High Interest Rate Consumer Credit Card Debt has helped destroy the economy and peoples chances for keeping their homes.

Programs like HAMP that cause parallel foreclosure to occur would be less sought after if the banksters offered low interest rate credit card pay down debt incentive programs.

The hidden fraud within the U.S. economy is the percentage of consumer credit card debt versus consumer asset destruction that has occurred over the past several years. Just a few years ago, there were millions upon millions of credit card debtors who also had a lot of built up home equity in their homes.

If U.S. consumers recently lost 30-50% of their personal wealth, while consumer credit card debt has remained steady at just under 1 trillion, you can see that the ratio of credit card debt to personal wealth HAS GONE UP BY a significant amount in just the past few years, even though consumers have not increased their credit card debts!

So lets add it all up, employment is harder to come by, jobs pay less, less value in home, loss of value in 401K's, and higher credit card debt at predatory interest rates that cannot be easily paid down. Credit Card Debt is becoming a perpetual anchor dragging down those who are just trying to tread water.

How can HAMP work if people can't pay down their credit card debt when consumer credit card debt is now TWICE AS BIG a ratio of debt to personal wealth? How about a new kind of debt reduction credit card to help consumers pay down their credit card debt.

Introducing the AlexLOGIC consumer credit paydown card! A 2.9% interest rate on existing credit card debt. 2.5% monthly minimum payment, 40% of what you pay down each month can be used for new purchases. Your AlexLOGIC card naturally reduces its credit line each month while also crediting you back 40% of the principle that you paid off to respend if necessary.

However, the consumer cannot be running up more bills on other credit cards, that is the key, so a consumer would have to convert all of their credit card debt to an AlexLOGIC credit card and than not have any other cards.

What I just described above does not exist. But if it did exist, and millions started paying down their debt in the manner described above, I believe the economy would start to stabilize.

The Subprime Shakeout: MBIA Sampling Order Signals Shorter Path to RMBS Putbacks - A small percentage of cases will represent all the cases.

The Subprime Shakeout: MBIA Sampling Order Signals Shorter Path to RMBS Putbacks

Interesting article above to learn a bit about securitization.

I am of the position that once there is a change in terms to the original mortgage note, the homeowner has to approve. So when these mortgage notes kept changing hands because of securitization, they were violating the homeowners rights by changing terms.

This seems like a big deal. Might it be possible for the almost one million parallel foreclosure victims to file a nationwide class action lawsuit and by using a reasonable percentage of cases, those cases could be used to represent everybody?

I am totally guessing here, but if a percentage of damages can be assessed, then all homeowners could get varying awards based on the percentage of damage. Actually, this may not work because some homeowners put down larger down payments, and other homeowners had significant equity.

Homeowners would have to be lumped into various groups, minus equity, zero equity, plus equity, plus how much of a down payment they made, before a percentage of damage could be calculated.

From Felix Salmon, "Vindictive Servicer of the Day" goes to ING Direct.

Kudos to Felix Salmon for reminding americans what they are up against.

It seems to me that we will need to "bank together" because Wall Street and their international friends seem to care more about taking our property away from us then working with us.

Courthouse News Service - Class Action Lawsuit against Bank of America smells of Parallel Foreclosure.

Courthouse News Service - Class Action Lawsuit against Bank of America Smells of Parallel Foreclosure.

Very interesting read at Courthouse News Service about the latest class action lawsuit against Bank of America and their handling of HAMP.

Is Bank of America afraid of the phrase "Parallel Foreclosure" landing in the public eye?

A short while back I wrote an article about how this blog, Parallel Foreclosure, came to be. In that article I mentioned that I was concerned that the banks might want to buy the domain name parallel foreclosure dot com and bury it. So I bought the domain name parallel foreclosure to make sure the banks did not.

I'll have to believe it was just coincidence, but just a few short weeks after I wrote that article and Bank of America is in the news because they are BUYING UP DOMAIN NAMES left and right. Bank of American is concerned that wikileaks and founder Julian Assange may release internal Bank of America documents that will make both Bank of America and BOA president Patrick Moynihan look bad.

