February 9, 2012

President Obama Speaks on Landmark Housing Settlement with Banks

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The President announces a landmark settlement between the government and the nation’s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake.

9 Responses to President Obama Speaks on Landmark Housing Settlement with Banks

  1. Dear President Obama, This so called deal is nothing but a slap on the hand of the banks who caused so much devastation to the American people. I am appalled that the men and women standing with you on this stage even think that this deal would be appropriate. You didn’t even mention all the modification fraud that has caused people to loose what they have worked for. I am sure they keep you in a bubble but do you know that people that asked for a modification on their home did exactly what the banks told them to do and then told them after they raked up tens of thousands of dollars of fees would they tell them that they didn’t qualify.
    Please rethink this. These banks and the SEC were supposed to be doing what you expected them to do and they didn’t follow through. How do you know that they will even do this?
    I personally will not be voting for anyone who is currently in Congress.
    Kathy Sarli

    • Dear President Obama
      For the past year I have been working with my mortgage company to ask for a way to get current on my mortgage. I supplied all the documents 3 different times as they would say the documents were outdated and they needed new onesl after 1 year of this they now tell me they cant help me. I am now 14 months behind and was only 2 months behind when I initially asked for help. Please help me. My husband and I work hard every day and to see all our hard work go for naught is killing me. Do not allow this bank or any bank to treat people the way they are. They got the help when they needed it. Wells Fargo is our mortgage company and they have been aweful. I have maintained contact with them only to be disconnected on or given false information. I know I am not the only one in this situation. Please make them help people.

    • To who this will concern!! I live in Harrisburh Pa aera In a GOV Subsized rental apt Complex called a1Bd rm , since 1977 35 years I have a problem with the local Office hereT had a carpet put in my apt 5 years ago the carpet co did not putit down right and it is getting Ripples _raising up from the floor I could trip and fall i cant hardly sweep it the sweaper gets caudgt all they do is blam me said i did it with a roller chair, and I did not do this I do not even use the roller chair they want me to pay $50.00 to restretch the carpet I will not I did not do this, I will sue them if I ever fall, Tosha Thompson is in the office here she is actally aterrable person there is a lot of things they do take care of things kuke shey should I would put her out of office we had good people in here years ago I call every place i think of .they all hang together asking you to handle this and see i get a new carpet or this one fixed. I need help. now, It takes Legal action, Harold Bricker i will look for a answer

    • There should be laws put in place if that mortgage
      Company’s get permission to foreclose on a property
      They should only have 6 months to make a decision
      On weather they want the property or not, and then
      Must notify the homeowner that they did not want the property!!!
      This happened to me, filed chapter 7 on our home in 2007 due to
      My employer closing it’s doors and had to transfer back to another
      State. The mortgage company walled away from the property and never
      notified me the home was left in my name. I had to find out in 2010 on my credit
      report that there civil judgements on my credit for the home that I thought
      the banks had taken back but never did and left the property in my name
      and now we are having to catch up on the propertytaxes to keep our home.

  2. Dear President Obama, I am a participant on the Choose to Own Program. The idea is great but CHA & HUD will not follow HUD Regulation & Audit Report by the Office of Inspector General. CHA is surpose to be trained, but they are not. I have a long list of voilation. So I’m only going to talk about these two. 1. The CHA doesn’t know how to calculate utility reimbursement. No one on the CTO Program is getting their utility reimbursement. Which is millions that CHA keeps every year. I have repeated asked for a Formal Hearing. Either CHA doesn’t responsed or they will deny my request and call it a informal hearing. The bottom line is, it will be denied. As for HUD in this matter. They will not give me a formal hearing either. I should have been given the right to meet with HUD & CHA to talk the out, but that didn’t happen either. Iwould like to talk to someone from your office about this matter. By the way the audit report number is 2008-CH-1017 and yes I checked to see if anything was done. Here is the FOIA control # 11-1GF-OIG-00002.
    2. I was told by CHA to go to Harris Bank or Marquatte Bank. These were the only banks we could. So I went with Harris, now comes the problems. All CTO participant interest rates start at 7.3%. I was able to get my interest rate to 6.375%. That was in 2008, the day I closed interest rates were 5%. So applied for a loan modication. But Harris Bank said I didn’t quailfiy. I paid 175,000 for my loan, how it’s worth only 125,000 to 130,000. Harris is not a part of fannie may, or any other government program. At least that is what I was told. Now CHA has me locked in with a unforgiven bank. Sad part is. If CHA was properly trained, they would have know I could have gone to any bank.

    P.S. CHA gave out my social security number. The people they gave it to gave it out too.
    sandra elms

  3. Dear President Obama:

    I appaud all of your efforts at restoring the economy of our great nation. However the Banks in question are now stepping up their deceptive practices with vigor.

