mmm-Are we finally getting there-but theres more to come believe me.

[Tawnyowl]

LA-Michael Jackson dies of heart attack,i cant believe it-50 years old.

[Tawnyowl]

Michael Jackson-1958-2009-Rest in Peace YouTube - Michael Jackson - They Don't Care About Us Gone,but will never be forgotten.Another tribute some of you wont have heard. Diddy, Usher, and Chris Brown Record "Better on the Other Side" as a Tribute to Michael Jackson ? Love It or Leave It? | Diddy, Usher, Michael Jackson | PopSugar - Celebrity Gossip & News Tawnyowl will move on now.

[determindator]

subbing

[Tawnyowl]

First of all as i go back to the subprime fixed rate about to end,the predatory lending,scams,how its truthfully affecting the housing market here and abroad i thought i would just put on a link to a news thread i read yesterday,its this kind of thing that makes my blood boil.Tawnyowl http://www.timesonline.co.uk/tol/money/consumer_affairs/article6570910.ece

Edited June 27, 2009 by tawnyowl

[Tawnyowl]

Tawny is working on something at the moment and has been for over a year.If all my facts are correct ,well anything could happen.I am first putting it to one of the leading newspaper financial experts in the country,clue on page 1.If i am wrong i will admit it and move on.I will keep posting about America etc.I cant understand how some organisations say houseprices are rising,perhaps im missing something,a brain perhaps.I thought some of you may relate to this slghtly,please stay calm Tawnyowl.

[nuke em]

this is all being doine to rape the property-owning middle classes by the ****** banksters, they are buying up properties for pennies on the pound or cents on the dollar etc. this whole episode is man-made!

[Tawnyowl]

Mortgage Forensic Audit.mmm.American look at things.

Yes, It Really Is Kind of Like an Autopsy

 

During the boom times, when the housing bubble was getting bigger by the minute and everybody who normally would have been wearing a hairnet and saying, "Would you like fries with that?" a few hundred times a day was brokering mortgages instead (or selling real estate), let's just say that, "mistakes were made."

Lots and lots of mistakes.

So?

So, now thousands of those mortgages are going into default and people are losing their homes at the worst rate in U.S. history, even worse than during the Great Depression. Usually, when borrowers approach their mortgage lenders and ask to modify the loan at a lower interest rate or renegotiate the terms, they not only are unsuccessful, they often can't even find out who owns the mortgage anymore. The get on the 800 number merry go round and five hours later want to just burn the place down.

 

Many subprime mortgages were sold so many times to so many different entities, that often no one even knows who holds the original mortgage note or knows where the original note is.

Technically, a lender can't foreclose on a property unless that lender holds the original note. What's more, many, many, many federal and state regulations exist to protect borrowers from unscrupulous lender practices. If any of these regulations are violated (and there are dozens, of them), the lender can face fines of up to $10,000 and can even lose the ability to write mortgages. The lender can be sued by the federal government and lose its charter as a bank or financial institutions. It's no small thing, to be found in noncompliance.

Many of these regulations involve simple disclosures that must be made to the borrower at critical times during the lending process. If the lender skips any of these disclosures, that lender can be in big trouble. Many subprime lenders and a goodly number of major banks and financial institutions did not comply with these regulations fully during the bubble.Some were so out of compliance their activities constitute fraud.

 

A forensic mortgage audit goes over the closing papers for a specific mortgage and reviews the signed disclosures to look for any indication that any of these regulations were violated. The purpose of this audit is to give the borrower leverage in negotiating a loan modification instead of a foreclosure.

The idea is not to get your home for free, but to coerce the lender into working with you.

Its boring. It's tedious.

 

But it can work.

[Tawnyowl]

BBC NEWS | Politics | Mortgage plan helps six families Well-6 familys saved so far,not commenting just posting,just one thing then,i bet Elll-enn has saved more familys than that in less time.Such a slow start,Tawnyowl. Edited July 7, 2009 by tawnyowl

[Tawnyowl]

2 months ago--

Mortgage rescue claim is rejected

 

 

Ms Parsons believed the scheme would help her

 

A woman was rejected by the government's mortgage rescue scheme despite being the "perfect candidate", according to financial advisers.

Donna Parsons was told that under the Mortgage Rescue Scheme the government would buy her home, pay off her debts and rent her home back to her.

But despite showing four bank letters threatening repossession she had not been sent one from her mortgage lender.

"There is just no flexibility, it must be notice from the lender," she said.

Secured loans

Government paperwork confirmed a letter from the mortgage lender is required to comply with the terms of the scheme.

Ms Parsons had not received this because her mortgage lender is prepared to give her more time.

She and her ex-husband owe about £30,000 in loans secured against the house and it is those creditors that are demanding their money back.

