Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure

Comments (11)

well no matter what is said, it will never get to the top, the us goverment don't care about the american taxpayer, the president come up with his stimulus plan, 600 for single 1200 married, 300 for every child o of that,, well i,m here to tell yea, I only got $300 so alot of people didn,t get 600 or 300, the IRS got the diff, ., the goverment will take care of themselves and the banks/ companys when contribute to most to the goverment, its proven and its a fact, is the president over the US or the whole world, last i knew it was the US do your math.

Above Posted By: wolf | Sat, 23 Aug 2008 00:32:19 EST

Working on sales will not make the mortgage crisis any better. What will possibly make things better is re- allingning with honest business practices. Real estate professionals are not the only ones that take heed of this avenue. It seems that corporations all over the continent have become immune to concience and morality. What gives anyone the right to misuse the power that is present in business of any type? The quick dollar, is it worth it? What kind of karmic cause is presented when those who abuse power misuse power? I think that Curt Pifer, Senator Grahm, and even American Street Blog are wrong. Who wouldn't whine when someone steals your home of several generations? Who wouldn't feel betrayed by the in-justice system when even the judiciary is only on the side of "big business", and has foresaken the American " John Q. Public? I think officers of all the corporations need a come-uppence and realize just what they've sold down the river. Individuals make up the corporations, giving them rights, separate from individual rights gives the corporations unfair advantage. The lenders are a corporation... so the individuals that work under that heading also have an unfair advantage as long as they agree with corporate policy...corporate policy is not and should not be law...only legal as defined by business law...When those who break the law have the power they will abuse it. Those who abuse poer should loose it. I am not a real estate pro, just a concerned looser of property, but I know when the whole mess smells like a bunch of spoiled smelt.

Above Posted By: chaynes | Wed, 6 Aug 2008 16:32:03 EST

Well said Curt Pifer. It is unbelievable how so many industry "professionals" are whiners. YOU HAVE TO WORK NOW PEOPLE or go back to UPS. If a majority of you were smart, you would have saved your money when money was flowing in hand over fist during the boom, then you would be able to work stress free in this market and find the deal that are still out there. YES, they are out there. Lastly, it amazing to me how everyone's critical thinking has absolutely no independancy. It seems a majority of contributors to housing blogs across the nation have such a gloom tone, when I am certain that they are just jumping on the bandwagon, per se. I don't know of one top producer, that ever complains about housing right now, we just keep grinding, making new contacts, and seeking new opportunities.

Above Posted By: AmericanStreetBlog | Wed, 6 Aug 2008 07:00:48 EST

Former Senator Phil Graham was right: This is a country of whiners and I have heard more Realtors and Loan Originators pissing and moaning about not being able to close any business. Hogwash! The whole country bought the media's foreclosure crisis bailout BS that turned out to be just that: BS. Now that the government has turned its back on millions of homeowners in foreclosure and offers little to nothing for millions of homeowners facing foreclosure this year, there is a plethora of opportunities available to real estate and mortgage professionals who want to stay in the game. Industry professionals should be reaching out to homeowners and helping FHA, Freddie and Fannie servicers prevent foreclosure through third party loss mitigation. I have watched servicers being encentivized by FHA many times over the years. Doubling incentives to servicers is chump change and the servicers would rather keep on using hardcore, often predatory collection practices to keep the big cash rolling in. If real estate agents and loan officers would learn loss mitigation and short sale negotiating skills, they could be helping the hole country dig out of this mortgage crisis AND - at the same time, help eliminate fraudulent loss mitigation training and foreclosure opportunists. Think about boys and girls - you might have to work your butts off now that the low hanging fruit has been picked. There are people out there who can buy homes and every home will sell at the right price. Quit whining.

Above Posted By: Curt Pifer | Fri, 1 Aug 2008 11:40:04 EST

No, they are just making you think they are making headway in this mess. AARM, etc., the list goes on and on has made all the regulations and laws but nothing is being done about it. People are still loosing their homes, they will continue to loose their homes until their pockets are so full, they dont even care about anything else but money. Greed has driven the mortgage crisis to where it is today. The feds have laundered so much money in this, it is too deep to even see the structure.

