Couple Wrongly Foreclosed On Try To Seize Bank Of America Assets

This must have been sweet revenge for these homeowners.

(WINK)- The foreclosure nightmare started when Warren and Maureen Nyerges paid cash for a home owned by Bank of American in the Golden Gate Estates. They never had a mortgage whatsoever. But, the bank fouled it up and wound up issuing a foreclosure through their attorney.

The couple took their case to court and after a year and a half nightmare the foreclosure was dropped. A Collier County judge said Bank of America has to pay the couple's $2,534 legal fees for the error. After more than five months the bank still hadn't paid up. So, the homeowners' attorney did just what the bank would do to get their money, legally seize their assets.

"I instructed the deputy to go in and take desks, computers, copiers, filing cabinets, including cash in the drawers," Attorney Todd Allen told WINK News....
Allen says the manager was visibly shaken, "Having two Sheriff's deputies sitting across your desk, and a lawyer standing behind them, demanding whatever assets are in the bank can be intimidating. But, so is having your home foreclosed on when it wasn't right."

After about an hour the bank finally cut a check to satisfy the debt, and no furniture was taken.... Read more here.

Video: CNN Suggests Foreclose As NYC Bomber Motive. Ignores Training at a Terror Camp in Pakistan.

CNN anchors discuss foreclosure as a possible motive for the attempted bombing in Times Square. They ignore the fact Pakistani Taliban have claimed credit and Faisal Shahzad is a former Pakistani citizen who has admitted he attended a terror training camp in Pakistan.

“It can confirmed that his house has been foreclosed in recent years. I mean, one would have to imagine that brought a lot of pressure and a lot of heartache on that family.”

CNN already making excuses for NYC bomber (video)


It's just like CNN to spin Faisal Shahzad as anything, but another Islamic Jihadi. CNN has a large Arab viewership. Now you know why many people refer to CNN as "al CNN."

Homeowner Loan Modification is a Failure

This should not be surprising news. Fifty-one percent of homeowners who had their loans modified under a program designed to prevent foreclosure re-defaulted.

Obama's Massive Foreclosure Prevention Plan Is A Failure

President Obama and the Democrat's $50 billion program to curb foreclosures isn’t working very well. The program may only be delaying the inevitable. A quarter of participants are already behind on their reduced payments. One large bank has reported 22% of participants failed to make even their first payment.

From the Washington Post:

...more than 25 percent of borrowers in the program were not current on their trial payments...

For example, at a conference last month, J.P. Morgan Chase, which signed up more than 178,000 homeowners, noted that 22 percent of borrowers helped didn't make their first payment.

Obama's housing plan will cost $275 billion

Obama's housing plan will cost $275 billion in taxpayer dollars. He is spending $75 billion for direct support to distressed homeowners and $200 billion to Fannie Mae and Freddie Mac. This money is in addition to the $700 billion in TARP program money already committed. This amount is far greater then the $50 billion first reported. Most Americans want to be sympathetic to homeowners facing foreclosure. If the reason is loss of employment due to the recession, many would support some form assistance. The truth is many of these homeowners bought houses they could not afford in overpriced markets. They were hoping the property values would keep climbing and they could make a killing. They made a poor financial decision. Now, Obama wants those of us who bought more modest housing to help pay for the speculators mistake. There is something fundamentally wrong in this plan. People who watch their budgets and make sound decisions should not have to pay for the mistakes of spendthrifts. This is socialism for the upper middle class.

$275 Billion Plan Seeks to Address Housing Crisis
Joshua Lott for The New York Times

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By SHERYL GAY STOLBERG and EDMUND L. ANDREWS
Published: February 18, 2009

MESA, Ariz. — President Obama announced a plan on Wednesday to help as many as nine million American homeowners refinance their mortgages or avert foreclosure, saying that it would shore up housing prices, stabilize neighborhoods and slow a downward spiral that was “unraveling homeownership, the middle class and the American Dream itself.”


Speaking in Mesa, Ariz., President Obama said that the housing bailout would “prevent the worst consequences of this crisis from wreaking even greater havoc on the economy.”
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The plan, which was more ambitious and expensive than many housing analysts had expected, drew praise from consumer advocates as well as the financial industry.

It could ultimately cost taxpayers as much as $275 billion — $75 billion in direct spending to keep people in their homes and the rest in additional financial backing for the government-controlled mortgage giants, Fannie Mae and Freddie Mac. (excerpted) read more at nytimes.com