Journalism in the Public Interest

Want to Earn $10-12 an Hour? Be a ‘Foreclosure Department Supervisor’


A sign is seen in front of a foreclosed home on Nov. 19, 2008, in Rio Vista, Calif. (Justin Sullivan/Getty Images)

For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids”—walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was and had only high-school educations.

Prompted by a Financial Times article about banks hiring foreclosure experts, we went on a few job sites to browse the listings ourselves, just to see if the qualifications for new hires have changed since the foreclosure-document scandal first surfaced.

What we found is that it varies, depending on the company hiring. Requirements for many foreclosure jobs—often advertised by staffing or temp agencies—still offer low pay and require little education. Some of the brand-name banks include in their job listings language about “compliance with [proper] procedures” and regulations. Most didn’t post pay.

One legal staffing agency advertised a number of foreclosure openings, including a “Supervisor of Foreclosure Department.” The listed base pay? “$10.00-$12.00/Hour.” High-school education required. When I called this agency, the Legal Group, I was told that the agency deals primarily with law firms or the legal departments of corporations.

“Our client information is confidential, so I cannot share the names of our clients with you,” an agency representative explained. (Banks often outsource parts of the foreclosure process to foreclosure law firms, which take cases before courts in states where a court order is necessary to foreclose. Read our primer on the players in the foreclosure scandal.)

One law firm in Tampa is seeking an “Evening Foreclosure Supervisor.” It promises $17 to $22 an hour for candidates with at least two years of supervisory or management experience and “knowledge of the entire foreclosure process.” The firm appears to be working around the clock—the listing specifies that the evening shift runs from “1:30pm to 10pm.”

Another staffing agency seeks college grads for “IMMEDIATE ENTRY LEVEL Foreclosure Processing opportunities with an outstanding company in the Baltimore region,” promising $12 to $13 an hour. The position requires no experience, but:

Extraordinarily FAST and ACCURATE typing is a MUST!
Ability to be WILDLY PRODUCTIVE in a fast paced DYNAMIC envionment [sic] is a MUST!
Outstanding MULTI-TASKING ability is a must!

Banks hoping to allay concerns about robo-signing and other foreclosure-processing errors are also hiring. Ally Financial, formerly known as GMAC, is hiring a “foreclosure specialist,” a position that “requires a college degree and 3-4 years experience in Mortgage Banking.”

But Ally, the company whose GMAC Mortgage Unit played a part in setting off the scandal, seemed to have loftier requirements than others. Take this job listing from Chase posted two days ago seeking a “Quality Specialist” to review foreclosure documentation. The job description says the worker will be responsible for ensuring “compliance with affidavit certification and notification procedures.” But under qualifications, two years of lending experience, some college experience, and prior experience in foreclosure processing are listed as “preferred” or “strongly desired.” Only a high-school diploma is required.

Bank of America, the nation’s largest servicer, appears to be hiring temporary foreclosure specialists through a staffing agency. Required skills include a high-school diploma and either some college experience or “two years of foreclosure or bankruptcy experience outside of Bank of America.” Included in the job description: “Reconcile financial transactions to ensure maximum recovery for BAC [Bank of America Corporation].”

American Home Mortgage Servicing, too, requires only a high-school diploma or GED, with a year of experience in banking or mortgage servicing “preferred.”

And Nationstar Mortgage—a big subprime lender that’s servicing for Fannie Mae—is seeking foreclosure specialists with similar requirements—“college degree preferred,” plus “1 year of experience in foreclosures.” (Reuters reported last month that Fannie and Freddie, frustrated with mistakes by the banks, have reassigned some of their portfolios to specialist servicers like Nationstar.)

On Thursday, a Florida foreclosure mill announced it had laid off more than 500 workers—70 percent of its staff—due to “recent turbulence in the mortgage industry.” Employees at the Law Offices of David J. Stern—which is currently under investigation by the Florida attorney general for fraudulent foreclosure practices—may be out of work, but for those hundreds laid off, at least within the industry at large, there’s no shortage of employers who are hiring.  

Inform our investigations: Do you have information or expertise relevant to this story? Help us and journalists around the country by sharing your stories and experiences.


Nov. 5, 2010, 11:08 a.m.

Are you kidding?  It’s taking the easy way and the cheap way out that caused this mess in the first place.  It took me years to learn about real estate, foreclosures and the law and they want to pay someone $12.00 an hour for input and another $20.00 an hour to supervise.  You get what you pay for which is why foreclosures are on hold today.

