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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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4 posters

Bank of America pays more than $ 10 billion to settle differences with ' real estate Fannie Mae

Hkp1
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Bank of America pays more than $ 10 billion to settle differences with ' real estate Fannie Mae Empty Bank of America pays more than $ 10 billion to settle differences with ' real estate Fannie Mae

Post by Hkp1 Mon 07 Jan 2013, 1:37 pm

Bank of America pays more than $ 10 billion to settle differences with ' real estate Fannie Mae

Last updated: 07 Jan 2013 09: 27 pm


Washington,
DC 07 January-March (Ubi)-Bank of America, agreed Monday to pay more
than $ 10 billion of the mortgage company Fannie Mae to settle charges
of high risk mortgages issued by a subsidiary of the Bank during the
2008 real estate crisis.

The agreement between Bank of America
and Fannie Mae, the Government-owned to pay the Bank, which is the
second largest United States banks, $ 3.6 billion and spend 6.75 billion
to buy loans from mortgage giant company at a discount from its
original value.

And will the agreement conflicts with Fannie Mae
and removes a major obstacle to rehabilitation of Bank of America, after
the Bank was reconciled with Freddie Mac mortgage giant
Government-owned, second in 2011.

The "Fannie Mae" and "Freddie
Mac" making billions of dollars in losses in recent years, accused
"company financial" supported country of Bank of America, as did the
introduction of the quality housing loans sold by the companies during
the crisis.

The US Justice Department filed November complaint
against Bank of America in Federal Court in Manhattan in New York
accused the US Treasury to suffer losses as a result of the "countrywide
financial, which endorsed it hauled in 2008, the sale of real estate
loans high risk or" poisoned "to two" Fannie Mae "and" Freddie Mac
mortgage. by upi

According to sources close to the Bank said its
acquisition of the "Countrywide Financial supported" cost more than 40
billion dollars in losses linked to the real estate and settlements and
legal costs.



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Post by Neno Mon 07 Jan 2013, 9:38 pm

WOW!!! Hope to hear from them very soon now. It has been a long wait... Ty Hkp1 for the posting... ;)
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Post by Neno Fri 22 Mar 2013, 8:40 am

Well, this is what I heard so far:

In January they sent me a letter explaining that Bank of America will be moving, selling, transfering my serving of my load again. Now to Nationstar Mortgage. Luckily my longest runni8ng buddy already has gone thru NationStar about 3 to 4 years ago and told me the process was a piece of cake but, I chose the hard route with the OCC and bankruptcy protection and decided to stay in the game at that time cause I could afford too, thank God.

Well My game is paying off, I Got my letter from the OCC yesterday claiming I have a check coming from Bank of America. I do not know the amount yet. I start my first transactions with nNtionStar this week but am going to push for a modification until I learn of the amount I will get from Bank of America.

When i started the OCC process, it was said the amounts would be between $2000.00 - $50,000.00 So, I am only waiting to be contacted now by their hired consultant company to release my amount. I am sure that they will try to screw us there too but maybe the OCC was a for real outsider and not a GOV playmate. Will let you all know as soon as I know but finally, after 4 years it looks to be over, in my case.. ;)

OS: The three links provided in my letter are:

https://independentforeclosurereview.com/
http://occ.treas.gov/
http://federalreserve.gov/
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Post by Neno Fri 22 Mar 2013, 8:45 am

Now, there saying upto $125,000.00 Got my fingers crossed... ;)
Participating servicers under the Agreement, including their current and former affiliates, are:



  • America’s Servicing Company
  • Aurora Loan Services
  • BAC Home Loans Servicing
  • Bank of America
  • Beneficial
  • Chase
  • Citibank
  • CitiFinancial
  • CitiMortgage



  • Countrywide
  • EMC Mortgage Corporation
  • Goldman Sachs
  • HFC
  • HSBC
  • Litton Loan Servicing LP
  • MetLife Bank
  • Morgan Stanley
  • National City Mortgage



  • PNC Mortgage
  • Saxon Mortgage
  • Sovereign Bank
  • SunTrust Mortgage
  • U.S. Bank
  • Wachovia Mortgage
  • Washington Mutual (WaMu)
  • Wells Fargo Bank, N.A.
  • Wilshire Credit Corporation



Borrowers covered by the Agreement include 4.2 million borrowers whose homes were in any
stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by
one of the companies listed above. These borrowers are expected to be contacted by the
Paying Agent—Rust Consulting, Inc.—by late March 2013 with payment details. The Paying
Agent will send all payments and correspondence.


Borrowers covered by the Agreement are expected to receive compensation ranging from
hundreds of dollars up to $125,000
. Borrowers are not required to take any additional
steps to receive a payment.


Borrowers receiving a payment as a result of the Agreement will not be required to sign
a waiver of any legal claims they may have against their servicer as a condition for
receiving payment.






