Loan Deals: News

A few months ago, Wall Street firm Morgan Stanley was scrambling to survive. Now it is rebuilding with a bang.

The New York company is pushing toward completion of a joint venture with Citigroup Inc.’s Smith Barney unit that would create the largest brokerage force in the world, toppling the former Merrill Lynch & Co., now owned by Bank of America Corp., from a perch it has held for years.

Putting together the two Wall Street rivals won’t be easy, with potential snags that range from clashing egos to divided loyalties, especially since Smith Barney brokers will likely report to bosses from Morgan Stanley, under the terms being discussed. 

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Mortgage Citi, Morgan Stanley, Mortgage

The sub prime mortgage industry has done a lot to contribute to the current economy, from shady un-licensed loan officers who would lie and forge documents, to brokers who were trying to get rich quick and cutting corners. Now lets welcome the Loan Modification companies.

According to MSNBC, NBC, CNN, LA TIMES, and a countless number of other reputable sources, foreclosures were up by as much as 75% in 2007 and it continues to be a problem in late 2008.

News reports are flooded with foreclosures, and pending economic rescission. This has given all of the old sub prime loan officers and brokers a new way to rip consumers off.

MSNBC: FBI: Beware of Loan Modification Scams , Feds probe foreclosure scams and Foreclosure Scam Ring Busted are just a few of the many articles in todays papers regarding this.

Loan Modification is nothing new. Banks have been doing it for some time now, but with foreclosures being the reality that it is these days, lots of people are trying to make money from those facing a legitimate hardship.

What these companies are doing is collecting advanced payment for a service that may or may not be completed. A payment which is non refundable according to the companies (which is illegal), unless of course you have the time and the energy to create a big enough headache to the broker.

SelfLoanMods.com is offering services for thoes looking to complete their own loan modification to resolve their home problems on their own, legally, without spending every last penny in their bank account. They offer a package which includes sample letters, loan forms, a step by step booklet, phone numbers, and a step by step guide designed to walk you through the entire process.

Chris from Selfloanmods.com recently in an interview pointed out that while the other companies charge for general loan modification services, they provide all this for free on their website www.selfloanmods.com. Things like phone numbers to your lenders loss mitigation department, and HUD resources.

In this day and age, its very easy to be fooled by scams that promise to help save your home. Its always better to take a few minutes of your own time and do the work yourself. Especially since most of the companies that promise to help you were the ones that got you into this problem in the first place.

Note: we have added the selfloanmods.com hardship letter section to the external links on this website.

Mortgage foreclosure, Loan Modification, Mortgage, MSNBC, Scams

Nov 29, 2008 (Albuquerque Journal - McClatchy-Tribune Information Services via COMTEX) — SOUV | Quote | Chart | News | PowerRating — Dixie and Paul Williams have much to be thankful for — to wit, not being thrown out of their South Valley home for $2 in late mortgage payments.
And they’re thankful to the lawyers at the Senior Citizens’ Law Office who helped make that happen.

Senior Citizens law office executive director Angelica Allen said that an order dismissing the foreclosure action against the couple, who are in their 80s and not in the best of health, has been filed in state district court. This time, she said the bank accepted the $4 in mortgage fees that it had previously rejected as payment.

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Mortgage foreclosure, Mortgage

Tim Collins finds himself living a national crisis.

First he lost his job when his company moved. Then he fell behind in his mortgage and faced foreclosure.

Now, he’s rebuilding his finances thanks to a last-minute deal with his mortgage company to rework his debt and lower his interest and monthly payments.

“You hear all these tales about home ownership being the American dream,” Collins said. “Honestly, it will shorten your life span.”

Collins can be thankful for at least one thing — his timing.

Had he faced foreclosure as little as six months ago, Collins’ mortgage holder might not have been nearly so willing to work with him. However, over the past 30 days government-run mortgage giants Fannie Mae and Freddie Mac and major lenders such as Citibank and JPMorgan Chase & Co. have come up with programs to shave home payments by temporarily reducing interest and extending loan terms.

Experts say those programs can save some of the owners and properties nearing foreclosure in metro Atlanta.

Amber Willis, a counselor with D&E, an agency that advises homeowners in crisis, said she’s recently noticed a dramatic change in the willingness of many major lenders to help folks like Collins.

“Earlier in the year, it was harder,” Willis said. “More lenders are finding creative ways to keep people in their homes.”

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Mortgage Help, HOPE, Modification, Mortgage

Up to 19,000 employees of Washington Mutual face being laid off this weekend as JPMorgan Chase turns up the synergy on its recent acquisition.

On Friday, JPMorgan Chase (nyse: JPM - news - people ) said it expects to retain the 22,000 employees who work at Washington Mutual branches and 2,000 workers in the mortgage and wealth management divisions in California, spokesman Tom Kelly told Forbes.com. The company has not yet determined the total numbers to be cut in other states, but it planning to inform all former WaMu employees of their job status by Monday. Read more…

Mortgage Banking, Chase Bank, Jobs, JP Mortan Chase, Mortgage, WAMU

Shares of mortgage lender Fannie Mae surged 63 percent Friday after the company said it is considering a reverse-stock split to help meet New York Stock Exchange listing requirements.

Fannie’s shares also could have gotten a boost from light trading on the holiday-shortened trading day. With the market closing three hours early at 1 p.m. EST, and many traders gone for a long holiday weekend, volume was lighter than normal. Light trading volume can exacerbate market moves

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Mortgage Fannie Mae, FED, Home Loans, Mortgage, Split

NEW YORK (CNNMoney.com) — Mortgage lenders helped save a record 225,000 at-risk mortgage borrowers from losing their homes during October, according to a report issued Tuesday by a coalition of lenders, mortgage servicers, investors and counselors assembled to fight the foreclosure plague.

The coalition, Hope Now, said the number was up from 212,000 in September.

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Mortgage Goverment Help, Help, HOPE, Loan Modification, Mortgage

Ohio has settled its lawsuit against bankrupt subprime lender New Century Financial Corp., more than a year after going to court to block the company from foreclosing on homes, evicting homeowners or making further loans.

The agreement Ohio negotiated with the company permanently extends those protections to consumers, state Attorney General Nancy H. Rogers said in announcing the deal Wednesday, Nov. 26. The company also promised not to violate Ohio’s consumer protection and mortgage laws, Rogers said.

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Mortgage Law, Lender, Mortgage, New Century