Not even a little bit surprised about Chase.  That’s the way they do things there and that’s why the right hand doesn’t know what the left hand is doing.  Dimon is leading the pack with his arrogance, ignorance, and pure stupidity.  What goes around comes around, and it will.

Why don’t the banks hire the most experienced foreclosure experts around… The jobless American’s they are evicting in record numbers.  They are intimately familiar with every job requirement having experienced them first hand….


Hiring Foreclosure Experts

Job Requirements:

- Heartless
- Dishonest
- Ability to tirelessly request paperwork you already have
- Ability to consistently lie about requirements
- Ability to lose paperwork
- Ability forge signatures
- Ability to drop calls
- Ability to defer questions about bank fraud
- Ability to defer questions about record bonuses
- Ability to start customers on trial payments without telling them the consequences…ruined credit, accrued debt and fees
- Ability to accept 5, 7, 10, even 12 month trial payments after promising a 3-month trial
- Ability to move homes to foreclosure rather than modifications in the stated 30 day period
- Ability to be as big an SOB as your boss, Jamie Dimon

Jamie Dimon could put together a package deal, a CHASE loan mod bundled with an underpaying job shoveling other’s foreclosure papers!  This way he could push more papers with experienced employees and insure that they are underpaid so their homes eventually move to foreclosure! Maybe they could even offer a sign-on bonus, a high-five from Timothy Geithner!

PUMABydesign001-“easy way”, “cheap way”? I believe you are referring to outright FRAUD and in other cases PERJURY!

JS- Your satire gave me the best laugh I have had in some time…too bad it is full of truths. But, please let’s not give them any more bright ideas!

Not only does this high-expectation/low qualification style of hiring such as that described above infuriate me, but there are thousands, most likely millions, of highly qualified job candidates just like me who have continually been overlooked for less-qualified cheaper candidates in the mortgage servicing area and similar financial industries. Specifically, I have a dual major bachelors (one being business management), 15 years impeccable experience in financial lending, account management, and collections with management/leadership background…yet, upon applying for no less than a dozen of these aforementioned mortgage servicing employment opportunities, I have been passed over every single time for what I am sure are less qualified, younger, and cheaper candidates. My story is the same for hundreds of thousands of laid-off and out-of-work yet highly qualified job applicants nationwide.  And, with so many mortgages’ survival in the hands of a single analyst, who would YOU want servicing your mortgage when a foreclosure is imminent?  An inexperienced new employee who most likely is trained to and welcomes taking the path of least resistance?  Or, an experienced analyst who has learned over the years to regard rules and regs as merely a guideline and to look beyond the black and white. Only you, the mortgage customer, can hold your bank to higher standards so your home’s fate is in credible hands like mine.

William- I not only agree…but sympathize with your situation. I bring up the point that maybe you did the HONEST and correct things earlier in your career. I.E. not offering loans to those not qualified etc. As a result you have most likely been labeled as an employee who might hurt the companies bottom line. All due to you having morals. Very sad indeed..but plausible.

To: JS and Chase…

And, you wonder why I have been renting since I left the nest almost 20 years ago.  I’M FREE!!!

Nissim Sasson

Nov. 5, 2010, 3:19 p.m.

JS,  ha ha I like your satire about Chase and their abilities, That is why the Banksters need to be REGULATED if they are REGULATED then they can’t do any of these Fraudclosure because they will be some oversight checking what they are doing
When is the American People and The Government will understand than REGULATION is the key to solve many abuses? Why are the people so afraid of regulation? we are talking about regulating BIg Corroboration, Banks, Oil Companies, Insurance etc I am not talking about regulating people

Nissim Sasson

Nov. 5, 2010, 3:26 p.m.

Scott you think your are FREE but this also affect the rents and other factors around you

I made $15.00 an hour as a temp working for Country Wide Home Loans processing mortgages in 2004. Whenever you funded enough loans, you got a coupon to use in the cafeteria for free food.  I need a job.  Maybe I can go make $12.00 an hour as a temp foreclosing on the same loans.

To elaborate on my previous post, we had to have a college education to process the loans for $15.00 an hour.  One day, they gave us a stack of loans (maybe 20 or 25 files) and said that if we didn’t process all of them by the time the work day was over, we’d have to stay and finish the loans.  Someone commented that this was because a lot of the workers could be lazy.  To be fair, I don’t think this was enforced, but it was threatened.  They also made us checkout on Friday night so they wouldn’t have to pay overtime (California law) and then check back into work the following Saturday morning.  I and several other people checked out at midnight and checked back in at 2:00 a.m.  That way, they didn’t have to pay overtime.  Fortunately, there was a massive layoff of all of the temps when the mortgages slowed a little.  classy.

