NFC payments - where the industry is heading

What does it feel like to pay off your mortgage?

Answer by Mark Harrison:

The first time I did this, it felt great, for about 6 months.

After that, I realised that I’d basically done a dumb thing. Getting a mortgage is about the cheapest debt you’ll ever take on. If you have, as I did, a way of investing that money to give a somewhat better return, it’s more sensible to leverage your assets by borrowing cheap and investing high.

Now, here’s the problem - you seldom, if ever, know both the return AND the risk of a given investment accurately. You may think you do… you may believe you do with absolute certainty, but you don’t. Black Swans are everywhere. But when I was in my 20s, it would have been OK to take a few more financial risks.

The mortgage in question was for the flat (apartment) I’d bought in Outer London when I left home in 1994…. I’d gone to University, come back, and lived with my parents for about a year and a half while I saved up a deposit. I’d bought the flat, moved in, started going out with Mary Harrison, got engaged, and married. We decided we’d buy a house together, and let out the flat. About a year later, we came into some money, and used it to pay off the mortgage on the flat.

Looking back, the money we saved was basically spent in going out a bit more, not investing…

So, with hindsight, we should have used the money to put down a deposit on ANOTHER flat and rented that out as well.

Hindsight is, of course, a wonderful thing. I never suspected back in the mid-90s that we were at the start of a 20-year long property boom, so we didn’t.

These days, in our 40s, we have a bit of a mortgage… but the payments on it are nothing like the payments on two sets of school fees…. 20 years of gradual inflation does wonders for “affordability.”
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What does it feel like to pay off your mortgage?

Answer by Anonymous:

Going to answer Anon on this one since I’ll be sharing some numbers.

It’s been 3 years. It still feels AWESOME.

We got the same lecture that financial consultants and accountants give to people about the tax deductions (in the U.S.) and how we should use that balance to invest in other “growth” products.

The reality is, we don’t like the burden of debt and how this burden holds over our lives. I have a consulting business and income is not neither predictable nor steady, although when consulting business did well, it did quite well. My spouse has “regular” employment and his income is predictable and steady.

We have a young child. Our priority is to ensure that when crap happens (i.e. 2007 and 2008), we would not have to risk key items like food, shelter, and health insurance to our child’s life. When we had a mortgage, it was the single biggest expense of our household.

To answer the numbers from the “Aside” —
  • We put 20% cash down on the house
  • Loan was $700,000 (“jumbo” mortgage in U.S. terms)
  • We got a 30 year loan fixed at 6% zero points no penalty for early payment (this was back in 2005)
  • We live in Los Angeles county
  • We paid off the entire sum in 5 years
  • We’re in our early/mid 40s
  • House is currently worth around $850,000-$875,000 (2013 market)

Even though we explored option to refinance for a lower rate, every refinance meant shifting the “principal : interest” ratio toward interest. So we chose not to bother (came close a couple of times when interest rates was low 4%)

I did a quick calculation and by paying off the mortgage in the timeframe we paid off, we saved over $800,000 on loan interest.

That’s right: the interest alone cost more than the principal loan!
That, on top of getting rid of the biggest monthly expense, on top of gaining the extra level of “economic security” that our young family cares about, means paying off the mortgage is a no-brainer.

Here’s what we did once our mortgage was paid off:
  • my spouse dialed up his 401K contribution back to maximum allowed (he reduced contribution so more of the paycheck could go to mortgage)
  • I began managing our investments (mostly indexing right now although I started investing in specific stocks mid-year) to reach the $650,000 mark in 2012 and $1M mark in 2013.

We recently met the $1M retirement + taxable investment mark. This would not have happened as quickly if we still had almost $5000/month mortgage payment (yes, California real estate is a rip-off but work is here so here we are.)

We LOVE having option: the option to leave this paid-off property to our child or sell this property for whatever reason.

We LOVE the relative peace of mind from knowing our kid will have a place to live and that this is a bit like “super cheap rent-controlled” property (because of property tax).

