our industry as a whole through education and reasonable regulation. With a few notable exceptions, we all want what is best for our clients and for the companies we work for. I dare say, if someone were to start a company, the contributors to this forum would make an incredible core base of employees. The collective experience, intelligence, frankness and integrity might be unmatched.

Personally, I am proud of our industry - despite its obvious bumps and pimples and boils. Over 35 yeras I have contributed to putting tens of thousands of people in homes they would otherwise never have been able to have without a lender to help them. And over the years, 9 out of every 10 of those have managed to pay as agreed. Have there been hiccups? Of course, but as an industry look at the millions of families we have helped. Look how many people are in homes because of FHA, USDA - and yes, even Fannie and Freddie. Incredibly Jason - they all operated quite nicely for decades with no serious problems or concerns. Yes, the last few years of excess are now biting us in the butt - hard. But even at that - how many families have a home because of "excessive" and "toxic" programs?

But...I, for one, am sick and tired of hearing your rants and vitriol toward everything and everyone in our industry, with absolutely no discrimination or discernment. The lenders, the mortgage companies, the brokers, the title companies, the closing agents, the Realtors, the appraisers, the banks, the secondary market - all are crooks in your estimation. Yet you offer no solutions to anything - ever - only your now tiresome diatribes.

That said, lenders should and must be held accountable - and that appears to be happening in the courts now. But talk about no standing - your credibility is below zero frankly. When you make a statement, I'm inclined to believe the complete opposite - because your past statements have been so outrageous as to lead me to conclude that you have a complete lack of objectivity, knowledge of the industry, or concrete solutions.

Rather than continued rants, I would encourage you to offer reasonable, realisitc solutions that can get us to where we need to be.
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jwerner
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Joined: 20 Jul 2008
Posts: 1140
Location: Cleveland, OH

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 6:13 pm Reply with quoteBack to top

BofA, in my case, was merely caught in cross-fire of a lawsuit filed by the thug Condominium Association (a few Board members were stealing Condos in the building). BofA never alleged as plaintiff that I missed any kind of payment. In fact, it was eventually learned that they had no standing in the case anyway. The recorded calls you hear online are merely from me being thrown into a calling queue with hundreds of thousands of other Countrywide/Bank of America customers.

As for the IndyMac lawsuit, I have "no comment" about that matter, at this time.

Most of my work is public, filed with various records departments, courts, [bar] associations, offices, et cetera.

People laughed at me and made fun of me years ago when I exposed the fraud by the banks and foreclosure mills. And some still make fun of me today. Oh well.

Here is the solution I've been proposing:
http://www.youtube.com/watch?v=gHksuIZwoq0

But all the crimes they are committing is involve jail time. We obviously do not have enough room for all the thug bankers. Restitution to investors, customers, and taxpayers is imperative.

We need to sift through every single one of these files (the ones in question), one-by-one. Which judgments need to be vacated? What are the damages?

We certainly have made progress though with the Enforcement Act of 2009, whereby more people are learning, but the feds need more funding and manpower to handle the failure of the regulators. Speaking of feds, there is a SoCal office collecting millions of documents in a consolidation to bring all the stuff through one central location.

Thank you for your questions and concerns.

Jason

_________________
Woe unto them that decree unrighteous decres, and that write grievousness which they have prescribed;
Isaiah 10:1
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 7:26 pm Reply with quoteBack to top

jwerner wrote:

Here is the solution I've been proposing:
http://www.youtube.com/watch?v=gHksuIZwoq0


Riiiggght. Clear, concise, reasonable, realistic...and gives us a clear direction on what the mortgage industry should look like and how we'll replace the FDIC. Perfect. And certainly reestablishes your credibility. Wow. How in the world did you not make it past the primaries with stuff like this?

I do thank you for proving my point though.


jwerner wrote:

...the thug Condominium Association (a few Board members were stealing Condos in the building).



I rest my case.

But the truth is, you have every right to post whatever you want to post Jason, just as I do. And if I don't like it, I can simply ignore it when I see your posts - just as you have very right to oginore mine (and I"m quite certain many feel about mine the same way I do about yours.)
So have at it. I do give you credit for absoultely sticking to your guns, regardless.
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jwerner
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Joined: 20 Jul 2008
Posts: 1140
Location: Cleveland, OH

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 7:39 pm Reply with quoteBack to top

formerlymtgguy4ever-2 wrote:
jwerner wrote:

Here is the solution I've been proposing:
http://www.youtube.com/watch?v=gHksuIZwoq0


Riiiggght. Clear, concise, reasonable, realistic...and gives us a clear direction on what the mortgage industry should look like and how we'll replace the FDIC. Perfect. And certainly reestablishes your credibility. Wow. How in the world did you not make it past the primaries with stuff like this?

I do thank you for proving my point though.


jwerner wrote:

...the thug Condominium Association (a few Board members were stealing Condos in the building).



I rest my case.

