(Source: Freddie Mac) – MCLEAN, Va. – Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates (“K Certificates“), multifamily mortgage-backed securities. The company expects to offer approximately $1 billion in K Certificates (“K-012 Certificates”), which are expected to price the week of April 4, 2011, and settle on or about April 27, 2011.
The K-012 Certificates will be offered to the market by a syndicate of dealers led by Wells Fargo Securities, LLC and Goldman, Sachs & Co. as Co-Lead Managers and Joint Bookrunners for the transaction. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Jefferies & Company, Inc., and J.P. Morgan Securities have been named as Co-Managers for the transaction.
The K-012 Certificates are backed by 69 recently-originated multifamily mortgages and are guaranteed by Freddie Mac. This is the fourth K Certificate offering this year.
K Certificates provide Freddie Mac with an efficient vehicle to securitize multifamily loans. The certificates provide investors with stable cash flows, structured credit enhancement and the Freddie Mac guarantee.
The preliminary offering circular supplement relating to the K-012 Certificates can be found at http://www.FreddieMac.com/mbs/data/k012oc.pdf. This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2011, and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Securities Exchange Act of 1934, excluding any information “furnished” to the SEC on Form 8-K.
Freddie Mac’s press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2010 and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
SOURCE Freddie Mac
(LoanSafe.org) - This foreclosure prevention workshop is held every second Thursday of the month for home owners who are already trapped in the foreclosure process. At this event, home owners can get educated by a seminar conducted by HUD-certified housing counselors. At the events home owners will learn about the possibilities that exist to help every home owner.
Date of Event: 4/14
Time of event: 6pm
Location of Event: Madison College-Truax Campus
3550 Anderson St. , Madison
Call: 261-5677
Web: www.daneforeclosurehelp.org
Email: info
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CMC Lenders To Receive Competitive Execution, Pricing, and Value-Added Services
MCLEAN, Va. (Source: Freddie Mac) — Freddie Mac (OTC Bulletin Board: FMCC) and Capital Markets Cooperative (CMC), a Florida-based provider of services and expertise that reduce risk and maximize profits for mortgage bankers, have announced the renewal of their two-year old strategic alliance.
News Facts:
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(LoanSafe.org) – Today, a few loan programs saw rates decrease at the majority of the top lenders we study daily, but over at US bank , a few had increased. Wells Fargo showed appeared to show no activity from last week.
This morning at Chase Mortgage, 30 and 15 -year fixed loans, in addition to their regular and FHA 5-year ARMs all decreased under both the their home purchase and refinance programs.
Bank of America Home Loans’ 30-year fixed loans decreased under their home purchase program. The rest of the lender’s rates stayed the same this morning.
30, 20 and 10 year fixed rates along with 5-year ARMs increased at US Bank. The lender also showed a decrease i their 3-year ARMs.
Wells Fargo Home Mortgage Purchase Rates:
30-year fixed: 5.000%
30-year fixed FHA: 4.875%
15-year fixed 4.250%
5-year ARM: 3.500%
5-year ARM FHA 3.750%
Wells Fargo Refinance Rates:
30-year fixed: 5.000%
30-year fixed FHA: 4.750%
15-year fixed 4.250%
5-year ARM: 3.625%
5-year ARM FHA 3.750%
Chase Home Mortgage Purchase Rates:
30-year fixed 4.875%
15-year fixed: 3.875%
7/1 ARM 3.625%
5/1 ARM 3.125%
Chase Refinance Rates:
30-year fixed 4.875%
15-year fixed: 4.000%
7/1 ARM 3.750%
5/1 ARM 3.250%
Bank of America Home Loans Purchase Rates:
30-year fixed 4.750%
5-year ARM 3.375%
30-year fixed rate, interest only 5.375%
5-year ARM, interest only 3.625%
Bank of America Refinance Rates
30-year fixed 4.875%
5-year ARM 3.500%
30-year fixed rate, interest only 5.375%
5-year ARM, interest only 3.750%
US Bank Fixed Rates
30-year fixed 4.750%-5.000%
20-year fixed 4.500%-4.750%
15-year fixed 3.875%-4.250%
10-year fixed 3.750%-3.875%
FHA 30-year fixed 4.750%
FHA 15-year fixed 4.250%
US Bank ARMS
3-year ARM 2.750% – 3.375%
5-year ARM 3.250% – 3.625%
DISCLAIMER: Maximum Original Principal Balance for Loans Closed in 2011
Places: Continental United States Alaska, Hawaii, Guam
Units General Higher Cost General Higher Cost
1 $417,000 $729,750 $625,500 $938,250
2 $533,850 $934,200 $800,775 $1,201,150
3 $645,300 $1,129,250 $967,950 $1,451,925
4 $801,950 $1,403,400 $1,202,925 $1,804,375
The limit may be lower for a specific high-cost area; use the Loan Limit Look-Up Table above to see limits by location. These limits are the same as the 2010 high-cost area loan limits and apply to all loans originated on or before September 30, 2011. Loans originated on or after October 1, 2011, will use the
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NEW YORK, (Source: Harris Interactive)– A new Harris Poll finds that fully 22% of people with mortgages are having difficulty meeting their mortgage payments, and this includes 7% who are having “a great deal of difficulty”. Furthermore, 21% of those with mortgages are “under water” in that they think their homes are worth less than the amounts that they owe.
However these numbers are somewhat lower than they were a year ago. Those having difficulty paying off their mortgages have declined from 29% to 22% (and those having a great deal of difficulty are down from 11% to 7%). At this time last year 24% of those with mortgages thought they were under water, three points higher than the number now.
These are some of the results of The Harris Poll of 3,171 adults surveyed online between March 7 and 14, 2011 by Harris Interactive.
Some of the main findings include:
– Two thirds (66%) of all adults have mortgages on their homes, slightly
lower than last year’s 69%.
– While most homeowners with mortgages (73%) are having little or no
difficulty making their mortgage payments, the 22% who are having
difficulty represent about 32 million people. And the 7% having a great
deal of difficulty represent more than 11 million people.
– Those who believe their homes are worth less than the money they owe on
their mortgages (21% of all those with mortgages) include 8% who say
their homes are worth “a lot less”. However theses numbers are somewhat
lower than they were a year ago (24% and 11%).