Above Posted By: N24REAL | Fri, 1 Aug 2008 05:26:14 EST

Simply amazing, Wake up people. People are loosing their homes because of loss of jobs. Work out what, I look at financials all day long. People have depleted their savings and Retirement accts and maxed out their credit cards. Their is no equity left in the homes to secure the mortgage. Lets see 500 credit score -50% equity no job and now the banks want to do a workout plan because FHA will pay the servicer more. The last client who I knocked on the door offering help to escorted me to my car with a gun. I live in Arizona. What a nightmare and it has just begun. Solution would be to Freeze peoples mortgages for 1 year so they can re-group and find another job. add another year to the loan at 30 or 40 year fixed at 6% interest. Since they have no job file Bankruptcy if they qualify and all the credit card debt will be gone and all they will have to worry about is a mortgage, Utilities, food and Gas. Its not brain science. If we don't do something we are going to have an epidemic of homeless people who are fed up and commit crimes this winter begging to be housed in Jail. The Government is bailing out the lenders who created this hole mess and forgot about us Taxpayers. Whats going to happen when their are no tax payers left to pay into this system. Our cities are scrambling to pay for our police Ect. Due to loss of revenue from property taxes. My Grandma told me of the Great depression she died with all her money pinned in her cloths and tucked in her shoes. I think we are all going to experience it soon. Now I know why the shrinks are booked solid we are all on anti-depresants. I havn"t sold a home in 6 months or have I seen a credit score over 620 in 6 months. Sitting on a 18 month supply of homes for sale and all I do is councel homeowners for free. Tomarrow is another day. They say it has to get worse before it gets better, I think its going to get a lot worse so Hang on. Today California State workers got their jobs slashed and the lucky ones who got to keep their jobs are forced to work for $6.55 per hr. Lets see how this plays out.

Above Posted By: Arizona | Thu, 31 Jul 2008 23:39:28 EST

OK, so now they are beginning to make progress on the people who need help retaining their homes...beginning, mind you, just beginning. What about those of us who can prove that we DID have enough income (we just didn't use credit)who have already lost their homes? Isn't there something about recieving stolen property on the books? Why isn't there something done about that? Isn't it theft when you make your housepayment only to have it returned by the lender? Isn't it recieving of stolen property and aiding and abetting a crime to be involved as a realtor who sells said stolen property? If a home is obtained through deceptive practices aren't there already laws on the books in all states that protect the original owner? Lenders who foreclose using deceptive practices have begun to be indited and convicted. What of the realtor who arranges for a property that has been stolen to transfer title? What of the title company who fraudulently clears the title? Above that, what of the magistrate or judge who because of sooooovery many cases begins to rubberstamp the whole mess?

Above Posted By: chyanes | Thu, 31 Jul 2008 16:07:41 EST

I would like to be added to receive this if possible each day. I work with the Tennessee Department of Commerce and Insurance

Above Posted By: Marie Murphy | Thu, 31 Jul 2008 14:29:56 EST

"door hangers"-"door knock" ???Back in the dark ages we called that "collecting"you'd be AMAZED at how much could be reversed & recovered if you actually ATEMPTED to collectmaybe the lost art will return??/

Above Posted By: uw of the day | Thu, 31 Jul 2008 12:12:23 EST

So the great bail out of the GSEs on my tax-paying back allows Freddie to "double" incentives to servicing agencies and their employees because they lacked the proper initiative do their jobs as it were? Give me a freaking break! Oh that's right you are, you are breaking my back.

Above Posted By: bitsy | Thu, 31 Jul 2008 10:49:34 EST

I think this is great news and the word needs to get out to the MSM on this development..

Above Posted By: Bellcord | Thu, 31 Jul 2008 09:41:48 EST

Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure

Story Tools

Related Tags

Comments (11)

Post A Comment