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| Did BAC Cheat HAMP? in forum [Market-Ticker]
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12bolt
Posts: 163
Incept: 2009-08-24
Blueridge
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Quote:Can someone tell me once again why the American people don't rise and demand that these institutions be closed and broken up Nice article this morning! I'll posit my answer to this question: Because most people aren't being affected yet, and as long as they're getting theirs they don't give a flying ****. And second, because the majority of our MSM coverage on the fraudclosure mess has placed the blame on people who borrowed the money. That makes it easy for those who still have jobs, current mortgages, and some disposable income at the end of the month to ignore it and blame on it dumbasses who borrowed too much money. I don't dispute the idea that the borrower is to blame (at least in part). But as you astutely point out, the MSM/poltiicians rarely if ever mention the fraud and unethical lending practices, nor the outright theft of packaging subprime backed MBS as first class investments. That's why it's still going on, and until the people of this country take a figurative 2x4 upside the head and really feel some pain, that's the way it's going to stay in my humble opinion. YMMV |
Snowmizuh
Posts: 1377
Incept: 2009-03-18
Alabama
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Just one data point: I am BAC and got a successful HAMP mod. They were pretty responsive after I got to the right person in the mod department. They even fixed some dings on my credit report for not paying during the trial period. Those were expunged. I know it's popular to hate on the banks but honestly the folks who helped me were very nice. Just like anything, there are human beings that work there.
The problem with this whole approach is this: I bet there are several folks similar to my profile that DIDN'T get the mod. They have a case... I was a bulldog though--calling every day just about.
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Flaps10
Posts: 5356
Incept: 2008-10-17
seattle
Online
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Snow, that person probably got demoted for helping you
HAMP =. Banks offered $25 to talk you off the ledge and $50 to clean up the bodies.
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"Better to die on your feet than live on your knees"
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Eighty6thebs
Posts: 4210
Incept: 2007-06-26
It's contained to sub-prime!
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I had a BAC Mortgage and tried multiple time to refi it under the HARP 2 program. They stuck to a computerized appraisal that was 25% below market and used that as justification to offer an interest rate that was not competitive all while telling me it was a good deal as I would have a lower payment with their new quote. I finally yelled at them on the phone and said “the lower payment is because of the lower new loan balance based on what I’ve already paid down and not any interest rate savings you retard! You want me to pay you thousands in fee income so I can get a new 30 year mortgage with basically the same interest rate and you think that’s a deal for me?”
BTW - I just completed the refi through an internet group that did a real appraisal on the house and it was nowhere close to the BAC computer number. The refi went through with no issue at 4.00 on investment property when BAC wanted 5.25.
The best part of the entire process was logging on to BAC's web site and getting a message saying "you have no accounts with bank of America".
Good riddance. I'm sure now they will buy the new loan back LOL.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Randy123
Posts: 5860
Incept: 2008-09-24
Earth
Online
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If you told me BAC killed Santa I would believe it.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Mannfm11
Posts: 3608
Incept: 2009-02-28
DFW, Tx
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I think the reason these guys haven't committed any crimes is banking is organized crime chartered by the government and they are merely doing what they bribed themselves into position to do. We don't know that these politiciians haven't been told they would join the dead Kennedy's. They damn sure can't be that stupid to actually believe what they say. The bankers aer rubbing our noses in the ****. Stuff like this may have been going on for a long time. You might never notice a sink hole until your house falls into it.
I do know that I read an article in Newsweek, or US News back in 1993 about the Russian mafia. Once I digested what it said, I realized that organized crime was crime run somewhat under the sanction of the government. It might even be against the law, but government assistence was involved. I guess organized really means there is a structure, a boss and such, but the attorney at law is in the government. I learned banking was a rigged game, but I never knew how rigged it was until 2008. The S&L's and big banks in Texas went broke in the 1980's. They closed them and changed the name and reopened them. I think it was only Indymac, Wamu and Wachovia and the 2 wall street banks as far as sizable firms and all, save LEH were shoved into other entities. That is, if you don't count FNMA, FHLMC and AIG. We know about unions and the automakers in general. The whole thing was nothing but a too big to fail crime game. The top man of every one of these outfits could technically be in prison. How many men and women in Congress are obilgated to these guys for their treasury's, thus these guys own a key to ours and a stack of Don't go to jail free cards?
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Eighty6thebs
Posts: 4210
Incept: 2007-06-26
It's contained to sub-prime!
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The thing about banking we all need to recognize, is WE HAVE THE CHOICE TO NOT USE THEM. I'm not talking about the few bucks a month I***** away on ATM fees, I'm talking about the thousands a year most of us feed them in the way of interest payments.
We've all decided we'd rather live in the big fancy home now instead of finding another way until we can build it for cash. Many of us want to drive that new car now instead of saving a few years for it and paying cash. We enable this ****. If you're serious about stopping the abuse, just stop using their services. Teach your kids to save first, spend second, and never borrow instead of the new American way best said by Chase in their credit card commercials where they actually play " I want it all...I want it now" in the background.