– Most adults (62%), whether or not they are homeowners with mortgages,
are at least somewhat concerned that their family’s income will not be
enough to cover all their costs and expenses this year. This number is
also very slightly lower than it was last year (65%). Unsurprisingly the
higher the family income the lower the level of concern. But among the
lowest income group, with household incomes of less than $35,000, fully
75% are concerned and 36% are very concerned.
So What?
These findings are consistent with other Harris Poll data on the economy that show a very modest, but, still painfully slow, recovery from the recession. Many millions of people are still hurting badly even if the numbers are slightly better than they were last year. It seems that we will continue to have a huge mortgage and foreclosure crisis until the economy is much stronger or house prices recover. It should be noted, however, that even the very modest improvements found in the poll may be deceptive. One reason why slightly less people are having difficulty paying their mortgages this year is that some people who were in difficulty last year have lost their homes and no longer have mortgages.
TABLE 1
HOW MANY HOME OWNERS HAVE A MORTGAGE?
“Do you have a mortgage on your home that you need to pay off?”
Base: Adults who own home (72% of all adults)
2010 2011
% %
Yes, paying off mortgage 69 66
Had mortgage but it is paid off 20 22
No, do not have nor have ever had
a mortgage 11 12
TABLE 2
HOUSE WORTH MORE OR LESS THAN AMOUNT OWED ON MORTGAGE
“Is your house currently worth more or less than the amount you owe
on your mortgage?”
Base: Adults who have a mortgage
2010 2011 Household Income
$34,999 $35,000 $50,000 $75,000 $100,000
or Less to to to or more
$49,999 $74,999 $99,999
% % % % % % %
MORE (NET) 55 57 46 52 57 66 64
A lot more 24 29 21 27 25 30 36
A little
more 31 28 24 25 32 36 28
About the
same 18 15 25 17 14 12 13
LESS (NET) 24 21 22 27 24 21 18
A little
less 12 13 14 16 15 11 10
A lot less 11 8 7 10 9 9 7
Decline to
answer 3 7 8 4 5 1 5
Note: Percentages may not add up exactly to 100% due to rounding.
Note: All of the numbers listed here refer to people, which is
greater than the number of homes involved.
TABLE 3
HAVING DIFFICULTY PAYING OFF MORTGAGE
“How much difficulty are you having paying off your mortgage?”
Base: Adults who have mortgage
2010 2011
% %
Difficulty (NET) 29 22
A great deal of difficult 11 7
Some difficulty 18 15
Not much/No difficulty (NET) 68 73
A little bit of difficult 23 24
No difficulty at all 45 49
Decline to answer 3 5
Note: Percentages may not add up exactly to 100% due to rounding.
TABLE 4
CONCERNED ABOUT NOT HAVING ENOUGH INCOME
“How concerned are you that your family’s income will not be enough
to cover all your costs and expenses this year?”
Base: All adults
2010 2011 Household Income
$34,999 $35,000 $50,000 $75,000 $100,000
or less to to to or more
$49,999 $74,999 $99,999
% % % % % % %
Concerned (NET) 65 62 75 71 62 52 42
Very concerned 26 25 36 28 24 17 12
Somewhat concerned 39 37 40 43 39 35 30
Not concerned (NET) 36 38 25 29 38 48 58
Not very concerned 24 27 19 19 30 36 33
Not at all concerned 12 12 6 10 8 12 24
Note: Percentages may not add up exactly to 100% due to rounding.
Methodology
This Harris Poll was conducted online within the United States between March 7 to 14, 2011 among 2,379 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents’ propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.
These statements conform to the principles of disclosure of the National Council on Public Polls.
The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of Harris Interactive.
J39773
Q730, 735, 740, 745, 750, 755
The Harris Poll(R) #45, April 4, 2011
By Humphrey Taylor, Chairman, The Harris Poll
SOURCE: About Harris Interactive
Harris Interactive is one of the world’s leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American, European, and Asian offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us – and our clients – stay ahead of what’s next. For more information, please visit www.harrisinteractive.com.
Press Contact:Corporate CommunicationsHarris Interactive 212-539-9600press
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CHICAGO (SOURCE Zacks Investment Research, Inc.) - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: American International Group Inc., BlackRock Inc., Credit Suisse AG, Morgan Stanley and Barclays plc.Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter:
Here are highlights from Friday’s Analyst Blog:
Fed Snubs AIG Offer to Buy RMBS
Finally, the Federal Reserve Bank of New York (FRBNY) turned down American International Group Inc.’s offer to repurchase its $15.7 billion residential mortgage-backed securities (RMBS) on Maiden II. This is a special-purpose investment vehicle that the company had handed over to FRBNY as collateral mortgage bonds during the peak of its financial crisis.
The FRBNY has however decided to hold competitive bidding on the RMBS rather than handing them back to AIG. The bidding procedure is expected to help boost FRBNY’s earnings. Moreover, given the improvement in the yield of the RMBS driven by the ongoing economic revival, many bidders are showing interest in this investment.
For similar reasons, the buyback by AIG at this point would have proved to be a lucrative investment. Hence, the company’s management is quite disappointed with FRBNY’s decision. Nevertheless, beginning next week, FRBNY plans to sell these securities in blocks and pieces over time, whereby BlackRock Inc. is appointed to manage the sale process.
Meanwhile, the Financial Times reported that Credit Suisse AG , Morgan Stanley and Barclays plc (NYSE: BCS) are among the potentially interested bidders.
Earlier this month, AIG had offered repurchase of about 800 RMBS at about 50 cents on the dollar. When AIG was formed in December 2008, it had about $20.5 billion of RMBS under Maiden II, which has now declined to $15.9 billion.
The repurchase would have helped the US government to earn about $1.5 billion from the company’s bailout loan. Additionally, the repayment of Maiden II loan could reduce AIG’s loan obligations toward the US government to roughly $26 billion from $39 billion at 2010 end and the initial debt chunk of approximately $182 billion in 2008. This could have been quite an impressive progress.
The government’s $26 billion comprises preferred interests in AIA Group worth $11.3 billion held by the Treasury, a different Maiden Lane III vehicle that holds interests in collateralized debt obligations, and an undrawn line of credit. Besides, the debt repayment can help ease the process of public offering of 92% stake of Treasury in AIG, which is expected by May this year.
