This is another WTF, we missed...

[rumpel]

or I missed.

Apparently, there were several hearings on the subprime mortgage market. Now one of the companies here is a mortgage servicing company, which buys servicing rights from all major lenders (aka known large banks). However they started as a debt collector and their business model is based on such principles, but worse.

I am utterly disappointed that Chris Dodd et al just let them get away with everything this company has and continues to do to many homeowners, even commending them.

You could be doing everything correctly, paying your mortgage on time - until one day your bank decides to bundle your account to be sold. Beware, should yours be sold to this company.

Just read these complaints:
http://www.consumeraffairs.com/finance/litton_loan.html
http://www.lieffcabraser.com/loan-servicing.htm
http://www.complaintsboard.com/complaints/litton-loan-servicing-c8710.html
http://www.ripoffreport.com/searchresults.asp?q5=Litton+Loan&searchtype=0&q1=ALL&q3=&q2=&q7=&q4=&q6=&start=0

and

DODD UNIFIES INDUSTRY MEMBERS, CONSUMER REPRESENTATIVES TO HELP PRESERVE AMERICAN DREAM OF HOME OWNERSHIP

Leading stakeholders in subprime market agree to Dodd principles

As part of his efforts to preserve homeownership for millions of American families and to strengthen local communities and our nation’s economy, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that leading stakeholders in the subprime mortgage market have agreed to a comprehensive set of principles when working with families facing foreclosure on their homes. The principles are based on the premise that everyone – investors, servicers, lenders, homeowners, and neighborhoods – benefits when families’ homes are protected from foreclosure to the extent possible.

The announcement came two weeks after Chairman Dodd convened the Homeownership Preservation Summit, a meeting with the leaders of some of the largest subprime mortgage lenders, securitizers, and servicers, as well as consumer and civil rights groups, to discuss ideas and develop solutions to the subprime mortgage market crisis which is currently threatening millions of Americans with foreclosure on their homes. A longtime advocate for homeownership, Chairman Dodd has focused on predatory lending and the subprime market turmoil for several months, having convened two hearings since becoming Chairman in January.

“These principles represent a critical step in preserving homeownership and economic opportunity. I applaud the tremendous leadership demonstrated by the Mortgage Bankers Association, Citigroup, JPMorgan Chase, Litton Loan Servicing, HSBC, Freddie Mac, Fannie Mae, the Self-Help Credit Union, the Leadership Conference on Civil Rights, AARP, and ACORN to take active and effective measures to preserve homeownership for families at risk of losing their homes,” said Dodd.

“The crisis affecting the subprime market is a comprehensive one, and involves many parties. It cannot be solved overnight, and cannot be solved by one party acting alone. Each party needs to do its part in helping to address this problem. The companies and organizations that endorse these principles demonstrate their commitment to being part of finding solutions to foreclosures.

“I commend the organizations and companies that have joined me in formulating and agreeing to these principles, and I urge others to participate, or face explaining to their customers and the public their refusal to adhere to common-sense guidelines that will help preserve homeownership and strengthen our communities and our nation’s economy.”

Since assuming the Chairmanship of the Banking Committee, Dodd has made ending subprime lending abuses a high priority. He has chaired two oversight hearings, and successfully called on federal financial regulators to adopt new rules on subprime loans. In addition, Freddie Mac decided to stop buying certain abusive subprime products, and commit $20 billion to refinancing subprime loans. Last week, Dodd led an effort endorsed by nine other Committee Democrats to call on the Federal Reserve Board to apply the subprime lending guidance to non-bank lenders.

more at
http://banking.senate.gov/index.cfm?FuseAction=Articles.Detail&Article_id=135&Month=5&Year=2007

[BleedingHeartPatriot]

1. $45 for $25 worth four years ago, a trip today.

It's surprising how quickly prices are rising. MKJ