HousingWire ignores its own data to blame “irresponsible borrowers” for mod defaults
Reality Check-
Yesterday HousingWire ran a six-and-a-half page big bank/mortgage servicer propaganda piece called “Living Large“, by Tom Showalter. The article, subtitled “A person’s lifestyle plays into whether they will pay their mortgage after a loan modification”, purports to explain why people default on loan modifications. Instead, it spins a bank-exonerating morality play not justified by the data supposedly being interpreted.
I’ll get to the morality play and the “irresponsible borrower” propaganda it represents in my next post to keep this one to readable length. First, to clearly show the wrongness of the bank-serving mythology being sold as its interpretation, I’m going recap the data the ‘article’ presents to answer the questions the underlying study apparently aimed at: why did so many people with mortgage mods made in 2009 default on those mods by 2011? And what needs to be done to make mods more successful going forward?
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
AF takes down housing wire, it needs to be taken down on a daily basis.
Well done. We need more accuracy and honesty when describing the welfare that Banksters enjoy, and how their irresponsibilty allows them to live large on everyone’s dime.
For many of us including myself, the bank approved the mod and then unapproved it months after paying timely and doing everything the banks asked us to do, then had the rug pulled out from under our feet due to the banksters upproved the loan for any reason they could come up with, like Obama changes, and turned hte mod payments into partial payments using the mod to literally drag us into foreclosure. Second the banksters and government haved continued the fraud causing the economic harm and income loss to deepen each year and we have less and less income to pay our bills due to the very frauds stealing the properties and whom have been proven to have committed the worst case of ecnonomic harm and economic terrorism in our history. We are being economically terrorized by these theives with very little help in sight. Even the judges in WA are ignoring the Bains V MERS EN Banc and doing SMJ dismissal granted to the fraudster lawyers and their schemmeing clients, that know full well they are not representing the parties of interest and stealing properties by fraud upon the court. Is Judges Dixon Thurston county Wa and Pechman in King County WA ignoring the MERS VS Bains EN Banc treason? Is it a misdeanor and years in prison and enabling fraud? If so they dont seem to care. If it is I hope this bites them in the ASS! Someday and all the crooks in their court room which would be a crime scene. Is it there choice to ignor this judgment by the WA Supreme Court justices? Is the MERS V Bains case mandatory law? or a joke?