Overall, uncertainty prevails on how successfully FRBNY will be able to unload this RMBS portfolio, where AIG has already set a bar of $15.7 billion, in an attempt to maximize its returns.
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Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks “Profit from the Pros” e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today:
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Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it’s your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros
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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
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ATLANTA (Source: Research and Markets) - Beazer Homes, one of the country’s top-10 homebuilders, is expanding beyond new home sales with the introduction of its Pre-Owned Homes Division. Beginning in the Phoenix market, the new division is charged with acquiring, improving and renting recently built, previously owned homes within select communities in markets in which the company currently operates. By augmenting the sale of newly constructed homes with rental options of previously owned homes, Beazer expects to appeal to a broader range of consumers. Ian J. McCarthy, Beazer Homes’ Chief Executive Officer commented on the new Division:
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LOS ANGELES (Source: Research and Markets) – Chase announced today that it will continue its investment in California by opening about 100 branches and adding more than 1,500 jobs to better serve customers in 2011. The new branches will extend Chase’s network to more than 900 bank branches and more than 3,000 ATMs across California.
Chase will open:
About 65 branches in Southern California, including Los Angeles, Ventura, Riverside, San Bernardino, Orange and San Diego counties; About 20 branches in Northern California, including San Francisco Bay Area and Sacramento Delta; and About 15 branches in Central California, including Kern, Tulare, Fresno and Madera counties.
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WASHINGTON (Research and Markets) - The NAACP announced today the opening of the NAACP Financial Freedom Center, the next phase of a groundbreaking agreement with Wells Fargo & Co. to provide financial education and banking resources to consumers. The Center will be the headquarters of the NAACP Financial Freedom Campaign, an initiative to influence change in the banking industry, prevent unfair mortgage lending practices, protect the community against predatory mortgage lending practices, improve fair credit access, and promote sustainable homeownership, financial education and wealth building strategies in historically disadvantaged communities. The agreement with Wells Fargo and NAACP was initiated last year and through this partnership, Wells Fargo became the first bank to endorse the NAACP’s Responsible Mortgage Lending Principles. The agreement also includes a process for sharing data, assessing Wells Fargo’s lending and servicing practices, and a shared accountability for progress.
The NAACP Financial Freedom Center will provide workshops on topics such as money management and home preservation through partnerships with community groups in the D.C. area. The Financial Freedom Center will serve as a base for NAACP units across the country to learn and organize around financial and economic empowerment. It will also hold gatherings to educate leaders in the financial industry about the historical impact of racial discrimination and best practices in achieving racial equity. The Financial Freedom Center will be staffed by a team of NAACP professionals. Volunteers from nonprofit organizations, financial institutions such as Wells Fargo, and others will be on site at the Center and across the country to provide guidance in such areas as home preservation, attaining a mortgage, credit repair and more.
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(Source: Freddie mac) – What percentage of Freddie Mac’s mortgage loan portfolio would you guess is at least 90 days late? As CEO of Freddie Mac, I often ask that very question of people outside our company to see what they would guess. And I sure receive a wide range of responses. Given the headlines, most people assume a fairly large percentage.
The answer: less than 4 percent of our single-family loans are at least three payments behind or in foreclosure. And less than 1 percent of our multifamily portfolio
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(Source: Speaker Boehner’s Press Office) - It’s been 43 days since the House passed H.R. 1 to fund the government for the rest of the fiscal year and cut spending to end some of the uncertainty facing job creators. Senate Democrats still haven’t passed a bill of their own or offered a credible plan to cut spending and keep the government running. Read more belowIn the weekly Republican address, Speaker Boehner
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(LoanSafe.org) - If your in foreclosure, and worried about losing your home, this event may help you to preserve your title of a home owner. There are many foreclosure rescue scams out there. Attending this event will help to educate you on how to recognize and avoid them. Learn your rights you have as a home owner.
To reserve your seat: 213-381-2862 or email counseling
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(LoanSafe.org) - If your a home owner who ix at risk of foreclosure, these events exist to assist your needs to assist you and other home owners. These events are recommended for home owners who are already in the foreclosure process, but home owners who are behind or almost behind on their payments are more than welcome to get assistance to prevent going into foreclosure. No pre-registration is required for this specific event. The workshop will include a 45-minute presentation summarizing the foreclosure process. You will also have an opportunity to meet one-on-one with a foreclosure prevention counselor.
Attendees should bring:
any communication received from your lender or loan servicer proof of income (e.g. recent pay stub)a copy of your mortgage statement.Date of Event: April 7
Time of Event: 1pm
Location of Event: Cottage Grove
Park Grove Library Minnesota
You don’t need to wait for the workshops to act. For more information or to speak with a foreclosure prevention counselor NOW, please call the Washington County HRA’s foreclosure intake line at 651-458-0936 ext. 542 or see www.wchra.com.
For more information about the Washington County Library, see www.co.washington.mn.us/info_for_residents/library/ or call 651-275-8500.
(LoanSafe.org) - Nevada passed a law that entitles homeowners to mediation prior to foreclosure. This seminar is specific to homeowners who have received a Notice of Default and would like further information regarding the mediation process. We will be going over the mediation process, what to expect and information required prior to the mediation.
At this event, home owners will have the chance to do something about their foreclosure. Whether that be stop foreclosure with a loan modification, or a short sale which would help to save your credit during an extreme hardship, attending this event will help attendees.
Date of Event: April 7
Time of Event: 4:00 p.m. to 6:30 p.m.
Location of Event: 1155 E. 9th Street, Reno, NV 89512 Reno Senior Center
For more information, call the Washoe County Senior Law Project at 775-328-2656.
(LoanSafe.org) - Home foreclosure filings in Nassau County continue to be among the highest in New York State. To get assistance in this ongoing foreclosure crisis, events like this one are recommended to attend. Attendees must bring their mortgage documents. Attorneys who speak Spanish, Creole and Russian will be on site to assist home owners at the event. Attorneys bi-lingual in Korean, Chinese, Hindi and other languages will be made available upon request when homeowners call to make reservations.
at the event, attendees will get to talk face to face with housing counselors, and will get assistance with loan modifications and other foreclosure mediation.
