June, 2009

Wells Fargo Closes Accounts if Firms Offer Loan Mod Services

Tweet Last week, when I learned that U.S. banks were systematically canceling the merchant accounts of firms offering loan modification services, thus preventing the firm from accepting payment by credit card, I was stunned. And I thought to myself… well,... (Continue reading)

Wells Fargo’s “Ghetto Loans” and the “Mud People”

Wells Fargo’s “Ghetto Loans” and the “Mud People”

Tweet Apparently, one Mr. Paschal worked as a loan officer in Wells Fargo’s Annandale, Virginia offices for 10 years, from 1997 to 2007. Speaking about Wells Fargo, his affidavit states: “They referred to sub-prime loans made in minority communities as... (Continue reading)

Songs of the Mortgage Meltdown

Tweet Born To Loan Sung to the tune of “Born to Run,” by Bruce Springsteen. cream online . estradiol effects in ivf lite cream cost costco costco viagra for sale for women in the uk estradiol 900 estradiol 2mg tablets.... (Continue reading)

CA’s Foreclosure Moratorium a Sham… We’ve Been Lied To By Our State Government

Tweet Well, thanks to one of my loyal and eternally vigilant readers, Mandelman Matters has learned that California’s 90-day moratorium on foreclosures, which had the potential to be almost meaningless… well, as it turns out is actually much less than... (Continue reading)

WATCH THIS! And then tell me why we can’t hit our politicians with sticks.

Tweet You know, you reach a point where it’s just not fun anymore. Watch this video of Rep. Alan Grayson calmly asking questions of the Inspector General of the Federal Reserve Bank. Watch the whole thing. But be sure to... (Continue reading)


Tweet Mandelman Matters is compiling data on the loan modification industry… so there. Everyone who has spoken to me knows what I’ve been saying about the industry having no data. So, for the past month or so, my team has... (Continue reading)

101 Pages of Barackracy: Obama’s Regulatory Reforms

Tweet It’s been over a week since President Obama presented his plans to reform the regulatory structure of our financial markets. As someone who writes about such things, I knew many of my readers would expect me to watch the... (Continue reading)

“Mish” Shedlock: California’s 90-Day Foreclosure Moratorium Will Accomplish Nothing… Supporters Disagree.

Tweet Today, the State of California imposes a 90-day moratorium on housing foreclosures under a controversial new law that many say, with the school year having ended and summer already upon us, has been put into place just in the... (Continue reading)

NY’s Attorney General Cuomo & The Loan Modification Industry

Tweet “In many ways, the entire industry is a scam, in my opinion,” New York Attorney General Andrew Cuomo said during a news conference Tuesday. That’s what the second sentence of Randi Marshall’s Newsday article said on June 9th cheapest... (Continue reading)

The Bank’s Latest Tactic to Shut Down Loan Modification Firms

Tweet I got a call today from someone who is in the loan modification business In Arizona. He told me that if you’re a loan modification company, you will not be allowed to have a merchant account with Wells Fargo... (Continue reading)

H.R. 1728: The Death of Creative Financing

Tweet H.R. 1728 passed the House by an overwhelming majority in a record three days time. Now it’s in the Senate and is widely expected to pass quickly as well. Why the rush? Is AIG planning to hand out zillions... (Continue reading)

Former sub-prime lenders are back to profit off the mess they made. Seriously?

Former sub-prime lenders are back to profit off the mess they made. Seriously?

Tweet Warning: People with heart problems, pregnant women, and those with fully developed adult brains and a modicum of common sense are hereby warned that this article may cause high levels of stress and lead to serious mental and emotional... (Continue reading)

FTC is Seeking Consumers’ Advice on Mortgage Practices: Here’s Your Chance!

Tweet The federal government has announced that it wants to hear the views of consumers on private sector loan modification firms, and the Federal Trade Commission (“FTC”) says it wants to hear specifics. I’ve interviewed more than a hundred homeowners... (Continue reading)

FTC Testifies on Loan Modification “Scams”

Tweet It’s 10:48 pm on Saturday night, and with the kids off to their own devices, I thought it would be a good time to curl up with a good transcript of testimony from the FTC in front of the... (Continue reading)

New Federal Law Would Prohibit Advance Fees in all 50 States

Tweet Rep. Doris Matsui (D-CA) is going after companies offering loan modification services with her, Mortgage Foreclosure Rescue and Loan Modification Services Fraud Prevention Act of 2009, which she proposed a few days ago and was referred to two House... (Continue reading)

It’s Time to Play… Housing Jeopardy!

It's Time to Play... Housing Jeopardy!

Tweet (Originally published in February of 2009, right after the economic stimulus bill passed, but it seemed fun to read today…) Well, the economic stimulus passed and was signed into law by President Obama. It’s over. So, whether you were... (Continue reading)

Treasury Discovers Glitch: Banks Healthy, Ready to Lend

Tweet The Treasury Department announced today, that it has discovered a glitch in the department’s accounting system that has been dramatically underreporting the condition of our nation’s financial institutions. The error was discovered when a mid-level government employee questioned the... (Continue reading)

California Attorney General Brown Issues Directive to Foreclosure Consultants

Tweet Attorney General Edmund G. Brown Jr. issued a directive today that forces “foreclosure consultants” to register with the Attorney General’s office and post a $100,000 bond by July 1, 2009. According to the press release issued by the AG’s... (Continue reading)

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