msmortgagewiz

It would take me a month to explain just one angle, and it would be opinion based on what I see everyday. Simply put, mortgages that were toxic from the start but performing in lets say 2007, we find years later, still toxic and not performing, which equals negative equity. So, yes Maggie 123, mortgages that aren't performing have no equity. Worse (for the banks) is the DOJ Global Settlement, which is a double whammy. In all fairness, it's not exactly the big bank's greed, but more the predecessors greed in mortgage portfolios that they now own, and have to pay the price for. Hope that makes sense, and again that is only one angle, and is simply my opinion. Thank you for such a nice compliment. I pride myself on the theory that you treat everyone as if you (me) were the customer. It hasn't failed me yet. Oh, and yes they have the jack to comply, they just feel they already are complying to some degree. How well are they complying? Hmmm, in my opinion, I think there's much more work to be done in that area.

Astronomical experts are speculating that the object is a satellite which had exploded in orbit. http://www.timesofisrael.com/glowing-streak-spurs-ufo-fears/

Yes it was originally written in English, wonders never cease to amaze me either . As my screen name would suggest, I work in the mortgage industry for one of the "big 4 banks" (as we have been called countless times in other forums). However, not as one might think, and due to the nature of my work thats about all I will say. The corporate intranet allows for all the media buzz that I care to filter for reading. This was one such article, and was able to find the same article while dealing with one of my bouts of sleepiness. In my profession I am responsible for "fixing" the casualties of greed, professional negligence, fraud, and blatant disregard for investor guidelines on a very large scale. I am a strong advocate for those who were victims of such actions, and strive to correct the correctable. Unfortunately, some of the casualties cannot be repaired. I work very hard to mitigate the impact to the customers to whom I serve with empathy and compassion. I am hopeful that Basel III is implemented swiftly, and stringently enforced.

Oops, almost forgot just in case those large three syllable words throw some for a loop. http://www.webster-dictionary.org/

Federal Reserve unveils Basel III bank capital proposal WASHINGTON: The Federal Reserve released a proposal to enact an international agreement on higher capital standards for banks, known as Basel III, that largely rejects pleas by the US banking industry to soften parts of the new standards. US banks have pushed the Fed to allow them to more heavily count mortgage servicing rights and the unrealized gains and losses of certain securities toward their capital requirements than allowed by Basel III, but the US central bank's draft rule closely follows the international agreement. The Fed board is scheduled to vote later on Thursday on whether to put the proposal out for public comment. The Federal Deposit Insurance Corp and the Comptroller of the Currency are expected to approve the proposal soon as well. The Basel agreement is the cornerstone of efforts by international regulators following the 2007-2009 financial crisis to make sure the global banking system is more resilient. The new standards would force banks to rely more on equity than debt to fund themselves, so that they are able to better withstand significant losses. It is up to each country to write rules to implement the Basel agreement for its banks. The accord, which is to be phased in from 2013 through 2019, will require banks to maintain top-quality capital equivalent to 7 per cent of their risk-bearing assets, about three times what they are required to hold under existing rules. The Fed proposal adheres to this standard. Banks have mostly agreed this minimum level is necessary. The biggest banks, however, have balked at a part of the agreement to have 28 global "systemic" banks hold as much as an additional 2.5 per cent capital buffer. This provision would hit the largest international financial institutions such as JPMorgan Chase & Co, Goldman Sachs Group Inc and Deutsche Bank AG. The Fed draft proposal released on Thursday does not address the capital buffer for the largest banks; it will be considered at a later date. The Fed broke up its proposal for implementing the Basel agreement into three separate rules. The first two, which govern capital levels and the types of assets that can count toward the new standards, would apply to all US banks with $500 million or more in assets. The third rule addresses the models and methods the largest banks, those with more than $250 billion in assets, can use to determine the amount of capital they have to hold based on the risk of their assets. Also on Thursday, the Fed board is set to vote on a final rule implementing new capital standards regarding risks posed specifically by banks' trading books. This update for trading books is known as Basel 2.5. In response to the financial crisis, regulators across the world agreed to update their capital guidelines to better take into account the risks from such things as securities made up of mortgages, which played a key role in the meltdown. US regulators had delayed putting this rule into place because the 2010 Dodd-Frank financial oversight law bans the use of work done by credit rating agencies in US banking regulations, including those that assess bank capital. The agencies have struggled to find alternatives. Banks have argued that some of the substitutes for credit ratings included in a proposed rule released in December will not be effective. For instance, they have questioned whether relying on ratings from the Organisation for Economic Co-operation and Development (OECD) to gauge the riskiness of sovereign debt will work. In the proposed final rule released on Thursday the Fed rejected this concern and said regulators will use OECD ratings. http://economictimes.indiatimes.com/news/international-business/federal-reserve-unveils-basel-iii-bank-capital-proposal/articleshow/13911641.cms

