If you're trying to get a loan modification, you might be interested in this from the LA Times.

Condo owners take note: your neighbor's financial woes might become your own. See the Miami Herald for more. Which reminds me, if you own a condo and are hoping to refinance, you might be interested in this Boston Herald article.

Ever wonder how you get targeted for all those pre-approved offers, or multiple other offers and solicitations you get? See what Credit Learning Center has to say.

The price of oil is up over $119 this morning. Yesterday I met with a client who told me that their oil company was not offering contracts that would allow them to lock in their price for next winter.

Democrats in Washington have proposed a new government backed loan to help homeowners whoa re facing foreclosure. There's a catch.

...lenders would have to agree to wipe out part of their debt. And the borrowers would have to show they could afford the new mortgage. They also would have to agree to share any future profits on the home with the government.

Read more here.

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From FoxBusiness: a look at the legislation Congress is mulling over to give bankruptcy judges more authority to modify residential mortgages.

Have you ever heard those radio commercials touting "debt elimination?" It usually has an announcer proclaiming that "my plan does not reduce your debt, it eliminates it!" One commercial in particular on a local station also has a speaker who says "using this system, I will be able to pay my 30 year mortgage in just three years making only the money I am making now." That sure does sound too good to be true. Well, it was a bad week for two scam artists from California who ran such an out. The Mercury News reports that on Tuesday they were sentenced to more than 25 years in prison for mail fraud.

Actually, this bit is yesterday's news, but it's worth mentioning: The New York Times reports that the mortgage crisis is not only affected lower and middle income borrowers. According to the report "affluent consumers with annual incomes of $100,000 or more ... are increasingly being ensnared in the home mortgage crisis."

And finally, here's something we might want to think about this weekend: is the US Dollar on its last leg?

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From the Globe: Massachusetts bankruptcy filings are up 22% from last year.

Massachusetts Democrat Barney Frank presents his case for a housing rescue.

The slowing economy is not keeping gasoline prices from creeping up and up.

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From today's Boston Globe: Brokers at Lehi Mortgage Services Inc. have been accused of fraud by the Massachusetts Attorney General.

Lehi Mortgage "engaged in a widespread practice" of submitting false information about bank accounts and incomes that "it knew or should have known were inflated," the attorney general's suit said.

Again, not a good week for Countrywide. There are reports that the FBI is investigating the mortgage company over possible mortgage fraud.

Sharper Image issued a press release announcing that it will be accepting gift cards once again. WIth some restrictions. More here.

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Congress is trying to move a bill that woujld give bankruptcy court judges more power to modify mortgages. From Law Professor Lynn LoPucki in today's Atlantic Journal Constitution:

...the bankers want to negotiate in an environment where they, not neutral bankruptcy judges, have the final say. But the Bush administration and the bankers have had their shot at the mortgage crisis. They announced many renegotiation schemes but accomplished few renegotiations. The bankers still don't have people in place with the knowledge, skills and incentives to deal with the crisis. The bankruptcy courts do. Congress should give the go-ahead.

Well said.

You may have missed...
Truth and Consequences: The Bankruptcy Debate Continues
Truth & Consequences Continued: Georgetown Study contradicts Mortgage Bankers Association Analysis

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Countrywide is not having a particularly good week. The New York Times reports that the US Trustee for the Southwest Region has brought suit in Miami against the mortgage company with claims it is abusing the bankruptcy process.

Today's editorial in The New York Times points out that despite a White House-backed mortgage industry group formed to help homeowners, these homeowners are not getting the help they need.

The IRS has decided to rehire private tax collectors.

Locally, the Boston Herald reports that the experts believe that the housing market will continue its decline in 2008.

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From PalmBeachPost.com: Family pets and animal shelters continue to feel the strain of the foreclosure crisis.

Has someone given you a Sharper Image gift card? That's a bummer.

As Congress debates some amendments to the bankruptcy code, there's news that bankruptcy filings spiked in February....at the highest rate since the law changed in 2005.

There has been some news about Countrywide (see the post from earlier today). They haven't said anything in response to the Atlanta, Georgia US Trustee's suit against them but they don't have a problem spending a reported $ 1.3 million on lobbyists last year.

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The United States Trustee has filed suit in the US Bankruptcy Court in Atlanta seeking sanctions against Countrywide Home Loans. From the New York Times:

“Countrywide’s failure to ensure the accuracy of its pleadings and accounts in this case is not an isolated incident,” Donald F. Walton, the trustee for the Atlanta region, wrote in a brief. “In recent years, Countrywide and its representatives have been sanctioned for filing inaccurate pleadings and other similar abuses within the bankruptcy system.”