So my instincts about buying the domain name parallel foreclosure (and a few variations) was right on. I will be real surprised if besides Bank of America, that Chase Bank comes out of the alleged impending bank leaks unscathed, I guess we'll find out in a few short weeks.

Amazingly, even though Phoenix, Arizona reporter Sarah Buduson exposed parallel foreclosure over a year ago, NOBODY from the media is calling the practice of parallel foreclosure, parallel foreclosure.

Buduson's broadcast report exposed Chase Bank's foreclosing on a homeowner who had already successfully completed a home loan modification. Buduson may have been the first to correctly coin the phrase "Parallel Foreclosure" in that report.

I've literally been put into the position where to effectively continue my lobbying efforts on behalf of possibly a MILLION homeowners who were victims of parallel foreclosure, I would not only need to find a generous advertiser, but one that would actually assist these one million homeowners in a parallel foreclosure class action lawsuit.

Anything less than a parallel foreclosure class action lawsuit would be a fail in my book.

This of course may lead to me being accused of just trying to make money. It's kind of amazing how the work I have already done on this blog in the past year, all for free, has not resulted in even ONE network news reporter using the phrase parallel foreclosure since Sarah Buduson first used the phrase Parallel Foreclosure in the fall of 2009.

Both Bank of America and Chase Bank have admitted to practicing parallel foreclosure, and it appears that the attorneys generals and some judges are now frowning on the practice of parallel foreclosure, even though nobody from the broadcast media using the phrase, parallel foreclosure. Gasp.

It is my assertion that if a too big to fail law firm started a parallel foreclosure class action lawsuit, and sent me daily news updates, we could begin to reach untold thousands of victims and give them hope that they might get some retribution for what they were put through by the banks.

I further believe that any homeowner who becomes part of a parallel foreclosure class action lawsuit and wins, SHOULD NOT sign away their rights to sue the banks on other grounds as well.

It is my opinion that a homeowner can be a victim of parallel foreclosure, while also being a victim of a predatory loan. Ironically, a predatory loan and or a subprime loan may have increased the chance of a parallel foreclosure and may have actually HASTENED parallel foreclosure into occurring!

Therefore it is my opinion that if a homeowner were to sign up for a parallel foreclosure class action lawsuit, they could still sue (if applicable) for being a victim of a predatory loan, robo signing, and a change in terms to their mortgage note without the homeowners expressed, written consent.

I am concerned that the attorneys generals from all 50 states may try to expedite a solution that disqualifies homeowners from being part of multiple foreclosure class action lawsuits.

In general I am actually not a fan of enrichment through litigation. But in the case of homeowners being ripped from their homes because of greedy banking practices that not only hurt american homeowners, but have also appeared to dictate political races as well, than I am for class action lawsuits to help stop these practices in the future.

Another Family Victimized by Parallel Foreclosure after making all of their Home Mod payments for a YEAR!

HO HO HO, Bank of America says Merry ExitMas. Family pays their home modifications payments for a year, on time, then is told they will be foreclosed upon on Dec. 26, 2010.

How's that "No foreclosures during the Christmas season" working out for you, banksters?

This is ANOTHER example of Parallel Foreclosure. Even as Mike and Mary Boehm, and family made all of their home loan mod payments on time, they were being foreclosed upon by Bank of America anyways, that is called Parallel Foreclosure, and its also Bait and Switch in my opinion.

Hat tip to Swarm the Banks and Foreclosure Blues for curating and scraping this story so parallel foreclosure could more easily find it and bring it to you.

Barack Obama's healthcare plan questioned by judges for forcing people to buy a product. Is HAMP next, which lures people into parallel foreclosure?

Barack Obama seems to support government programs that either force americans to buy something, such as health insurance, or that lures americans into bait and switch tactics, such as parallel foreclosure, resulting in the accelerated loss of their home. Judges have already begun frowning on forcing people to buy health care insurance, and judges have also begun frowning on parallel foreclosure tactics as well.

For being recognized as a smart guy, how can Barack Obama support these two government programs so wholeheartedly when the judicial system is finding both of them legally flawed?