I suspected this of AHMSI. The people I know that have had the unpleasant experience of dealing with their foreclosure department found they were dealing with uneducated bullies.


Nov. 5, 2010, 8:09 p.m.

One-third of its subprime business is in default and Countrywide was selling many of them If one third of Mortgages crashed and burned within three years of being purchased the metaphor might be apt and completely incriminating. We argued that putting Bank of America (Countrywide) into receivership is the proper remedy for its substantial violations of the law and for its continuing reliance on unsafe and unsound practices. Outside reviews have documented the most extensive and financially harmful violations of law and unsafe banking practices and conditions in history.
As argued in a recent article by Jonathon Weil, the bank is nearing a “tipping point” as markets recognize it is “cooking the books,”  (classic)
And what about those Fraudcloures with falsification affidavits and signatures and false Notaries  
How much is enough?

acmodspecialists-Just got off phone with BoA. Called them with concern of letter they sent saying I would not be receiving a check this year for my overpayment of escrow account (property taxes). Put through to office of President and CEO of Advocacy Dept. (same one I’ve been in for almost past 2 months with no results). Told I was late last month on payment (as well as Sep. 2009 payment) and that a late fee was charged. CRAZY…I had cancelled checks in front of me..posted 3-4 days before due date. These a..holes will do anything to avert addressing anything. I’ll give them just a little more rope (hope they report me late to credit bureaus…along with documentation and conversations, it is time to let the big dog off the leash). They have no conscience whatsoever.

hey roy, i think you should call me on this. keepo the faith. happy-my-birthday

I recently found a document template at Where’s the Note dot com, for a Qualified Written Request letter which I personalized and sent to Chase.  They did in fact reply within the 20 day time frame with a copy of my original note.  However, the letter only requested the copy of my original note and I was looking for that as well as any transfers and assignments, since Chase is the servicer, and Wells Fargo the investor (or so I was told). 

A couple of days ago I came across the Missouri Attorney General’s website where they list another example of a QWR for downloading, only this one asks for many other items, including payment applications to date, escrow/impound account itemizations, copies of assignments, transfer docs, etc. etc.  Actually, there are 13 different items requested in this letter, and it appears that legally the banks must respond according to the Real Estate Settlement and Procedures Act.  I have written several letters requesting many of these things myself over the past year and been completely ignored.  Now I am hopeful that sending it in this format will yield some action. 
I sent my copy off today, as many of my problems center around property taxes incorrectly applied to mortgage which has never been corrected. 
I was mildly surprised to get the response from the first QWR within the 20 days, so perhaps this is the only method the banks actually respond to, since it is required by the RESPA law.
Just Google ‘Missouri Attorney General obtain documents’ to get to the page with the letter template and instructions. 

When I last posted here I had been ‘escalated’ to Jamie Dimon’s office in NY.  What a joke that turned out to be.  Long story short, after assuring me I was in capable hands, I discovered they were going to start me in a Trial Period Plan (been there, done that), and were about to turn docs over to an Underwriter (been there done that too) and then came back with a new list of required docs.  I went ballistic.  Now they referred me to the Texas executive office, and I have also received letters from the South Carolina office as well.  Received another letter threatening to terminate my trial plan (it actually completed on July 1) if I don’t send in the following documents:  IT WAS LEFT BLANK!  (I think I need to frame this one)  Another letter the following day welcomed me for applying for a Trial Modification.

On my own I called California Reconveyance, the trustee handling the foreclosure proceedings, because Chase has been telling me Wells Fargo owns my loan.  I wanted to request any assignment documents from WAMU to Wells Fargo.  They gave me the Recording file number of an Assignment of Deed of Trust which I requested a copy of from the County Recorder.  When I got it, it says “the undersigned hereby grants, assigns and transfers to Wells Fargo Bank, NA as trustee for Freddie Mac Securities REMIC Trust 2005-2001 all beneficial interest” etc. 

