Mortgage servicers settlement will help some veteran home owners

At a press conference that just wrapped up, President Obama announced a series of steps aimed at helping homeowners who have served in the Armed Forces.

When the nation’s five largest mortgage servicers reached a settlement with the federal government and 49 state attorneys general, they agreed to provide substantial relief to the nation's veterans who were victims of wrongful foreclosures or who were otherwise disadvantaged in the mortgage process because of the obligations of their service.

Here's how veterans and their families will benefit because of the settlement:

• Any service member who saw their home wrongfully foreclosed will be substantially compensated for what the bank did;
• Any member of Armed Forces who was wrongfully denied the chance to refinance and reduce their mortgage payments through lower interest rates will receive a refund from their bank equal to the money he or she would have saved;
• Many service members who lost money because they were forced due to sell their homes due to Permanent Change of Station orders will also receive relief; and
• Finally, under the settlement, the banks will also pay $10 million into the Veterans Housing Benefit Program Fund, which guarantees loans on favorable terms for service members.

We'll have a full video and transcript from the press conference soon, so be sure to check back.

source: http://www.whitehouse.gov/blog/2012/03/06/what-you-need-know-about-todays-housing-announcement
Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA

Rightardia by Rightard Whitey of Rightardia is licensed under a Creative Commons Attribution 3.0 Unported License.

Permissions beyond the scope of this license may be available at rightardia@gmail.com.

WIN: 99 Percent Choir “Forecloses” On Bank Of America

12/28/2011

---

By Doug Cunningham

The 99 percent choir served a foreclosure notice for fraud, bribery and extortion on Bank of America in Seattle while singing an Occupy Christmas carol.

[Deck The Jails]: “Deck the jails with Wall Street bankers! We knmow their all crooks and wankers. You behave as if you own us. You deserve jail not a bonus!”

The 99 percent choir kept he holiday spirit of justice and dignity alive with its Bank of America action, resolving to win principal reduction for underwater mortgages and to break up “Too Big To Exist” Wall Street Banks in the New Year.

By Doug Cunningham

The 99 percent choir served a foreclosure notice for fraud, bribery and extortion on Bank of America in Seattle while singing an Occupy Christmas caroet, Deck The Jails:

Deck the jails with Wall Street bankers! We knmow their all crooks and wankers. You behave as if you own us. You deserve jail not a bonus!

The 99 percent choir kept he holiday spirit of justice and dignity alive with its Bank of America action, resolving to win principal reduction for underwater mortgages and to break up “Too Big To Exist” Wall Street Banks in the New Year.

Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA  

 
Rightardia by Rightard Whitey of Rightardia is licensed under a Creative Commons Attribution 3.0 Unported License.

Permissions beyond the scope of this license may be available at rightardia@gmail.com.

Crytlogon: Latest BoA dirty trick

Plaintiffs Rick and Susan Dolfo say that’s what Bank of America did to them.

This is yet another tale of Bank of America cheating its customers,” the complaint states. “In 2005, plaintiffs obtained a residential mortgage loan. Bank of America subsequently bought the servicing rights to the loan. From the time the loan was issued, plaintiffs complied with their obligations under the loan agreement. They made their monthly payments, maintained the required homeowner’s insurance coverage and timely paid their property taxes. Nonetheless, in December 2009, plaintiffs noticed on their monthly mortgage statement that Bank of America paid their property taxes and homeowner’s insurance without the plaintiffs’ knowledge or consent, and even though plaintiffs also paid them. To fund the impound account, and without informing the plaintiffs, Bank of America took money from plaintiffs’ monthly mortgage payment, not leaving enough to cover plaintiffs’ monthly mortgage payment, throwing plaintiffs into default. Once in default, Bank of America, as the loan servicer, was ale to charge additional fees and penalties. Bank of America also falsely reported to credit agencies that plaintiffs were in default on their mortgage.

source: Courthouse New Service

Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA  




Rightardia by Rightard Whitey of Rightardia is licensed under a Creative Commons Attribution 3.0 Unported License.

Permissions beyond the scope of this license may be available at rightardia@gmail.com.

BuzzFlash: BoA trying to get the FDIC to insure derivatives

The Wall Street prefers privatized profits and socialized crony capitalism. The Bank of America has allegedly transferred 75 trillion dollars in potentially toxic derivatives so the "money" to be covered by the Federal Deposit Insurance Corporation (FDIC).

The taxpayers may once again insuring the risky financial bets of another bank "too big to fail." The  loss of $75 trillion,possibly insured by government money, dwarfs budget deficit "austerity" talks.

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass–Steagall Act of 1933.

It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank.

The FDIC currently insures deposits at nearly 8 thousand  institutions.

The FDIC also examines and supervises certain financial institutions for safety and soundness. The FDIC performs certain consumer-protection functions, and manages banks in receivership. (failed banks).

We don't know how the BOA would be able to get derivatives insured by the FDIC. Congress need to change the law and Obama needs to write an Executive Order so this country doesn't get stuck with another TRAP like bailout.

A Reuters columnist recently wrote a column "Is Bank of America preparing for a Chapter 11?" It is starting to look that way.

The FDIC was designed to protect small deposits to prevent bank runs. It was not designed to protect big banks or worthless derivatives. Let the BOA fail!

Derivatives are like casino chips to high stakes venture capitalists. Let these billiaonaires and millionaires go bankrupt for playing such a risky game.

A word to our readers : Get your deposits out of BoA ASAP!

soruces: BuzzFlash and Wikipedia

Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA   Netcraft rank: 6627 http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
Rightardia by Rightard Whitey of Rightardia is licensed under a Creative Commons Attribution 3.0 Unported License.
Permissions beyond the scope of this license may be available at rightardia@gmail.com.