How can a smart man such as Barack Obama continue to support programs that force or lure people into situations that are nothing more than bait and switch? When does a parallel foreclosure class action lawsuit commence?

When do reporters actually start to use the phrase "parallel foreclosure" to describe the victimization that has already happened to close to a million U.S. homeowners who simply wanted mortgage relief through a government sponsored and taxpayer funded program such as HAMP?

Why was HAMP promoted over HARP? I'll cover that question in my next parallel foreclosure article.

Edit update: Neither HARP nor HAMP is really a cure all. The more research I do, the more I think the entire process should have been streamlined. 4% fixed mortgage across the board for anyone who wants it. Offer credit card incentive programs for anybody who can pay down their total credit card debt every month.

Actually design the credit card terms to be the following, 2.9% interest on outstanding debt, every month 2.5% of the minimum is paid, 50% of the paid amount is allowed to be "respent". Repeat month after month. The result is the overall credit card debt reduces by approximately 1.2% every month AND the consumer gets to respend a portion of what they just paid.

The bank gets cash flow, the customer is able to buy small items while still paying DOWN their overall credit card debt. In combination with the 4% mortgage rate, the homeowner has the best chance to pay down their debts while in turn spending some money locally to help state income tax coffers and local businesses as well.

Shocking Graph from December 2007 shows Refinancing Predatory Subprime Loans LAST on list for California Banks and Mortgage Servicers,

CLICK ON IMAGE TO ENLARGE.

Graph Above indicates Borrower outcomes: % of Counselors Reporting Frequency of Various Loss Mitigation Outcomes: California, December, 2007.

PLEASE NOTE THE TALL BLUE BAR GRAPH ARE THE 72% WHO WERE FORECLOSED UPON, THE TALL YELLOW BAR GRAPH ON THE OPPOSITE SIDE ARE THE 81% WHO DID NOT GET A REFI.

You can read the above testimony by Kevin Stein, Associate Director California Reinvestment Coalition, as heard on the floor of the House of Representatives sub committee on housing and community opportunity, by clicking here.

The graph above shows a shocking inability to refi a borrowers subprime loan. If a mortgage loan is so bad that it cannot be refi'd, and is therefore much more likely to be foreclosed upon, someone has done something of questionable perpitude.

Since it was known THREE YEARS AGO that subprime loans were for the most part not going to be re-financed, the rush and desire for parallel foreclosure on homeowners looking for a mortgage break can be explained, but the predetermined desire for parallel foreclosure cannot be justified!

ROBO SIGNING is just the tip of the Foreclosure Fraud Nightmare.

I believe that Foreclosure Fraud related to Robo Signing is just the tip of the Foreclosure Fraud iceberg.

The foreclosure fraud issue is much much bigger than robo signing. Robo signing is the get away car speeding down the highway with the loot. However, we need to back up in time and find what occurred before the get away car was discovered.

Actual foreclosure fraud robbery happened the moment there were CHANGES IN TERMS implemented on ANY HOMEOWNER's Mortgage agreement without the homeowners expressed, written, consent.

Change in Terms without the expressed, written, consent of the homeowner CANNOT be pre-written into a mortgage agreement for OBVIOUS REASONS.

If a mortgage contract can be unilaterally changed by one side only, then the changing side can pretty much do whatever they wanted, at any time!

Unilateral changing of terms would mean the end of property rights as we know it!

An additional robbery happened when the CHANGE IN TERMS that were never agreed to by the homeowner are then used to allow others to hold sway over a homeowners freedom to find a better mortgage deal.

When we hear that the "investor" does not approve HAMP for a homeowner, this could mean that a unilateral Change in Terms has been used to allow an after the fact entity (the investor) to determine the fate of a homeowners right to find the best deal for their mortgage.

Further foreclosure robberies occurred when banks parallel foreclosed on homeowners BEFORE the homeowner could even become eligible to apply for HAMP and EHLP!

