In the newest SIGTARP Report dated January 27, 2016, reviewing the use of bailout TARP money and the shenanigans of your favorite large financial institutions to abuse and damage the people they received money to help, get your smelling salts and vapors because the findings are, wait for it, yes, loan servicers are still abusing homeowners and […]
The SIGTARP’s latest report to Congress issued July 29, 2015 chastises Treasury for its failure to question and punish loan servicers for their dismal HAMP numbers. Servicers who participate in HAMP are paid incentives, and are “required to offer HAMP modifications to all eligible homeowners.” Servicers “must follow the HAMP rules” and “Treasury has an […]
Highlights from the Special Inspector General for TARP’s latest Report: UPDATE ON UNIMPLEMENTED RECOMMENDATIONS CONCERNING HAMP TARP’s signature housing program, HAMP, has not provided enough sustainable foreclosure relief given the unspent TARP funds that Treasury has set aside. HAMP’s foreclosure relief is only sustainable if the homeowner does not fall out of the permanent mortgage […]
Urban Lending Solutions did contractor work for Bank of America on modifications. Earlier, we wrote a series regarding the testimony via affidavits of former ULS employees, who described a toxic policy towards homeowners. This excerpt is from a Bloomberg article by Hugh Son, full piece here: Paperwork Requests Instead of helping homeowners as promised under […]
SUMMARY* Home Affordable Modification Program The panel reversed the district court’s dismissals of diversity actions challenging the decision of Wells Fargo Bank not to offer permanent mortgage modifications to plaintiff borrowers. The panel held that under the Home Affordable Modification Program the bank was contractually required to offer the plaintiffs a permanent mortgage modification […]
This is in the “Dog Bites Man” category for those who have been paying attention since 2009. Full article here at Firedoglake. But as Amherst Securities Group showed in a new set of research, what we know from that sample size is that principal reductions perform quite well. Reducing the amount struggling homeowners owe on their mortgages […]
We have sued BoA over this same type of modification fraud. I can’t tell you how many people have walked into my office with stories of Kafka-esque behavior by BoA relating to their Trial Payment Plan, or their modification review. I’ve had schoolteachers clutching binders full of meticulously documented efforts to simply be reviewed for […]
Bank of America Lied to Homeowners and Rewarded Foreclosures, Former Employees Say by Paul Kiel ProPublica, June 14, 2013, 5:44 p.m. Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees. The […]
I have been posting excerpts from declarations from the In re HAMP case. To be clear, the plaintiffs’ lawyer, Steve W. Berman, of Hagens Berman Sobol Shapiro LLP is the attorney who should be credited with gathering this evidence, and filing it in the MDL. Kudos to him. It should also be noted that Berman […]
Where you and I might see a family, or a retired couple, or schoolchildren being kicked out of their home, BoA trained its employees to see a Target gift card or $500 for ten “targets” (wrongful foreclosures) met. From the Declaration of Simone Gordon, In re Bank of America Home Affordable Modification Program (HAMP) Contract […]
Beth Findsen Attorney 