Reservations are required by calling the Bar Association at 516-747-4070.
Date of Event: April 14, 2011
Time of Event: 3:00pm
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(LoanSafe.org) – The resurrection Project is offering this free event to assist home owners to prevent foreclosure in order to stay in their home. The event will go over the foreclosure process and time line and help home owners discover their options when in a hardship. Register: (312) 666-1323. For more information, visit www.resurrectionproject.com
Date of Event: April 5
Time of Event: 6:00pm – 8:30pm
Location of Event: Parroquia San Pio V, 1919 S. Ashland Ave., Chicago
(LoanSafe.org) - For people in the riverside county area, this event will take place in Menifee this Saturday, April 9, for people in need of assistance.HELP sponsored by Chris Sorensen holds events regulary in the southern California, Riverside county area. These events will truly assist home owners to save their home and mortgage.
Date of Event: April 9
Time of Event: 10:00am-1:00pm
Location of Event:Menifee Sports Park
30627 Menifee Road
Menifee, CA 92584
Register at: www.freehomeownershiphelp.org
(Source: US Treasury By: Erika Gudmundson) – Today, Secretary Geithner sent the following letter to Congress regarding the debt limit
The Honorable Harry Reid
Democratic Leader
United States Senate
Washington, DC 20510
Dear Mr. Leader:
I am writing to update you on the Treasury Department’s projections regarding when the statutory debt limit will be reached and to inform you about the limits of the available measures at our disposal to delay that date temporarily.
In our previous communications to Congress, we provided regular estimates of the likely time period in which the debt limit could be reached. We can now make that projection with more precision. The Treasury Department now projects that the debt limit will be reached no later than May 16, 2011. This is a projection based on the expected level of tax receipts, the timing of our commitments and obligations over the next several weeks, and our judgment concerning the level of cash balances we need to operate. Although these projections could change, we do not believe they are likely to change in a way that would give Congress more time in which to act. Treasury will provide an update of this projection in early May.
If the debt limit is not increased by May 16, the Treasury Department has authority to take certain extraordinary measures, described in detail in the appendix, to temporarily postpone the date that the United States would otherwise default on its obligations. These actions, which have been employed during previous debt limit impasses, would be exhausted after approximately eight weeks, meaning no headroom to borrow within the limit would be available after about July 8, 2011. At that point the Treasury would have no remaining borrowing authority, and the available cash balances would be inadequate for us to operate with a sufficient margin to meet our commitments securely.
As Secretary of the Treasury, I would prefer to avoid resorting to these extraordinary measures. The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations.
If Congress does not act by May 16, I will take all measures available to me to give Congress additional time to act and to protect the creditworthiness of the country. These measures, however, only provide a limited degree of flexibility
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(Source: DEA) FRESNO, Calif.- United States Attorney Benjamin B. Wagner and U.S. Drug Enforcement Administration Special Agent in Charge Anthony D. Williams announced today that Shirley Wong, aka Ngoc Li Vuong, 43, of San Jose, was sentenced to 21 months in prison for conspiring to commit mail fraud in connection with the financing and acquisition of two houses in Fresno and Clovis that were later used for marijuana cultivation. Wong was also ordered to pay restitution to the lenders who were forced to foreclose on the properties and suffered a loss of $342,095.
Wong admitted in her guilty plea that she bought two houses with the help of real estate agent and co-defendant Monique Le Nguyen. The Clovis house came to the attention of law enforcement when it caught fire, and Clovis Police found approximately 200 marijuana plants growing inside it. The Fresno house was also intended to be used for the indoor cultivation of marijuana. Loan applications for both the Clovis and Fresno residences falsely stated that the properties would be owner-occupied, misrepresented Wong’s employment, overstated her income and bank account balances, and used falsified bank records.
Last December, Nguyen was sentenced to a 20-month prison term following her guilty plea to the mortgage fraud conspiracy. Wong has been detained since February 2010.
This case is the product of an extensive investigation by the Organized Crime and Drug Enforcement Task Force (OCDETF), an interagency program which investigates and prosecutes major drug trafficking organizations throughout the United States. The DEA led the investigation with assistance from the U.S. Attorney’s Office’s Mortgage Fraud Task Force, Fresno County Sheriff’s Office, Clovis Police Department, Fresno Fire Department and Mendocino County Sheriff’s Office. Assistant United States Attorney Karen Escobar is prosecuting the case.
Bankrate's Tax GuideTax bracketsTax formsTax deductionsTax creditsTax exemptionsState taxesTax laws & the IRS« All guide content
Tax season is prime hunting season for these financial predators. Folks are worried enough about correctly filing their returns, so they take any indication that they've done something wrong very seriously.
Scammers know this, and use that trepidation to hook and reel in taxpayers through phishing schemes. Phishing is a scam where criminals send fake emails to trick unsuspecting victims into revealing personal and financial information. Although this identity theft technique goes on year-round, it's a tax-time perennial.
"Hackers leverage people's fear or top-of-mind thinking about tax season, asking them to visit a malicious website and trying to capture user names or other information or to download malware onto personal computers," says Brendan Ziolo, vice president of marketing at Kindsight, a provider of identity theft protection.
Phishing season coincides with tax timeA recurring tax phishing scam is an email alerting you of a problem with your filing or tax refund. Don't fall for it.
When the IRS does have a question about your return, it doesn't communicate via email. The federal tax agency still uses paper correspondence sent via the U.S. Postal Service.
Also, remember that the IRS never asks taxpayers for sensitive financial and personal information. Neither does it request financial account security information, such as PINs, from filers. Any emailer asking for those details is not from the IRS.
Tax help offer that can hurtSome phishers opt for more positive tax lures, promising surefire tax-saving opportunities or creative tax deduction or tax credit techniques. One such unsolicited tax email making the rounds this year is an offer of free tax preparation services. To get the "help," all you have to do is click the enclosed link. Don't do it.
Such links are gateways for a virus that can infect your computer or programs that will grant criminals access to your personal financial life. "They give them complete control over your computer," says Ziolo. "They log on and steal files, statements, photos, the list is long.