As a result of the actions describe above, Parallel Foreclosure might just equal Federal Hobbs Act Violations, possibly the extortion clause. And if the foreclosure fraud talking points I brought up above are never brought out into the light of day, then either the system is rigged down to the fine grains of sand, or, the system just naturally creates conflagrations to confound the real issues at hand.

The people that discovered robo signing may have set the bar too low. Robo signing may have been the battering ram that broke down the foreclosure fraud door, but there is much much more behind the foreclosure fraud door. I am concerned that robo signing may end up both breaking the door down to foreclosur fraud while also obfuscating what is actually behind the foreclosure fraud door.

Local family and organization fighting mainland bank - Hawaii News Now - KGMB and KHNL Home - Looks like another example of Parallel Foreclosure.

Local family and organization fighting mainland bank - Hawaii News Now - KGMB and KHNL Home

The Hawaiian family fighting foreclosure looks like another example of parallel foreclosure in action. Foreclosure is not an Option, by David Bornstein, chronicles ESOP's successes in Cleveland Ohio with dealing directly with the banks.

The Hawaiian family is right in being concerned that "mainland banks" are not helping them. It was only after ESOP threw plastic sharks on the lawns of bank presidents that they got the bank's attention. And ESOP also tries to qualify their own home owners to help ensure they will be able to make their payments once they get a home loan modification.

None the less, initiating foreclosure actions BEFORE a homeowner can even apply for HAMP, is parallel foreclosure, and that seems ethically challenged, morally repugnant, and hopefully, reimbursible in a court of law.

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

Mortgage 'Modification' Called RICO Fraud - Courthouse News Service - Another example of Parallel Foreclosure not being called Parallel Foreclosure.

Mortgage 'Modification' Called RICO Fraud - Courthouse News Service - Another example of Parallel Foreclosure not being called Parallel Foreclosure.

The above could be an example of Parallel Foreclosure as well as a violation of the Federal Hobbs Act if a government official is found supporting these types of actions, such as when Barack Obama or his housing people say HAMP is working great.

Why Does the News Industry continue to ignore Television Reporter Sarah Buduson's ground breaking report about HAMP and Parallel Foreclosure?

Reporter Sarah Buduson explains Parallel Foreclosure, and she may have been the first reporter to do so in the fall of 2009.

(Edit Update: If you click on the video links provided in the story below to see the parallel foreclosure video news story by Sarah Buduson, there may be a few seconds of delay in which you simply see a blank rectangle screen.

This delay is apparently caused by the loading of a commercial that is played before the news story plays. After the commercial plays, nothing may happen, in which case you would need to hit the pause button to unpause the news story.)

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When I stumbled upon Television Reporter Sarah Buduson's story about Chase Bank and Parallel Foreclosure over a year ago, I just assumed that other reporters would pick up on the outrage of Parallel Foreclosure, and actually use the phrase Parallel Foreclosure when they did their own stories about...

...Parallel Foreclosure and its evil affects on homeowners struggling to refinance their home via taxpayer funded programs like HAMP or EHLP.

Amazingly enough, since Buduson's report aired on local television in the Phoenix area over a year ago, I doubt if even a handful of reporters have since used the phrase "Parallel Foreclosure" in any of their stories that are actually about, Parallel Foreclosure.

After I saw Reporter Buduson's report over a year ago, I felt personally outraged. But then I became concerned that the banks might purchase the web domain parallel foreclosure dot com and bury it, so I purchased the domain name and began doing stories about Parallel Foreclosure.

It's been difficult finding stories about Parallel Foreclosure that also actually use the phrase, Parallel Foreclosure, because our media seems to still not know the prhase, Parallel Foreclosure. The media keeps presenting stories about Parallel Foreclosure without ever calling it Parallel Foreclosure.

Banks can initiate Parallel Foreclosure when homeowners attempt to apply for a taxpayer funded program like HAMP or EHLP so they can reduce their monthly mortgage payment. The conundrum that presents itself is this, Banks service the most desperate homeowner mortgage modifications which usually involve homeowners who have missed or are behind on their mortgage payments. Unfortunately, getting to the front of the mortgage modification line by defaulting on one's payments can cause a parallel foreclosure action to be initiated by the bank. I believe Parallel Foreclosure may be a violation of the Federal Hobbs Act, the extortion clause.