We LOVE knowing that neither my spouse nor I “came from money” — we received zero assistance from our families — we made decisions that appeared counter-intuitive but was right for our family, and we achieved this milestone as a team.

p.s. Our rear unit neighbor did the “investment” approach, took equity out of his property to invest in other properties (he’s a “professional” realtor with “over 30 years of experience”) when time was very good. When 2007-2008 hit, he was also hit, and quite badly as he had several investment properties. His house was foreclosed on in 2011 and he was evicted — Sheriff came to seal the doors to make sure he was out. Later, the bank took over and then an investment company bought the property and turned it into a rental. Stories like this are very common in Southern California during the real estate crisis.
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What should I look for in a mortgage?

Answer by Matthew Moore:

(I value pools of mortgages for a living, among other things.)

First some basic background: Mortgages are loans collateralized by properties. This means that if a borrower defaults on their mortgage, the lender has the right to seize ownership of the underlying property, which is usually sold to recoup the losses from default. When a property is seized it is called Real-Estate Owned (REO). To seize a property a lender must foreclose on a borrower.

Residential mortgages are backed by residential properties. Commercial mortgages are backed by commercial properties, such as office buildings.

Mortgages typically have a term of ten to thirty years; this term is called the “maturity”. They also have an interest rate called the “coupon rate”. The dollar amount of the loan is called the principal balance. Standard mortgages are set up to have a fixed monthly payment that applies larger and larger portions of the payment to the principal balance each month. Paying down the principal balance of a mortgage is called “amortization”. Mortgages are often set up to amortize completely by the end of their maturity term.

Now, mortgages come in four basic forms:
  • Adjustable Rate Mortgages (ARMs)
  • Fixed Rate Mortgages (FRMs)
  • Hybrid ARMs
  • Reverse Mortgages

A Fixed Rate Mortgage (FRM) carries a fixed interest rate for ten to thirty years. The lowest interest rates are available for the most credit-worthy borrowers. FRMs are a good choice for borrowers who like stability, or who believe market rates are likely to increase consistently during the term of their mortgage.

An Adjustable Rate Mortgage (ARM) has an interest rate that changes at predictable intervals with a formula tied to a specific market rate. For example, an ARM may be set to be 2.5% plus the LIBOR-1yr rate at the beginning of each month. The 2.5% is called the interest rate margin. Margins can be positive or negative, depending on the rate index used. The frequency at which the mortgage’s interest rate changes is called the rate reset frequency; it is usually monthly. An ARM may also be called a “floater” since the interest rate “floats” with its corresponding index. A “reverse floater” is an ARM that has an interest rate which moves up when it’s corresponding rate index goes down, and vice versa. ARMs have an interest rate cap and an interest rate floor. The rate may not exceed the cap or go beneath the floor, no matter what that corresponding index does.

ARMs are best for borrowers who want to capitalize on their speculation that market interest rates will decrease consistently or remain static during the term of their mortgage. ARMs are typically for more sophisticated borrowers. In return for assuming the potential risk of interest rates rising in the future, ARMs are typically offered with a lower starting interest rate than FRMs.

Hybrid ARMs, or simply “Hybrids”, are combinations FRMs and ARMs. These mortgages will typically start with a fixed interest rate period of three to five years, than they will switch to an adjustable rate format, thus becoming ARMs. Sometimes the initial fixed rate period will be an “interest-only” (IO) period wherein the borrower does not need to make any principal payments to stay current. During this “IO period”, only the interest needs to be paid at the specified fixed rate. Hybrids, like ARMs, are for sophisticated borrowers and almost always start out with lower rates than FRMs. These lower introductory fixed period rates are sometimes called “teaser rates”.

Commercial mortgages are commonly set up to be interest-only for the entirety of the maturity term. Then, at maturity, the mortgage specifies one large lump sum payment of principal called a “balloon payment”. If the borrower misses the balloon payment, but is otherwise current, this is called a “maturity default”.

Although it is rare since the 2008 global financial crisis, some mortgages come with a feature called “negative amortization” or “NegAm”. This feature means that unpaid interest adds to the principal balance of the mortgage. So, the borrower may choose to defer payment of interest to a certain degree, but not indefinitely.