In addition to a litany of other abuses, it is alleged that Countrywide accepted payments on a mortgage that had already been paid in full (the mortgage company had issued a "satisfaction of mortgage" acknowledgment).

I recall Countrywide commercials where some delightful spokesperson would proclaim: "Countrywide says YES!." According to a statement from Countrywide, they are not commenting on the pending litigation.

News of the suit is also reported in The Sydney Morning Herald.

You may have missed...
Is Countrywide Fabricating Evidence?
The US Trustee v. Countrywide

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Bad news: Check this out at Calculated Risk:

Moodys: 8.8 Million Homeowners Underwater

Mass. foreclosures rise 128% in January

Good News: T.G.I.F. (sorry, that's all I got... enjoy your weekend).

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I have a message to all of those folks out there who are hoping that the economy will get better, that their mortgage company will “work” with them, or that the government will do something to help them through the financial quagmire they find themselves in: the sun is not going to come out tomorrow. Perhaps more succinctly said: it ain’t going to happen. I know I sound really negative, but hear me out.

Contrary to what you may read in the news, there are not a lot of mortgage work-outs and rewrites going on. If you do not have equity in your real estate, you’re going to have a tough – if not impossible time trying to refinance. The same applies if you are behind in mortgage payments or if the income is not there to pay the monthly mortgage payments. If you got sucked into an exotic mortgage product with the hope that the value of your real estate was only going to appreciate, then if you think you’re in a precarious position now, it’s only going to get worse.

Property values are depreciating everywhere. If you think I am being melodramatic, read about what’s happening in Arizona, California and Maryland. Then look further.

Property values are starting to go below the mortgage notes secured by the property ….and this hurts even those who did not get into exotic loans. Read more here: here’s a homeowner that bought a home for approximately $400,000 and the value has dropped 20%. Let’s assume that the homeowner put down a $40,000 as a down payment. If the value has dropped 20%, that down payment has evaporated. Poof. All gone (and unfortunately, I have clients in a very similar situation). If the homeowner was in an interest only payment period, then none of those payments were being applied to principal. Without equity, that homeowner has little chance of refinancing.

In addition to all of that the economy is tanking. I am no economist, nor do I pretend to be, but I did grow up during the 70s. I remember the gas lines, the “WIN” buttons and the nightly news updates reporting the price of gold. At that time, it touched just over $800 per ounce. A few years ago, on this very site, I wrote that a rise in the price of gold should be expected. Here’s what I wrote on October 17, 2005:

[W]hat can we Americans expect in the days, months and years to follow? Expect foreclosures to sky-rocket. Expect real estate values to plummet. Expect a slow down in consumer spending. Expect lay offs and business closings. Expect the price of gold, an indicator of inflation, to push past its now 18 year high (a fact which is curiously under reported in the main stream media).

As I write this article, gold is over $900 per ounce. In October 17, 2005, the price of gold closed at $473.80. And we’re no where near the end of this mess.

I’m not the only one touting this fact: Treasury Secretary Henry Paulson is. Watch these videos at Calculated Risk. Mr. Paulson is asked: “Is the worst over?” His answer speaks for itself.

Despite the wishful (and perhaps understandable) thinking of real estate professionals, the real estate market has not hit bottom. The price of gold (and likely silver) is only going to continue to inch its way up to history making highs. If the financial storm has not hit you yet, be thankful but do not assume you are safe and secure on high ground. Think of it this way: the flood waters are still rising, and no one really knows where “safe” high ground really is. All you can do is be aware, pay attention and prepare because when it comes right down to it, “the worst isn't over, the worst is just beginning.”

In other words, the sun is not going to come out tomorrow. Please plan accordingly.

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Many times we hear that it is exotic mortgages with resetting ARMS that are fueling the sub-prime foreclosure melt-down. A new report from the State Foreclosure Prevention Working Group suggests something far more nefarious.

"A significant percentage of subprime adjustable-rate loans are delinquent before they experience payment shock from their first adjustment, reflecting weak underwriting or fraud in the origination of the loan," the report concluded.

More here and here (see link, upper right).

My question is this: they have found the fraud....now when are the indictments coming?

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According to a study released by the Georgetown Law Center, “there would be ‘no or little’ impact on home-mortgage interest rates if Congress moves ahead with pending legislation -- H.R. 3609, The Emergency Home Ownership and Mortgage Equity Protection Act of 2007) and Senate (S.2136, The Helping Families Save Their Homes in Bankruptcy Act of 2007) – designed to ease the U.S. mortgage foreclosure crisis by allowing modifications in bankruptcy proceedings.”