"With more and more people using tax software, people are saving tax returns and other documents on their computers. These contain personally identifiable information that hackers can use to steal your identity or sell the information to others."
The wrath of ZeusKevin McNamee, security architect at Kindsight, says that many fake tax links also now utilize the banking Trojan virus called Zeus. True to its name as the supreme Greek mythological god, this spyware meddles with victims' financial lives.
A click on a fake IRS email link starts installing Zeus. "It hooks into your browser and when you go to your bank for online banking, it provides the hacker with that (banking) information," says McNamee.
From there, the hacker can modify your online banking screens so that they appear to be your bank's, but your transactions are transferred to facilities in other countries.
"The spyware has nothing to do with tax filing itself," says McNamee. "It uses the hook since it's this time of year."
Search safelySo don't click on links in emails. In fact, you also should think twice about clicking on links when you do a tax-related Web search. ID thieves, says Ziolo, are now poisoning search results.
They use search engine techniques to push their fake sites higher up the list. Some scammers even buy ads to promote their schemes as a legitimate business. In tax season, these could be free tax software offers or ask-a-tax-expert services. Don't take the top search result at face value.
While such search engine optimization, or SEO, gaming efforts are not yet that common in tax season, they are popular with criminals using holiday hooks, such as Christmas or Black Friday shopping deals. And the mid-April tax deadline could soon be the next scam holiday date.
"Search engines do their best, but there's always a chance a bad link can slip by," says Ziolo. "Search safely, go to a browser and enter the software name rather than clicking on a link."
The same is true for sights masquerading as the IRS' official website. Although the IRS has tried to crack down on fake websites that mimic the official federal agency's online presence, criminals create new sites as soon as older ones are shut down.
When you want any information from the IRS, type in IRS.gov yourself. And be sure to go to that site and then use the link there to access the agency's Free File option.
Report scam attemptsIn addition to ignoring any fake IRS websites or emails, report them to Uncle Sam.
Although the IRS doesn't send out email, it's happy to accept electronic messages from taxpayers about scams. Forward the suspicious email to the IRS at phishing
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Everyone loves nabbing free stuff.
And getting it is easier than you think. Yes, it's mostly small stuff -- not an Xbox or an iPod. But freebies can really add up. Using free samples, coupons and rewards points, and even hosting house parties can help you net serious savings on daily staples.
For example, Sarah Barrand, founder of AThriftyMom.com, says she saves $500 per month on groceries and other sundries, using coupons.
But Brent Shelton, a spokesman for FatWallet.com, says other items, such as gadgets, can carry an invisible price tag. For example, some consumer surveys promise iPads, iPods and other gadgets in exchange for your personal information. You also might have to refer friends, take a survey or apply for a 30-day trial.
"Most people don't get the iPad 99 percent of the time," says Ryan Eubanks, president of the Hey, It's Free! website. "The good stuff is so hard to get."
Even so, there's plenty of other free stuff to scoop up. These tips will put you on the fast track with the fewest hassles.(Source: Financial Services) - Mr. Chairman and Members of the Committee thank you for holding this important hearing and thank you for the invitation to participate.My name is John Dalton, and I am the President of the Housing Policy Council of The Financial Services Roundtable. The Housing Policy Council is thirty-two of the leading national mortgage finance companies. HPC members originate, service, and insure mortgages, and do business every day with Fannie Mae and Freddie Mac.
Mr. Chairman, we believe that reform of the secondary mortgage market is a critical priority and it should be based on creating a new structure based on private capital. This new system must have two primary goals: serving homebuyers and protecting taxpayers.
Homeownership is a pillar of the US economy and the American way of life. The new private sector system, built on private capital and clear rules, should help deliver sound financing that will keep homeownership within the reach of most Americans. Without an approach like this, owning a home in America could become a luxury for the few.
One important way to avoid this from happening is to ensure continued availability of the 30-year fixed rate mortgage, which has been the bedrock of our nation’s housing system for more than a half century. Let me explain why.
The 30-year fixed rate mortgage has made homeownership sustainable for millions of American households. A fixed rate mortgage continues to be the overwhelming choice for American consumers. Today, approximately 90 of new loans are fixed rate mortgages. In the fourth quarter of 2010, 95% of refinances were for fixed rate loans. The 30-year fixed rate mortgage delivers affordability, certainty and stability for homebuyers that might not otherwise exist, which is why it is the most popular form of home financing in our country.
Predictability is one of the greatest benefits of the 30 year fixed rate mortgage, and very important for Americans on a budget. A fixed rate mortgage provides incredible peace of mind, because homeowners know that their biggest monthly bill, their mortgage, is not going to change from month to month and year to year. Without this popular finance tool, many homeowners would experience in their mortgages the same wild swings they now feel at the gas pump. That’s a rollercoaster ride most Americans would prefer to avoid.
In addition to serving homebuyers, we strongly agree that a new private sector-based system must protect American taxpayers. Members of the House Financial Services Committee have introduced several bills that identify a number of issues that must be addressed as part of a careful transition to a new, stronger housing finance system. In my testimony, I will discuss the Housing Policy Council’s proposal to reform the secondary market system and also comment on some of the legislation that has just been introduced to begin the reform of the existing GSES.
Guarantee Fees and Portfolio Limits
The legislation just introduced addresses the important issues of guarantee fees and portfolio limits. We support steps to continue the gradual reduction in the size of the portfolios maintained by Fannie Mae and Freddie Mac, and a gradual increase in the amount of the guarantee fees (G-Fees) charged by the GSEs. Guarantee fees and portfolio limits are issues that should continue to be addressed with the current GSEs and as part of the larger reform effort.
The guarantee fees charged by the GSEs should be at a level that reflects the risk they are taking and that also allows private competition to develop. In hindsight, it is clear that guarantee fees charged by Fannie Mae and Freddie Mac were insufficient to cover the risks of the mortgages they acquired. In early 2008, the GSEs began to impose additional fees, but in earlier years, the GSEs’ guarantee fees and their capital levels were inadequate to support the risks they were taking. Given this experience, HPC supports the gradual implementation of guarantee fees that are more properly aligned with the credit risk assumed by the GSEs. Today, the GSEs’ G-Fees have become more accurately priced and additional increases in the G-Fees should be phased-in over a period of time to avoid any undue disruption to the housing recovery.
