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Warren blasts FHFA chief

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Mortgage Professional America | 19 Nov 2014, 02:13 PM Agree 0
Sen. Elizabeth Warren had harsh words for FHFA head Mel Watt today, saying he was moving too slowly on housing reform
  • | | 19 Nov 2014, 02:25 PM Agree 0
    how do I get my principal mortgage reduction?
  • where does it end | | 19 Nov 2014, 02:31 PM Agree 0
    Wouldn't it be nice if we could all just get a reduction in the amount of money we owe? Why stop at FNMA and FHLMC, why not just give every homeowner in the United States a reduction on their principal balance? Wait, why don't we give everyone a house??? Or better yet, why don't we get rid of Elizabeth Warren and her 1/4, no wait, 1/8, no wait, 1/24th native American ideas...
  • Ken A | | 19 Nov 2014, 02:32 PM Agree 0
    Typical Democrat, why isn't the government giving away money to people to help them out of a jam. Gee, I lost money on some stocks recently, can I get that money too. My new truck I bought in 2012 is worth less than what I paid, can I get a government handout for that difference. To pay for it, lets tax all of the people that bought houses at the bottom of the market and now are sitting on equity, that will fix it! God forbid that nothing bad ever happens to anyone in the good old USA. Just where do the Democrats find these whack jobs. Oh that's right Harvard university, same place the Democrats president comes from. Sorry Dems, but not every dime a citizen spends works out and I'll bet major bucks that most of those upside down refinanced and stripped out equity and that is why they are upside down. Come on Republicans, kill the CFPB and let the industry get back to making mortgages to people that can afford it.
  • | | 19 Nov 2014, 02:36 PM Agree 0
    I think she got voted in because she was an "attractive" candidate
  • Rex | | 19 Nov 2014, 02:38 PM Agree 0
    Right on, Ken.
  • Nancy V | | 19 Nov 2014, 02:43 PM Agree 0
    Liking Mel Watt more and more. Lizzy Warren is pushing politics the activist way because she is one. Lets pass it then actually read it.
    When you have to consider the consequences of principal reduction....who is eligible? And how does some Senator just come and blow a apart a contractural agreement. Watch out for her in 2016. She will make you want Obama back.
  • Charles Stidham | | 19 Nov 2014, 02:49 PM Agree 0
    Hey Sen. Warren and with all due respect: what do you really know about the situation? Corelogic doesn't know crap when it comes to the front lines of mortgage origination.

    Since the mortgage reforms enacted on 4/1/2011 the foreclosure rate for mortgages originated since that date is barely 1/2 of 1%. This country needs to stop giving out free lunches because it doesn't pay off in the long run. Just ask all those happy "ribbon cutters" for a wonderful project called "Cabrini Green". Watt is correct when stating you cannot reduce principal for one family and not do the same for everyone.
    That opens up Pandora's box.

    Besides where is Senator Warren's supreme intellect? Those mortgages are already securitized in the open market. You cannot simply just take chunks out of principal because they are probably tied to pension fund and mutual funds all over God's green earth. Shoot, it might even be tired to one of her own retirement funds.

    Get a grip on the situation and quit grandstanding to try and make yourself look smart on this issue.
  • Dave | | 19 Nov 2014, 03:09 PM Agree 0
    I will settle for HARP 3.......get yer done.
  • Perfparjer | | 19 Nov 2014, 04:22 PM Agree 0
    The irony is unbelievable. Senator Warren supports President Obama's unprecedented law breaking to allow more than 5 million illegal aliens, some terrorists, to remain in the United States. In the next breath she spouts some communist dictat and rational to force an Obama bureaucrat to force private enterprise to lose money via grants to underwater homeowners. I would think she was possible sane if she said get rid of Dodd-Frank first. And repeal laws allowing securitization of mortgages.
  • S Schneider | | 19 Nov 2014, 06:15 PM Agree 0
    Amen on getting rid of Dodd Frank (and CFPB)
  • Joe Martin Jr | | 19 Nov 2014, 09:52 PM Agree 0
    LOL! How stupid can this woman get? For all his years in Charlotte government and later in Congress Mel Watt has never, ever, ever been anything but a lackey for the Tryon Street banks. All one needs do is look at contributor list. Get a clue moron!
  • Small Business | | 20 Nov 2014, 10:42 AM Agree 0
    I never missed a payment, but had significant income loss. Put in for 9 modification, always being denied because the 'owners' refused to allow the modification. I was only looking to go from an ARM to a Fixed. Winds up after the 9th denial, I was told the mortgage was owned by the big bank servicer.