The study was conducted by Adam J. Levitin, Associate Law Professor at the Georgetown University Law Center and Joshua Goodman, Ph.D. in Economics candidate at Columbia University. It is entitled “The Effect of Bankruptcy Strip-Down on Mortgage Interest Rates.” From today’s press release:

There is no empirical evidence that supports a conclusion that permitting either strip-down or other forms of modification of principal home mortgage loans in bankruptcy would have more than a minor impact on mortgage interest rates or on home ownership rates. As there is significant evidence that mortgage interest rate markets are indifferent to bankruptcy modification risk, we conclude that permitting unlimited strip-down would have no or little effect overall on mortgage interest rates

Addressing MBA claims that mortgage interest rates will shoot up if Congress acts to address the mortgage foreclosure crisis, the Levitin/Goodman study concludes: “… statistically there is a zero percent chance that the MBA’s 150 basis point claim is correct. All empirical and market observational data indicates that that MBA’s claim of an effective 150-200 basis point increase from allowing strip-down is groundless. The empirical evidence indicates that there is unlikely to be anything more than a de minimis effect on interest rates as a result of permitting bankruptcy modification.

The Levitin/Goodman study continues: “The Mortgage Bankers Association (MBA) has claimed that permitting modification of mortgages in bankruptcy will result in an effective 200 basis point increase in interest rates on single-family owner-occupied properties… Our research on current mortgage interest rate spreads among different property types disproves the MBA’s claim. …More recent MBA press releases have claimed only an increase of 150 basis points, without explaining the 50 basis point decline from the 200 basis point figure featured in Congressional testimony.

Commenting on the study findings, Levitin said: “The overwhelming thrust of the historical analysis is that the effect of permitting strip-down on mortgage interest rates would be either nonexistent or quite small — nothing near the range suggested by the Mortgage Bankers Association. We explain the lack of market sensitivity to strip-down risk by reference to two sets of consumer bankruptcy data, one from 2001 and one from 2007, both of which suggests that lenders’ losses in strip-down would be extremely limited both in scope and magnitude and often total less than those they would incur in foreclosure.

The study findings indicate that the nature of the pending U.S. House and Senate bills make it even less likely that there will be interest-rate implications if Congress acts: “First, to the extent our findings are used as a guide for predicting the impact of pending legislation, it is important to note that both our current and historical data analysis is of the impact of an unlimited strip-down regime on certain property types. The proposed legislation in the House (H.R. 3609 with the Conyers-Chabot Compromise Amendment) and the Senate (S. 2136) do not propose such an unlimited regime for single-family principal residence mortgages. Instead, both bills would impose a variety of limitations on modification. Both bills would impose eligibility requirements in the form of a strict means test, limiting relief to those homeowners whose income is insufficient, after deducting modest living expenses allowed by the IRS, to cover their mortgage obligations. Both bills would also limit relief to subprime and nontraditional mortgage products. Moreover, for interest rate modifications, both the House and Senate bills set a floor for modifications of the market rate for 30-year conforming mortgages plus a risk-premium. The House bill would further limit relief to mortgages made between January 1, 2007 and its effective date, and has a seven-year sunset provision. Because of these proposed limitations, the pending legislation would likely have an even smaller impact than the unlimited strip-down regime we tested in our study.

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The Mortgage Bankers Association which represents the real estate finance industry is apparently not pleased with a report by the Center for Responsible Lending which urges reforms to the US Bankruptcy Code. According to David Kittle, the Chairman Elect of the MBA:

Policymakers should ignore this report as it is more rhetoric than fact. Bankruptcy reform is not the answer for consumers having trouble making their mortgage payments. It will drive up the cost of credit in the form of higher rates, larger down payments and greater closing costs.

Further, bankruptcy is a logistical and financial nightmare for consumers. Filing for bankruptcy is expensive and approximately two-thirds of all bankruptcy plans fail. Nobody should be holding it out as a better alternative to working with your lender to try to find a mutually agreeable resolution.

But the CRL is responding with a report that shows that voluntary loan modification fall short. You'll find a link to the PDF report, and the statistics here.

As for Kittle’s comments, I have no idea where the uncited reference to “two-thirds of all bankruptcy plans fail.” Where does that factoid come from? There are lots of reasons why bankruptcy cases fail, but there is no magical statistic that I am aware of. That's flat-out misleading. And as for a "nightmare", oh come on now. While none of my clients want to be in bankruptcy, they would rather keep their home and put food on the table, than live with the proposed "resolutions" offered by their lender.