C'mon Dougie....... Just for today, can we just all believe that anything is possible? I won't neg you though, because of course your entitled to your own opinion. In my own opinion, you sure are a buzz kill sometimes though. None the less, I will put my rose colored Ray Ban's back on, and continue to show up at work. When I see you post something positive, then I will know it's time to go to the bank.

Yay! Thanks Kam It's kind of like debunking spirit activity on Ghost Hunters.

My sentiments exactly just replace lunch with dinner. I think Venus Razor's should be one of the 8 items being raised, and in this case, I hope the "chest doesn't reveal more" . yuk

BAGHDAD / JD / ..The Central Agency for Standardization and quality control that the system of customs tariff to be applied is one of the systems flexible and not rigid, noting that the system will protect the product and the consumer at the same time. The head of the device, Saad Abdul-Wahab / a JD /: The new system is characterized by flexibility in dealing with imported goods based on several considerations and variables fall under the rule (When and how much Iraq need)? He explained that they would be taken into account the seasonal need for imported goods, the value of any customs tariff will be determined by the availability of the material in the local market or manufactured locally, indicating the possibility of a discrepancy between the relative values ​​of taxes to be imposed on goods based on the need for it. Abdul Wahab pointed if we assume that Iraq produced large quantities of cement, then the tax would be relatively high in order to protect local product, even if the need arises to supply Iraq with large quantities of it, then we will resort to a reduction or abolition of fees in full. He said that fees will be raised if the value of vegetables available in summer and reduced winter and so on. He said the flexibility of the new system will contribute to the reduction of prices is expected if the imposition of fees and works to protect the national product meaning it will protect the consumer and the producer at the same time. The Ministry of Finance has identified the first of next June, the date for the imposition of customs tariff duties on goods entering Iraq, which has been delayed by work in the previous period due to the absence of mechanisms of action and high commodity prices in the Iraqi market. http://www.dananernews.com/News_Details.php?ID=573

Yep still sitting there........and will gladly accept any movement, no questions asked..... XE Currency Table: IQD - Iraqi Dinar Mid-market rates as of 2012-05-02 01:23 UTC Currency code ▲▼ Currency name ▲▼ Units per IQD IQD per Unit EUR Euro 0.0006517824 1534.2543980930 USD US Dollar 0.0008614748 1160.8000488281 GBP British Pound 0.0005308350 1883.8246714845 INR Indian Rupee 0.0454309525 22.0114249406 AUD Australian Dollar 0.0008339449 1199.1199306771

I deffinitely don't know squat nor am I willing to argue with the experts...........Just saying I certainly don't understand what the Mid Market Rates mean so I posted this from XE as of this morning. Just curious if the IQD currency rate isn't 1160.80 as referenced below then what is it I am looking at?XE Currency Table: IQD - Iraqi Dinar Mid-market rates as of 2012-05-01 09:49 UTC Currency code ▲▼ Currency name ▲▼ Units per IQD IQD per Unit EUR Euro 0.0006499566 1538.5641853175 USD US Dollar 0.0008614748 1160.8000488281 GBP British Pound 0.0005313899 1881.8573318416 INR Indian Rupee 0.0453523417 22.0495780935 AUD Australian Dollar 0.0008355033 1196.8833291790 CAD Canadian Dollar 0.0008507618 1175.4170723793 AED Emirati Dirham 0.0031637661 316.0789876068 CHF Swiss Franc 0.0007807338 1280.8463260670 CNY Chinese Yuan Renminbi 0.0054206579 184.4794508889 MYR Malaysian Ringgit 0.0026076842 383.4820177884 NZD New Zealand Dollar 0.0010601488 943.2637714336 JPY Japanese Yen 0.0687842912 14.5382031715 THB Thai Baht 0.0264558906 37.7987653349 SGD Singapore Dollar 0.0010663237 937.8015412448 PHP Philippine Peso 0.0363456210 27.5136308749 HKD Hong Kong Dollar 0.0066833514 149.6255304066 MXN Mexican Peso 0.0112301798 89.0457690753 SAR Saudi Arabian Riyal 0.0032307889 309.5219285194

I believe this is what is being referred to. I attached a print screen for you to look at.

