Mortgage // Current TV

Depression TV

Conor Knighton follows the tube's latest trend: how our tough economic times have... more

Conor_Knighton
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3 years ago
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2 comments

Mortgage approvals could mean change

The British Bankers' Association has confirmed that there has been a rise in the... more

ClareW
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3 years ago
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Couple pay 1p a month on their mortgage

Ben and Nicola Cameron are paying 1p a month in mortgage repayments, as a result of... more

ClareW
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3 years ago
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Citigroup to Lower Mortgage Payments

Struggling bank Citigroup Inc. said Tuesday that it will lower mortgage payments for... more

ebindelglass
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3 years ago
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Finally, A CEO Talks Smart (Sorta) February 19

Chase CEO Jamie Dimon is a smart guy. He believes Americans should pay their... more

omnipotentpoobah
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3 years ago
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2 comments

Citibank customers unable to access accounts

This can't be good... >> Customers of New York City-based Citibank have... more

ninthstate
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3 years ago
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U.S. Treasury FlipFlops again: Paulson to Buy Mortgages

One of the criticisms of the federal bailout scheme is that no one has offered relief... more

AcaiHelios
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3 years ago
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RNC to report an additional $30,000 spent on Palin wardrobe

The price of Sarah Palin's RNC-provided wardrobe is approaching the price of an... more

bansheewail
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3 years ago
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4 comments

Help is on the way: Treasury weighs action on mortgage rates

The Treasury Department is strongly considering a plan to intervene directly in the... more

bansheewail
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3 years ago
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13 comments

FOLLOW THE MONEY Pacific Street Films

Follow the Money: Unearthing the Roots of the Sub-Prime Crisis

May 29, 2007 marked the beginning of production for FOLLOW THE MONEY, an investigative look at the background and impact of the sub-prime mortgage crisis. It’s a story with implications for the well-woven fabric we call the American Dream. With ever-increasing numbers of mortgage defaults, homeowners are seeing dreams turn to nightmares… and the predictions remain dire. In the next few years it’s estimated that another 2.2 million homes will be lost through foreclosure. And it’s not only the working class and poor -- a significant segment of the middle-class has been impacted as well.

Bob and Stacy Schmidt of Maryville, Tennessee are victims. But they’ve decided to fight back. With two sons and five dogs the family has fought for several years to prevent what they contend is an illegal foreclosure. With a loan originated by the bankrupt sub-prime giant, New Century, the Schmidt's now find themselves locked in battle with Litton Loan Servicing, a so-called mortgage “servicer.” Litton has been the subject of numerous consumer complaints and the target of several individual and class action lawsuits.

A dramatic confrontation on May 29th, 2007 was caught on tape by Pacific Street when three carloads of Sheriff’s deputies arrived with an order of eviction. The Schmidt’s had declared they would not leave, despite threats of arrest. A last minute phone call to a Federal Judge ended the tense stand-off. However a few days later the deputies returned, armed with a new foreclosure notice. Caught on tape, is the arrest of the Schmidt’s son as well as the “removal” of Mr. Schmidt from the residence – in handcuffs.

The Schmidt's — self-proclaimed conservative “red staters” — are armed with a crusading passion that goes beyond an attempt to just save their home. “We’re trying to show the country what the system is doing to regular people,” declared Bob Schmidt. Many believe that mortgage fraud in the sub-prime industry is a scandal of Enron proportions.

But Litton is just the tip of the iceberg, one of many so-called “mortgage servicers.” This segment of the sub-prime industry – with links to hedge funds, equity investors and major banks – offers a window on how a mortgage-based house of cards was carefully constructed over the last two decades – and now is beginning to topple, creating tremors that have rippled through the global economy.

In every sense, FOLLOW THE MONEY will be a taut, dramatic investigative “adventure.”Follow the Money: Unearthing the Roots of the Sub-Prime Crisis May 29, 2007... more

Bunglbeez
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3 years ago
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1 comment

Commercial mortgage meltdown begins

The residential mortgage meltdown was only the beginning. According to this story from... more

Mike_Johnston
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3 years ago
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1 comment

Fed to Buy $600 Billion of GSE Debt

The government announced Tuesday it will spend $600 billion to take on the obligations... more

AlenFinancical
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3 years ago
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Citibank steps up foreclosure prevention help

Citigroup says it will expand its foreclosure prevention efforts and try to keep... more

cassandrajl
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3 years ago
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Citigroup helping out at-risk homeowners

Over the next six months, Citi plans to reach out to 500,000 homeowners who are not... more

ebindelglass
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3 years ago
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1 comment

Money As Debt

This 47-minute animated presentation of "Money as Debt" tells in very simple... more

covelogibbs
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3 years ago
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Litton's Litany

Mortgage loan servicing at its' WORST!

Bunglbeez
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3 years ago
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1 comment

Tax Payers Money Not To Be Used

I have a suggestion to help calm the economy via the housing market. This could be done without using tax payer's money. Essentially, it would be a form of downsizing or in a sense a shuffling of the deck with regards to the housing market. My suggestion is as follows:

Take two types of homes:
a) Homes that have already been foreclosed
b) Homes headed for certain foreclosure

A new government regulated process, with accountability and transparency, oversees the transference of a current homeowner facing foreclosure into a smaller home that is vacant due to foreclosure. This would be done only if both parties are in agreement. The homeowner’s equities would be transferred accordingly to this foreclosed property. This transference of equity would have to be determined by a new government formula that would be fair to both homeowner and lender. it would be based on length of time in the home and the dollar amount of the said equity (a form of prorating). In addition the said property would have to be re-appraised to current values. The homeowner would have to be re-qualified based on their abilities to meet their current debt load and the new loan payment on said foreclosed property.

The new loan should be a (proposed) 30 year loan equivalent to the current interest rate (approximately 6%), but should be fixed so there can be no surprises later. No ARMS! This allows the current homeowners to retain their credit, their assets, and their will to continue making payments on all of their debts. The loaning institutions would benefit by slowing down this tremendous foreclosure rate and by eliminating some of their foreclosed properties as well as freeing up loaning monies.

This would bolster the economy in many ways. Debtors would continue to make good on their current debts and loaning institutions would be able to continue to make new loans. Maybe with this change the $700 billion bail out could be used in other areas of economic stimulus and the effects could be farther reaching. The tax payers would be freed from incurring this burden and our economy might be able to rebound.
Thank you, Byron
I have a suggestion to help calm the economy via the housing market. This could be... more

JuliusBC
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3 years ago
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Obama and McCain Square Off On Economy in Final Debate

Who is better equipped to manage the most volatile market in decades? President... more

NewsOneWriter
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3 years ago
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1 comment

US Luxury Foreclosure Capitals

Just because a neighborhood is full of swimming pools and luxury cars doesn't... more

Apocalipstick
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3 years ago
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Almost 400,000 Countrywide mortgage holders will get help

Nearly 400,000 homeowners will be able to get more affordable loans after Bank of... more

mariposablanca
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3 years ago
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10 comments

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