H2O

Jim Cramer's Mad Money Lightning Round, 1/16/08: Countrywide Recession

Then how do you say it - not just no but hell no ???

The rich greedy will be in IRAQ to fight there war of LIES before this happens ...


Administration Stimulus Plan Fails Tests for Effective Stimulus and Gives Less
Favorable Treatment to Families Under $40,000

news.yahoo.com/s/usnw/...;_ylt=An2QpCvumn.HgINf...

Jim Cramer's Mad Money Lightning Round, 1/16/08: Countrywide Recession

What a homeowner can do is request in writing what is called a Qualified
Written Request (QWR). There is a little know law that protects homeowners
against questionable fees, entries, documentation and a life of loan history
(all fees and payments ever made on your mortgage) from your lender. Under
Section 6 of the Real Estate & Settlement Procedures Act (RESPA), a borrower
can request that the lender document all claims for fees.
The Real Estate Settlement Procedures Act (RESPA) is a consumer protection
statute, first passed in 1974. The purposes of RESPA are to help consumers
become better shoppers for settlement services and to eliminate kickbacks
and referral fees that unnecessarily increase the costs of certain settlement
services.

Details about RESPA Corresponding with the above purposes:

1. RESPA requires that borrowers receive disclosures at various times. Some
disclosures spell out the costs associated with the settlement, outline lender
servicing and escrow account practices and describe business relationships
between settlement service providers.

2. RESPA also prohibits certain practices that increase the cost of settlement
services. Section 8 of RESPA prohibits a person from giving or accepting any
thing of value for referrals of settlement service business related to a federally
related mortgage loan. It also prohibits a person from giving or accepting any
part of a charge for services that are not performed. Section 9 of RESPA prohibits
home sellers from requiring home buyers to purchase title insurance from a
particular company.

RESPA in general
RESPA covers loans secured with a mortgage placed on a one-to-four family residential
property. These include most purchase loans, assumptions, refinances, property
improvement loans, and equity lines of credit. HUD’s Office of RESPA and Interstate
Land Sales is responsible for enforcing RESPA.

If you have been charged questionable fees or even if you have not, isn’t it wise
to make your lender prove to you every penny that you owe them? Please follow the
below instructions to fight for your rights!

An informed homeowner is a person that can fight back against questionable fees
and use the law to save their home

Loan servicing complaints - Section 6 provides borrowers with important consumer
protections relating to the servicing of their loans.

Under Section 6 of RESPA, borrowers who have a problem with the servicing of their
loan (including escrow account questions), should contact their loan servicer in
writing, outlining the nature of their complaint. The servicer must acknowledge the
complaint in writing within 20 business days of receipt of the complaint. Within
60 business days the servicer must resolve the complaint by correcting the account
or giving a statement of the reasons for its position. Until the complaint is
resolved, borrowers should continue to make the servicer’s required payment.

A borrower may bring a private law suit, or a group of borrowers may bring a class
action suit, within three years, against a servicer who fails to comply with Section
6’s provisions. Borrowers may obtain actual damages, as well as additional damages
if there is a pattern of noncompliance.

Other enforcement actions

Under Section 10, HUD has authority to impose a civil penalty on loan servicers who
do not submit initial or annual escrow account statements to borrowers. Borrowers
should contact HUD’s Office of RESPA and Interstate Land Sales to report servicers
who fail to provide the required escrow account statements.

Filing a RESPA complaint

Persons who believe a settlement service provider has violated RESPA in an area in
which the Department has enforcement authority (primarily sections 6, 8 and 9), may
wish to file a complaint.

The complaint should outline the violation and identify the violators by name,
address and phone number. Complainants should also provide their own name and phone
number for follow up questions from HUD. Requests for confidentiality will be honored.
Complaints should be sent to:

Director, Office of RESPA and Interstate Land Sales
US Department of Housing and Urban Development
Room 9154
451 7th Street, SW
Washington, DC 20410