Confused by this reference to Freddie Mac, never before mentioned, I’ve been trying to get a straight answer from Chase.  Just yesterday, the original local Chase rep who has been really helpful called to tell me that Freddie Mac actually owns my loan now. 
This is just too much. So I went to the Freddie Mac website and filled out the online form to find out if they own my loan.  Not according to their records!
I don’t think any of them know!  I was successful in getting the foreclosure postponed again, as it was clearly an error timed to an erroneous letter sent out back in July saying I was terminated for non-compliance, when I had just finished making my third and final Trial Payment.  Chase admitted that error and reinstated me, but evidently the foreclosure department never got the message. 
It took multiple letters, phone calls, legal threats, and finally a mere 7 days prior to sale date (11/3/10) they actually cancelled the sale.  Now I find out its a Freddie Mac loan.  I don’t even know where to begin now.

I feel like I’m in some alternate never never land where happy things NEVER HAPPEN.  I finally had to get my doctor to prescribe me tranquilizers, as I am a total basket case these days having emotional meltdowns and experiencing painful stomach knots daily.

Will this nightmare never end?

These lending institutions are pretty clever but with there attrempt to get their papaerwork done for slve wages, they missed what GM,Ford, Stanley Tools, General Electric, and many, many others have done with the help of the house majority party-SHIP THE JOBS TO CHINA. They could probably pay $10 to $12 PER day rather than the exceptional $10 to $12 per hour. With what we have been reading, they could send American Airlines there twice per day to pick up and drop off the documents to be forged and this savings could increase executives pay scale and year end bonuses. How did they miss this opportunity. Someone better alert Mitch McConnell, Johnny Boy Boehner and K Street. What a great opportunity.

Jean- Thank you for sharing your nightmare. Please don’t give up the fight now…you have accomplished so much and come so far. The banks now are relying on the old “smoke and mirrors” tactic.
Anyone who has a truthful and legitimate concern should be extremely diligent. Those who are just “playing” the system, I would beg of you to give it up…you are just making things worse and giving the banks ammunition. Only YOU can make that decision.
Jan- Please keep info coming our way and know you will be in my prayers. GOD bless.

Quote of the day:

  I hope we shall crush in its birth the aristocracy of our monied corporations which dare ALREADY to challenge our government to a trial of strength and bid defiance to the LAWS of our country.

                        Thomas Jefferson 1816

friend of the court

Nov. 6, 2010, 2:44 p.m.

Hang in there, Jean, you are doing great!

Hope things ease up for you, have you contacted the Missouri AG’s office to see if they can help you, offer any legal advice? (I’ve no idea if they can, I’m not in US myself.)

At minimum, get everything in writing. I’m amazed when I read about the foreclosure crisis, how many interactions with banks, servicers and so on, appear to be conducted over the phone. Get it in black and white, or it didn’t happen.

Thanks for your kind words and support!  When I first started reading the comments in this Loan modification series, I learned a lot from other people sharing the details of their experiences.  It helped me to follow a smarter path on my own, so I am putting out these details mostly for people who may be just starting down this awful road. 

As it turned out for me, going to the New York office for escalation was useless. Except for the fact that I have documented every conversation with them in a letter to that person, confirming the date, what they told me, and what I requested of them.  The Park Avenue rep refused to even give me her email address to speed things up when the foreclosure sale was just around the corner. 

Apparently by delivering the letter to my local rep, with a cc on it to Jamie Dimon’s office, he had to put it into the system immediately.  I then followed up by mailing it Certified RRR, so they cannot deny receipt of it downstream.  That way, if I do eventually need to file a lawsuit, I’m building my case against them with each delay now every step of the way.  I wish I’d started out doing that with every communication, but better late than never. 

I swear if I ever get through this successfully, I will continue to advocate for others in this situation.  I think it is criminal that our stories aren’t being heard on the nightly news all across this nation.  And even more criminal that Jamie Dimon and all the other banksters are not behind bars.

Yet.  (although I must admit I’ve pretty well given up hope for that with our newly elected Congress!)

And Roy, great quote!  Thomas Jefferson is surely turning somersaults in his grave now!  Can you imagine what our forefathers would have thought of the Citizen’s United decision by the Supreme court?

Jeez, Reading this article and the responses makes me wonder how the US Banking system feel so far from grace. The mighty fat cows of the US banking system including Dimon should have lost all their assets instead of being bailed out.
We have Dictators of countries in this world that the US send and spend billions overthrowing such as Saddam and the Nazi’s then knock off the fat cows. Yet when the bankers of the US destroy a great nation and the lives of its citizens they are bailed out and nothing changes, nothing except people who trusted a system that failed them.
Yet down here we complain when the interest rate on our bank mortgage increases by half a percent.
Jean and all you others fight and fight until you have won and never give up.
America was once great and it can be again because of the positive mentality of people like Jean