    This, all in hopes of foreclosing on millions more Americans. Wells Fargo in particular has practiced all the tactics identified in the law suite. Their representatives continue to deceive homeowners on what options are now available to prevent foreclosure.

    They have drawn out millions of loan modifications merely to build obstacles homeowners are unable to overcome. Then they indicate the homeowners can’t qualify for other government loans, interest rate reductions or loan principal reductions because some, much like myself, have loans secured by either Fannie Mae or Freddie Mac.

    If I would have been treated fairly and not deceived by the Wells Fargo representatives I would have made other attempts at an equitable solution at saving my home. I am pleading with you to please allow Fannie Mae and Freddie Mac the discretion to also allow reductions in principals and interest rates through their loan servicing companies(banks) so millions more Americans don’t lose their homes in the wake of this economic disaster.

    Wells Fargo has indicated Freddie Mac will not allow rate reductions below 5% and NEVER reduces principals loan amounts even subsequent to the date of the court ruling.

    My current mortgage is in foreclosure and continues to build toward unmanageable late and legal fees while I am attempting reach an equitale solution to save my home.

    I was never told of the other options available to me until I researched and questioned the bank “Home preservation specialist”. Additionally, I have been dealing with a minimum of five representatives in almost nearly a year.

    Each time the end seemed near another representative would step aside and I would be peppered by another fresh representative from the bank’s corner of deception.

    I have pleaded with them to allow me to reduce my interest and principal to reflect the current market value. Unfortunately, they will not allow me to do so. They have indicated the policy of Freddie Mac and Fannie Mae will not allow them to take this action.

    My current situation will allow me to continue paying my mortgage since I am employeed and make enough money to pay an equitable payment. However, I’m in a bitter divorce and cannot continue to pay an upside down mortgage without my former spouse’s income.

    Wells Fargo was made aware of this at the beginning of the modification process and led me along until just recently. They allowed me to continue making attempts at the modification while fees continued to build. They now are requesting a pricipal increase by nearly thirty thousand dollars and asking me to agree to a loan term increase of forty years.

    My loan is already upside down in value more than thirty thousand dollars why would I pay an additional thirty thousand dollars to pad the banks pockets?

    I’m not asking for a handout just a helping hand. We taxpayers gave the banking system a hand to prevent total meltdown, its time for them to reciprocate!

    Lastly I suspect their practices are also discriminatory in nature. I have not focused on determining this aspect of the deception. However it seems irregular that many homeowners that I am aware of, have received alternative modifications which include interest rate reductions and principal rate reductions. Most of those homeowners are not persons of color.

    Most persons of color or nationality that
    are typically preyed upon, usually don’t have the resources or the skills necessary to persue these issues to their conclusion. Additionally, single parents and those hard working Americans that spend most of their work week mustering the time to put food on the table cannot waste several hours daily on the phone with representatives only to be deceived. Wells Fargo knows this, and for the lack of a better term “banks on it”

    I hope and pray that the situation changes and in your wisdom you find it neccessary to step up these assistance programs to prevent further loss of America’s hopes and dreams.

    In your support

    Richard E Esparza

  4. Bank of America has been stringing me along since 2009. I went to Hud and was told to stop paying my mortgage or no one will help me because of the “red tape involved. My original mortgage was preditorial done because the realstate really wanted to help us because we rented from the same landlord for 20 years. He sold the property and gave us an eviction notice. The new owner wanted to occupy our apt. so he gave us 60 days to get out in 2006. The original loan was for $95,000. at 8.5% adj rate. We finnally got to refinance in feb 2008 fha 6% fixed. Then in sept my son lost his high paying job and my husband died in dec 2008. I keep the mortgage up myself for 10 months but without eating and paying my bills, filed bankruptcy in 2009 because of my husbands bills. Thats when I went to hud. Since then I have been thru NACA and a company that got to keep $900. of my money when bank of america denied my modification for the 3rd time. I even contacted congressman Rob Andrews at one time but his assistant stopped answering me. There is alot wrong with house and everything was hide from us by the previous owner. I just received a certified letter from bank of america today saying we have to come up with over $50,000. in 30 days days or they are foreclosing. Intent to foreclose was in 2009. What should I do?????????????

  5. Hi

    I tried to have my loan modified with Bank since I am not behind, only to realize that the bank will not take the case if you are not 2 months behind.

    I got let go in 2008 and again in 2010 . I am having a stable job but taking home way less than I used to in 2009. I also call HUD in Seattle a few times but the line is busy and there is not any help from HUD. This program is not working for me, honest people paying the mortgage. I will have to be behind soon missing my payment that is.


  6. Most of the problem is people getting loans they cant afford, clearly the problem is the owners own stupidity

    I know i cant afford a 500k lamborghini so i dont try, if you cant afford a house they shouldnt try, much less get a loan for it,

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