As am I KamelKeeper. I will ALWAYS defend those innocently targeted. Thanks for your post, I would never want anyone to think I stood in defense of the original posters comments. I just don't fly like that.

Just so we are clear, the post referenced above was in addition to what Maggie said and was directed at Ski not Maggie123. I am quite sick of innocent members being randomly attacked by this skitilwedrop person; doesn't matter what forum you are in or what you are even talking about. cuz she doesn"t read past the last post anyway. Yeah I said it.

Let's not prey on member's????? Who consistently preys on whom? BTW, what is wrong with you???? I think you are just a miserable person, and get off on spreading your misery, often it seems on members who are just really nice "grounded" people. Do you yank candy from baby's too, Angelica????? Or did you mean that in just the literal sense "again"? I think DV should create a new forum just for you, they can call it "Sybil's Space" that way whenever we need to feel verbally abused with all your "well intentioned advice" we can just pop on in, get a dose of verbal thrashing and off we go.

Actually, he is pretty much banned from his own site now.

You are right on all counts.

Chances are that if you acquired your mortgage from CountryWide, and it was a Pay Option Arm or some other nasty little hybrid arm, you may have recently received a letter notifying you that you were eligible to be reviewed for a DOJ Modification. Whats does all that mean??? Here is where you can ask any question you want regarding this action, and here is where I will tell you anything you ever wanted to know about the process. United States Attorney's Office Eastern District of New York Robert Nardoza Public Affairs Officer (718) 254-6323 Robert.Nardoza@usdoj.gov -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE February 9, 2012 PRESS RELEASE $1 BILLION TO BE PAID BY THE BANK OF AMERICA TO THE UNITED STATES LARGEST FALSE CLAIMS ACT SETTLEMENT RELATING TO MORTGAGE FRAUD Agreement Resolves the United States’ Civil Claims that Bank of America, Through its Countrywide Financial Subsidiaries, Defrauded the Federal Housing Administration by Recklessly and Fraudulently Underwriting Loans to Unqualified Borrowers Agreement Also Resolves Claims Involving Home Affordable Modification Program As part of the global resolution between the United States of America and the five largest mortgage servicing banks in the country, which will bring much needed relief to financially distressed homeowners nationwide, Loretta E. Lynch, United States Attorney for the Eastern District of New York, today announced that the government will also resolve its claims against the Bank of America, Countrywide Financial Corporation and certain Countrywide subsidiaries and affiliates (Countrywide) for underwriting and origination mortgage fraud. Since 2009, the office has been investigating the Bank of America’s lending practices to determine whether the bank, through Countrywide, which the bank acquired in 2008, knowingly made loans insured by the Federal Housing Administration (FHA) to unqualified home buyers. To date, the FHA has incurred hundreds of millions of dollars in damages as a result of this conduct. The investigation also encompassed allegations that the bank and Countrywide defrauded the FHA insurance fund by originating mortgage loans that were based upon inflated appraisals. During the investigation, the office determined that the bank’s conduct provides a basis for affirmative civil enforcement under, among other legal remedies, the False Claims Act, 31 U.S.C. §§ 3729-33. As part of the global settlement, Bank of America will pay $1 billion to resolve the wrongdoing uncovered during the office’s investigation. The settlement will entail an immediate payment of $500 million to provide a recovery for the harm done to the FHA by Countrywide’s conduct. Payment of the second $500 million will be deferred to fund a loan modification program for Countrywide borrowers across the nation with underwater mortgages. Under the terms of the program, Bank of America will solicit all potentially eligible borrowers and provide a loan modification to anyone with an eligible mortgage who accepts the offer. If, after the expiration of three years, the bank has not met its obligation to apply the full $500 million to provide such relief, any remainder will be paid directly to the United States. “We announce today the largest ever False Claims Act settlement relating to mortgage fraud. Through their underwriting and origination of tens of thousands of government-insured loans to unqualified borrowers, Countrywide Financial subsidiaries systematically abused the Federal