To my surprise, News Reporters simply use phrases like dual track, simultaneous foreclosure, wrongly foreclosed, or unfairly foreclosed, instead of the phrase used by the bankers themselves, Parallel Foreclosure. None of the other pseudo Parallel Foreclosure phrases actually create a common bond among the possibly over a million homeowners who have already been victimized by Parallel Foreclosure, the way the phrase Parallel Foreclosure, does.

While I am not a fan of empowerment through victimization, in the case of Parallel Foreclosure, I AM in favor of empowerment through victimization when it involves taxpayer funds being used for programs like HAMP or EHLP to lure homeowners into the accelerated loss of their own homes; especially when parallel foreclosure actions commence against homeowners desperate for a home mortgage modification.

I now believe that hundreds of thousands, and perhaps millions of homeowners have already been victimized by HAMP and Parallel Foreclosure practices instituted by the banks. If reporters continue to ignore the phrase Parallel Foreclosure, it does not allow for a coalescing of all the Parallel Foreclosure victims out there in a manner in which they can more easily align together and fight back.

However, if I could successfully get Sarah Buduson's (also part of the media) story about Parallel Foreclosure into the mainstream media (how ironic is that!), I could possibly personally benefit as well as this site would explode in visibility.

So, what started out as a heartfelt conviction that HAMP and Parallel Foreclosure was and is wrong, has now become a blogsite at a crossroads where I will have to try and make Parallel Foreclosure more well known so that more homeowners will step up and fight back and maybe become part of a huge parallel foreclosure class action lawsuit. To accomplish this goal, I will need an advertising sponsor because as it now stands, I have already donated several hundred hours to this Parallel Foreclosure blog site and Swarm the Banks blog site as well.

Is there a law firm big enough out there to see the wisdom of publicizing the phrase Parallel Foreclosure for the purpose of assembling as many homeowners together as possible for a class action lawsuit? If, so, you should purchase the ONE advertising spot I am providing near the top of this blog.

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Since I saw the top of the democratic party topple Hillary Clinton in 2008, I've written over 1,500 blog articles on approximately a dozen different blogs covering the fraud at the top of the democratic party, the disgusting actions of Chase Bank, the home foreclosure crisis, and on a more fun note, analysis and reviews of commercials and television production as well.

Parallel Foreclosure dot com, my consulting blog, AlexLOGIC BLOG, and my newest venture, MyAlexLOGIC blog are the three blogs that I am using to generate income. In order of importance, MyAlexLOGIC blog (still a work in progress) will be my first priority because it will allow me to actually interact with people interested in learning from my over 25 years experience in film and video production and editing via one on one studio classes that I will soon be offering in my Los Angeles area studio.

However, should a law firm step up and buy the ad space at the top of Parallel Foreclosure, I would devote more time to getting the word out about HAMP and Parallel Foreclosure above and beyond what I am already doing.

In the meantime, the media could do more to publicize the term Parallel Foreclosure and how it has afflicted over a million homeowners who were lured into applying for HAMP, by calling certain "wrongfully foreclosed" articles by the correct phrase, Parallel Foreclosure.

If news reporters won't even tribute and credit when their own brothers and sisters in television reporting (Sarah Buduson) break a huge story, then we are all in trouble.

PARALLEL FORECLOSURE class action lawsuit filed, unfortunately the phrase "Parallel Foreclosure" appears to not have been used in this HAMP lawsuit.

A Class Action lawsuit has been filed that basically asserts the practice of Parallel Foreclosure is wrong. Ironically, the class action lawsuit is not using the term "Parallel Foreclosure" even though Chase Banks and Bank of America have admitted to Parallel Foreclosure practices.

Homeowners who are trying to apply for a HAMP are subjected to parallel foreclosure BEFORE they can even apply for HAMP. It appears that many many many homeowners are falsely told they are completing HAMP successfully when suddenly their home is foreclosed upon, that is one definition of parallel foreclosure.

