Written Testimony of Chief of Homeownership Preservation Office Phyllis Caldwell Before the Congressional Oversight Panel | RealEstateRama

(Edit Update - Nov. 27, 2010 11:11PM)

You can find congressional video and transcription links to all three congressional hearings on home foreclosures and mortgage service investigations by clicking here.

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Written Testimony of Chief of Homeownership Preservation Office Phyllis Caldwell Before the Congressional Oversight Panel | RealEstateRama

I feel there are lies being told within the testimony of Phyllis Caldwell that may rise to the level of perjury. Parallel Foreclosure happens, yet Phyllis Caldwell portended that parallel foreclosure does not happen, and never even mentioned parallel foreclosure even though Chase Bank has ADMITTED they implement Parallel Foreclosure before a homeowner can apply for HAMP.

I also feel that the statement below, also by Phyllis Caldwell is a clever way to avoid lying. Caldwell simply repeats what the MHA guidelines are without admitting or denying if they are being followed. While this may not be a direct lie, it is grossly misleading, and in my opinion could be viewed as a lie. Phyllis Caldwell needed to mention that these guidelines ARE NOT being met by the banks, and by not doing so, has lied under oath.

Under MHA guidelines, participating servicers must evaluate all eligible homeowners for a HAMP modification before referring them to foreclosure. For those homeowners that were already in foreclosure proceedings, Treasury guidelines require servicers to stop the foreclosure proceedings while the homeowners are being evaluated for HAMP. Should a homeowner not qualify for HAMP (or if the homeowner fails or cancels the modification), participating servicers are required to evaluate that homeowner for alternative loss mitigation modifications, such as HAFA, or one of the servicer’s own modification programs. If a homeowner proves ineligible for an alternative modification, servicers are required to evaluate that homeowner for a short sale or deed-in-lieu of foreclosure.

If all of these efforts are unsuccessful, participating servicers may not proceed to foreclosure unless they have issued a written certification to their foreclosure attorney or trustee stating that “all available loss mitigation alternatives have been exhausted and a non-foreclosure option could not be reached.” Only after these steps are taken and the certification delivered, may the foreclosure process proceed.

Seriously, does anybody believe all of those steps mentioned above were followed, and in that order? The mere act of parallel foreclosure happening BEFORE a homeowner can apply for HAMP renders the above statement as being nothing more than words with no weight or bearing of reality, a lie in my opinion.

Please Download the Chase Bank Protest Flyer for FREE, and then all that needs to be done is just give a few copies out, it is really that simple.