Forums: Loan Shark

Link only - Government Backed Lender Will Impose 7 Year Loan Sanctions on Those Who Strategically Default

NEW YORK (CNNMoney.com) -- More than half of all homeowners with modified mortgages fell at least two months behind in their payments a year after the adjustment was made, according to a federal report released Wednesday. However, the data also shows that modifications made in 2009, which emphasized reduced monthly payments, may perform better. Only 40.7% of loans modified in the second quarter last year were delinquent after nine months, compared to 51.6% of those adjusted at the end of 2008, according to the report, published by the Office of Thrift Supervision and Comptroller of the Currency.

Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it. Today, however, Ms. Munna, a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she's been enrolled in night school, which allows her to defer loan...

WASHINGTON — The number of homeowners dropping out of the Obama administration's main mortgage assistance plan is growing, and is now almost equal to the number who have received permanent relief. The Treasury Department's report on Monday was the latest evidence of problems in the administration's $75 billion program. While officials insist the program is helping the housing market turn around, critics say it is merely delaying an inevitable surge in foreclosures. More than 299,000 homeowners had received permanent loan modifications as of last month, Treasury said. That's about 25 percent of the 1.2 million who started the program since...

I implore everyone to watch this ... From the YouTube description: "This General Motors CEO explains a few more detail about how GM repaid their loan in "full with interest."

Uncle Sam gave GM $49.5 billion last summer in aid to finance its bankruptcy. (If it hadn't, the company, which couldn't raise this kind of money from private lenders, would have been forced into liquidation, its assets sold for scrap.) So when Mr. Whitacre publishes a column with the headline, "The GM Bailout: Paid Back in Full," most ordinary mortals unfamiliar with bailout minutia would assume that he is alluding to the entire $49.5 billion. That, however, is far from the case.

Loan Officer Snitches on RegimeApril 20, 2010 BEGIN TRANSCRIPT RUSH: Carol in Olympia, Washington. Welcome to the EIB Network. Nice to have you here. CALLER: Thanks, and mega dittos, Rush -- RUSH: Thank you. CALLER: -- from a truly reformed Democrat. I am an escrow officer, and I close purchases and mortgage loans, and the government is now telling us that the banks, the private sector banks are not allowed to do no-down-payment loans anymore, that a person has to come in with a certain amount because that's what the evil banks have been doing, but the government is doing...

JPMorgan Chase instructed homeowners to stop making mortgage payments, as that was the only way to be considered for a loan modification, then repossessed their house when they followed the bank's advice, a couple claims in Federal Court. "I've seen this happen to so many people," their attorney said. "When they come in here to tell me their story, I can actually tell it to them." Faiz and Khadua Jahani sued Morgan Chase and its predecessor, Washington Mutual Bank, on their own behalf and on behalf of the public. "When they called the 800 number, they were specifically told that...

(CNSNews.com) -- The student loan overhaul legislation signed into law by President Barack Obama on Tuesday could add $52 billion to the deficit between 2010 and 2020 when the cost of the market risks and administrative expenses of the loans are taken into consideration, the non-partisan Congressional Budget Office (CBO) reported.

Bank seizes money from school districts embroiled in risky investments By Amy Hetzner of the Journal Sentinel Posted: March 24, 2010 7:06 p.m. |(1) Comments A European bank that loaned money to five Wisconsin school districts that made risky investments has seized $5.6 million from district-controlled trusts to try to compel district officials to repay the debt. DEPFA Bank took the action earlier this week after a year of fruitless efforts to work out a restructuring of $165 million worth of loans to the district trusts that have been in technical default for more than two years. "We are taking...