Schiff Report video blog 11/18/09 Also check me out on www.facebook.com and twitter.com
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Segment from an actual call, recorded on October 20, 2008, between a homeowner and a lawyer, Heather Johnson, of the notorious foreclosure mill, Steven J Baum, representing Litton Loan Servicing. Mr.Christopher Wyatt, part of Litton’s “Executive Resolution Team,” begged out of the call when told it would be filmed an recorded. Loan modifications were offered on a take-it-or leave it basis; however requests for follow-up documentation were ignored. This same lawyer then signed off on a foreclosure, nearly ten months later, initiated by the trustee, Wells Fargo, on behalf of the securitized pool holding the homeowner’s mortgage. The “foreclosure mill” law firm, in this case, Steven J Baum, was specifically cited in a New York Times article about NY State Supreme Court Judge Arthur M Shack on August 31st, 2009, and has engendered criticism for its faulty filing practices. The firm has done extensive work for Litton Loan and its host of robo-signers, including Marti Noriega (who also does double duty for MERS). Hedge Fund Tailwind Capital has a hefty investment in this foreclosure mill. Guess they figured that throwing families out of their homes had a financial upside. Now, the Steven J Baum firm believes that any attempt to make them produce evidence is, simply, a “fishing expedition.” Why? Because actually producing evidence would be enough to get them and their clients thrown in the proverbial shitcan (judicial or otherwise). This call will become part of Pacific Street’s …
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Tags: August 31st, Baum, Double Duty, Fishing Expedition, Foreclosure Law, Foreclosure Loan, Heather Johnson, Hedge Fund, Hefty Investment, Litton Loan Servicing, Marti, Mortgage Foreclosure, New York Times, Noriega, Segment, State Supreme Court, Supreme Court Judge, Trustee, Wells Fargo, York Times Article
According to some sources, the Federal Reserve is only allowed to buy bonds on the open market from primary deals (doesn’t include the Treasury) in order to increase the amount of reserves for the money supply to expand. It is forbidden from buying and selling from the Treasury directly as it would be too much like the Treasury printing money.
However, another source says different:
The process actually begins with the Treasury Department printing a piece of paper called a bond, which is done electronically. Treasury bonds are debt obligations (liability) of the government to repay a loan - with interest.
The Treasury sells bonds to the public. The bonds the public does not buy, the Treasury deposits with the Federal Reserve. When the Fed accepts the bond from the Treasury, it lists the bond on its books as an asset.
Because the Fed now has an asset that it didn’t have before receiving the Treasury bond, the Fed can now create a liability that is offset by its new asset.
The liability that the Fed creates is a Federal Reserve check. It gives the Treasury the check in payment for the Treasury bond.
THERE IS NO EXISTING MONEY IN THE FED’S ACCOUNT TO COVER THIS CHECK.
The Federal Reserve check is endorsed by the Treasury and is deposited in one of the government’s accounts at the Federal Reserve. The government can use the deposits to write checks against, to pay for government expenses.
This is the first new money flow to enter the system. Various government contractors, vendors, etc. receive these checks as payment for services rendered, and they take the checks and deposit them in their commercial banks.
Just for a clarification:
My question is: Is the Federal Reserve allowed to accept bonds from the Treasury directly? i.e. Can the Treasury simply print up some bonds and sell them to the Fed directly for its loans? (is this allowed?). Or is the Treasury only allowed to sell to the public/primary dealers and in turn the Federal Reserve will buy from primary dealers? Why is it that we have the primary dealers as the middle man?
This is the link for the second part which says that the Treasury will deposit bonds that it cannot sell with the Federal Reserve:
http://www.financialsense.com/fsu/editorials/gnazzo/2005/1129.html
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Sick of seeing endless development of beautiful American land. Why do we need to build so many new houses when other natios in Europe are conserving their land and not building. Our economy is tied to housing…sad
Yak Rider: No one can own land, that’s a ********* thought. Land belongs to god and we shall not kill the plants that thrive on it.
Create a video blog…instantly.
Tags: Economy, Europe, God, Housing Starts, New Houses, Plants, Sad, Yak
I hear 2 versions of this story. That the canceled debt from my short sale this year will NOT be considered income and others say it will be because a refinanced and made it a recourse loan. My CPA told me it wont be considered income for 2008 tax purposes and I wont be taxed on it? Any feedback from others?
