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The Subprime Perps: Wall Street and Main Street Both

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Well it looks as though the giants at Wells Fargo and Washington Mutual are at it again. In the midst of a forebearance agreement my loan was sold from Wells to WAMU. However, the agreement which was similar to Annie's was not transferred and consequently my home was foreclosed upon. Since the FHA was involved, I'll have my day yet. The good bad and the ugly of this are yet to be played out. Hopefully, the good people of FHA will come riding over the hill to my remains.

of 11:29AM April 09, 2008

We are working with Wells Fargo Financial to pull our home out of foreclosure. What are they offering? $5,000 good faith deposit, two consecutive months thereafter of $1,500 per month (all with no written agreement, good faith estimate, or modification on their part) after that they said they write a "payment agreement" for 12 months at $100 less per month of our normal payment and then after the 12 months they want to bring it back to our normal payment ONLY at an ARM (adjustable rate mortgage of 8.75%) even though we have 8.25% now.
Interesting because they want this with a $5,000 good faith payment with no good faith agreement, payment plan, forebearance or modification in writing and then want to put us on an ARM at higher than our current interest rate after 12 months.
How is this working with homeowners? Basically, it seems like predatory lending, in that you either agree to terms that are worse than your current terms or lose your house and who's going to complain because they are already embarrassed about the sitution they are in and the bank can say, "well we tried to work it out but the homeowner didn't want to."

Annie of AZ 2:15PM April 08, 2008

For ten years, the subprime management methods infected World commerce. In that time, in almost every nation, finance organizations created subprime note generator organizations. These peculiar organizations were held off-the-books to protect parent owner organism.
It is unfortunate that USA finance organism first originated the UML models that spread into World finance. In addition, as the new models generated immense returns, non-USA financial organism felt obliged to cooperate or mimic USA models.
In a short time, non-USA financial organisms surrender their USA toxic paper to their Central Bank for redress. Every Central bank sees subprime note funds that exited their nation; and in redress, they expect full refund, interest, and penalties.
At this time, the FBI investigates financial criminal activities. RECO charges seem not coming. In this acceptance or organize financial crime then some see the USA government as an active participant.
Unless the USA acknowledges international law and courts, sanctions placed upon the USA bring financial debacle to all USA commerce.
Unless the USA demands and applies hardened ISO Standard bookkeeping with real-time functional active transparency, recovery seems beyond reach.
Some nations will lead international finances into and through this international subprime management affair.
Given that the USA recognizes international law and courts, then with functional ISO Standard bookkeeping (in sorting many international subprime management affairs) the USA may re-model international finances in a new and inter-active dynamic World commerce.
Thank you for your time and labour in my agendas.

Anthony Maxwell Taylor Fokker 3:12PM March 29, 2008

For ten years, the subprime management methods infected World commerce. In that time, in almost every nation, finance organizations created subprime note generator organizations. These peculiar organizations were held off-the-books to protect parent owner organism.
It is unfortunate that USA finance organism first originated the UML models that spread into World finance. In addition, as the new models generated immense returns, non-USA financial organism felt obliged to cooperate or mimic USA models.
In a short time, non-USA financial organisms surrender their USA toxic paper to their Central Bank for redress. Every Central bank sees subprime note funds that exited their nation; and in redress, they expect full refund, interest, and penalties.
At this time, the FBI investigates financial criminal activities. RECO charges seem not coming. In this acceptance or organize financial crime then some see the USA government as an active participant.
Unless the USA acknowledges international law and courts, sanctions placed upon the USA bring financial debacle to all USA commerce.
Unless the USA demands and applies hardened ISO Standard bookkeeping with real-time functional active transparency, recovery seems beyond reach.
Some nations will lead international finances into and through this international subprime management affair.
Given that the USA recognizes international law and courts, then with functional ISO Standard bookkeeping (in sorting many international subprime management affairs) the USA may re-model international finances in a new and inter-active dynamic World commerce.
Thank you for your time and labour in my agendas.

Anthony Maxwell Taylor Fokker 3:12PM March 29, 2008