For questions, call 1-888-952-9105.
Monday through Friday, 8 am - 10 pm ET or Saturday, 8 am - 5 pm ET






The Independent Foreclosure Review Payment Agreement is monitored by federal banking regulators,
the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System,
to ensure a fair and impartial process.


https://independentforeclosurereview.com/Settled.aspx
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Post by Neno Fri 22 Mar 2013, 8:49 am

Joint Release
Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
NR 2013-35
FOR IMMEDIATE RELEASE
February 28, 2013
Amendments to Consent Orders Memorialize $9.3 Billion Foreclosure Agreement



WASHINGTON — The Office of the Comptroller of the Currency (OCC)
and the Federal Reserve Board today released amendments to their
enforcement actions against 13 mortgage servicers for deficient
practices in mortgage loan servicing and foreclosure processing. The
amendments require the servicers to provide $9.3 billion in payments and
other assistance to borrowers.
The amendments memorialize
agreements in principle announced in January with Aurora, Bank of
America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank,
Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
The amount includes $3.6 billion in cash payments and $5.7 billion in
other assistance to borrowers such as loan modifications and forgiveness
of deficiency judgments.
Borrowers covered by the amendments
include 4.2 million people whose homes were in any stage of the
foreclosure process in 2009 or 2010 and whose mortgages were serviced by
one of the companies listed above. These borrowers are expected to be
contacted by the Paying Agent—Rust Consulting, Inc.—by the end of March
2013 with payment details. The Paying Agent will send payments and
correspondence.
Borrowers covered by the amendments are expected
to receive compensation ranging from hundreds of dollars up to
$125,000. Borrowers are not required to take any additional steps to
receive the payments. In addition, borrowers will not be required to
execute a waiver of any legal claims they may have against their
servicer as a condition for receiving payment.
Borrowers can
call the Paying Agent at 1-888-952-9105 to update their contact
information or to verify that they are covered by the amendments.
In
providing the $5.7 billion in assistance, the 13 servicers are expected
to undertake well-structured loss mitigation efforts focused on
foreclosure prevention, with preference given to activities designed to
keep borrowers in their homes through affordable, sustainable, and
meaningful home preservation actions.
Borrowers seeking
assistance should work directly with their servicer or a counselor
approved by the U.S. Department of Housing and Urban Development (HUD).
Borrowers can reach HUD-approved counselors by calling 888-995-HOPE
(4673).
OCC and Federal Reserve examiners continue to monitor
the servicers’ implementation of corrective actions required by the
original enforcement actions to address unsafe and unsound mortgage
servicing and foreclosure practices.
For the 13 servicers, these
amendments to the enforcement actions replace the requirements related
to the Independent Foreclosure Review. For GMAC Mortgage, Everbank, and
OneWest, which did not enter agreements in principle with federal
regulators, the Independent Foreclosure Review process continues.
Regulators expect the reviews for these servicers to be completed over
the course of the coming year. These companies service 457,000
mortgages that were in some stage of foreclosure in 2009 or 2010.

http://occ.treas.gov/news-issuances/news-releases/2013/nr-ia-2013-35.html
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Bank of America pays more than $ 10 billion to settle differences with ' real estate Fannie Mae Empty Re: Bank of America pays more than $ 10 billion to settle differences with ' real estate Fannie Mae

Post by CITEX Fri 22 Mar 2013, 11:49 am

deficient
practices in mortgage loan servicing and foreclosure
processing






<p>Borrowers covered by the amendments are expected
to receive compensation
ranging from hundreds of dollars up to
$125,000. Borrowers are not required
to take any additional steps to
receive the payments.
<p> <p>If I was forclosed on in 2010, how on earth would 1000 dollars make me whole? I think they are still getting off lite, they should be made to pay the full amount of the loss to the individuals including the equal amount of late fee's that they charge and if the property is already been sold then they should be made to pay the individuals the full amnount of the loss as well as damage's. This is a tradgedy on our entire system that these sharks are getting off this cleanly for basically stealing peoples homes without following the very laws that are in place for property laws. They used bully tactics, the Court systems took thier side. what a tragedy
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Post by country70girl Fri 22 Mar 2013, 5:28 pm

Thanks Neno. This is going to help a friend of mine. She's being foreclosed by WF and she swears it's intentional. Forever losing her documents and she has to re-submit and the carp repeats.
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Post by Neno Sat 23 Mar 2013, 9:57 am

@CITEX wrote:
deficient
practices in mortgage loan servicing and foreclosure
processing






Borrowers covered by the amendments are expected
to receive compensation
ranging from hundreds of dollars up to
$125,000. Borrowers are not required
to take any additional steps to
receive the payments.

If I was forclosed on in 2010, how on earth would 1000 dollars make me whole? I think they are still getting off lite, they should be made to pay the full amount of the loss to the individuals including the equal amount of late fee's that they charge and if the property is already been sold then they should be made to pay the individuals the full amnount of the loss as well as damage's. This is a tradgedy on our entire system that these sharks are getting off this cleanly for basically stealing peoples homes without following the very laws that are in place for property laws. They used bully tactics, the Court systems took thier side. what a tragedy
Yeppers you are so correct. When I started with the OCC in April of last year, it was said that those that lost their homes would get at least $2000.00 and those that basically were able to survive the process could receive up to $50,000.00


I took my 800 credit score and filed bankruptcy to play the process and paid a additional $520.00 month for the last two years. The reason I did this was to stay in the game and keep them, from capitalizing on my home. I hope it has paid off. Bank of America sent me a letter in January after fighting them for a modification for 4 years that they keep coming up with a excuse after excuse like well we need this are we need that just to prolong things, that stated My mortgage is being moved again on March 1st to a different servicer.

I truly have my fingers crossed for the whole amount and that my gamble will pay off (I HAVE SPENT OVER $20,000.00 during the process), it is like if you had the financial means then you could play and if you didn't, time would sink you, how sad. I will report as I did get my letter from Rusty Consulting that I will receive a check from 4 to 8 weeks from this past week... ;)

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