All mortgages allow the borrower to pay more than the required amount each month and apply this extra payment to the principal balance; this is called “curtailment”. When the entire balance of the mortgage is paid off prematurely, this is called “prepayment”. Sometimes mortgages on commercial properties have penalties on prepayment in the form of extra fees.

In exchange for a lower down payment, the borrower can sometimes secure “mortgage insurance”. This is insurance that protects the lender from a borrowers default up to a certain percentage of the unpaid principal balance. Mortgage insurance can add 0.5% to 1.5% to the interest rate of the mortgage, depending on the creditworthiness of the borrower. Note that the down payment is not part of the mortgage, but a smaller down payment means a larger principal balance on the mortgage.

Public and private mortgage modification programs exist. Modifications typically turn an ARM into an FRM. Also, modifications allow for balance forgiveness, which does not have to be repaid ever, and balance forbearance, which is deferred until the mortgages reaches maturity then due in one lump sum. No interest is charged on the forbearance amount. A borrower usually has to have missed several payments before being eligible for a modification. Missing payments has an adverse effect on the borrower’s credit; foreclosure has an even worse effect.

Lastly, reverse mortgages or “Reverses” are annuities collateralized by a property. The property is almost always a residential property owned by the recipient of the annuity. The annuity is usually fixed monthly payments. The recipient of the annuity is typically required to continue to live in the home. When the annuity runs out or the recipient expires, the ownership of the property transfers to the institution paying the annuity. Variable annuities are tied to an interest rate index, just like ARMs. Reverse mortgages are a good choice for retirees who own a home but have little to nothing in terms of savings or pension income.

In summary, what to look for depends on what kind of borrower you are, but generally speaking you are looking for:
  • Low interest rates
  • High rate floors
  • Low rate caps
  • Small positive rate margins or large negative rate margins
  • Absence of prepayment penalties
  • Absence of features that might be confusing such as negative amortization, interest-only periods, or reverse-floater formats
  • Absence of balloon payments
  • Affordable monthly payments
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Is the mortgage interest deduction an example of wealth redistribution?

Answer by Bob Hooker:

Yes, and it is a tax that takes money from people who are urban or poor to give to the suburbs. It is a tax on people living in urban ethnic areas, often people who are either too poor to buy in more remote area or who select to live in cities for the reasons of culture, and gives the money to people who live in homogeneous, conservative areas that produce more than their share of carbon.

I recall being 23 years of age and making a bit more than half of what my parents did at that time since I selected to work at a research facility and paying twice the federal tax they did. All because they owned a house and I rented! Go figure.

Also its a hidden redistribution, you will find many people getting this tax benefit being made richer by it (given housing prices are stable) who turn around and attack programs which help distribute wealth in urban areas, along with the Interstate Highways, Social Security, Student Loans and Debt and other such Federal programs they make up the welfare that makes the inefficient suburbs possible.
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What is a mortgage?

Answer by Ben Beckstead:

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan.


Signing  mortgage paperwork can be stressful. Advanced terms, endless forms, and  fine print can make understanding the process impossible. However,  educating yourself on the basics can save you time and money. It is  important to remember that most bankers are interested in helping you  and only a small percentage of mortgages result in serious problems.

1. Understand The Mortgage Paperwork Before Your Closing Appointment
Before  you’re with the loan officer, look over the mortgage paperwork at your  own pace. Also, don’t expect to read every page. It may be useful to ask  a knowledgable friend or your agent to walk you through the paperwork  before your appointment; this can help clarify issues and prepare you  for the meeting.

2. Understand The Vocab
The  principal amount is the total amount you are borrowing. The term is the  number of years the mortgage will last for (10, 15, 30 years, etc.)  Amortization is the process of paying off the mortgage. Negative  amortization occurs when the principal balance increases due to failing  to make interest payments. A balloon payments is a larger-than-normal  payment made at the end of the mortgage term for maturation purposes. A  fixed-rate mortgage is a mortgage with a rate that is constant. An  adjustable-rate mortgage is a mortgage with a rate that is changeable.  Rate adjustment is the possibility of a rate change. A good faith  estimate is an estimate of the fees due at closing that must be provided  within 3 days of a mortgage loan application’s submission. Truth in lending ensures that a lender must  truthfully disclose the annual percentage rate (APR), term of the loan,  and the total costs; this information must be disclosed on mortgage  documentation and other relevant paperwork.