In the past, the size of the GSEs’ portfolios grew far beyond what was necessary to facilitate the securitization of mortgage loans. The portfolios are now being reduced and that process should continue. Additional reductions in the portfolios should be managed in a manner that the market can absorb. Some limited portfolios are needed to facilitate the securitization of mortgages, to warehouse whole loans from community banks, to make a market in less liquid loans, such as multifamily housing loans. The regulator should have the authority and flexibility to manage the gradual reduction of the portfolios in a manner that does not negatively affect the current fragile housing market.
Under a reformed secondary mortgage market system, new private companies performing the credit guarantee role of the GSEs should not have large portfolios, but only those needed for the purposes explained above to facilitate the smooth functioning of mortgage securitizations.
Elimination of Numerical Affordable Housing Goals
HPC supports the elimination of specific housing goals for the GSEs. While the affordable housing goals were not a major factor in the failure of the GSEs, these goals did detract from their primary mission. The GSEs should have a single purpose
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A registration statement relating to Ally’s common stock has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
Citi, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley are acting as Joint Bookrunners for the offering.
This offering will be made only be means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained for free by visiting the SEC website at http://www.sec.gov. Alternatively, the preliminary prospectus may be obtained by contacting:
Citigroup Global Markets Inc., Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220, telephone: 1-800-831-9146, email: batprospectusdepartment
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(Source: California Department of Real Estate) - Which New Reports Must I Submit? RE 866 This notification to the DRE must be submitted if you are using your DRE license to perform residential mortgage loan activities for properties of 1-4 units. It must be submitted within 30 days of commencing residential mortgage loan activity and must accurately reflect the types of activities you are conducting. It must be submitted separately by each and every licensed real estate corporation, real estate broker and salesperson that performs residential mortgage loan activity.The form is available for online completion at the Department’s website: www.dre.ca.gov. See the MLO tab near the top of page. Financial Statement California DRE does NOT require this NMLS report; therefore, DRE licensees do not need to submit financial statements. Mortgage Call Report This report will be completed online on the NMLS website. It will be submitted by every MLO company, that is, every MLO-licensed real estate broker who has an approved MU1 filing and every MLO-licensed real estate corporation. It will be submitted every quarter after an approved NMLS license endorsement has been obtained. This report will be available on the NMLS website beginning in early May 2011.
Revised 03/2011
Department of Real Estate
SAFE ACT – Frequently Asked Questions
Which New Reports Must I Submit?
Financial Condition Report This is part of the Mortgage Call Report. It will be submitted on NMLS website. It will be submitted by every MLO company, that is, every MLO-licensed real estate broker who has an approved MU1 filing and every MLO-licensed real estate corporation. If the MLO company is approved with Fannie Mae, Freddie Mac or Ginnie Mae, the report is submitted quarterly. If the MLO company is NOT approved with Fannie Mae, Freddie Mac or Ginnie Mae, the report is submitted annually. Business Activity Report This is an annual report of activity to be submitted to directly to the DRE. It will be available beginning January 1, 2012 for submission on the DRE website. DRE-licensed brokers and corporations who perform residential mortgage loan activity as described in B&P Code Section 10166.07 will submit the report. The report will be due within 90 days of the end of the fiscal year, and the report will be ready to submit online beginning January 1, 2012. Beginning January 1, 2012 the report will also be submitted online by Threshold and Multi-Lender brokers who are required to report the business activities described in B&P code Section 10232.2 (c).
Source: California Department of Real Estate
(LoanSafe.org) - This event is being thrown for home owners who are in fear of losing their home. The workshop will be going over Maryland’s foreclosures laws.Additionally at the event, you’ll meet with loan providers and talk to housing counselors for free. Lawyers as everyone knows cost up to thousands of dollars. Why pay that for a loan mod or short sale that won’t succeed without you taking direct part in it with yourself holding the right information.
Attendees have to bring:
all paperwork related to current and former mortgages all foreclosure noticescurrent pay stubs and monthly household budget current bank statements and tax returns with all schedules and W-2 formsRegister at this link: http://www.mdhousing.org/WebSite/CommunityOutreachEvent/registration.aspx
Date of Event: April 2
Time of Event: 9 a.m.
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(LoanSafe.org) – This free walk in legal clinic for Wisconsin home owners is for home owners who who currently facing, and are filing a lawsuit against their lender for predatory lending, wrongful foreclosures, ext. Pro-bono attorneys will be at the event to assist home owners with lawsuits there bringing against their lender for wrongful foreclosures. First-come, first served, please arrive before 12:30. Homeowners should bring their Summons and Complaint as well as any other relevant paperwork.Date of Event: Thursday, 07 April
Time of Event: 11:00 AM – 01:00 PM
Location of Event: City-County Building
210 Martin Luther King Jr. Blvd
Madison, WI
Contact: Ellen Bernards
Email: ebernards
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(LoanSafe.org) – Homeowners are not the only ones who have free assistance events. This free first time home buyers event will assist people to learn how to manage your money, manage your credit select the right realtor and how to qualify for the correct loan. The Housing Resource Center of Monterey County is a non-profit United Way sponsored agency that provides FREE home buying and foreclosure counseling. RSVP required.Home Buying is a complicated process with a lot of paperwork, call (831) 424-9186 to get the details of the event.
Date of Event: Saturday, Apr 9
Time of Event: 9:00a to 2:30p
Location of Event: Casanova Oak Knoll Center
735 Ramona Avenue
Monterey, CA 93940
Conspiracy
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(LoanSafe.org) – As the housing market continues to not prosper, more people are becoming more in need for foreclosure assistance. This specific event is held for home owners every Tuesday. Prepare for the Tuesday coming up if your an LA homeowner.At these events home owners will have the chance to attend these seminars for free. Each seminar focuses on a specific real estate topic, but most of them cover the foreclosure process (time line) and assistance home owners to find ways they could stop foreclosure. Loan modifications are one way of putting a stop to your foreclosure, and short sales are a way to save your credit. This event is dedicated to assisting LA home owners to save their home.
Date of Event: Tuesdays
Time of Event: 6:30 p.m.
