Double Standard here now…but they can foreclose on us using the worthless assignments!

[UPDATE]

Freddie Mac Tells Servicers NOT To Foreclose In MERS 4/1/2011

________

MERS Tells Servicers to Stop Foreclosing in Their Name

Scribd

Source: b.daviesmd6605

© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com

Livinglies blog:

Juan Pardo MERS/Ocwen cross employment. Have a dozen docs confirming this from NH/MA registries of deeds. Notarized in one place, executed in another, prepared in another.

Also, have confirmation of one Carla Tinoco, witnessing and notarizing Pardo’s MERS docs. Ms. Tinoco is also a confirmed Ocwen employee as she has appeared as Doc prep for Ocwen. Ms. Tinoco’s FL Notary registration also confirms business address of Ocwen:

http://notaries.dos.state.fl.us/notidsearch.asp?id=1264522

Commission Detail
Notary ID:1264522
Last Name:Tinoco
First Name:Carla
Middle Name:
Birth Date:07/30/75
Transaction Type:NEW
Certificate:DD 912557
Status:ACT
Issue Date:07/31/09
Expire Date:07/30/13
Bonding Agency:Atlantic Bonding Company
Mailing Address:1661 Worthington Rd.
Ste. #100
WEST PALM BEACH, FL 33409-0000

Scribd

Source: Juan Pardo MERS/Ocwen cross employment

New Obama Mortgage Plan: A Backdoor Bank Bailout

We are looking at tens of billions of taxpayer dollars again being funneled to the very banks behind the mortgage crisis.

March 24, 2010, 10:56 PM ET

By Nick Timiraos WSJ Blogs

Don’t call us, we’ll call you—that was the message on Wednesday from Bank of America executives who announced the bank’s new effort to modify mortgages by cutting loan balances.

Under the program, Bank of America will reduce certain loans by up to 30% in order to lower monthly payments for borrowers facing foreclosure. While banks have selectively used principal write-downs to modify loans that they own, Bank of America’s approach could represent the beginning of broader efforts by banks to add write-downs as a more common tool in their loan-modification arsenal.

Here’s how it works: only borrowers who had loans from Countrywide Financial, which Bank of America acquired in mid-2008, will be eligible. And only the riskiest loans will qualify: subprime loans, “option adjustable-rate” mortgages that have low initial monthly payments but that can adjust sharply higher, and certain prime loans that have a fixed interest rate for the first two years before starting to adjust annually.

The program is also limited to customers who have missed at least two consecutive payments, who can demonstrate that a financial hardship prevents them from making payments at the current level, and whose loan balance is at least 120% of the estimated home value.

Bank of America will go through its loan book to see which loans might qualify for reductions (while checking property values to see which ones are far enough under water), and then the bank will reach out to those who may be eligible. “Our customers do not need to take any actions at this time,” said Jack Schakett, a credit-loss mitigation executive.

Why all the qualification restrictions?  For starters, banks and policy makers have long worried that they could up end the housing market if they offer principal write-downs too widely. Borrowers who are current but who owe more than their homes are worth, known as being “under water,” might stop paying to get a better deal. So it makes sense to start with a narrow pool of borrowers, particularly one that already has sky-high default rates.

Another reason: Bank of America is offering these modifications as part of a settlement reached Wednesday with the commonwealth of Massachusetts. The settlement is fairly detailed in prescribing what kinds of modifications Bank of America has to take with its Countrywide loans. (In an interview, Massachusetts Attorney General Martha Coakley said she pushed for principal reductions in the settlement because she didn’t want any bank to be “modifying a loan for the sake of modifying it, and finding two months, or six months, or a year later that it’s still going to be foreclosed on without getting to the root of the problem.”)

Bank of America says that around 45,000 borrowers could see their loan balances reduced with an average reduction of more than $62,000.

Bank of America’s approach has an interesting design feature in an attempt to prevent homeowners who are still paying their loans from defaulting and becoming eligible for the program. Loan balances aren’t reduced in one clean strike. Instead, Bank of America is offering what’s called “earned forgiveness.”