3. Understand Adjustable-Rate Mortgage (ARM) Loopholes
Fixed-rate  mortgages are attractive because they offer rate stability. However,  adjustable rates tend to offer lower rates; oftentimes, the rate for the  initial period is fixed. This initial period can last up to 10 years.  If you will be relocating before the initial period expires, it might be  possible to take advantage of the lower adjustable rate without  assuming the associated risk.

4. Understand Prepayment Penalties
Some  choose to pay down the mortgage ahead of time. While this can reduce  your risk and interest payments, some lenders charge penalties for doing  so. Soft penalties are charged if you refinance or exceed a prepayment limit. Hard penalties are charged any time prepayment occurs.

5. Understand Defaulting
Understand  how your lender defines defaulting and the associated penalties. Know  what day monthly payments are due and if your lender offers a grace  period. Also, understand late-payment charges and its effects.

6. Understand The HUD-1 Form
The  HUD-1 form includes all costs associated with closing a transaction; it  provides each party with a list of itemized fees. The Real Estate  Settlement Procedures Act (RESPA) requires all parties to receive a  HUD-1 form at least one day prior to closing. Both parties should review  this document to verify its terms and check for errors.

7. Understand Riders
A  rider is an extra provision, clause, or condition that is not included  in the main mortgage documentation. Riders are included when an  additional feature needs to be explained in writing and is too  complicated to include in the main mortgage paperwork. Common riders  include the 1-4 family rider, adjustable-rate mortgage rider, and  condominium rider.
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Multi-State Settlement Does NOT Bar Your Individual Claims or Defenses

This Obama agreement will not stop you from filing your individual lawsuit in reference to any of the fraud involved in your particular case. Scroll down to the 16th paragraph, the last 2 sentences about filing individual lawsuits and MERS.
As stated before, this agreement between Obama and the banks only makes the banks admit to the fraud and could hurt them and not help them. It will help the banks if you the homeowner accept the agreement. According to my PA Attorneys General office, over the next several months homeowners in trouble will receive letter or notification of this agreement deal. I highly recommend NOT to sign it or accept it, if you plan to file lawsuit against your mortgage servicer. And with all the fraud, you can win. Robo-signing perjury, missing assignments, no ownership of note, quiet title action, etc. You can still file lawsuit for this fraud even with Obama agreement in place as long as you do not accept the agreement plan.
Please review below, letter from the United States Department of Justice:

Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE Thursday, February 9, 2012
Federal Government and State Attorneys General Reach $25 Billion Agreement with Five Largest Mortgage Servicers to Address Mortgage Loan Servicing and Foreclosure Abuses
$25 Billion Agreement Provides Homeowner Relief & New Protections, Stops Abuses
WASHINGTON – U.S. Attorney General Eric Holder, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, Iowa Attorney General Tom Miller and Colorado Attorney General John W. Suthers announced today that the federal government and 49 state attorneys general have reached a landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The agreement provides substantial financial relief to homeowners and establishes significant new homeowner protections for the future.

The unprecedented joint agreement is the largest federal-state civil settlement ever obtained and is the result of extensive investigations by federal agencies, including the Department of Justice, HUD and the HUD Office of the Inspector General (HUD-OIG), and state attorneys general and state banking regulators across the country. The joint federal-state group entered into the agreement with the nation’s five largest mortgage servicers: Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC).

“This agreement – the largest joint federal-state settlement ever obtained – is the result of unprecedented coordination among enforcement agencies throughout the government,” said Attorney General Holder. “It holds mortgage servicers accountable for abusive practices and requires them to commit more than $20 billion towards financial relief for consumers. As a result, struggling homeowners throughout the country will benefit from reduced principals and refinancing of their loans. The agreement also requires substantial changes in how servicers do business, which will help to ensure the abuses of the past are not repeated.”