Housing Administration and became some of the main players in this country’s financial crisis. We are committed to protecting the FHA’s ability to provide assistance to qualified low-income and first-time home-buyers, and this settlement goes a long way toward that end. It also puts lenders on notice that they will face serious financial consequences for violating their obligations under the FHA’s programs,” stated United States Attorney Lynch. Ms. Lynch expressed her grateful appreciation for the assistance provided by Shaun Donovan, Secretary of the Department of Housing and Urban Development (HUD); Helen Kanovsky, General Counsel for HUD; David Montoya, Inspector General for HUD; and Julie Shaffer, Director of the HUD Philadelphia Home Ownership Center. “It is fundamental that lending institutions that earn the authority to directly endorse FHA-insured mortgages apply our standards,” said HUD Secretary Donovan. “This is the largest false claims act settlement related to mortgage fraud and will not only compensate FHA but will also ensure assistance for homeowners who have been harmed by Countrywide.” “This agreement is demonstrative, and should serve as a model, of what results can be achieved when agencies of the United States Government join forces in a united effort to combat fraud in the FHA insured mortgage program,” said Inspector General Montoya. “OIG staff served IG subpoenas, conducted multiple interviews, reviewed loan files, and worked closely with the U.S. Attorney’s office in developing this case.” He further added, “I am appreciative of the tenacity with which the Assistant United States Attorneys approached this matter, the expertise and effort of my OIG auditors, investigators and legal team, and the assistance of the HUD Office of General Counsel and its Office of Program Enforcement and Philadelphia Home Ownership Center throughout this endeavor.” The settlement announced today also resolves the office’s investigation, conducted with the Special Inspector General for the Troubled Asset Relief Program and the Inspector General for the Federal Housing Finance Agency, of allegations that Bank of America defrauded the government by failing to determine the eligibility of homeowners to participate in the government’s Home Affordable Modification Program. Ms. Lynch thanked Christy L. Romero, Acting Special Inspector General for the Troubled Asset Relief Program, and Steve A. Linick, the Inspector General for the Federal Housing Finance Agency, for their assistance in this investigation. The Eastern District’s investigation was conducted by Assistant United States Attorneys Richard K. Hayes and Kenneth M. Abell, Affirmative Civil Enforcement Auditor Emily Rosenthal, Senior Trial Counsel, Commercial Litigation Branch, United States Department of Justice, William C. Edgar, and Trial Attorney, Commercial Litigation Branch, United States Department of Justice, John Warshawsky. The joint federal-state agreement is part of enforcement efforts by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency task force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. For more information about the task force visit: www.stopfraud.gov. --------------------------------------------------------------------------------

Who ever evened out the neg Thank You. The day we can't openly share music without ridicule, is the day I sell every stringed instrument in this house. One of my best friends owns a locally owned small music school & retail store. Here is where we educate our children and teach music interpretation.

Neg'd for music???? That takes the cake!!! If you dug a little further into your negative mind, it was done for Cirque du Soleil which is dramatic mix of circus arts and street entertainment. I bet the person that neg'd me also voted for music education to be cut from your local schools budget. It is a artistic interpretation, as is the soundtrack to Sam I AM, hmm maybe I will post that one next.

Agreed!"I feel that the essence of spiritual practice is your attitude toward others. When you have a pure, sincere motivation, then you have the right attitude toward others based on kindness, compassion, love and respect. " Dalai Lama

http://youtu.be/0Ag3XbD2p6E In 2006, George Martin and his son Giles were presented with a new project: a total mashup of the Beatles career into just over an hour, to be used for the new Cirque de Soleil of the name Love. The grammy-award winning album only uses Beatles recorded material to create a soundbed from the original two, four, and eight-track tapes. Using over 130 commercial and demo recordings, Love is, according to Giles Martin, "a way of re-living the whole Beatles musical lifespan in a very condensed period."