Read about the possible "Parallel Foreclosure" class action lawsuit here.

Go directly to law firm handling the Parallel Foreclosure class action lawsuit that is not being called "Parallel Foreclosure".

The importance of rallying around the term "Parallel Foreclosure" stems from the need to be able to mass identify homeowners, who now may number around one million, who were victimized by the practice of parallel foreclosure.

Additionally, there are other foreclosure misdeeds, including robo signing, predatory loan making, securitization fraud, change in terms fraud, Mers Fraud, that need to stay separate from Parallel Foreclosure lawsuits.

Yes, homeowners could have been defrauded in more than one way! So using a term like "foreclosure lawsuit" may be too vague if the actual action that is being contested is "Parallel Foreclosure".

Dylan Ratigan and Marcy Kaptur hit a home run in regards to fraudclosure issues on MSNBC's Dylan Ratigan show.

Dylan Ratigan and Marcy Kapture do a bang up job discussing foreclosure fraud, or as Dylan calls it, fraudclosure and securitization.

The very first sentence of the video clip... "It used to be that if you bought a house your mortgage would stay at a single bank while you paid it off..."

...completely jives with the point I made in a Swarm the Banks article that I wrote around the same time as this video was made.

I never saw the MSNBC video until just now, so it pleases me that my article two days ago about how mortgages used to be handled is spot on with what is depicted in the video that I just saw for the first time.

Three Important and Historic 2010 Home Foreclosure and Mortgage Servicing Congressional Hearing Videos and Running Transcript, CSPAN Links are here.

Not too many americans have so far visited these three very important CSPAN video and transcript archives about the fall 2010 congressional mortgage servicing and home foreclosure issues. So now it is easier to find all three, courtesy of Swarm the Banks and Parallel Foreclosure.

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CLICK HERE to go to NOV. 18, 2010 CSPAN3 ARCHIVE VIDEO of the HOUSE MEETING on MORTGAGE SERVICES and FORECLOSURE ISSUES.

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UPDATE: CLICK HERE to go to CSPAN ARCHIVE VIDEO and RUNNING TRANSCRIPT of the NOV. 16, 2010 SENATE MEETING on MORTGAGE SERVICES & FORECLOSURE PRACTICES HEARING.

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CLICK HERE to SEE the OCT. 27, 2010 CONGRESSIONAL OVERSIGHT HEARING, TROUBLE ASSET AND RELIEF PROGRAM, OVERSIGHT COMMITTEE HEARING on MORTGAGE SERVICING, HOME FORECLOSURES, and HAMP.

Did PHYLLIS CALDWELL POSSIBLY give FALSE TESTIMONY about HAMP? Has the HAMP PROGRAM and the LURING of HOMEOWNERS to HAMP that APPEARS to REQUIRE PARALLEL FORECLOSURE before a HOMEOWNER can even APPLY for HAMP a VIOLATION of the HOBBS ACT, the EXTORTION CLAUSE?

Here is an example of a Parallel Foreclosure or no deal, and it may also be a violation of the Federal Hobbs Act, the extortion clause.

Click here to read about the case of a homeowner who cannot get a HAFA approved because they are not late on their mortgage payments! Yet if the homeowner becomes late on their mortgage payment, parallel foreclosure kicks in. Therefore, in this instance parallel foreclosure is a prerequisite to the homeowner being accepted for HAFA.

If I am correct above, then that could be a Federal Hobbs act violation, the extortion clause. Luring homeowners into taxpayer funded government programs that require parallel foreclosure to occur before or during the loan process is a form of racketeering because it puts the homeowner closer to losing their home simply for trying to save their home through a taxpayer funded loan program.

WATCH CSPAN3 NOV. 18, 2010 HOUSE MEETING on MORTGAGE SERVICES and FORECLOSURE ISSUES.

WATCH CSPAN3 NOV. 18, 2010 HOUSE MEETING on MORTGAGE SERVICES and FORECLOSURE ISSUES.

(Edit Update - Nov. 27, 2010 11:05PM)

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

CSPAN3's coverage of the Nov. 16, 2010 Banking, Housing and Urban Affairs Mortgage Service & Foreclosure Practices Hearing.