Kim Watts from Yeovil Citizens' Advice believed Ms Parsons had done everything to avoid her house being repossessed.

"She'd sorted out her finances, we thought she was the perfect candidate," she said.

"If Donna doesn't qualify, I can't see who will. We had thought this would help lots of people who are getting into difficulties, but it looks unlikely now.

"It's a real shame," Ms Watts added.

So far one person has been helped by the £238m scheme, a government spokesman confirmed.

Edited July 7, 2009 by tawnyowl

[Tawnyowl]

Sprouting up like weeds across the country, foreclosures show no signs of abating but offer buyers the chance to purchase homes at affordable prices. Banks are selling their foreclosed properties at auction at tremendous discounts to avoid losing more money on these loans.Property: Repossessed homes go under the hammer at Britain's first US-style house auction | Money | guardian.co.uk Bank-Owned Foreclosures Hit Auction Block in Chicago and Indianapolis - FierceFinance

[Tawnyowl]

The subprime chaos i feel is and has and will carry on causing trouble for many for years to come.Negative equity really stings.How many higher earners are struggling and are also up to the hilt.Could there be a mid prime underlying problem beneath the surface,How many first time buyers are managing to buy property,compared to speculators or developers,many things happening for many in these difficult times for people of all ages,Redundancy,debt,self employed all,or most struggling.But many carrying on wishing and waiting,i will find good news as well.Honest news,not goverment sponsored spin.Tawnyowl.

[Tawnyowl]

BBC NEWS | Business | Darling warns banks on loan rates

[Tawnyowl]

BBC NEWS | Business | 'Customers pay' for bank rebuild BBC NEWS | Business | Mortgage arrears, 11 July 2009 grrrrrrrrrrrr BBC NEWS | Programmes | World News America | City sues US bank over Mortgages

[Tawnyowl]

BBC NEWS | Business | 'Customers pay' for bank rebuildJust making a small comment on this,it seems a biassed one perhaps.I feel the banks will just carry on as usual,ripping the money out of peoples pockets by whatever way they can do so.As quickly as they can till people take to the streets in their thousands.And protest.Trying to keep this becoming a activist down.I believe bonuses are allready back on the scene.Banks accused of exploiting mortgage customers as profit margins rise - Telegraph

[Tawnyowl]

BBC NEWS | Business | Mortgage arrears, 11 July 2009 As for this one and companys trying to say these are towards the costs of running the department,especially the subprimers.They hardly have any staff left,offering no products anymore,just collecting,collecting collecting.It is just a rip off.Its got to stop.Judge says,50 pound a month extra to pay your arrears off,company charges a 50 pound a month arrears charge till its paid off.MMM,time for judges to realise whats going on,or do they.

[Tawnyowl]

BBC NEWS | Programmes | World News America | City sues US bank over MortgagesAs for this one.Baltimore and across America,take a look at Detroit.

needed that minority groups were targeted,The Subprime Crisis- How it hit the Black Community: An Update - Jack & Jill Politics did it happen here,you bet it has.Time charges were brought,the weakest ruthlessly targeted.America was allready going pearshaped and they just carried on here knowing what was happening.California having to make savage cuts-

Mr. Schwarzenegger's vetoes include $80 million from child welfare programs; $61 million in county funding to administer Medi-Cal, California's version of Medicare; $52 million from AIDS prevention; $50 million to Healthy Families, the low-cost health insurance program for poor children; and $6.2 million more from state parks. I never thought i would see the TERMINATOR terminate something like that no matter what.http://www.guardian.co.uk/world/video/2009/jul/29/schwarzenegger-spending-cuts

"Those are ugly cuts and I'm the only one that is really responsible .Although there are reports of house prices rising slightly in the Laguna Beach area,mmm.As ive said before treat this thread as a break between your battles with your lenders.Hopefully it is providing some information and advice amongst the pages.Tawnyowl

Edited July 30, 2009 by tawnyowl

[Tawnyowl]

Seems in parts of America things although bouncing along at the bottom are stabalising in the housing sector.However as you look across certain parts of America,its hard to believe the devastation caused by this crisis.Over 5 million foreclosures since 2007 and 300000 filed last month.It also seems that rising unemployment is beginning to cause more problems.I have read of investors across America following agents putting for sale signs up,knowing that these were forclosures,buying them within hours for ridiculous offers and renting them back to the owners before they even had to move out at rents much less than their mortgage paynents. This doesnt seem a bad idea for first time buyers----Additionally, more than 18 percent have plans of buying a house this year to capitalize on the tax credit worth $8,000 offered to first time homebuyers under President Obama's program to stop the increase of foreclosed homes. Housing begins to reverse 3-year recession in every US region, but 2nd half looks rocky - Los Angeles Times Hers another area being affected,some poss big foreclosures1 mil-5 mil . Also worrying about rising unemployment.This next article as you read and maybe hit the other related articles is also slightly worrying http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5699302/Home-repossessions-set-to-soar-again-says-Shelter.html It all seems so volatile.Heres another view where although talking of rising sales,also talks about rising redundancys,job losses,fixed rate mortgages,and kind off gets you asking what if interest rates go up.propertytalk Live! - Jobless working class hit by home repossession Feel thats enough for now who can really tell what exactly is happening.http://www.guardian.co.uk/money/2009/jun/28/first-time-homebuy-funding-shortfall