“This historic settlement will provide immediate relief to homeowners – forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers,” said HUD Secretary Donovan. “ Banks must follow the laws. Any bank that hasn’t done so should be held accountable and should take prompt action to correct its mistakes. And it will not end with this settlement. One of the most important ways this settlement helps homeowners is that it forces the banks to clean up their acts and fix the problems uncovered during our investigations. And it does that by committing them to major reforms in how they service mortgage loans. These new customer service standards are in keeping with the Homeowners Bill of Rights recently announced by President Obama – a single, straightforward set of commonsense rules that families can count on.”

“This monitored agreement holds the banks accountable, it provides badly needed relief to homeowners, and it transforms the mortgage servicing industry so now homeowners will be protected and treated fairly,” said Iowa Attorney General Miller.

“This settlement has broad bipartisan support from the states because the attorneys general realize that the partnership with the federal agencies made it possible to achieve favorable terms and conditions that would have been difficult for the states or the federal government to achieve on their own,” said Colorado Attorney General Suthers.

The joint federal-state agreement requires servicers to implement comprehensive new mortgage loan servicing standards and to commit $25 billion to resolve violations of state and federal law. These violations include servicers’ use of “robo-signed” affidavits in foreclosure proceedings; deceptive practices in the offering of loan modifications; failures to offer non-foreclosure alternatives before foreclosing on borrowers with federally insured mortgages; and filing improper documentation in federal bankruptcy court.

Under the terms of the agreement, the servicers are required to collectively dedicate $20 billion toward various forms of financial relief to borrowers. At least $10 billion will go toward reducing the principal on loans for borrowers who, as of the date of the settlement, are either delinquent or at imminent risk of default and owe more on their mortgages than their homes are worth. At least $3 billion will go toward refinancing loans for borrowers who are current on their mortgages but who owe more on their mortgage than their homes are worth. Borrowers who meet basic criteria will be eligible for the refinancing, which will reduce interest rates for borrowers who are currently paying much higher rates or whose adjustable rate mortgages are due to soon rise to much higher rates. Up to $7 billion will go towards other forms of relief, including forbearance of principal for unemployed borrowers, anti-blight programs, short sales and transitional assistance, benefits for service members who are forced to sell their home at a loss as a result of a Permanent Change in Station order, and other programs.Because servicers will receive only partial credit for every dollar spent on some of the required activities, the settlement will provide direct benefits to borrowers in excess of $20 billion.

Mortgage servicers are required to fulfill these obligations within three years. To encourage servicers to provide relief quickly, there are incentives for relief provided within the first 12 months. Servicers must reach 75 percent of their targets within the first two years. Servicers that miss settlement targets and deadlines will be required to pay substantial additional cash amounts.

In addition to the $20 billion in financial relief for borrowers, the agreement requires the servicers to pay $5 billion in cash to the federal and state governments. $1.5 billion of this payment will be used to establish a Borrower Payment Fund to provide cash payments to borrowers whose homes were sold or taken in foreclosure between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria. This program is separate from the restitution program currently being administered by federal banking regulators to compensate those who suffered direct financial harm as a result of wrongful servicer conduct. Borrowers will not release any claims in exchange for a payment. The remaining $3.5 billion of the $5 billion payment will go to state and federal governments to be used to repay public funds lost as a result of servicer misconduct and to fund housing counselors, legal aid and other similar public programs determined by the state attorneys general.

The $5 billion includes a $1 billion resolution of a separate investigation into fraudulent and wrongful conduct by Bank of America and various Countrywide entities related to the origination and underwriting of Federal Housing Administration (FHA)-insured mortgage loans, and systematic inflation of appraisal values concerning these loans, from Jan. 1, 2003 through April 30, 2009. Payment of $500 million of this $1 billion will be deferred to partially fund a loan modification program for Countrywide borrowers throughout the nation who are underwater on their mortgages. This investigation was conducted by the U.S. Attorney’s Office for the Eastern District of New York, with the Civil Division’s Commercial Litigation Branch of the Department of Justice, HUD and HUD-OIG. The settlement also resolves an investigation by the Eastern District of New York, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and the Federal Housing Finance Agency-Office of the Inspector General (FHFA-OIG) into allegations that Bank of America defrauded the Home Affordable Modification Program.