Jean- Glad to know you have confirmed that you are still with us in the fight for our rights. You must know that there is a growing movement against banks in the form of class action lawsuits. It is a shame that they did not feel the need to do the right things and bargain in “good faith”. They chose in my case to not only mislead every step of the way…but now blatantly lie about my payments. This in light of the facts I have letters from BoA confirming payments, along with cancelled checks and bank statements verifying I have never been late or missed a payment. It is their explanation for not giving me my overages on escrow…this is stealing on their part. I guess they feel that if they do these things I will just give up and go away…nothing could be further from my mind. Every deceiptful action and blatant lie, only stokes my fire. I am a simple man…have always lived a hard earned existence. I will not go quietly…especially knowing I am in the right. All I originally asked for was consideration in being entered into a loan mod through HAMP program. Then requesting who actually owned my note. I wouldn’t have fathomed that 7 1/2 months later that not only would I have not been given answers to those 2 questions…but that my credit rating would be negatively affected and be outright lied to as concerning my payment of my mortgage responsibilty.
Jean- Please be sure to keep all of your records…I have conversations,letters,dates,names,#‘s and etc.
We need to stay in touch and all of us work together!

why are you saving all these return receipts, etc. Nobody comes along in the end to make everything fair and equitable.
The banks insist they did not get what they need. Hey, they admitted in the congressional hearing that the foreclosure *and* HAMP workouts proceed apace, they are concurrent.
It is useless to resist.
My BOA mtg. now, randomly, has four late fees. I paid with BOA (!) checks on time, have cancelled checks showing they were deposited before due dates all four time.
No matter, no-one cares. They are frantic to jam fees onto anything that moves.
Move your money. Put any cash you have in a college plan (thru your state) or retirement account or annuity. Then stop paying.
The money spent before a fc is just wasted, they are playing you.
No more checks. Eff ‘em. They can have my house but not every last cent I have in savings.
Do not pay a bank anymore. They have stolen enuf.

Want to know the truth about Chase Loan Mod?
Jerad Bausch is a former employee of Chase mortgage servicing division in the Foreclosure department.

Is this Loan Mod Fraud? See yourself. and maybe Propublica should interview this gentlemen ASAP.

Want to know the truth about Chase Loan Mod?
Jerad Bausch is a former employee of Chase mortgage servicing division in the Foreclosure department.

Is this Loan Mod Fraud? See yourself. and maybe Propublica should interview this gentlemen ASAP.

Jean - WOW!!  Your story is IDENTICAL to mine.  Dimon’s interpretation of “escalating” is riding the double chair lift to the to of Mt. BS if you ask me.  I actually sent HIM copes of the docs they’ve asked for over 15x (last count) so NOW let’s see what happens.  “Here you go, Jamie.  The docs you claim to have not received from me, the ret. rec. your reps signed proving you DID get them, copies of the checks you’ve cashed and placed in my so-called suspense account, etc. etc. etc.” 

I feel like I’m in a sequel of “The Matrix!”  “Well, Mr. Anderson, do you feel defeated yet?”  Um, NOPE!!!  The best part of mine is, Ginnie Mae was supposedly the investor, so Chase has blamed them from the get-go for all of the delays.  In their half-ass response to my QWR (lots of info I requested missing from their response), it states “JP Morgan & Chase is the investor/owner of this loan.”  Really?  Since when?  It’s FHA.  “Oh, we were part of a gov. buyout so we’re helpong Ginnie with their overflow.” 

Yeah, right.  And I’m really Lady Gaga in drag - come on!!!  LOL…

nissim sasson

Nov. 7, 2010, 12:31 p.m.

Hi Jean I can recommend a Lawyer that specializes in this kind of particular cases he may be able to help in your particular case, there is no charge for consulting with him and he may be able to give you some tips   if you interested my T is 6193927878


Nov. 7, 2010, 12:48 p.m.

Jean here is another one from Thomas Jefferson

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
– Thomas Jefferson, Letter to Treasury Secretary Albert Gallatin (1802)

Maureen I got the same response on my QWR

Here is a part from Chase story I posted earlier.
if it does not work just Copy and paste into Google it will come up