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(LoanSafe.org) - As republicans are trying to get rid of failed government foreclosure programs, the market is getting no better, and people are still losing their homes as a result of predatory lending and no successful assistance. As a result of this we at LoanSafe are posting as much events as possible and reminding home owners about all the assistance that does exist out there.At this specific event, Spanish translation will be available, you’ll be able to meet with lenders to work on your personal hardship, you’ll learn how to be able how to recognize and avoid foreclosure prevention scams, and you even might learn how to successfully perform a loan mod! Set your calenders to attend on this date.
Date of Event: Saturday, April 2
Time of Event: 9 a.m. – 3 p.m.
Location of Event: Moreno Valley Conference and Recreation Center
14075 Frederick Street, Moreno Valley, CA
Register: www.moval.org
or call
951.413.3450
Ragland, 37, of San Antonio, Texas, pleaded guilty before U.S. District Judge Leonie M. Brinkema in the Eastern District of Virginia. Ragland faces a maximum penalty of five years in prison when he is sentenced on June 21, 2011.
According to a statement of facts submitted with his plea agreement, in 2005 TBW established a wholly owned lending facility called Ocala Funding. Ocala Funding raised money by selling asset-backed commercial paper to financial institutions, including Deutsche Bank and BNP Paribas, and used the money to purchase TBW mortgages. The facility was managed by TBW and had no employees of its own.
Ragland had tracking and reporting responsibilities with respect to Ocala Funding, and today he admitted that from 2006 through August 2009, he and other co-conspirators engaged in a scheme to mislead investors and auditors as to the financial health of the lending facility. According to court records, shortly after Ocala Funding was established, Ragland learned there were inadequate assets backing its commercial paper. Ragland tracked this deficiency, which was referred to internally at TBW as a “hole” in Ocala Funding. He reported the status of the “hole” to senior TBW executives, including its CEO and CFO. Ragland was also aware that TBW co-conspirators were improperly transferring hundreds of millions of dollars from Ocala Funding to TBW accounts. At the time that TBW ceased operations, the hole was approximately $1.5 billion.
Ragland admitted that, at the direction of other co-conspirators, he prepared documents that inaccurately and intentionally inflated figures representing the aggregate value of the loans held in Ocala Funding or under-reported the amount of outstanding commercial paper. He sent this false information to the financial institution investors, other third parties, and an outside audit firm.
To date, four other individuals have pleaded guilty to charges for their roles in this and related fraud schemes.
The case is being prosecuted by Deputy Chief Patrick Stokes and Trial Attorney Robert Zink of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Charles Connolly and Paul Nathanson of the Eastern District of Virginia. This case was investigated by SIGTARP, FBI’s Washington Field Office, FDIC OIG, HUD OIG, FHFA OIG, and the IRS Criminal Investigation. The Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury also provided support in the investigation.
This prosecution was brought in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. For more information about the task force visit: www.stopfraud.gov .
Source: FBI
According to documents filed in this case and statements made during Chiaese’s guilty plea proceeding:
Chiaese, who had been working in the financial industry since 1999, solicited a number of new clients through his independent investment firm, CGC Advisors LLC, as early as 2008. He drew clients by touting his investment experience and promising to invest their funds in conservative but traditional securities like bonds and mutual funds. Chiaese admitted that between November 2008 and September 2010, he raised more than $2.9 million from individuals and entities in New Jersey, New York and abroad based on his representations. One investment of approximately $1.71 million came from a pension fund containing the pensions of over 850 current and former members of Local 333, United Marine Division, International Longshoreman’s Association, a union made up of members who were employed in the tugboat and ferry business in the New York and New Jersey waterways.
Chiaese admitted that he did not invest any of the victim investors’ money as he promised. Instead, he used over $1.4 million in investor money to pay for leases on a Porsche 911 Carrera, Audi Q7 and a Land Rover; his fees at two country clubs; stays at luxury hotels in New York, Florida and St. Thomas; and purchases at high-end retailers like Hermes, Salvatore Ferragamo, Bergdorf Goodman, and Saks Fifth Avenue. Chiaese also made cash withdrawals in excess of $185,000 and transferred over $800,000 to his wife and members of her family.
Chiaese also used at least $280,000 of the investors’ money to repay other investors, including one in London, in Ponzi-scheme fashion.
To conceal his fraudulent conduct, Chiaese sent many of the investors fake trade confirmations and account statements that made it appear that he had invested their money in securities when he had not.
The securities fraud count to which Chiaese pleaded guilty carries a maximum potential penalty of 20 years in prison and a fine of up to $5 million. Sentencing is scheduled for July 14, 2011.
U.S. Attorney Fishman praised special agents of the FBI, under the direction of Special Agent in Charge Michael B. Ward, for the investigation leading to today’s guilty plea. He also credited the U.S. Securities and Exchange Commission’s New York Regional Office, under the direction of Regional Director George S. Canellos, and thanked the United States Postal Inspection Service, under the direction of Acting Postal Inspector in Charge Thomas E. Boyle.
The government is represented by Assistant U.S. Attorneys Matthew E. Beck and Aaron Mendelsohn of the U.S. Attorney’s Office Economic Crimes Unit in Newark.
This case was brought in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
Source: FBI News
The extortion charge arose from a $20,000 bribe that Altman arranged for Solomon Dwek, who was working as a confidential witness for the government, to pay John Guarini, 61, of Bayonne, N.J., who served as a Jersey City Housing Department property improvement field representative. The money laundering charge arises from a scheme in which Altman, along with co-conspirators, used purported charitable, non-profit entities to
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(Source: Senator Jim DEMint) - Today, U.S. Senator Jim DeMint (R-South Carolina), chairman of the Senate Steering Committee, announced the introduction of S. 712, The Financial Takeover Repeal Act of 2011. The bill would repeal the Dodd-Frank financial regulation bill that President Obama signed into law on July 21, 2010. Former Federal Reserve Chairman Alan Greenspan recently commented that the Dodd-Frank regulation
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(Source: senator Al Franken) - Families who face foreclosure but believe their mortgage services are breaking the rules could have a new place to turn for help, thanks to legislation reintroduced today by U.S. Sens. Al Franken (D-Minn.), Olympia Snowe (R-Maine), Robert Menendez (D-N.J.), and Jay Rockefeller (D-W.Va.) that would create an Office of the Homeowner Advocate.The bill would establish a new office that would protect homeowners seeking mortgage modifications within the Home Affordable Modification Program (HAMP), an entity developed by the U.S Treasury Department to help struggling homeowners. Currently, over 12,000 Minnesotans would stand to benefit immediately from the proposal. If the legislation passes, even more homeowners would be able to participate in the program; as many as 3 to 4 million would benefit nationwide.