Edited August 1, 2009 by tawnyowl

[Tawnyowl]

Keep hearing about things improving. Sometimes i feel as looking around in many different places, there is a river of Magma just below the surface waiting to erupt with more bad news. I hope i am wrong and its just that i am looking in the wrong places. Tawnyowl.

Edited August 8, 2009 by tawnyowl

[Tawnyowl]

Ive been writing about tent citys in America and the homeless there, and the subprime crisis,how its affecting them. Maybe some of you may be interested in these next few links. There is a massive problem there.The subprime, job losses are affecting so many maybe you want to know how its affecting other countrys. I have a few thoughts and questions about the housing crisis here and also thoughts about the wages that people are earning,the cost of living,the cost of housing, all the things that are affecting us. In America i believe if you are earning the minimum wage,there isnt one state where you could really afford proper housing.Is it the same here,i am wondering but am going to find out for sure.I believe many arent claiming benefits they are entitled to also.I have a picture in my head about how many are suffering here and saying nothing to their familys.Some i feel are not eating properly,cant heat their houses in winter.Cant afford to cloth themselves.No chance of a holiday for their kids.Worried about jobs redundancy etc. Massive spending cuts are happening in America,could it happen here,will it.Please excuse my ramblings just trying to find out the truth.First link--1- http://homelessness.change.org/blog/category/tent_city_tour -- 2--

3-- http://homelessness.change.org/blog/view/bloomberg_defends_one-way_tickets_for_homeless ----This homeless person is having a hard time also,slightly different problems than many of us.There is part one and part two. http://homelessness.change.org/videos Like ive said before just trying to give some of you a break between your problems with lenders, debts,and perhaps show that so many are suffering in similar ways.Hope you dont mind. Tawnyowl. Edited August 10, 2009 by tawnyowl

[Tawnyowl]

Quite interesting.Talk of holding interest rates into 2011.Worries about rising unemployment.Are some lenders holding back on repossessions due to negative equity.A few more familys helped by Mortgage rescue scheme.Very slow though.Hit the links some interesting articles. http://news.bbc.co.uk/1/hi/business/8199933.stm Tawnyowl.

[Tawnyowl]

Another one caught,its affecting many, Neil Morrissey 'opts for IVA to repay £2.5m' - Telegraph bit more info on the men behaving badly misfortune Actor's dream for luxury hotel ends badly - Telegraph ----Banks theres something of the night about them,buddys all in the trough,nice to be in it,if you are out of it ,tough.Bonus for bankers, Mega-bonuses are back on offer as Goldman Sachs racks up bumper fees | Business shares dive,mmm Shares dive as traders fear recovery has stalled | Business .MORTGAGE RESCUE SCHEME. http://news.bbc.co.uk/1/hi/business/8197387.stm Wow,fast track team to start. Birmingham,reminds me of similar things being said and done in Detroit.http://news.bbc.co.uk/1/hi/england/west_midlands/8196911.stm Enough for now,Tawnyowl

Edited August 17, 2009 by tawnyowl

[Guest MamaG1]

Tawnyowl,

Wow I admire your spirit snd comitment to the stand up against firclosre and repossesion and I must say I feel so strongly about this issue also, aprticularly as it is all about this loan sharks using predatory lending tactics to target the poor and struggling, in the plan to strip them of all thier equity, indirectly thier money and throw them out in the street, cancelling the governments initiative for equality in home ownership and the capitalist - Agenda.

This cannot be allowed to happend there must be ways on ensuring there are more controls in the countries over this mortgage loan sharks. they are robbers. How do we get new legislation in place for the Mortgage regulatory bodies please.

There must be time limits to all this, if some one has paid them for a certain lenght of time and run into problems they must support them not trhow them pout of thier home at any opportunity and then the roller coaster effect carries on.

[Tawnyowl]

Just thought i would put this on.Sometimes its interesting to have a look at things on the other side of the pond.Not much good news http://abcnews.go.com/Business/MellodyHobson/bailout-banks-foreclosure-mess-analysts/story?id=11911461 Interesting what the 6 top banks said when asked about appearing on the program.Watch the video.Ever wondered what Americas debt is.scary http://www.usdebtclock.org/ bringing some news from the uk soon A friend of mine had his house repossessed today,very sad.