The joint federal-state agreement requires the mortgage servicers to implement unprecedented changes in how they service mortgage loans, handle foreclosures, and ensure the accuracy of information provided in federal bankruptcy court. The agreement requires new servicing standards which will prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create dozens of new consumer protections. The new standards provide for strict oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court.

The new servicing standards make foreclosure a last resort by requiring servicers to evaluate homeowners for other loss mitigation options first. In addition, banks will be restricted from foreclosing while the homeowner is being considered for a loan modification. The new standards also include procedures and timelines for reviewing loan modification applications and give homeowners the right to appeal denials. Servicers will also be required to create a single point of contact for borrowers seeking information about their loans and maintain adequate staff to handle calls.

The agreement will also provide enhanced protections for service members that go beyond those required by the Servicemembers Civil Relief Act (SCRA). In addition, the four servicers that had not previously resolved certain portions of potential SCRA liability have agreed to conduct a full review, overseen by the Justice Department’s Civil Rights Division, to determine whether any servicemembers were foreclosed on in violation of SCRA since Jan. 1, 2006. The servicers have also agreed to conduct a thorough review, overseen by the Civil Rights Division, to determine whether any servicemember, from Jan. 1, 2008, to the present, was charged interest in excess of 6% on their mortgage, after a valid request to lower the interest rate, in violation of the SCRA. Servicers will be required to make payments to any servicemember who was a victim of a wrongful foreclosure or who was wrongfully charged a higher interest rate. This compensation for servicemembers is in addition to the $25 billion settlement amount.

The agreement will be filed as a consent judgment in the U.S. District Court for the District of Columbia. Compliance with the agreement will be overseen by an independent monitor, Joseph A. Smith Jr. Smith has served as the North Carolina Commissioner of Banks since 2002. Smith is also the former Chairman of the Conference of State Banks Supervisors (CSBS). The monitor will oversee implementation of the servicing standards required by the agreement; impose penalties of up to $1 million per violation (or up to $5 million for certain repeat violations); and publish regular public reports that identify any quarter in which a servicer fell short of the standards imposed in the settlement.

The agreement resolves certain violations of civil law based on mortgage loan servicing activities. The agreement does not prevent state and federal authorities from pursuing criminal enforcement actions related to this or other conduct by the servicers. The agreement does not prevent the government from punishing wrongful securitization conduct that will be the focus of the new Residential Mortgage-Backed Securities Working Group. The United States also retains its full authority to recover losses and penalties caused to the federal government when a bank failed to satisfy underwriting standards on a government-insured or government-guaranteed loan. The agreement does not prevent any action by individual borrowers who wish to bring their own lawsuits. State attorneys general also preserved, among other things, all claims against the Mortgage Electronic Registration Systems (MERS), and all claims brought by borrowers.

Investigations were conducted by the U.S. Trustee Program of the Department of Justice, HUD-OIG, HUD’s FHA, state attorneys general offices and state banking regulators from throughout the country, the U.S. Attorney’s Office for the Eastern District of New York, the U.S. Attorney’s Office for the District of Colorado, the Justice Department’s Civil Division, the U.S. Attorney’s Office for the Western District of North Carolina, the U.S. Attorney’s Office for the District of South Carolina, the U.S. Attorney’s Office for the Southern District of New York, SIGTARP and FHFA-OIG. The Department of Treasury, the Federal Trade Commission, the Consumer Financial Protection Bureau, the Justice Department’s Civil Rights Division, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Department of Veterans Affairs and the U.S. Department of Agriculture made critical contributions.

For more information about the mortgage servicing settlement, go to http://www.NationalMortgageSettlement.com. To find your state attorney general’s website, go tohttp://www.NAAG.org and click on “The Attorneys General.”

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 Financial Fraud Enforcement 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.

Loan Challenger Education By John Jennings Arizona

Zombies

Hello?
Is there anybody in there?
Just nod if you can hear me.
Is there anyone at home?
Come on, now,
I hear you’re feeling down.
Well I can ease your pain
And get you on your feet again.
Relax.
I need some information first.
Just the basic facts
Can you show me where it hurts?

Pink Floyd – Comfortably Numb