But the truth is, you have every right to post whatever you want to post Jason, just as I do. And if I don't like it, I can simply ignore it when I see your posts - just as you have very right to oginore mine (and I"m quite certain many feel about mine the same way I do about yours.)
So have at it. I do give you credit for absoultely sticking to your guns, regardless.


Ok, fine. I'll read it. You're calling me out that I ignore you. I'm all ears. What's your solution?

Regards,
Jason

_________________
Woe unto them that decree unrighteous decres, and that write grievousness which they have prescribed;
Isaiah 10:1
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MortgageDrummer
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Joined: 19 Nov 2008
Posts: 310

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 8:05 pm Reply with quoteBack to top

VFR RIDER wrote:
Now we have multiple servicers canceling foreclosures in 'judicial states" while the servicers review tha validity of their documents. We have all read the stories. There is no possible "excuse" for this level of incompetance, it was not an accident, it was not an oversight. It was pure indifference. Complete disregard for the law that is put in place to protect the consumer AND shareholders.


Of course it wasn't an accident! Now they can keep these negative assets off their books another couple of years...

For heavens sake! Of course!

Until people/public get it out there, the housing market will continue to suffer. Crying or Very sad Mad
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formerlymtgguy4ever-2
Dyn-o-mite!


Joined: 14 Dec 2009
Posts: 327

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 8:07 pm Reply with quoteBack to top

jwerner wrote:

Ok, fine. I'll read it. You're calling me out that I ignore you. I'm all ears. What's your solution?


...well, didn't mean to imply you DO ignore me, only that you have the right to.

And frankly I don't believe I'm smart enough to have all the answers. But then again, I am smart enough to not suggest the demise of something without something else to replace it. Eliminating FDIC takes us back to the 20's. What you have proposed in the past - no secondary market for loans, each lender retainng their own - will only serve to further kill the RE market.

Here's where we agree - where there is proven fraud, it should be prosecuted. LO, borrower, u/w, appraiser, Realtor, svp, evp, pres, ceo. But your definition of fraud is a bit more twisted than mine.

Moving forwrd:
Keep Fannie/Freddie as intermediaries to the secondary market. They make it cost effective for smaller banks and mortgage bankers to keep the funds flowing. Eliminating them only puts more power in the hands of the big banks - and we need competition. But their lending must be within limited guidelines and restrictions, as it wasprior to the mid-2000's.

Get the gov't out of the industry. Want a recovery?
- Loosen credit guidelines so lenders can lend, based upon sound, reasonable lending standards, not driven purely by high credit score. The days of underwriting out of fear must end.
- Allow limited "stated income" as it was meant to be - self-employed borrowers with a lot of cash who can truly justify what their tax returns don't show.
- Create a national clearing house for complaints against companies and individual lo's that can be checked by borrowers and potential employers (bank, broker or mortgage banker - all should be included.)
- Run ads to borrowers not to use LO's who are not members of the clearing house.

No more bailouts. Period. If you fail, you fail on your own. If the profits are privatized, so should the risk.

Allow individual liability for corporate negligence - don't let a fin'l services exec or employee take a risk unless there are deterrents.

Eliminate corporate political contributions and PACs. Lobbyists should not be allowed to buy influence.

Hire people from outside an industry as a watchdog, so good ole boys aren't regulating other good ole boys.

There are a few idea. Take your shot at them - I'd love the discussion. My mind is like a steel sieve so is open to change. (yeah, yeah, mixed metaphor.)
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jwerner
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Joined: 20 Jul 2008
Posts: 1140
Location: Cleveland, OH

Re: Headspinning Incompetance!
PostPosted: Tue Oct 05, 2010 9:16 pm Reply with quoteBack to top

formerlymtgguy4ever-2 wrote:
jwerner wrote:

Ok, fine. I'll read it. You're calling me out that I ignore you. I'm all ears. What's your solution?


...well, didn't mean to imply you DO ignore me, only that you have the right to.

And frankly I don't believe I'm smart enough to have all the answers. But then again, I am smart enough to not suggest the demise of something without something else to replace it. Eliminating FDIC takes us back to the 20's. What you have proposed in the past - no secondary market for loans, each lender retainng their own - will only serve to further kill the RE market.

Here's where we agree - where there is proven fraud, it should be prosecuted. LO, borrower, u/w, appraiser, Realtor, svp, evp, pres, ceo. But your definition of fraud is a bit more twisted than mine.

Moving forwrd:
Keep Fannie/Freddie as intermediaries to the secondary market. They make it cost effective for smaller banks and mortgage bankers to keep the funds flowing. Eliminating them only puts more power in the hands of the big banks - and we need competition. But their lending must be within limited guidelines and restrictions, as it wasprior to the mid-2000's.

Get the gov't out of the industry. Want a recovery?
- Loosen credit guidelines so lenders can lend, based upon sound, reasonable lending standards, not driven purely by high credit score. The days of underwriting out of fear must end.
- Allow limited "stated income" as it was meant to be - self-employed borrowers with a lot of cash who can truly justify what their tax returns don't show.
- Create a national clearing house for complaints against companies and individual lo's that can be checked by borrowers and potential employers (bank, broker or mortgage banker - all should be included.)
- Run ads to borrowers not to use LO's who are not members of the clearing house.

