For those of you who don't remember, the geniuses at the State Capitol have decided to introduce SB 94and AB 764. These bills, by Senator Calderon and Assemblymember Nava, would basically ban consumers from getting help from attorneys in foreclosures. Howard Miller, president elect of the State Bar, wrote a letter supporting these bills while the current State Bar president, Holly Fujie, was on vacation in Italy. Apparently it wasn't important enough for her to return to attend the meeting, hook up a web cam or break out the old reliable AT&T to call in to the meeting.
Anyway, while these bill will make it so consumers cannot get legal help, hey will allow NACA to continue. NACA in this case is the Neighborhood Assistance Corporation of America, an alleged non profit. I say alleged because a non profit can still make a profit. These folks, me thinks, make a profit.
So, NACA was in Cleveland and claimed to do 5,000 loan modifications between a Friday and a Monday. Folks, that is 1,250 per day - including weekends. Call your bank on Saturday. Let me know if they are open. See if you can get a loan modification on a Saturday. Call on Sunday and see if you can get a person to even answer the freaking phone. You can't. Trust me on this. But NACA is claiming 5,000 over 4 days. Some people just don't believe them and the BBB won't give an endorsement to NACA because of a "lack of transparency."
Let me see if I get this right. I know where I get paid - its the client. I do the work and can document the work that is done. The client pays for work and the work is done. Its not always successful but anyone who claims a 100% success rate is a liar - of the worst kind.
NACA on the other hand won't, can't or chooses not to say how it gets paid. Some of questioned their payments. Are they being paid by lenders? Are they being paid by the borrower? Are they being paid by the Feds? Are they being paid twice on a case? Three times? They won't answer the questions - hence the lack of transparency cited by the BBB.
Of course, Nava and Calderon, in their lack of ability to think things through, are about to create a system where only NACA and its ilk will even be able to offer services to homeowners. Well, NACA and the banks, who will have no oversight by anyone. That should be a good system - if you don't mind the inmates running the prisons.
Once again - Senator Calderon, Assemblymember Nava and Howard Miller, I make the same offer to you - a public debate about loans, foreclosures and the system. You name the time and the place. I will be there. Now, since the three of you think you have no accountability, I don't expect any of you take me up on it, but if you decide, I am here. Any takers?
Showing posts with label loan modifications. Show all posts
Showing posts with label loan modifications. Show all posts
Monday, August 3, 2009
Tuesday, May 26, 2009
Doh Fargo and Bank of Dohmerica
I know we are in a recession. And it is bad. But apparently it is really bad at the banks. No, not the banks that failed. The banks that are still around.
1. Wells Fargo - I will ignore the fact that the average IQ there is less than Kate's from Jon and Kate. I will ignore the fact that the company made like a billion dollars last year. I will ignore the fact that they denied a short sale because they did not have a pre-qualification letter on 1 offer. There were 6 offers. They were missing 1 page on 1 offer. There were 5 perfectly fine offers including one for cash. I will also ignore that they turned down a loan modification because the bank decided it was not in the bank's best interest. Apparently, foreclosing is in their best interest. Let me get to my real problems with them.
I go in to the bank the other day. There is a banker there to greet me. And greet me she does. And then she follows me. Hovers, really. Very close. Very, very close. Not talking to me, just hovering. I felt like I was the hoverround and she was one of the creepy old people in the commercial. It was a bit scary.
Then I get up to the window. Dude has his nametag on - crooked. Yes, it was crooked. I mean, I know its not a big deal, but if I am giving you money, I would at least like a straight nametag. But, it is worse. He has his collar unbuttoned and his tie coming down. Really? Is that the look that says "Give me your money. Trust me. I will take care of it." No, that is a bad tv look that real men never use. Ever. I have never, ever walked around with my collar unbuttoned and my tie coming down. Well, if you count that 30 seconds when I am getting dressed or undressed, the tie isn't all the way up, but otherwise my tie is on my neck!
Yeah, Wells Fargo, lets start doing some loan modifications and helping people out. And lets put our employees in some clothes that make them look a bit more professional.