Day-to-day, Jerad’s job was primarily to contact paralegals at the law firms used by CHASE to file foreclosures, publish sale dates, and myriad other tasks required to effectuate a foreclosure in a given state.
“It was our responsibility to stay on top of and when necessary push the lawyers to make sure things done in a timely fashion, so that foreclosures would move along in compliance with Fannie’s guidelines,” Jerad explained.  “And we documented what went on with each file so that if the investor came in to audit the files, everything would be accurate in terms of what had transpired and in what time frame.  It was all about being able to show that foreclosures were being processed as efficiently as possible.”
When a homeowner applies for a loan modification, Jerad would receive an email from the modification team telling him to put a file on hold awaiting decision on modification.  This wouldn’t count against his bonus, because Fannie Mae guidelines allow for modifications to be considered, but investors would see what was done as related to the modification, so everything had to be thoroughly documented.
“Seemed like more than 95% of the time, the instruction came back ‘proceed with foreclosure,’ according to Jerad.  “Files would be on hold pending modification, but still accruing fees and interest.  Any time a servicer does anything to a file, they’re charging people for it,” Jerad says.


Nov. 7, 2010, 1:07 p.m.

Starry I agree 100% with the following :“Move your money. Put any cash you have in a college plan (thru your state) or retirement account or annuity”
But i dont agree with stop paying your Mortagge because that is what these Bankster want you to do and then they win,  Banksters bought Insurance against Foreclosures (AIG) and then they collect 3- 4 up to 30 times the value of the house when they foreclose from that Insurance (AIG bail out)

At least when a mugger robs me, it’s a straight-forward transaction.

Our financial institutions, masquerading as beneficient agents (with the govt. in their back pockets) will hopefully collapse under the weight of their own gluttony (but I’m not holding my breath on that one). I am very disappointed in the man I voted for President; I am a die-hard liberal, and if ever there were a Presidednt that could have put in place real “meaningful” reform, it was he. Hopefully he will put in place meaningful legislation to help people from this disgraceful injustice.

nissim sasson

Nov. 7, 2010, 2:31 p.m.

Grabor great report!

When is the media finally put attention to all of this?

Gabor - unreal article.  So, what are we supposed to do to stop this?  This definitely WILL be seen by all of the politicians I know in MA - especially those I’ve been in contact with regarding my modification battle (which, I repeat, I WILL WIN).

I just don’t understand HOW Dimon gets away with it.  Well, as I always say, what goes around comes around.  Watch out, Jamie.


Considering your slam on Obama about banking reform.

Please take note that about 7 Bank lobby’s are assigned to each Representative and Senior in Washington. Who know how many in the State Legislatures.

nissim sasson

Nov. 7, 2010, 4:24 p.m.

Yeah ! and now with the new Republicans in congress which are 100% more with the Banksters we are doomed They already stated that they are against any more REGULATION so I guess nobody will regulate the Banksters now they can keep doing what they have been doing all along without oversight they will keep stealing the wealth from the American people specially the middle class
More and more people has to be putting more and more pressure to this new congress until thy can take it no more the only power we have is the people

Nissim Samson and Maureen
All we can do is watch our homes being taken. Or we can start a protest against banking practices.

But this can only happen in a free country, and since America is and have been a dictatorship for some time revolution would be a better idea.
Banks dictating to our government what to do?????
Where the hell are we living.

this is a good video to tell the world

Maureen to answer your Question about David Lowman. in beingmiddleclass.

No not once I received a response from him. I sent him 3 certified letters. But I got responses from Congressional Oversight Panel you saw it on beingmiddle.

nissim sasson

Nov. 7, 2010, 4:58 p.m.

Garbor, Maureen, everybody else
Lets organize ! There was a Glen Beck Rally and a Insanity ,Fear Rally by John Stewart and Colbert both are Jokes, none of them even mention the real issues: Banksters, Fraudclosures, Loan Modification denials, Unemployment, Free Interest money for the Banksters, the Bail out to Banksters, No Regulation to these Banksters so the Bnaksters can keep stealing the wealth from the middle class stealing homes, etc
We need to organize a rally from all of the people that are unemployed, in foreclosure, trying to do a Modification, etc
If anybody makes a rally like this, please sign me in, or let me know how can i help to make one,  a real issues rally
Sign me in, Lets organize and go to Washington ! its our only hope we need to put real presure to this politicians specially the new ones in congress they need to know that we wont take it any more
Or at leats lets get signatures and send them in a letter to the politicians lets get 5+ million signatures that should scare them !

Another lawsuit??

Wow, I’m surprised they aren’t outsourcing these jobs to India or China yet!  I’m sure that’s next on their to-do list.

Hello nissim sasson

If you will watch the Jon Stewart Rally videos.
You may find that the major point of the whole presentation was to show how the media is not helping us-a to find out what is going on our government and the country at large. In the theater piece you will see Jon Stewart win the debate when you see Colbert melt like the wicked witch of the east melt in front of his paper doll business man replica.
What else can one do with an audience of some ~40,000.
I will not send anytime ranting about Glen Beck and his theater.


