Reuters-
One of the U.S. government’s largest mortgage aid programs will suspend foreclosures for 90 days in areas affected by megastorm Sandy, U.S. Housing and Urban Development Secretary Shaun Donovan said on Monday.
“I directed all FHA (Federal Housing Administration) lenders to impose a moratorium on any foreclosures for 90 days in disaster-affected areas. We don’t want families to be victimized twice, once by the storm, and once by a forecloses,” Donovan told reporters on a conference call.
[REUTERS]
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Would someone please inform Shaun Donovan that nobody listens to what he thinks is ‘nice.’ Servicer Option One/aka AHM/aka AHMSI/aka Homeward Residential left an MVX (despite do not call) on my cell phone AS I WAS: tarping the roof, bailing the sump pump, trying to remember the substitute for lamp oil, and sealing drafty windows/doors with packing tape. The message from Bangalore (faster than discernable with thick accents)- always the same from rotating US cell phone numbers that you can’t get thru on- “Call the bank.” When you ask “What bank?” the response?- they don’t know.
This is our HUD official who painted a happy face on His settlement with the AGs & banks, who was so disenchanted by states taking the money to plug budget shortfalls instead of providing relief to intended homeowners. Any Homeowner seen any $ yet? 25 BILLion settlement with no restrictions on use?!? (Oops Shaun!)
Don’t mistake all those pats on the back you got. Those were bankers, not citizens Shaun, muttering to the side, we sure hosed these guys. Again.
The bankers and servicers are ruthless. And You did not a thing to stop them. In fact, your (in)action institutionalized their behavior.
Another memorable line of yours: “Homeowners were not harmed.”
Please reconcile that with your above: “We don’t want families to be victimized twice, once by the storm, and once by foreclosure….” Sure sounds like harm to me.
You had them where you needed them, and chose to set them free on homeowners. Your above dictum is lipservice, a pretense of ‘Don’t hurt my people.’
Here the deal is that none of those loan can be foreclosed upon anyway and that because there is not a debt against the properties because the blank endorse (UCC3) Note, debt & title are all separated and one without the other is an a contract that no good.
Ginnie Mae under HUD is running a good old fashion Ponzi scheme. Could not let this scam out before the election.
Important addition: FORCED PLACE INSURANCE. Where are those $10 an hr “home inspectors” now who run like lightning when you catch them walking around your home taking notes to “protect the bank’s asset?” Do they not come out in inclement weather?