Comments on: Fannie Mae and Freddie Mac Behind the big number of Canceled Foreclosure Auctions? $745 Billion Bailout to Erase Negative Equity for Every Underwater Homeowner. Fannie and Freddie Uncapped. Prelude to new Bailouts? http://www.doctorhousingbubble.com/fannie-mae-and-freddie-mac-behind-the-big-number-of-canceled-foreclosure-auctions-745-billion-bailout-to-erase-negative-equity-for-every-underwater-homeowner-fannie-and-freddie-uncapped-prelude/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 15:03:51 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: John Wright http://www.doctorhousingbubble.com/fannie-mae-and-freddie-mac-behind-the-big-number-of-canceled-foreclosure-auctions-745-billion-bailout-to-erase-negative-equity-for-every-underwater-homeowner-fannie-and-freddie-uncapped-prelude/#comment-46752 John Wright Sun, 18 Apr 2010 21:42:09 +0000 http://www.doctorhousingbubble.com/?p=2879#comment-46752 If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY! BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits. http://www.youtube.com/watch?v=NTmeHM-Hojg&feature=related Have you seen the little piggies Crawling in the dirt And for all the little piggies Life is getting worse Always having dirt to play around in. Have you seen the bigger piggies In their starched white shirts You will find the bigger piggies Stirring up the dirt Always have clean shirts to play around in. In their ties with all their backing They don't care what goes on around In their eyes there's something lacking What they need's a damn good whacking. Everywhere there's lots of piggies Living piggy lives You can see them out for dinner With their piggy wives Clutching forks and knives to eat their bacon. Wright vs. Bank of America Lawsuit at: unitedlawgroup.com When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath. Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods. Divided we might have fell America, but united we must stand! Please send your email directly to Bank of America and include the following: 1. Your name 2. Your complaint concerning your experience with Bank of America. 3. Please end your email “I support John Wright vs. BofA Lawsuit!” 4. Please send a copy of your email to johns-wright@hotmail.com 5. Please send your email to both BofA link below and the CEO email BofA Linked Email: https://www3.bankofamerica.com/contact/?lob=general&contact_returnto=&state=VA CEO Brian Moynihan: brian.t.moynihan@bankofamerica.com If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!

BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.

http://www.youtube.com/watch?v=NTmeHM-Hojg&feature=related

Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.

In their ties with all their backing
They don’t care what goes on around
In their eyes there’s something lacking
What they need’s a damn good whacking.

Everywhere there’s lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.

Wright vs. Bank of America Lawsuit at: unitedlawgroup.com

When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

Divided we might have fell America, but united we must stand!

Please send your email directly to Bank of America and include the following:

1. Your name
2. Your complaint concerning your experience with Bank of America.
3. Please end your email “I support John Wright vs. BofA Lawsuit!”
4. Please send a copy of your email to johns-wright@hotmail.com
5. Please send your email to both BofA link below and the CEO email

BofA Linked Email:
https://www3.bankofamerica.com/contact/?lob=general&contact_returnto=&state=VA

CEO Brian Moynihan:
brian.t.moynihan@bankofamerica.com

]]> By: LA Resident http://www.doctorhousingbubble.com/fannie-mae-and-freddie-mac-behind-the-big-number-of-canceled-foreclosure-auctions-745-billion-bailout-to-erase-negative-equity-for-every-underwater-homeowner-fannie-and-freddie-uncapped-prelude/#comment-44085 LA Resident Wed, 13 Jan 2010 05:40:14 +0000 http://www.doctorhousingbubble.com/?p=2879#comment-44085 I've been to those tax auctions. None of those properties are being auctioned because of their mortgages. However, mortgages could have a lot to do with the delay. When a property sells at the tax auction, it has unpaid taxes for at least five years. By the time it gets to auction, usually six years. In the past, almost none of those properties were homes. Generally, they were vacant land, with an occassional commercial building or parking lot. Now, it's different. The single family homes which used to get paid off at the last moment often won't be paid off. They can't sell the home or refi to cover the taxes. Lenders/servicers often act shocked to find out that property tax sales wipe out mortgages. For example, take a home with a $500,000 mortgage, worth $250,000 at current market with an orderly sale. It goes to the tax auction and sells for $150,000, since you can't inspect the house, have rules about how long to wait before taking possession, etc. Probably about $25-35k goes to the back taxes, interest and penalties. Barely $120k can go to the homeowner or lender. They also have a limited time to claim that money, and could easily screw it up for a total loss. I’ve been to those tax auctions. None of those properties are being auctioned because of their mortgages.

However, mortgages could have a lot to do with the delay. When a property sells at the tax auction, it has unpaid taxes for at least five years. By the time it gets to auction, usually six years. In the past, almost none of those properties were homes. Generally, they were vacant land, with an occassional commercial building or parking lot.