And unfortunately, for Mr. Kittle, the sad news is that for an increasing number of homeowners, filing bankruptcy is the better alternative to working “with your lender.” The fact is, some lenders are unwilling (or for their own reasons unable) to “work” with a homeowner. When there can be no “mutually agreeable resolution”, bankruptcy is the better alternative. And until lenders start getting serious about modifications, and about their lending practices that got the country into this mess, that alternative will only appear better and better.

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The Dow has dropped 10 percent since January 1.

Some of the victims of the sub-prime mortgage mess are bigger than a bread box, have more than two legs and are very innocent.

Ohioans are wondering the government is to blame for the sub-prime foreclosure mess. Canadians are wondering if the housing storm will creep over the border. According to one report, forecasts are mixed.

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The foreclosure crisis sweeping the nation is also sending some mortgage companies into financial ruin, leaving many folks caught in the middle. Last week the Federal Trade Commission issued a new publication giving consumers advice on what to do if their mortgage company files bankruptcy.

The PDF of "How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy" can be found here. There is also information how to obtain the publication by mail.

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It has been reported that the US Trustee has subpoened records from Countrywide Financial, one the largest mortgage lenders - if not the largest. According to CNNMoney.com (and a New York Times report), in two separate bankruptcy cases in Southern Florida, the debtors

objected to Countrywide's claims of what was owed on their home loans. One couple contended that their mortgage payments were current, while Countrywide claimed $2,400 in overdue mortgage payments in that case.

Countrywide has not commented on the litigation. Yet.

Read more here.

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If the Federal Reserve cuts rates, mortgage payments should decline, right? Perhaps not.

Today's Boston Globe also reports on foreclosure rescue scams.

And finally, may Bostonians have noticed the number of new condominium construction projects that have sprung up over the last few years...and the building boom continues. But if you build it, the buyers will not necessarily come. Today's Boston Herald reports that some new condominium projects are finding that it is easier to rent the units rather than sell them.

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On October 31, a US District Court judge sitting in the Northern District of Ohio issued a decision involving Deutsche Bank’s attempts to foreclosure on a number of properties in Ohio. The bank claimed that the federal court had jurisdiction because there was diversity of the parties: the parties resided or had a principal place of business in different states, and the amount in controversy exceeds $75,000. The bank is not incorporated nor has a principal place of business in Ohio. The bank was not the original lender, but alleged it held an assignment of the mortgage.

On October 10, the judge ordered the bank to produce a copy of the assignment: “Since the Plaintiff bears the burden of establishing federal diversity jurisdiction as well as standing to bring an action, Plaintiff is ordered by October 17, 2007, to file a copy of these executed Assignments demonstrating Plaintiff was the holder and owner of the Note and Mortgage as of the date the Complaint was filed, or the Court will dismiss the Complaint.”

An assignment was filed on October 10. The document stated that the bank had been assigned the mortgage on August 13, 2007, and purportedly recorded on August 21, 2007.

The complaint was filed on July 27, 2007. In dismissing the foreclosure cases,

This Court acknowledges the right of banks holding valid mortgages, to receive timely payments. And, if they do not receive timely payments, banks have the right to properly file actions on the defaulted notes – seeking foreclosure on the property securing the notes. Yet, this Court possesses the independent obligations to preserve the judicial integrity of the federal court and to jealously guard federal jurisdiction. Neither the fluidity of the secondary mortgage market, nor monetary or economic considerations of the parties, nor the convenience of the litigants supersedes those obligations.

Read the case here, and please be sure you read footnote no. 3 on pages 5-6. It’s priceless.

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Houston-based LTD Financial Services got slapped with $1.3 million in civil penalties to settle FDCPA violation charges.

Washington Mutual issued a press release in response to the action filed by the NY Attorney General. We reported on that action earlier this week.

An astute observation on the passage of BAPCPA: "Be careful what you wish for."

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According to a New York Times report, the NY Attorney General filed a lawsuit in Manhattan accusing an appraisal firm of inflating the values of homes. According to the report, the firm - a subsidiary of the First American Corporation - inflated the values of homes because of pressure from Washington Mutual, a claim the bank denies.

Mr. Cuomo’s case is built on e-mail messages obtained through a subpoena to First American. According to the complaint, the messages show that executives at eAppraiseIT initially resisted the pressure from Washington Mutual to raise the values of the appraisals it was conducting for the lender in early 2006. The loans in question were largely used to refinance mortgages and take equity out of homes. Higher appraisals would allow a lender to make bigger loans and earn greater returns when selling them to investors.

In a written statement, Washington Mutual denies any impropriety.