Nov. 8, 2010, 3:05 p.m.

Here is more on Chase and Wells Fargo who they really are

Nissim Sasson Great story on WSJ. Problem is nobody is doing a darn thing to change this chaos.

I don’t believe the kind of people we have in America.

There is more the 10 million mortgages in trouble, if you figure 3 per homes it is 30 million people who about loose their homes including children.

So if we figure, there is still 20 million angry adults who are angry homeowners.
The Irony of this is that 8 bankers can actually overthrow 20 million people,and kick them out of their homes including their children.

Yes :      8 Bankers VS 30,000,000 Homeowners
and the winner is the 8 Banksters.

I thought Americans were fighters. Fighter for freedom and to have a better lives for their kids. We declare war on everything here in America.

War on Poverty,  War on Drugs, War on Terror,

How about we declare WAR ON BANKS.

We go to other countries to fight but in our homeland people are so affraid they don’t have the guts to stand up to 8 evil Bankers? No wonder this Country is no longer what it used to be.

I am very disapointed America.

Nissim Sasson

Nov. 9, 2010, 4:31 p.m.

Garbor,  Yes you are right 11 million homes are in danger of Fraudclosure that is a lot of homes, To put it all in prospective that is the total homes in all Los Angeles CA county,  So imagine, every single home in Los Angeles in foreclosure a whole city! that is how many homes are in danger of foreclosure 11 million ! and like you said 3 people per home, that is 33 million lest collect signatures,  Anybody?

tom bokuniewicz

Nov. 9, 2010, 8 p.m.

If your mortgage was transferred, you are entitled to notice by law; see this FDIC rule:

Section 226.39—Mortgage transfer disclosures

39(a)  Scope.

Paragraph 39(a)(1).

1. Covered persons. The disclosure requirements of § 226.39 apply to any “covered person” that becomes the legal owner of an existing mortgage loan, whether through a purchase, assignment, or other transfer, regardless of whether the person also meets the definition of a “creditor” in Regulation Z. The fact that a person purchases or acquires mortgage loans and provides disclosures under § 226.39 does not by itself make that person a “creditor” as defined in the regulation.

2.  Acquisition of legal title. To become a “covered person” subject to § 226.39, a person must become the owner of an existing mortgage loan by acquiring legal title to the debt obligation. The transfer of ownership of a mortgage loan is subject to the disclosure requirements of this section when the acquiring party is a separate legal entity from the transferor, even if the parties are affiliated entities. Section 226.39 does not apply to persons who acquire only a beneficial interest in the loan or a security interest in the loan. Section 226.39 also does not apply to a party that assumes the credit risk without acquiring legal title to the loan. Thus, an investor that acquires mortgage-backed securities, pass-through certificates, or participation interests and does not directly acquire legal title in the underlying mortgage loans is not covered by this section.

3.  Loan services. Pursuant to TILA Section 131(f)(2), the servicer of a mortgage loan is not treated as the owner of the obligation for purposes of § 226.39 if the servicer holds title to the loan as a result of the assignment of the obligation to the servicer solely for the administrative convenience of the servicer in servicing the obligation.

4.  Mergers, corporate acquisitions, or reorganizations. Disclosures are required under § 226.39 when, as a result of a merger, corporate acquisition, or reorganization the ownership of a mortgage loan is transferred to a different legal entity.

Paragraph 39(a)(2).

1.  Mortgage transactions covered. Section 226.39 applies to any consumer credit transaction secured by the principal dwelling of a consumer, which includes closed-end mortgage loans as well as home equity lines of credit.

39(b) Disclosure required.

1.  Generally. A covered person must mail or deliver the disclosures required by § 226.39 on or before the 30th calendar day following the date that the covered person acquired the loan, unless the exception in § 226.39(c) applies. For example, if a covered person acquires a mortgage loan on March 1, the required disclosure must be mailed or delivered on or before March 31. For purposes of this requirement, the date that the covered person acquires the loan is the acquisition date recognized in its books and records.