“When Minnesota families feel their mortgage servicer is treating them unfairly or giving them the run around, they need to know there’s someone out there they can turn to,” said Sen. Franken. “This bill would establish an office dedicated to helping these families navigate the already-stressful and complicated process of avoiding foreclosure.”
The Office of the Homeowner Advocate would:
Have an independent director, appointed by the Secretary of the Treasury in consultation with the Secretary of Housing and Urban Development. This director would have a background as an advocate for homeowners and have experience dealing with mortgage servicers. The director cannot have worked for a servicer or for the Treasury Department within the past four years. Make the Director available to testify in front of the Senate Banking Committee and House Committee on Financial Services at least four times a year, or at any time at the request of the Chairs of either committee, and issue a formal report to Congress once a year. Have staff designated by the Director to have the authority, on a case-by-case basis, to implement servicer remedies, subject to the approval of the Assistant Secretary for Financial Stability. This will help to ensure that the staff of the Office of the Homeowner Advocate actually have the ability to make servicers follow the rules.Recently, the U.S. Treasury Department announced that they would be taking new actions to keep mortgage servicers in line, threatening to withhold financial incentives from servicers that receive unsatisfactory grades after quarterly compliance reviews by the Department. The Department’s acknowledgement that further action is needed to prevent abuse in the mortgage servicer industry highlights the need to establish an entity that would advocate on behalf of homeowners.
The Office of the Homeowner Advocate is modeled after the successful Office of the Taxpayer Advocate at the Internal Revenue Service. It aims to help resolve problems with HAMP and would be funded from money that is available for the costs of administering the HAMP program, but is not otherwise committed.
The Office of the Homeowner Advocate would have three primary functions: To assist homeowners, housing counselors, and housing lawyers in resolving problems with the HAMP program; to identify areas where homeowners are having problems in dealing with the HAMP program; and to identify possible administrative and legislative changes to HAMP.
Originally introduced in 2010, this legislation was supported by the Department of the Treasury and passed the Senate with broad bipartisan support by a vote of 63-33. Additional cosponsors of the bill include Sens. Sherrod Brown (D-Ohio), Dick Durbin (D-Ill.), Frank Lautenberg (D-N.J.), Patrick Leahy (D-Vt.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.) and Jeanne Shaheen (D-N.H.).
The Franken-Snowe-Menendez-Rockefeller bill has Minnesota endorsements from the Central Minnesota Housing Partnership, Greater Minnesota Housing Fund, Housing Preservation Project of St. Paul, Jewish Community Action, Legal Services Advocacy Project, Minnesota Housing Partnership, and Project for Pride in Living.
It also has national endorsements from the Alliance for a Just Society, Americans for Financial Reform, California Reinvestment Coalition, Center for NYC Neighborhoods, Center for Responsible Lending, Community Organizations in Action, Consumer Action, Consumer Federation of America, HomeFree-USA, International Union, United Automobile, Aerospace & Agricultural Implement Workers of America, Leadership Conference on Civil and Human Rights, National Association of Consumer Advocates, National Association of Consumer Bankruptcy Attorneys, National Consumer Law Center (on behalf of its low-income clients), National Council of La Raza, National Legal Aid and Defender Association, National People’s Action, Neighborhood Economic Development Advocacy Project, PICO National Network, Service Employees International Union, Catholic Charities of St. Paul & Minneapolis, Community Action Partnership of Ramsey & Washington Counties, Minnesota Community Action Partnership, and Twin Cities Habitat for Humanity.
Source: senator Al Franken
(LoanSafe.org) - This foreclosure education and prevention event is for all home owners who need advice on foreclosure or those who have a delinquent mortgage. Home owners do have rights when it comes to foreclosure, and it’s essential that you understand them.Loan modifications are things that can help a home owner, or not. But there a tool for scammers to use. At this event learn how to recognize loan modification rescue scams and learn how to avoid them. Renters or home owners alike are welcome to this event. Light refreshments will be provided at this event according to this event flyer: http://www.freddiemac.com/avoidforeclosure/pdf/Silver_Spring_Borrower_Seminar_Flyer_04-07-11.pdf
Date of Event: Thursday, April 7
Time of Event: 10:00 am
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MCLEAN, Va. (Source: Freddie Mac) - Freddie Mac today announced the dismissal of a putative class action securities lawsuit filed against the company in federal court in August 2008.Judge John Keenan of the U.S. District Court for the Southern District of New York has granted Freddie Mac’s motion to dismiss all claims asserted against Freddie Mac in a putative securities fraud class action filed against the company and certain of its former senior officers. Judge Keenan found not actionable all alleged misstatements and omissions regarding Freddie Mac’s involvement in the subprime and Alt-A mortgage markets, holding that plaintiffs failed adequately to plead that Freddie Mac’s disclosures on those issues were either false or misleading.
The judge also dismissed alleged misrepresentation claims relating to Freddie Mac’s capital adequacy, core capital, internal controls and underwriting processes. The court granted the plaintiffs 60 days to file an amended complaint, if they choose to do so.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. www.FreddieMac.com
SOURCE Freddie Mac
For further information: Media, Michael Cosgrove,
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(LoanSafe.org) - If your facing a hardship or already facing foreclosure, and are interested in saving your home, then make sure to call in and attend this foreclosure resource fair tomorrow!At this seminar, you’ll learn smart ways to budget and manage your money to be able to perhaps make your mortgage payments. If your interested in saving your home a loan mod could save you from possible foreclosure. Free light refreshments will be given at this event. This event is aimed at teaching home owners how to manage their income wisely.
Date of Event: April 2
Time of Event: 10am – 2:30pm
Location of Event: 1400 Oakman Boulevard, Detroit 48238
Contact: 313.494.4468
www.focushope.edu
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