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get approved go through the modification then the lender denies you for the loan modification Why is that? Isn’t that misleading and don’t you think they should tell you the truth in the first place? What are your feelings on this? and what do you think about it? The lender gets your hopes up then you get a slap in the face I’ve heard this from different people So is it true if you have equity in your home you will get denied fo a loan modification????? or does it matter
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Tags: Apply For A Loan, Feelings, Loan Modification, Slap Face, Slap In The Face, Truth
Bank of America says I qualify for a loan modification but I have to wait for the negotiator to call me. That was 90 days ago. I have tried to get through numerous times but they say I just have to wait for them to call me. Is there anything you can say to get them to respond quicker.
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me and my husband got a leter saying foreclosure and we dont know what it is are we going to lose our home??
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Why didnt he VETO the ‘Downpayment Initiative’ giving nearly $1B to the poor between 2004-7 to buy homes they couldnt otherwise purchase on their own?
These people would not even have qualified for Fannie Mae.
Bush signing it in to law shows how ignorant he was and how he did nothing to stop subprime lending like revisionist Republicans claim.
Barney Frank had NOTHING to do with the mortgage meltdown. They cant even name one thing he did. Supporting Fannie Mae is nothing, even Republicans supported it like Bush.
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Tags: Barney Frank, Bush, Downpayment, Fannie Mae, Initiative, Mortgage Meltdown, Republicans
I’ve recently been scammed by a company who promised me help in my time of need. The company, CHOICE FINANCIAL USA, promised me a loan modification if I paid 1800.00 up front. I did pay the money, and now they are saying that I paid for a “FORENSIC LOAN AUDIT” which by the way is a SCAM in and of itself (for California search Google for “ag.ca.gov loanmod ) and that I paid for something that was nothing more than a document reviewing my loan papers from when I first purchased the house. You can imagine that as a homeowner about to loose their home I was very distraught and my thought process was less than ideal because of it. I was easily mislead by a smart talker who cons people for a living. The good news? I was able to save my home (thanks to NACA search Google for “NACA Loans”) and now I’m doing what I can to dispel the myths about so-called Mortgage Professionals who offer Loan Modifications and Forensic Loan Audits to unsuspecting people.
Have you been defrauded? I’m curious to know if others out there have experienced the same thing with this company in San Ramon: Choice Financial USA
Have they helped you? Maybe I’m the only person who’s been lied to and taken advantage of by this group of people?
Your input is welcomed and appreciated,
J.Roman
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Tags: Audits, California Search, Google, Group Of People, Imagine, Loans, Myths, Search Google, Smart, Time Of Need
Let’s say 10 is the Great Depression, where like 40% of people end up losing their homes and life savings.
Let’s say 1 is like, “Oh, there was something wrong with mortgages?”
Personally, I think it’s going to be about an 8 or 9. I think we will be telling our grandkids about it.
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Does anyone knew how could I qualify for a loan modification and what are the requirements needed?
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Would anybody know how willing Country Wide is to participate in the President’s loan modification program, we tried it at the beginning of the year and found a really arrogant and and indifferent company policy in regards to struggling home owners. Should we hire one of those companies that do it for you for around two to three thousand dollars?
Help please!
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I paid a company upfront for a loan modification service. I have been working with them for over a year, but now they are not picking up their calls, their emails no longer work and the website is down. What steps can I take to try to get my money back? I already complained to the BBB and filed a complaint to the FTC.
If I seek litigation, what steps should I take?
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Tags: Bbb, Ftc, Litigation, Loan Company, Loan Modification, Money Back, Money Loan, Upfront
Tags: Arm Mortgages, Housing Boom, Housing Starts, Subprime
ok. i dont need no *** answeres or smart *ss answeres here. i know when my bankruptcy is 2 years old my credit score will be close if not in the 700’s and i will be able to get a fha loan with 3% down and very reasonable interest rate. i am looking for finance now with a median credit score of 624….can anyone point me in the right direction?
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Tags: Answeres, Bankruptcy, Credit Score, Fha Loan, Finance, Home Loan, Interest Rate, Mortgage Meltdown, Right Direction, Ss
What does a DTI ratio have to be when applying for a Loan Modification?
I am doing a report on loan modifications. It appears that everyone and their mother is now an expert on loan mod’s. Does anyone know the exact DTI ratio the banks look for when applying for a loan mod?
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what is the federal reserve regarding bank systems?
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Can anyone help with advice how to stop a Forclose when you have filed a Loan Mod.
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