2. B of A - Bank of America or Bank of A-what-was-that? (Get it, they both start with "A") These folks are amazing. First, they buy up Countrywide and their horrible loans. Then, they decide to try to be good guys. How?
They have a new ad campaign. Starting now, we are going to make things easy to understand. Starting now, we are going to explain things. Really? Starting now? What about all of those years before? Were you not explaining things? Were you making it complicated intentionally? Is this like when food suddenly "tastes better?" Did it taste like crap before? Were you giving us dog food or puppy chow instead of good food? Now, Bank of America wants to explain things. Awfully nice, but aren't you the folks who put us in a freaking recession in the first place? A bit late, eh? Starting now, how about you bank executives stop taking millions of dollars in salary and help out the country a bit?
And now they send out these welcome packets. Not just any welcome packets, but these full color, nicely laid out, expensive looking welcome packets. They want to explain everything. And they do it twice - once in a booklet and once in a handy card. I guess they think you are going to take the card with you. Maybe drop it in your purse and bring it with you when you are sitting at the doctor's office. Are you supposed to pass them out to your friends? What the heck are you supposed to do with it? Oh I know, its just another effort by them to not look like the rip off artists that they are!
Memo to banks: spend a bit on helping us and actually help. Stop trying to look like nice guys and actually be nice guys!
welcome packets
1. Wells Fargo - I will ignore the fact that the average IQ there is less than Kate's from Jon and Kate. I will ignore the fact that the company made like a billion dollars last year. I will ignore the fact that they denied a short sale because they did not have a pre-qualification letter on 1 offer. There were 6 offers. They were missing 1 page on 1 offer. There were 5 perfectly fine offers including one for cash. I will also ignore that they turned down a loan modification because the bank decided it was not in the bank's best interest. Apparently, foreclosing is in their best interest. Let me get to my real problems with them.
I go in to the bank the other day. There is a banker there to greet me. And greet me she does. And then she follows me. Hovers, really. Very close. Very, very close. Not talking to me, just hovering. I felt like I was the hoverround and she was one of the creepy old people in the commercial. It was a bit scary.
Then I get up to the window. Dude has his nametag on - crooked. Yes, it was crooked. I mean, I know its not a big deal, but if I am giving you money, I would at least like a straight nametag. But, it is worse. He has his collar unbuttoned and his tie coming down. Really? Is that the look that says "Give me your money. Trust me. I will take care of it." No, that is a bad tv look that real men never use. Ever. I have never, ever walked around with my collar unbuttoned and my tie coming down. Well, if you count that 30 seconds when I am getting dressed or undressed, the tie isn't all the way up, but otherwise my tie is on my neck!
Yeah, Wells Fargo, lets start doing some loan modifications and helping people out. And lets put our employees in some clothes that make them look a bit more professional.
2. B of A - Bank of America or Bank of A-what-was-that? (Get it, they both start with "A") These folks are amazing. First, they buy up Countrywide and their horrible loans. Then, they decide to try to be good guys. How?
They have a new ad campaign. Starting now, we are going to make things easy to understand. Starting now, we are going to explain things. Really? Starting now? What about all of those years before? Were you not explaining things? Were you making it complicated intentionally? Is this like when food suddenly "tastes better?" Did it taste like crap before? Were you giving us dog food or puppy chow instead of good food? Now, Bank of America wants to explain things. Awfully nice, but aren't you the folks who put us in a freaking recession in the first place? A bit late, eh? Starting now, how about you bank executives stop taking millions of dollars in salary and help out the country a bit?
And now they send out these welcome packets. Not just any welcome packets, but these full color, nicely laid out, expensive looking welcome packets. They want to explain everything. And they do it twice - once in a booklet and once in a handy card. I guess they think you are going to take the card with you. Maybe drop it in your purse and bring it with you when you are sitting at the doctor's office. Are you supposed to pass them out to your friends? What the heck are you supposed to do with it? Oh I know, its just another effort by them to not look like the rip off artists that they are!
Memo to banks: spend a bit on helping us and actually help. Stop trying to look like nice guys and actually be nice guys!
welcome packets
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