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HUD Secretary Shaun Donovan
HUD Secretary Shaun Donovan

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AIR DATE: September 16, 2010

HUD Secretary Shaun Donovan is visiting Las Vegas today to highlight the Administration's programs to fix the housing market and stabilize the foreclosure crisis. But loan modification and incentives for banks have not done much. Homeowners still complain they are struggling to even get banks to listen. We ask Donovan why the programs are still struggling to make any real difference and if the federal government has any more ammunition to fix the housing crisis.

GUEST
Shaun Donovan, Sec, HUD

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COMMENTS:
The problem is government the deals with the lenders have made it more lucrative (using taxpayer money) to foreclose then it is to help the homeowner and our bank OneWest/IndyMac is taking full advantage of it.

We have excellent credit and are up to date on our mortgage payments but our house is about 60% underwater. All we want to do is refinance at today's rates

Our first conversation was with HUD and even though we came in under the 31% their resolution was telling my wife to find a job. CONCLUSION: WASTE OF TIME

We tried the HARP and after three months of working with the bank we found out our house is unappraisable due following Fannie Mae's guidelines. CONCLUSION: WASTE OF TIME

We tried the Fannie Mae REFI+ program with another lender but appraisal issues stopped that: CONCLUSION: WASTE OF TIME

We went back to OneWest to submit for HAMP. After filling out all the paperwork we were rejected with no explanation and attempts to find out were met with rude employees who refuse to help. I was told OneWest does not negotiate with Homeowner nor participates in any of Obama's programs. : CONCLUSION: WASTE OF TIME

We called about the new FHA program to help homeowners. Called three "joke" because it is an existing program with a new name and no lenders willing to participate. CONCLUSION: WASTE OF TIME

After researching OneWest bank we have found out they are one of the worst lenders to help homeowners and here's why:
- The FDIC guarantees @ 80% of the full value of the loan even though they purchased it at steep discount.
- They will get all of their money back plus a nice profit (via Taxpayers) by foreclosing.
- In addition to making a nice profit, in Nevada, they can sue for a deficiency judgment and get additional money.

Nevada's legislators should immediately:
- Eliminate the right to file Deficiency Judgments if the loan is guaranteed by FDIC.
- Force lenders to pay ALL back taxes upon at time of foreclosure within 30 days. This will bring in revenue in time we desperately need it.

This slow the rate of foreclosures by making it a little less lucrative to foreclose and then they will be more willing to work with the homeowners.

Dave - PahrumpSep 10, 2010 14:28:31 PM
We bought our 1st home in June '06, with a 30 yr fixed from our local credit union. The price was $280k, the average at the time. Now, it is worth $95k. We do not qualify for HARP, b/c our home is too far underwater.I called the hope hot-line re the new refi program. They referred me to HUD. HUD said I have to call my lender. I called my lender- largest credit union in NV- said they wont participate. They are listed on the MHA.org website as a participating lender. Everyone is telling us to walk. Why shouldn't we?
sherriSep 10, 2010 09:27:43 AM
Tips from one of the permanently refinanced:

Work with a HUD agency as suggested in the program. This is absolutely essential.

Keep every thing in duplicate. Keep all dates and times of faxes, email, and snail mail.

Keep a log of all phone calls, name of service representative, time on hold, results of call, number of callbacks needed to get pertinent information.

Contact Senator Harry Reid's office with all pertinent paperwork if you feel you are being stalled. Without Senator Reid's help, through his people at the Las Vegas office, I doubt that I could have succeeded.

Include IRS form that gives your mortgage servicer permission to check with the IRS concerning your tax return.

For documented income, without paystubs, create legitimate Profit and Loss statements relfecting your cash income, and pay taxes on it. This will suffice as documented income.

Do not give up. NG

Norma MillerSep 10, 2010 09:25:27 AM
Why is there no, or very minimal,comment or attention on the culpability of Real Estate agents and/or Real Estate brokers in conversations regarding responsibility or lack of ethos for the calamity of the housing market.These people seem to go untouched when assigning blame to the brigade of participants in this crisis!They certainly are able to realize affordability on the part of prospective young,well intentioned, starting-out buyers. Is this another "it's not part of my job" ducking of responsibility???
michael gerlicherSep 9, 2010 12:47:59 PM
Why did High level gov officials and Finance Industry officials behave badly. Why Not? Can any person point to a single person who suffered some sort of penalty, even a loss of income. NO!! Most were promoted, none were punished.
Ours is the only venue on the planet where the Casino tax is lower than the sales tax. The gaming industry has no need for an educated workforce. They have the best legislation and gov officials that money can buy. There will be no diversification of the economy.

Doug NusbaumSep 9, 2010 10:59:41 AM
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