By Adriane Harden
We were all told to apply for the wonderful HAMP program that would help us save our homes. Well the Banks are using this very program to force homeowners into foreclosure so they can capitalize on the Shared Loss Agreement in place with the FDIC. This agreement allows the FDIC to share in the loss with the bank and cover the banks loss when you foreclose.
One of those banks, One West Bank FSB, under the ownership of IndyMac Mortgage Services, uses HAMP as a reason to not modify mortgages. According to them, this is based on a servicing agreement between them and the actual owner of the loan. When OneWest took over Indymac, the FDIC and OneWest executed a “Shared-Loss Agreement” covering the sale. This Agreement would reimburse OneWest for any losses they suffered in foreclosing on a property. In the event of foreclosure, the FDIC would cover from 80-95% of losses, using the original loan amount, and not the current balance. HAMP requires the servicer to comply with the terms of their servicing contract with the owner of the loan, the Investor.
This contract is called “The Pooling and Servicing Agreement” (PSA). This agreement dictates the terms regarding how mortgages are pooled, securitized, sold, and serviced. One of the terms many of these agreements contain makes it almost impossible for certain homeowners to be offered a modification. Some pooling and servicing agreements state that no more than 5 or 10% of the mortgages in the pool can be offered loan modifications in the case of default. This means that a homeowner applying for a loan modification after the 5-10% modification threshold has been met will be turned down for a modification. PSA’s set a limit to how many mortgage modifications can be offered by servicers, and they may face liability from the trusts or investors that own the loans if they offer too many workout plans to borrowers. Servicers may find themselves in breach of the servicing terms they agreed to, even if it would allow more homeowners to avoid foreclosure, and they are not willing to take this risk.
I would say at least let homeowners know from the beginning that they are not getting a loan modification. It would be much easier than making all the repeated phone calls and re-faxing of documents to get told you are denied and facing foreclosure.
Banks were bailed out by taxpayers, now they’ve found a way to use a program that was set up to help borrowers save their homes to use against them.Then to top it all off, the FDIC has provided a safety net with taxpayer money to once again bail them out through a Shared Loss Agreement.
What people don’t understand is that the banks will do almost anything to deny you that modification. Banks are in business to make money, by any means necessary! So if that means putting you out on the street so they can sell your home to someone else and make a profit, so be it. I refuse to bank with these crooks. I’ve moved my money to a smaller bank and/or credit union. I refuse to allow them to use my money to continue their corrupt business in organized crime. I think we all need to make a stand and stop supporting those that DON’T support us. If the Government won’t regulate the banks, then I will make a stand on my own. How about you?
Wall Street and Mega-Banks, The New American Gangster
Adriane Harden, protesting foreclosures
in Atlanta, Georgia.
PHOTO/blog.pdamerica.org
Quotes From Simuel Ramey — One of the People’s Tribune “Star” Distributors. Part 2
Simuel Ramey
By Simuel Ramey
I discovered in Little Rock, Arkansas some organizations that are tackling the problem we face in society about the lack of funding for special interest groups. I attended a few charity basketball games spear-headed by a local Radio station-KIPR POWER 92.3 JAMS under the “tutelage” of Operations Manager “Broadway Joe” and his Nubian Queen “Ms. Freddie”, who is the executive producer of the “Broadway Joe Video Show” that airs highlights from each game and other events each Sunday morning at one (1:00) a.m., on CW Arkansas. The games are all set up by the Operations Manager of the station . Revenue from each game is received by different organizations in different cities in Arkansas from community centers to church groups, scholarship funds to civic groups throughout the state. A local independent promoter, $ell-it-$yl with C & J Entertainment, provides halftime Entertainment by way of dance groups, hip-hop artists/groups, gospel artists/groups etc…due to our government cutting funding from special-interest groups everywhere. “Somebody has got to grab the bull by the horn .We have got to ensure a future for our kids,” says Independent Promoter, $ell-it-$yl.
