Thursday, June 25, 2009

Is anybody sick of this yet?

Making homes affordable?

Just so no record of the absurdity gets disposed of, there’s a list of the squaliforme mortgage servicers who are getting money to allegedly modify loans – while they’re really doing little more than luring people into signing agreements that indemnify the servicer from ANY wrongdoing.

Here’s the breakdown of our tax dollars going to ensure these giant squaliformes can get away with covering their legal liabilities by allegedly modifying loans:

The amounts below are incentive payments for mortgage modifications as part of the administration's Making Home Affordable program.

B of A (Countrywide) $5.2 billion
Chase Home Finance $3.6 billion
Wells Fargo Bank, NA $2.4 billion
CitiMortgage $1.1 billion
GMAC Mortgage $1 billion
Bank of America, NA $804.4 million
Credit Suisse (Select Portfolio Servicing) $660.6 million
Morgan Stanley (Saxon Mortgage Servicing) $632 million
Ocwen Financial Corporation $553.4 million
Lehman Brothers (Aurora Loan Services) $459.6 million
Wilshire Credit Corporation $453.1 million
Home Loan Services, Inc. $447.3 million

So the administration would have us believe that these billions are actually keeping people in homes?

Sorry. Reality will eventually catch up to the media reporting. These alleged “modifications” are failing at disasterous levels.

Why? Because they're not really modifications. They're barely concealed forbearance agreements. The whole strategy is to conceal wrongdoing and indemnify the parties involved – and the government’s program is pouring BILLIONS of dollars into allowing predatory servicers to lure people into giving up their rights to sue the perpetrators of schemes.

Just another example of “change” you can believe in.

Nothing has changed except how more tax dollars are spread around to keep the right people in positions of power and influence.

The Honorable Judge Roy Bean