The program works like this: for a borrower who owes $300,000 on a home worth $200,000, the bank would reduce up to $100,000 in principal and place it in an interest-free account. For each of five years, the bank would forgive another $20,000 as long as the borrower continued to make payments and until the borrower was returned to a 100% loan-to-value ratio. If home prices have recovered by the fourth or fifth year to meet the amount owed, Bank of America would stop forgiving money in the interest-free account, which would have to be paid off when the home is sold or the loan is refinanced.

To be sure, there are drawbacks. One big challenge in modifying loans has been the presence of second mortgages. Bank of America said it will modify first mortgages that have seconds behind them only when Bank of America owns the first mortgage in its portfolio. The government’s modification program, Home Affordable Modification Program, has faced challenges because borrowers haven’t been able to document their incomes, and those requirements don’t go away in this effort.

But it does offer an interesting test case to see if, for the riskiest and worst performing loans, borrowers will stick with a better payment program.

March 31, 2010, 12:16 AM EDT

By Prashant Gopal

March 31 (Bloomberg) — During the U.S. housing boom, even amateur investors could buy and sell a property within a couple of months and turn a profit. Today there’s nothing amateur about house flipping.

Homes with punctured walls and missing appliances draw multiple offers from professional investors at auctions in foreclosure-ridden states such as Arizona, California, Florida and Nevada. Competition is so stiff that experienced flippers such as Sergio Rodriguez and Brian Bogenn look back with nostalgia at last year, when they turned over 48 residences in the Phoenix area.

“A year ago, bums outnumbered bidders at the courthouse steps,” where many foreclosure auctions take place, Rodriguez said. “Now the bums are way outnumbered.”

Continue reading…BLOOMBERG

March 30, 2010, 3:32 PM ET

By Nick Timiraos

The Obama administration is stressing that the revamp of its foreclosure prevention efforts won’t cost any more taxpayer money.

That’s because the administration hasn’t come close to using the $50 billion from the Troubled Asset Relief Program (TARP) that it set aside for its loan modification program last year.

That money helps cover the cost of lowering borrowers’ monthly payments, usually by reducing interest rates and extending loan terms to 40 years. Loan servicers that handle mortgage payments also receive incentive payments for successfully modifying mortgages under the Home Affordable Modification Program, or HAMP. Borrowers are eligible for payments after one year in the program.

Separately, the administration said last week it would begin requiring banks to consider writing down loan balances for borrowers who owe 115% of their home value. Lenders will receive 10 to 21 cents of federal subsidies for every dollar of loan principal reduced, depending on the degree to which the borrower is underwater.

HAMP has resulted in just 170,000 permanent modifications so far and is being revamped to reach more borrowers. That means the $50 billion outlay from TARP has essentially become a housing slush fund that doesn’t require congressional approval for every new outlay or program change.

Here’s a look at where some of the money is going:

• $600 million in housing aid for five more states to spend through their housing-finance agencies. This was announced Monday. Ohio, North Carolina, Oregon, Rhode Island and South Carolina qualified for the aid because they have high concentrations of people living in areas with unemployment that exceeds 12%.
• $1.5 billion awarded last month to the original five “hardest-hit” housing states: California, Nevada, Arizona, Florida, and Michigan, which had the steepest home price declines.
• $14 billion earmarked to cover the costs of an initiative where the Federal Housing Administration will allow underwater borrowers to refinance into government-backed loans. Under that program, investors will have to write down loan balances so that the first mortgage is worth 97.75% of the home’s current value, and second-lien holders will be required by the government to write down second-lien mortgages so that homes have a combined loan-to-value ratio of 115%. The money will cover incentive payments to second lien-holders and offset the costs to the FHA from loans that default.
• $4.6 billion could be spent on the Home Affordable Foreclosure Alternatives Program, the administration estimates. This includes incentive payments to mortgage servicers, second-lien holders, and borrowers in order to encourage deeds-in-lieu of foreclosure and short sales, where a home is sold for less than the amount owed. Last Friday, the administration said it would double incentive payments to investors, lenders and homeowners under that program.
• Up to $10 billion under a program to provide more generous incentive payments for banks and investors that agree to modify loans in areas where potential home-price declines could make it more expensive to avoid foreclosure.

Source: WSJ

By: Carrie Bay DSNEWS.com 3/30/2010