In Little Rock, Arkansas, for example, the state is taking poor people’s land via the “eminent domain” clause and not allowing them to grow food on it. For three generations people have lived and eaten from their land. Now the state says it is a health problem. Before I left, I discovered a huge event that takes place in the community that I was raised in. It is a celebration of a former slave community called “McALMONT DAY” !!! June 18-19th, 2010. The organizers take two days each year to celebrate the accomplishments of the community. There’s a parade, health fairs, job fairs, live entertainment, kids games, guest speakers, fundraisers…all designed to give our kids a sense of integrity and pride. The organizers (H.E.A.T. Foundation, Inc.) of this celebration have canvassed neighborhood residents over the past three years with requests for donations, grassroots fund raising events, i.e., raffle ticket giveaways, car washes, rallies, etc., to fund this celebration. It has been a struggle, but, they always manage to pull it off. The H.E.A.T. Foundation, Inc., recently accepted membership into the Little Rock Regional Area “Chamber of Commerce”. Also, the community of “McAlmont “ was just voted into the “Independent Youth Football League” (I.Y.F.L.) Ages: 5 thru 12. I salute the “community”, and I say to you in “unity” , “straight ahead”! At the same token C & J Entertainment is preparing to put on an event August 7th, 2010 with the theme of “GOSPEL on the RIVER”.
GRANT WRITERS NEEDED!!!
To support any of these causes you can contact the H.E.A.T. Foundation, Inc., an Acronym that means “Helping Each Achieve together”. DIRECTOR: Karoma Smith/501.960.3415, e-mail: arkansasheat5473@yahoo.com
Also visit our website at: http://www.mcalmontday.org.
To support C&J Entertainment you can contact C.E.O.: Pastor Joseph Hollis: 501.672.0366 fax: 501.778.8405 myspace: www.myspace.com/cjrecordsentertainment
e-mail: cj_recordsandentertainment @yahoo.com
I discovered in Little Rock, Arkansas some organizations that are tackling the problem we face in society about the lack of funding for special interest groups. I attended a few charity basketball games spear-headed by a local Radio station-KIPR POWER 92.3 JAMS under the “tutelage” of Operations Manager “Broadway Joe” and his Nubian Queen “Ms. Freddie”, who is the executive producer of the “Broadway Joe Video Show” that airs highlights from each game and other events each Sunday morning at one (1:00) a.m., on CW Arkansas. The games are all set up by the Operations Manager of the station . Revenue from each game is received by different organizations in different cities in Arkansas from community centers to church groups, scholarship funds to civic groups throughout the state. A local independent promoter, $ell-it-$yl with C & J Entertainment, provides halftime Entertainment by way of dance groups, hip-hop artists/groups, gospel artists/groups etc…due to our government cutting funding from special-interest groups everywhere. “Somebody has got to grab the bull by the horn .We have got to ensure a future for our kids,” says Independent Promoter, $ell-it-$yl.
In Little Rock, Arkansas, for example, the state is taking poor people’s land via the “eminent domain” clause and not allowing them to grow food on it. For three generations people have lived and eaten from their land. Now the state says it is a health problem. Before I left, I discovered a huge event that takes place in the community that I was raised in. It is a celebration of a former slave community called “McALMONT DAY” !!! June 18-19th, 2010. The organizers take two days each year to celebrate the accomplishments of the community. There’s a parade, health fairs, job fairs, live entertainment, kids games, guest speakers, fundraisers…all designed to give our kids a sense of integrity and pride. The organizers (H.E.A.T. Foundation, Inc.) of this celebration have canvassed neighborhood residents over the past three years with requests for donations, grassroots fund raising events, i.e., raffle ticket giveaways, car washes, rallies, etc., to fund this celebration. It has been a struggle, but, they always manage to pull it off. The H.E.A.T. Foundation, Inc., recently accepted membership into the Little Rock Regional Area “Chamber of Commerce”. Also, the community of “McAlmont “ was just voted into the “Independent Youth Football League” (I.Y.F.L.) Ages: 5 thru 12. I salute the “community”, and I say to you in “unity” , “straight ahead”! At the same token C & J Entertainment is preparing to put on an event August 7th, 2010 with the theme of “GOSPEL on the RIVER”.
GRANT WRITERS NEEDED!!!
To support any of these causes you can contact the H.E.A.T. Foundation, Inc., an Acronym that means “Helping Each Achieve together”. DIRECTOR: Karoma Smith/501.960.3415, e-mail: arkansasheat5473@yahoo.com
Also visit our website at: http://www.mcalmontday.org.
To support C&J Entertainment you can contact C.E.O.: Pastor Joseph Hollis: 501.672.0366 fax: 501.778.8405 myspace: www.myspace.com/cjrecordsentertainment
e-mail: cj_recordsandentertainment @yahoo.com
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