No wonder ammunition sales and gun sales are at a all time high.

Why wouldn’t they restructure Hanks’ loan to a lower value greater than $192K…

unclesmrgol on February 22, 2009 at 12:12 AM

Why doesn’t everyone default and renegotiate the price of a house if it goes down in value? This is pure genuis! All mortgage lenders let the banks take half of the loss on any house that goes down in value FROM NOW ON by just offering something above the asking price.

That would in no way become an epidemic if bankers just sold houses back to the owner and split the difference on what the original owner owed.

Duh? You have it all figured out! Who says a card laid is a card played? If the house goes up you own it. If it goes down blackmail the bank to split the loss so they don’t lose more on you defaulting!

This IS the brown-shirts we’re talking about, after all.

{^_^}

ACORN may be eligible to compete for something, but they are not specifically named in the bill.

Tuning Spork on February 20, 2009 at 9:31 PM

Firstly, I wouldn’t relay on factcheck.org too much. Its funded by a liberal organization so a conclusion could be made that they have an agenda.

But most is for a housing rehabilitation program ACORN says it never applied for in the past and won’t in the future.

Secondly, ACORN is notoriously involved in this sort of thing. And lets not forget that they have many many subsidiaries and sister organization that do not use the ACORN name but are just surrogates.

k. I’m interested in your opinion. No hurry, I have a feeling there will be another post on this.

Dusty on February 21, 2009 at 3:53 PM

I’m still not yet feeling like I’ve got everything I need to form an opinion.

the mortgagee: Donna Hanks
the bank: Wells Fargo
the trustee: Thomas P. Dore, substitute trustee
the act: Wells Fargo purchases Hank’s loan from third party lender ??? for ????. Hanks defaults, and Wells Fargo appoints Dore to sell house. Wells Fargo buys house (with $260K owed on mortgage) for $192K, and resells house immediately to ?????.

There’s quite a few interesting questions here. Why would Wells Fargo buy back the house for $192K from itself? Why wouldn’t they restructure Hanks’ loan to a lower value greater than $192K, thus enabling her to keep the house? What base rate was Hanks’ variable rate loan pegged to, that its interest rate kept going up even as the economy (and most variable rate loan base rate calculation inputs) were going down? To whom did Wells Fargo sell the house after repurchasing it, what was that person’s relationship to Wells Fargo, and what price did that person pay for the house?

Everything Wells Fargo did was apparently legal, since Hanks was admittedly in default. But the thing stinks like a fish. It’s especially egregious when Wells Fargo has already gulped a few gulps of Stimulus.

k. I’m interested in your opinion. No hurry, I have a feeling there will be another post on this.

Source – public records and about an hour of my time – way too much work for reporters!

This woman just can’t keep her stories straight. In another interview she said she was a union worker, you ever hear of a union worker without health insurance? She did have medical bills to pay – however she didn’t pay them according to public records. Also, the loan was for $270,000 which closed in 2005 (if we can believe that part of her story) and by May 2006 she was already $10,500 behind in her payments. She must have went on one heck of spending spree to blow through the almost $200,000 she netted from the re-fi.

sherryande on February 21, 2009 at 11:36 AM

Post of the day!

Source? CNN? WaDooDoo? The Slimes? /kidding

Seriously though, good stuff.

Dusty on February 20, 2009 at 10:50 PM

No, I didn’t read the stories you mentioned. But I will. Processing…

MLK must be rolling in his grave (several times over)

Tuning Spork on February 20, 2009 at 9:31 PM

Dude, the Treasury just dumped another $200 billion into Fannie Mae and Freddie Mac. That’s where ACORN will get the money. Fannie has already “contracted” with a first cousin of ACORN, the NACA in Boston, to help with “loan modifications.” Bruce Marks, who heads NACA, is a socialist and they have been shaking down banks for years. Fannie Mae is throwing money around almost as much as it did in the Frank Raines days. It just gave Queen Latifah a million dollars to make a video telling people not to fall for foreclosure prevention scams.

The Porkulus has a provision that allows the new RAT Board to stop any Inspector General investigation of money being spent. While “technically” the money being dumped into Fannie Mae is not coming from the Porkulus, it’s all federal money and the IGs will not be able to separate it.

Rahm Emanuel served on Freddie Mac’s board. He knows exactly how to get big money shoveled out the back door to ACORN.