Lenders
The following lenders and mortgage servicers claim to be members of Hope Now: Acqura Loan Services, Assurant Inc., Aurora Loan Services, Avelo Mortgage LLC, Bank of America, Carrington Mortgage Services, Chase, Citigroup Inc., Countrywide Financial Corp., EMC Mortgage Corp., First Horizon Home Loans and First Tennessee Home Loans, GMAC ResCap, Home Loan Services Inc., HomEq Servicing, HSBC Finance, Indymac Bank, LandAmerica Financial Group Inc./LoanCare Servicing Center, Litton Loan Servicing, National City Mortgage Corp., Nationstar Mortgage LLC, Ocwen Loan Servicing LLC, Option One Mortgage Corp., Saxon Mortgage Services, SunTrust Mortgage Inc., Washington Mutual Inc., Wells Fargo & Co., and Wilshire Credit Corp.
A random survey of homeowners asked the following questions: (1) Who is your mortgage company, and (2) How would you rate their customer service. It seems as though Wells Fargo may be the next troubled lender if their fear factor and desire to call mortgage holders before the due date is any indication. Some homeowners that were on vacation during spring break reported that Wells Fargo paniced and called them before they returned from vacation. Their payments were not late nor were they past due.
Maybe it’s just me. Perhaps my old age made me cynical. Maybe it is because my friends gripe and complain about less and less disposable income. In my mind the country is in worse shape now than it was since the 1930′s. At least back then it was America in trouble, and America rescued itself. If you study the great depression you see that the economy was functioning, but it functioned on such a low level that it could not sustain the population. Ohio is like that today, in some ways. Subprime caused problems, but one would think that solutions touted by the news media and federal and local governments are really doing a lot of good. Here is a reality check, quoting one homeowner:
There is no disputing the fact that Thornburg mortgage is in a slump. The 52 week high for Thornburg was $28.40, while the 52 week low was 69 cents. No, not a typo – 69 cents. So when Thornburg said it needs to raise $1 million (USD) or perhaps they will go broke, who is going to listen? Obviously there must be a handsome return on the risky investment. In exchange for consideration Thornburg will seriously dilute their stock. The capital, to be raised via a convertible bond issue, would lead to investors in those securities owning 27% of the company.
An article written in Bangalore India and published by Reuters said Countrywide and housing advocacy group ACORN claim they reached an agreement to formalize workout programs to help borrowers with all types of subprime loans avoid foreclosure. Although Countrywide certainly can use all the help they can get others say it is Countrywide’s responsibility. While commending Acorn’s assistance we wonder how introducing a third party relates to Bush’s subprime bailout. Here is the Reuters article.