Read more here.

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From today's New York Times:

Borrowers who took out loans in the first six months of 2007 are falling behind on payments faster than homeowners who took out loans last year, according to a report by Friedman, Billings, Ramsey, an investment bank based in Arlington, Va. The data suggested that more Americans could lose their homes and that the housing market’s troubles might persist longer than many analysts have been predicting.

Read more here

Source

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The Washington Post reports that

At the [real estate] loan closing, [Treasury Secretary Henry M. Paulson Jr.] wrote, "the most critical facts, including potential future monthly payments, should be on a single page in clear, easy-to-understand language."

In addition, he said the United States should consider replacing the disparate state rules that govern mortgage brokers with a national system.

Between predatory lending and complicated disclosure, "some of the conduct and practices I have learned about are shameful," Paulson said. "The development of a uniform national licensing, education and monitoring system for all mortgage brokers is worth considering."

Read more here

Source

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Attorney General Martha Coakley announced yesterday that a settlement has been reached with five lenders involved in a foreclosure rescue scheme. The lenders involved are First Horizon Home Loans; Option One Mortgage Corp.; Wells Fargo Bank, N.A.; America Brokers Conduit; and Ocwen Loan Servicing, LLC.

More on the settlment can be found here.

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This morning's Worcester Telegram is reporting that from January 1, 2006 through June 30, 2007 a total of 1,370 foreclosure notices were filed by lenders against Worcester homeowners. It also does not appear it will get better anytime soon:

Trouble could continue for the next two years, according to Mr. [Clark Ziegler, executive director of the Massachusetts Housing Partnership]. ARMs on about 200 more Worcester homes are scheduled to reset before the end of this year, he said. About 1,000 more ARMs reset in Worcester next year, followed by 1,000 more in 2009, he said.

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Today the The Wall Street Journal reports that the bankruptcy of American Home Mortgage Investment Corporation puts thousands of homeowners in “imminent risk” of losing their homes.

From the New York Post: Countrywide reportedly continues its struggle in this mortgage and housing meltdown.

And finally, USA Today reports that there should be no assumptions that the Federal Reserve will cut interest rates.

Dallas Federal Reserve Bank President Richard Fisher said the U.S. economy appears to be weathering troubles in housing and financial markets, but it is uncertain how things will play out.

"Our economy appears to be weathering the storm thus far. The future path of that storm and the appropriate policy course, however, are still to be determined," Fisher said in remarks prepared for delivery to a community forum in Laredo, Texas.

Last summer, I questioned whether we were heading into a Perfect Storm. If you read the news close enough, it would appear that we are. Are you prepared?

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The news today is that the US Economy is expanding faster than estimated. One might think that things out there are looking better for struggling homeowners.

That’s not the case.

Today Cape Cod Times and the Boston Herald report that Massachusetts home foreclosures rose by 66.5 percent in July, compared to July 2006. Foreclosure auctions were up 130 percent in July. The Cape only saw a 27 percent increase in foreclosure petitions. However, Nantucket foreclosures more than doubled.

All of this information is important for homeowners, especially those who are still clinging to the hope that they will be able to refinance their mortgages. There are good reasons why that hope exists. Among them are the assurances they received from mortgage brokers and others who told them their property values would continue to rise, and they could borrow against their equity.

But as foreclosures continue rise and as prices deflate that hope is starting to run out. The question now: are homeowners running out of time? And that is a question I cannot yet answer.

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The Boston Herald reports this morning:

The number of Massachusetts people filing for Chapter 13 personal bankruptcy jumped to 2,187 during the first half of 2007, up 85 percent over the previous year and up 78 percent during the same period in 2004, prior to when the U.S. bankruptcy system was overhauled in 2005.

The number of Chapter 7 liquidation filings also more than doubled to 4,251 during the first half of the year, compared to the year-ago period, according to preliminary data from the U.S. Bankruptcy Court’s Massachusetts District.

Read more here

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I am thrilled to hear that Massachusetts Attorney General Martha Coakley has announced the establishment of a Pro Bono Foreclosure Assistance Hotline. The hotline is designed to steer low income Massachusetts residents to professionals who can offer them the help they need. (I am also pleased to let you know that both Roy and I are among the volunteer lawyers).

The numbers are (800) 342-5297 or (617) 603-1700.

Read more here.

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Minimum payments on Bank of America credit cards: going up.

The Massachusetts foreclosure rate as measured by April filings: going down.

Gasoline prices: going up.

The cost of electricity as we head into the summer season: going down.

Number of people over the age of 45 seeking bankruptcy protection: going up.

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