CSPAN3's coverage of the Nov. 16, 2010 Banking, Housing and Urban Affairs Mortgage Service & Foreclosure Practices Hearing.

(Edit Update - Nov. 27, 2010 11:07PM)

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

Protesting Homeowner Handcuffed and Arrested at Banking, Housing and Urban Affairs committee hearing on Mortgage Services and Foreclosure Practices.

Excellent article by the AP with some really dramatic photos as well regarding the Banking, Housing, and Urban Affairs Nov. 16, 2010 committee hearing on Mortgage Services and Foreclosure Practices.

Check out my article about the above event as well and you also get a link to see the video of the hearing as well.

(Edit Update - Nov. 27, 2010 11:10PM)

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

Barack Obama's Team in Full Retreat on HAMP at a Las Vegas Foreclosure Summit, says why bother getting HAMP, you'd just default anyways!

(Edit Update - August 28, 2012 - 7:00pm) I am adding Vicky Henry's full quote just in case the link ever goes bad. 

"We need a Darwinian flush for the housing market to recover," Henry said at a Foreclosure Prevention Summit sponsored by the city of Las Vegas at Historic Fifth Street School. "We cannot start recovery from the middle. We have to start from the bottom and I think it's reasonable to say we haven't reached the bottom yet. We need to let the foreclosure process work with some regulation and let the market come down as far as it's going to go."

According to the Las Vegas Review-Journal, Vicki Henry of HUD appears to have changed the Barack Obama administration's viewpoint regarding the HAMP for HAMPsters program.

Whereas another Barack Obama team member, Phyllis Caldwell raved about HAMP on Oct. 27, 2010 at a Congressional Oversight committee meeting hearing, Ms Henry came right out and said at a Nov. 12, 2010 Las Vegas Foreclosure Summit that homeowners will probably default even when they are approved for HAMP.

Vicki Henry said "one of the problems with loan modification is that it delays the inevitable". If that is true, then just offer a universal HAMP program without the paperwork hassle, but let the homeowners know that in exchange for a lower mortgage payment, banks will begin parallel foreclosure paperwork just in case the homeowner falls behind.

After all, that is what the banks did anyways, they started foreclosing proceedings, (parallel foreclosure) before the homeowner was put through the paperwork ringer! At least even it up and don't waste the homeowner's time, effort, and huge amounts of money, many times for an actual NEGATIVE result.

Negative result as in the homeowner would have been better off not wasting the time and the hope for something that just accelerated their own foreclosure specifically because of parallel foreclosure practices.

To read the entire eye opening article, click here.

If the government and the banksters had really wanted HAMP to work, they would have combined the HAMP program with a low interest rate credit card debt paydown incentive program. I always have to explain this idea or inevitably someone will post, "if people paid for big screen tv's on their credit card, why should I help pay for that".

The point is a low interest rate credit card debt paydown incentive program means the consumer is paying their ENTIRE PRINCIPLE off, plus a much smaller interest rate charge, as long as their overall credit card debt decreases every month. Many people who can't get out of credit card debt can't get out specifically because of the interest rate charges.

Below is a comment I contributed to the comments section of that article.

Vicki Henry sounds like she would have fit right in at a Nazi World War II concentration camp. It's not her job to say, "this program that Barack Obama has taken credit for really doesn't work, so quit crying about it." Either don't offer the program, or offer it and make it work.

I am sick and tired of Barack Obama's poker face over life and death matters to over a million homeowners. How many of the homeowners who would "inevitably fail" even if they got HAMP might have succeeded if a credit card debt paydown incentive program had been offered at the same time as the HAMP for HAMPsters program had been offered?

Barack Obama OWNS HAMP because he took credit for it, and has periodically bragged about HAMP ever since. If the program is a fraud, he needs to be impeached for luring homeowners into a false safety net. The idea that anybody eligible for HAMP is a loser is absolutely an outrageous statement for Ms. Henry to make.

Swarm The Banks, Parallel Foreclosure.