Edited December 8, 2010 by tawnyowl

[Tawnyowl]

Tawnyowls getting worried about things.I hoped things would have been improving on the housing market by now.This is what seems to be happening round my area. Please excuse my ramblings .And put me right if i am wrong. I work round these parts as a construction worker and have done for over 32 years.I had my chance as a first time buyer many years ago.Blew it a few years back,subprime deal.Slump in work,repossessed,bankrupt,dissolved company.Accepted.,Bit miffed but accepted..But like i say as once a first time buyer i like to see young people have the chance i had. But earnings related to local house prices,not much chance.The houses that are potential first time properties are being snapped up by the rental market as fast as a cat moves on a hot tin roof.Whole areas moving into the rental market.I rent myself but worked in a certain area the other week and it was a scary place.The Bronx came to mind..Filth infested alleys,Drunks everywhere.Pitbulls,yobs the whole works.Some happenings i am not saying.Secure alleygates,what a laugh.Perhaps i chose the wrong day.It was Sunday.There has to be a way for the first time buyers to get into the market before we become a divided society.A mix is best some rented some private,not whole areas rented. .People will stop going into certain areas for fear of what may happen,perhaps its allready happening in various parts of the country.Many landlords maintain their properties ,inside at least.But many on the outside look grim,poorly maintained and falling to bits.I suppose contractors wages to rent makes it a low priority,who knows.

There seems to be a huge problem lurking still with mortgage arrears as the next articles talk about.9100 repossessed first 3 months of 2011 with predictions of 40000 this year.and god knows how many if interest rates rise.

“So many households are just managing to make ends meet, that even a small increase in the cost of their mortgage may push them over the edge,” said Delroy Corinaldi, CCCS external affairs director.

“As far as possible, families need to think how they could pay such increases and seek help at the earliest opportunity if they feel that they cannot cope.”

A two percent increase in mortgage rates will lead to a £307 rise in monthly mortgage payments, the CCCS research revealed.

The average mortgage payment of a CCCS client is currently standing at £561,61, meaning a two percent rise in mortgage rates would see a 55 percent increase in monthly mortgage payments. This amounts to £3,700 more a year.

The charity also showed there is a rising trend in homeowners using credit cards to pay their mortgages – indicating a rate rise would have an immediate effect on those who already cannot meet payments.

Anyone here paid their mortgage by credit card..Personally can only see house prices falling further ,and hopefully some first time buyers get on the ladder before we become a changed landscape of rented areas and private areas PS Anyone know what Essex is like for work as Tawnyowl is considering many things.Found a property to rent within my budget.Any comments.Scenic views.It sure is tempting. http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=1&pid=8735596 Tawnyowl

Edited June 29, 2011 by tawnyowl

[Tawnyowl]

-Bit of news from a few different areas CANADA According to a stress test scenario by the Bank of Canada, it would take only a 0.5% increase in interest rates for 1.1 million Canadian households to become at risk of defaulting on their consumer credit or mortgage-related debt. Projected income increases will be insufficient to offset the increases in debt payments that will occur with even such a small increase in interest rates.

AUSTRALIA SYDNEY -(Dow Jones)- A recent pick-up in delinquencies in Australia is concerning and unlikely to be fixed quickly, the Australian chief executive of one of the country's largest banks said Thursday.

"It's a problem that's going to stay with us for a while," said Philip Chronican, country chief executive of Australia & New Zealand Banking Group Ltd. (ANZ) told reporters in Sydney. "I don't know if it will get worse or not."

The remarks come just a week after a report from rating agency Fitch showed Australian mortgage delinquencies surged in the first quarter to a record in the latest sign of cracks in what used to be booming property market Echoing similar comments from Fitch, Chronican partly blamed the rise in delinquencies on a rising cost of living in the country.

 

http://www.cml.org.uk/cml/publications/newsandviews/88/324 comparing USA TO UK mortgage arrears

And some GOOD NEWS,a good start to the day http://www.dailymail.co.uk/news/article-1372655/Family-mortgage-arrears-saved-homelessness--son-scoops-250-000-Lottery-scratchcard.html

It seems as the cost of living goes up we are all having less to spend.Wages dont seem to cover all the increases leaving what seems to be less and less in our pockets month by month.A real sickener.Somethings got to give.Tighten peoples belts to much and they will snap,then what.The answer is out there somewhere.-Best wishes to all in these difficult times Tawnyowl ,having to live like a monk to keep the roof on my rented home for my family.

Edited June 30, 2011 by tawnyowl