No more bailouts. Period. If you fail, you fail on your own. If the profits are privatized, so should the risk.

Allow individual liability for corporate negligence - don't let a fin'l services exec or employee take a risk unless there are deterrents.

Eliminate corporate political contributions and PACs. Lobbyists should not be allowed to buy influence.

Hire people from outside an industry as a watchdog, so good ole boys aren't regulating other good ole boys.

There are a few idea. Take your shot at them - I'd love the discussion. My mind is like a steel sieve so is open to change. (yeah, yeah, mixed metaphor.)


Firstly, allow me to clarify: I do not know it all either and I do not have the perfect solution to the problem. I do believe it is the best solution for the fastest way to effectively and efficiently get out of this mess, but there are certainly going to be flaws in it like everything else.

As for FDIC, the Act is entirely out-dated, and I'm sure most of their 4,000+ employees would agree, which is why Bair begged for her half a trillion dollar reserve fund. FDIC though barely even exists; it's a puppet of the too-big-to-fails. Bair herself has even said it needs some kind of mechanism to protect itself from the too big to fails.

With what do we replace FDIC? Let's simply REGULATE instead of INSURE. Know what I'm saying? In other words, I have no problem forcing Treasury-member banks to have insurance for deposits and things, but don't actually insure through the Treasury. This will cause the banks to go out there into the marketplace to find insurers (backers) such as what the credit unions do with ASI. This will also help with real money: precious metals. Now, we have a tangible asset backing up depositors' loot and/or insurance. We've essentially got one insurance company right now covering millions of depositors for FDIC-member banks, and then you've got the ASI depositors.

ASI is a great example. Their standards are such that their loans are nearly perfectly clean. I've researched quite a few credit unions under ASI. They don't have defaults. They don't file foreclosure. That's because they own and hold the note; I'm referring specifically to the ones that do not sell to the GSEs of course. Why not learn a few things from them?

You addressed the issue of political contributions.

All of my receipts are public record. There is probably a reason why probably no Planned Parenthood employees donated to my campaigns; no Citigroup employees donated to my campaigns; no GSE or even education people donated to my campaigns: They know where I stood on those issues. Funny though, I saw an employee of Ohio Lottery donated to my campaign, yet I'm the guy who wants to wipe out the worthless lottery (I don't now how that donation got through). Anyway, we cannot eliminate the way people donate. Lobbyists definitely try to bribe, no doubt (again, not one PAC gave my campaigns money, yet I was endorsed by Ohio Right to Life for example). THE SYSTEM IS THE PROBLEM. I reviewed Alan Grayson's recent receipts to see NO BIG BANKER or crook law firm donated to his campaigns recently, yet in the past they gave him tons, so now he blows the whistle. The system must be corrected. Why are Barney and Chris still getting huge contributions from crook bankers? Duh. They know where to go. I truly do believe much of this will be corrected once the laws are enforced.

Your section titled: Get the gov't out of the industry. Want a recovery?
-Firstly, we don't have the money to lend more to people.
-Bringing stated-income into this is unnecessary, whereas I say we simple go back to the old-school days of bringing the whole family into the bank at closing AFTER the approval process that included letters of recommendation, credit report, and no documentation for any kind of income because the income changes so frequently for people and it's too static of a figure during processing; the credit report itself shows that the applicant has had "x" payments and "y" credit lines, so the person should be able to continue with this or that new credit line
-an agency to accept complaints, well, we already have a ton of those, namely the FTC, OCC, OTS, AGs, and other losers, which is what they are and what they'll always be; agencies must regulate and enforce the law, which is what FDIC is running into - FDIC is too little and can't enforce the law against the big boys. FBI must be trained by real experts as well as USDOJ because most of the people there simply do not understand the complexity of mortgage transactions, even according to the Enforcement Act's Panel
The new insurance companies and precious metals backers will definitely want to ensure their own rating, credit, and stake is protected, so they'll be all over the regulators to enforce the law

Create an individual liability system, you suggest. I agree. I believe my plan does exactly that. Now, we have failure. Now, we reward good business. Now, we have happy customers. Now, we have courts that are not running around with their hair on fire because of the mass number of foreclosures because no bank will need to foreclosure or even want to foreclosure. By the way, we can still have mortgage insurance, but who will even want to mess with it???

As for a secondary market, oh boy. We need serious disclosure. Customers must be given explanations as to what all the companies in the pooling and servicing agreement are doing. I do not have a clue as to how to fix this. I want the sale of mortgage loans to still be available for liquidity purposes, but I don't now how to force disclosure - all eyes open.

This creates a consumer-friendly and banker-profit-happy deal.

Then again, most Americans do not like capitalism.

Jason

_________________
Woe unto them that decree unrighteous decres, and that write grievousness which they have prescribed;
Isaiah 10:1
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