2.  Disclosure provided on behalf of multiple entities. A mortgage loan may be acquired by a covered person and subsequently transferred to an affiliate or other entity that is also a covered person required to provide disclosures under § 226.39. In such cases, a single disclosure may be provided on behalf of both entities instead of providing two separate disclosures, as long as the disclosure satisfies the timing and content requirements applicable to both entities. For example, if a covered person acquires a loan on August 31 with the knowledge that it will assign the loan to another entity on October 15, the covered person could mail a single disclosure on or before September 30 which provides the required information for both entities and indicates when the subsequent transfer is expected to occur. Even though one person delegates responsibility for the disclosures to another covered person, each has a duty to ensure that disclosures related to its acquisition are accurate and provided in a timely manner.

39(c) Exceptions.

Paragraph 39(c)(1).

1.  Example. If a mortgage loan is originated on February 22nd and the original creditor sells the loan on March 1 to a covered person, under the exception in § 226.39(c) the covered person would not be required to provide disclosures under § 226.39 if the loan is sold or otherwise transferred or assigned to another party on or before March 31.

Paragraph 39(c)(2).

1.  Repurchase agreements. The original creditor or owner of the mortgage loan might sell or transfer legal title to the loan to secure short-term business financing under an agreement where the original creditor or owner is also obligated to repurchase the loan within a brief period, typically a month or less. If the original creditor or owner does not recognize such transactions as a sale of the loan on its own books and records for accounting purposes, the transfer of the loan in connection with such a repurchase agreement is not covered by § 226.39 and the acquiring party is not required to provide disclosures. However, if the transferor does not repurchase the mortgage loan, the acquiring party must make the disclosures required by § 226.39 within 30 days after the date that the transaction is recognized as an acquisition in its books and records.

39(d) Content of required disclosures.

1.  Identifying the loan. The disclosures required by this section should identify the loan that was acquired or transferred. The covered person has flexibility in determining what information to provide for this purpose. For example, the covered person may identify the loan by stating the address of the mortgaged property along with the account number or other identification number previously known to the consumer, which may appear in a truncated format. Alternatively, the covered person might identify the loan by specifying the date on which the credit was extended and the original amount of the loan or credit line.

Paragraph 39(d)(1).

1.  Identification of covered person. Section 226.39(d)(1) requires acquiring parties to provide their name, address, and telephone number. The party identified must be the covered person who owns the mortgage loan, regardless of whether another party has been appointed to service the loan or otherwise serve as the covered person’s agent. In addition to providing a postal address and a telephone number, the covered person may, at its option, provide an address for receiving electronic mail or an internet web site address but is not required to do so.

Paragraph 39(d)(3).

1.  Identifying agents. Under § 226.39(d)(3), the covered person must provide contact information for the agent or other party having authority to act on behalf of the covered person and who is authorized to receive legal notices on behalf of the covered person and resolve issues concerning the consumer’s payments on the loan. Section 226.39(d)(3) does not require that a covered person designate an agent or other party, but if the consumer cannot use the covered person’s contact information for these purposes the disclosure must provide contact information for an agent or other party that can address these matters. If multiple agents are listed on the disclosure, the disclosure shall state the extent to which the authority of each agent differs by indicating if only one of the agents is authorized to receive legal notices, or only one of the agents is authorized to resolve issues concerning payments. For purposes of § 226.39(d)(3), it is sufficient to provide a telephone number as the contact information provided that consumers can use the telephone number to obtain the mailing address for the agent or other person identified.

2.  Other contact information. The covered person may also provide an agent’s electronic mail address or internet web site address but is not required to do so.

Paragraph 39(d)(4).

1.  Recording location. Section 226.39(d)(4) requires disclosure of the location where transfer of ownership of the debt to the covered person is recorded. If the transfer of ownership has not been recorded in public records at the time the disclosure is provided, the covered person complies with § 226.39(d)(4) by stating this fact. Whether or not the transfer has been recorded at the time the disclosure is made, the disclosure may state that the transfer “is or may be recorded” at the specified location.

2.  Postal address not required. In disclosing the location where the transfer of ownership is recorded, the covered person is not required to provide a postal address for the governmental office where the covered person’s ownership interest is recorded. The covered person also is not required to provide the name of the county or jurisdiction where the property is located. For example, it would be sufficient to disclose that the transaction is or may be recorded in the office of public land records or the recorder of deeds office “for the county or local jurisdiction where the property is located.”

39(e) Optional disclosures.

1.  Generally. Section 226.39(e) provides that covered person may, at their option, include additional information about the mortgage transaction that they consider relevant or helpful to consumers. For example, the covered person may choose to inform consumers that the location where they should send mortgage payments has not changed.

Nissim Sasson

Nov. 10, 2010, 1:52 a.m.

This is who the Bnaksters are

Commenting is not available in this section entry.

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