Wake up sheep. I’m guilty to but I’m doing something about it. I’ve been busting my ass for 5 years to eliminate all debt including the mortgage and if I stay on course, in 2 years I’ll be 42 with no mortgage and no other debt. Then these banks can go straight to hell. If they won’t pay me a reasonable return on my savings, I’ll pull that to and have zero dealings with them.
Large long-term debts = slavery. I’m here to be free.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Mannfm11
Posts: 3608
Incept: 2009-02-28
DFW, Tx
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Here is a link that is interesting. I was at a meeting 15 years or so ago, where a guy presented a challege in a bankruptcy proceding where he listed a series of cases that specifically prohibited banks from lending their own liabilities. He said the judge refused to rule on the motion because he wasn't going to bring down the American banking system to make a ruling in favor of this motion. I might still have this document. Because even knowledgeable people look at banks as lending money and not creating it, this angle is hard to understand by a lot of them. We have seen what happens when their scheme goes bad and clearly it goes bad because they loan money the don't have. It goes beyond over leverage, because over-leverage is probably no more than 2 to 1 capital to liabilities. What a bank does is create credit and at the start, it is nothing more than a credit entry in an account. They don't need any money until the credit leaves the bank, at which time they borrow it or create a new liability with new accounts. The process is 180 degrees of how people think of it. If one bank had all the business, one would see they never did anything but create a liability for themselves when making a loan. So what is the borrower borrowing? Or what is the bank lending? I have heard it described as the bank is lending a person their own credit. I believe the loan is a created liability of the customer, thus the borrower is borrowing their own liability, something that wouldn't exist unless he signed on a credit contract. Thus the contract itself is the money and the bank, for a fee, makes the debit and credit entries and runs the scheme.
http://www.oftwominds.com/blogmar12/mone....
This blog links to this court case.
http://www.lawlibrary.state.mn.us/Credit....
BTW, the owner of this blog, Charles Hugh Smith, I believe wrote the forward to Karl's Leverage book. Not only do we need to prosecute these guys, but we need to change how banking is done. Money from nothing is a scheme that, if understood by the populace, could bring about a chaotic revolt. These guys aren't rock stars in getting their money or nothing, but instead the operators of a shell game
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Mannfm11
Posts: 3608
Incept: 2009-02-28
DFW, Tx
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86, they will bribe your local officials to issue bonds. If the people don't vote for bonds, they will let your city or town rot to the ground. Goldman Sachs isn't the vampire squid, but merely an arm. Internet commerce couldn't go on without the payment system of credit. They make a fee off every transaction. Bankers have already made more money off the internet than all others combined when you sum up the losses and figure in the inflated stocks that were pumped and dumped.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Eighty6thebs
Posts: 4210
Incept: 2007-06-26
It's contained to sub-prime!
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I have no issue with transaction fees that cover a network. We do have other network options (cash, barter, paypal, whatever). True I can't stop the other retards in my county for voting for bonds but if enough kids were brought up understanding and hating debt, those would not pass either. The banks market like DeBeers....they brain wash everyone into thinking we need their service when we don't. This is a failure of basic education and parenting....not of the banks and other leeches that prey on stupid people.
America is dying because we’re not educating our kids. They don’t understand debt. They don’t understand math, limited resources, capitalism, the concept of a republic vs. a democracy, the limited power granted governments in the constitution, basic economics…I could go on.
It’s our fault as parents. We turned ourselves into debt slaves by borrowing piles of money in our personal lives to buy homes, second homes, boats, cars, watches, vacations, you name it….a pile of debt so big it forced both parents to work 50 hours a week to service…we turned education of our children over to the state…and we get what we deserve. I’m hopeful this whole system will collapse in a giant heap and from it emerges the family unit, with a single wage earner, living in a reasonable home where kids learn core values again.
You’ll see me say “hit the gas Thelma” in many thread responses….it’s my way of saying I don’t think we can fix our problems incrementally through government in time to matter and the sooner we crash, the sooner we reform this mess and start the healing process.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Mcmwest
Posts: 134
Incept: 2009-04-06
Western Kansas
Banned
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Mann, Thanks for the links. I read this a long time ago and had been trying to remember the details.
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According to NBER the recession ended in June 2009 so if you're broke and out of a job its all in your head.- Jay Leno
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Spanktron9
Posts: 2879
Incept: 2009-03-13
Reality.
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KD- Didn't read the ticker, but... Quote:Did BAC Cheat HAMP? YES!
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"Winter is coming." -Motto of House Stark
"Mo'lon La'be"- Leonidas
"Strong people are harder to kill than weak people, and more useful in general" - Mark Rippetoe
"Its like Calvinball."-MarvinMartian
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Tarmoney
Posts: 339
Incept: 2008-01-23
LI, NY
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See my sig line...
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"Then have a recession. It's a financial enema for a sick animal." - Rick Santelli I really can't wait to see all these guys twist on the rope... -me   |
