Foreclosure is crippling and devastating to the people who suffer through it. The lender under normal circumstances makes a borrower a loan. The borrower is subject now to the obligation. Borrower signed the documents and lender provided the money.
So why in the world would anyone feel sorry for a grown adult who cannot pay their bills. Life happens to us everyday and that's a fact. But what happens when hardship is not part of the affordability issue. In other words, the borrower who may have the ability to borrower from family and friends is at at disadvantage. They may have taken on a second job and found away to make other ends meet. So now they want to do the right things an get back on track with their mortgage lender.
First problem we see is people don't not know who the lender is anymore Even till the last day of foreclosure most borrowers will not know who to contact. They don't know why the voice they are talking with and who answers the phone in the lenders name is so full of broker promises.
We know why....and the answers we have allow consumers to fight back.
"Take our home but at least give us a chance to fight back."
Showing posts with label General. Show all posts
Showing posts with label General. Show all posts
January 16, 2009
January 7, 2009
Reviewing SEC Filings: Freemont
Mortgage Loan Sale and Assignment Agreement
(filed as an exhibit to Form 8-K on 2006-07-14)
On March 7, 2007 Fremont General Corporation ("FGC"), its wholly-owned industrial bank, Fremont Investment & Loan and Fremont General Credit Corporation, a wholly-owned subsidiary of FGC, have consented to the terms of a Cease and Desist Order issued by the Federal Deposit Insurance Corporation without admitting to the allegations contained in such order. The order calls, among other things, for the FGC to make a variety of changes in its sub-prime residential loan origination business and also calls for certain changes in its commercial real estate lending business.
The registrant knows of no other material pending legal proceedings involving the Trust and all parties related to such Trust, other than routine litigation incidental to the duties of those respective parties.
Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
Information required by Item 1119 was provided previously in a prospectus timely filed pursuant to Rule 424 promulgated under the Securities Act of 1933, under the same Central Index Key (CIK) code as this annual report on Form 10-K. No material changes to such information have occurred since the initial Rule 424 filing.
Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
The assessment of compliance for Wilshire Credit Corporation (“Wilshire”) has disclosed the following material noncompliance with servicing criterion 1122(d)(4)(iv), applicable to Wilshire during the year ended December 31, 2006.
On one of the forty-five loan payoffs selected for testing, Wilshire calculated the prepayment charge in accordance with the related mortgage note, but transposed the numbers when entering the charge into its system, resulting in an overcharge to the borrower. Such assessment further states that this error has been corrected and the overcharge has been refunded to the borrower.
(filed as an exhibit to Form 8-K on 2006-07-14)
On March 7, 2007 Fremont General Corporation ("FGC"), its wholly-owned industrial bank, Fremont Investment & Loan and Fremont General Credit Corporation, a wholly-owned subsidiary of FGC, have consented to the terms of a Cease and Desist Order issued by the Federal Deposit Insurance Corporation without admitting to the allegations contained in such order. The order calls, among other things, for the FGC to make a variety of changes in its sub-prime residential loan origination business and also calls for certain changes in its commercial real estate lending business.
The registrant knows of no other material pending legal proceedings involving the Trust and all parties related to such Trust, other than routine litigation incidental to the duties of those respective parties.
Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
Information required by Item 1119 was provided previously in a prospectus timely filed pursuant to Rule 424 promulgated under the Securities Act of 1933, under the same Central Index Key (CIK) code as this annual report on Form 10-K. No material changes to such information have occurred since the initial Rule 424 filing.
Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
The assessment of compliance for Wilshire Credit Corporation (“Wilshire”) has disclosed the following material noncompliance with servicing criterion 1122(d)(4)(iv), applicable to Wilshire during the year ended December 31, 2006.
On one of the forty-five loan payoffs selected for testing, Wilshire calculated the prepayment charge in accordance with the related mortgage note, but transposed the numbers when entering the charge into its system, resulting in an overcharge to the borrower. Such assessment further states that this error has been corrected and the overcharge has been refunded to the borrower.
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