    So, unless FHFA and the AGs enforce the agreements with the banks, the real intent and not the BS, this is going to continue to lag the economy. Cutting principal, why? Shouldn't they cut the principal on the people who struggled, but actually never missed a payment as a reward vs those that just walked away. So you lost your job, fine, but did you try to make payments after you found new work?
  • | | 20 Nov 2014, 11:40 AM Agree 0
    The Banksters and Wallstreeters caused the economic disaster of the century and Nobodies asking for a free ride, so just stop with that and keep an open mind regarding the affect a foreclosure has on everyone and the economy, its just another endless black hole. Anyway heres the thing "keep it fair" "keep it real" and "keep it hones"t. The value of EVERY HOME IN THE 50 STATES WAS DIRECTLY AFFECTED BY THIS C.F. I lost my home with equity after 24 years by being set up to fail by none other than the BIG BOY wells fargo. aka BANKSTER and heres my story I lost my job got unemployment during the financial crisis time line and I applied for a mortgage modification and chased paper for 5 years. I made 2 different sets of Trial payments on time and prompt and correct. I dotted every "I' and crossed every "T" and I even applied for the EHLP (emergency home mortgage program) through HUD. (More paper chasing) but this time it seemed to pay off, because I was sent a letter from HUD on their official letter head via the US postal service, that I had QUALIFIED for a substancial amount of money to save my home from FORECLOSURE. I was sent an AWARD LETTER that CONGRATULATED ME for my EHLP award. Guess what? Wells Fargo my mortgage servicer, BLOCKED MY EHLP Grant that I had planned to use to pay off my home. They blocked my grant because they would not get the amount of money they were going to get and set me up to fail so they could FORECLOSE on my home of 24 years with record low interest rates and I HAD SUBSTANCIAL EQUITY and only a few more years left on my note to pay it off. MY RETIREMENT was my home. I feel so ripped off and set up to fail. YES I HAVE AN ATTORNEY and honestly He seems more interested in taking what little money I have left and has done little to help me. I am homeless now and couch surfing and motels when I can afford or its very cold and I hock something. Yes I am employed just very expensive to live these days. Rent is way higher than my mortgage but at least a renter in my home town located in Beautiful RICHMOND VIRGINIA is a NON-Judicial state and they can FORECLOSE & auction off your home on the court house steps after just 14 days of advertising, but renters ger 60-90 days in the Commonwealth of Virginia. I am seriously considering moving to another state after 54 years, my whole life here. I was set up to fail by WELLS FARGO my LOAN SERVICER & FREDDIE MAC my LENDER and the GOVERNMENT my PROTECTOR. and "Thats JUST WRONG"!!! I feel like I got caught in the crossfire between the banks the govt and freddie and fannie :/ Signed. Dana Trader
  • | | 20 Nov 2014, 11:58 AM Agree 0
    cont... by DANA How the banksters set me up to fail was if you have not figured it out its quite genious and brillant strategic move on their part to keep their pockets full of money by abusing the homeowner and keeping them in an active foreclosure status while the long drawn out QUALIFYING for a LOAN MODIFICATION was being done, (that never happend) (just a big tease) heres what happens they drain your EQUITY by stringing you along and applying MYSTERIOUS FEES to your mortgage balance and the next thing you know they are selling your home est @ $200,000 for just $75,000 on the court house steps and then an invester that is nationwide an is buying up all the foreclosed homes and flipping them, bought my home. Peppertree investments LLC paid cash for my home and were the only people @ the auction??INTERESTING. I am over the house they can have it, I just want my equity so I can at least have a decent start with something vs "0" Its really hard to believe that I rec'd a share of the Mortgage lawsuit against the BIG BANKS in 2012 and All the Attorney Generals office investigations and complaints and they the BANKSTERS just continue BUSINESS AS USUAL, the FORECLOSURES CONTINUE and they are in court as am typing today. I had ONE 30 year conventional mortgage @ 6.75% interest rate and I put $22,000 down to qualify when I purchased my home in 1992 for $92,000. I only owed $59,000 in the year 2009 when the economy was really crashing hard and the banks just kept juggling me from one PRESERVATION SPECIALIST TO ANOTHER and PAPER CHASING and teasing of a LOAN MODIFICATION after the 3 trial payments, and it never happend and they stripped my homes equity, set me up to fail, left me with "0" and homeless. And no one seems to care. Why are they the Banks given so much power over the government and why isnt someone from WF in jail for shady business practices like the MANUAL TO FORCLOSE THATS IN COURT IN WHITE PLAINS NY??? I am LIVID!!!! Signed: Dana Trader
  • Gordon Schlicke | | 20 Nov 2014, 12:43 PM Agree 0
    From what I've read, the courts have been very reluctant to entertain this idea. My guess is that if it is proposed it will receive a very cold reception in the legal community with a good chance of being quashed.
  • | | 20 Nov 2014, 01:33 PM Agree 0
    cont... by DANA part 3: I was set up to fail several more times before the foreclosure. You see I wanted a 15 year mortgage but they just had to charge me PMI insurance. (private mortgage insurance aka PMI ( and I had perfect credit score at the time) So school was about to start for my children (who are grown now). I had no choice and accepted a 30 year fixed and paid the PMI. I did however get a rebate a refund of some sort regarding the OVERPAYMENT OF THE PMI because there was a class action suit in regards to this and I was affected. I also got another refund for the second mortgage the bank talked me into, when i just wanted to refinance. oh no way that would have been to nice an FAIR of the FAIR LENDERS?? anyway what did happen is I got a 2nd mortgage with a balloon payment and with the two interest rates i was paying almost 10% they set me up to fail. (MY LENDER MY LOAN SERVICER) my mortgage was bought and sold and bought and sold several times in the 24 years. Not even sure if they have the original note and my attorney doesnt care and yells at me because evidently i work for him he thinks. I will deal with him later. Not competing with his brain right now. I did however pay off the 2nd mortgage and only had this 30 year fixed with under $100,ooo owed due to mystery fee and arrearages and late fees and attorney and they foreclosed on my home and sold it at auction for WAYYYYYYYY less than it was worth on record. the tax record in hanover county. $195,000- and they sold it for the original amount that I had financed when I bought the home in 1992. So the Banks made a landslide profit off the sweat off my back and I am left for dead. THANK YOU SO VERY MUCH WELLS FARGO and OBAMA YOU LIED!!!!DANA TRADER
  • M a r k | | 02 Dec 2014, 03:25 PM Agree 0
    here comes HARP 3.0.
  • | | 03 Dec 2014, 02:29 AM Agree 0
    walk a mile in my shoes, loose your home of 24 years with equity and watch the Banksters single handedly destroy our economy and set us up to fail while they take bailouts and destroy peoples lives by foreclosing on record numbers of homes due to the economy downfall that started in 2008. STOP BLAMING THE GD HOMEOWNER>
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