Now, it’s different. The single family homes which used to get paid off at the last moment often won’t be paid off. They can’t sell the home or refi to cover the taxes. Lenders/servicers often act shocked to find out that property tax sales wipe out mortgages. For example, take a home with a $500,000 mortgage, worth $250,000 at current market with an orderly sale. It goes to the tax auction and sells for $150,000, since you can’t inspect the house, have rules about how long to wait before taking possession, etc. Probably about $25-35k goes to the back taxes, interest and penalties. Barely $120k can go to the homeowner or lender. They also have a limited time to claim that money, and could easily screw it up for a total loss.

]]> By: tim http://www.doctorhousingbubble.com/fannie-mae-and-freddie-mac-behind-the-big-number-of-canceled-foreclosure-auctions-745-billion-bailout-to-erase-negative-equity-for-every-underwater-homeowner-fannie-and-freddie-uncapped-prelude/#comment-44084 tim Wed, 13 Jan 2010 05:26:33 +0000 http://www.doctorhousingbubble.com/?p=2879#comment-44084 I don't understand how people can still qualify for homes on the market. If Fannie and Freddie are buying up all 729K loans or less here in So Cal, someone still has to go through all the documentation. That means $$ down and proof of income. I would think over time (even with low rates), that prices will have to come into line with people's down payments and incomes. I don’t understand how people can still qualify for homes on the market. If Fannie and Freddie are buying up all 729K loans or less here in So Cal, someone still has to go through all the documentation. That means $$ down and proof of income. I would think over time (even with low rates), that prices will have to come into line with people’s down payments and incomes.

]]> By: Swiller http://www.doctorhousingbubble.com/fannie-mae-and-freddie-mac-behind-the-big-number-of-canceled-foreclosure-auctions-745-billion-bailout-to-erase-negative-equity-for-every-underwater-homeowner-fannie-and-freddie-uncapped-prelude/#comment-44080 Swiller Wed, 13 Jan 2010 00:02:22 +0000 http://www.doctorhousingbubble.com/?p=2879#comment-44080 What do I see? I see The Federal Reserve and the White House as one. Every president since Bush has proved that. I also see many mad people who didn't game the system, and are watching the ones who gambled not suffer any penny. I see thousands and thousands of americans who did NOT gamble, but just happened to buy at the wrong time in a FRAUDULANT environment, and now these americans are LOSING THEIR HOMES, losing their credit rating, and becoming very detached from the system. I also see people angry at ANYONE who is losing their home and degrading their character. The people who cannot see who the real enemy is, but instead, alienate their fellow citizens. There should be trials, people should be going to jail. The market should be left alone to correct itself. I would LOVE to see single family homes (1500 sq.ft.) here in OC sell for $250,000 or LESS. But it won't happen, too many people want to "get in". For all those who feel you should "take advantage"...go ahead, buy, then default, see how much of a DREAM RIDE that is to your life. What do I see? I see The Federal Reserve and the White House as one. Every president since Bush has proved that. I also see many mad people who didn’t game the system, and are watching the ones who gambled not suffer any penny. I see thousands and thousands of americans who did NOT gamble, but just happened to buy at the wrong time in a FRAUDULANT environment, and now these americans are LOSING THEIR HOMES, losing their credit rating, and becoming very detached from the system. I also see people angry at ANYONE who is losing their home and degrading their character. The people who cannot see who the real enemy is, but instead, alienate their fellow citizens.
There should be trials, people should be going to jail. The market should be left alone to correct itself. I would LOVE to see single family homes (1500 sq.ft.) here in OC sell for $250,000 or LESS. But it won’t happen, too many people want to “get in”.
For all those who feel you should “take advantage”…go ahead, buy, then default, see how much of a DREAM RIDE that is to your life.

]]> By: hlowe http://www.doctorhousingbubble.com/fannie-mae-and-freddie-mac-behind-the-big-number-of-canceled-foreclosure-auctions-745-billion-bailout-to-erase-negative-equity-for-every-underwater-homeowner-fannie-and-freddie-uncapped-prelude/#comment-44079 hlowe Tue, 12 Jan 2010 23:02:00 +0000 http://www.doctorhousingbubble.com/?p=2879#comment-44079 You’re starting to get it (referring to me previous comments about this issue of shadow inventory). Now consider the great increase in FHA loans (http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2010/01/09/MN4U1BDH0K.DTL&source=patrick.net). Now consider comments from Timothy Geithner (the government will be the backstop). What do you see now? You’re starting to get it (referring to me previous comments about this issue of shadow inventory).

Now consider the great increase in FHA loans (http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2010/01/09/MN4U1BDH0K.DTL&source=patrick.net).

Now consider comments from Timothy Geithner (the government will be the backstop).

What do you see now?

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