8 posts tagged “asprogram.com”
By GRETCHEN MORGENSON
After the recent dismissal of 14 foreclosure cases by a federal judge in Cleveland, another federal judge in Ohio has given lenders 30 days to prove that they own the properties they intend to seize from troubled homeowners in 27 other cases.
The second judge, Thomas M. Rose of Federal District Court, in Dayton, ruled Thursday that while the lawyer filing 26 of the cases had claimed his clients owned the properties at the time the foreclosures began, he had not submitted the necessary proof to the court.
“Failure in the future by this attorney to comply with the filing requirements,” Judge Rose said, “may only be considered to be willful.”
Taken with Judge Christopher A. Boyko’s dismissal of 14 cases in Cleveland last month, the latest ruling indicates that some courts are growing tougher on lenders foreclosing on delinquent borrowers without providing proof of ownership.
It has long been a common practice for lenders to bring foreclosure proceedings without attaching proof of ownership of the underlying note. Tracking down such documentation may be more challenging because of securitization, the pooling of mortgages into trusts that are subsequently sold to investors.
Citibank is trustee in one case overseen by Judge Rose; it represents a securitization trust sold in 2005 by First Franklin, a loan originator now owned by Merrill Lynch. At issue in the case is a mortgage on a property in Miamisburg, Ohio, for $191,000. The borrower defaulted in August 2006.
Another case involves HSBC, which is foreclosing on a $144,000 mortgage on a property in Dayton. The mortgage was underwritten in 2004 and has been in default since October 2006.
A Citigroup spokeswoman said the company did not comment on pending litigation. An HSBC spokeswoman said the bank had not studied the ruling and could not comment.
An estimated two million families may lose their homes to foreclosure in the coming years, specialists say. A recent study of 1,733 foreclosures by Katherine M. Porter, an associate professor of law at the University of Iowa, found that 40 percent of the creditors foreclosing on borrowers did not show proof of ownership.
Such proof gives a creditor standing to foreclose against a borrower and is required by law.
Judge Rose cited Ms. Porter’s study in his ruling.
[sponsor: Reduce Your Unsecure Debt Up To 90% with ASProgram.com]
Bush unveils plan to help borrowers: Lenders, investors agree to freeze rates on some adjustable mortgages
updated 3:14 p.m. ET, Thurs., Dec. 6, 2007
WASHINGTON - Hundreds of thousands of strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months.
"There is no perfect solution," President Bush said Thursday as he announced an agreement hammered out with the mortgage industry. "The homeowners deserve our help. The steps I've outlined today are a sensible response to a serious challenge."
Bush has been accused of moving too slowly to address a crisis that has spread to the broader financial market. But he also was careful not to sound as if he were imposing a government solution and violating his free-market principles. He billed his plan as a voluntary, private-sector arrangement that involves no government money.
"We should not bail out lenders, real estate speculators or those made the reckless decision to buy a home they knew they could never afford," Bush said after meeting with industry leaders at the White House. "But there are some responsible homeowners who could avoid foreclosure with some assistance."
Bush said 1.2 million people could be eligible for help. But only a fraction will be subject to the rate freeze. Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration, Bush said.
Also, the aid will only come to those who ask for it, he said. Thousands of borrowers who are falling behind on their payments have been sent letters about the options, and Bush also urged people to call a new hot line: 1-888-995-HOPE.
The announcement followed the news earlier Thursday that home foreclosures surged to an all-time high in the July-September period. The Mortgage Bankers Association reported that the percentage of all mortgages that started the foreclosure process in the third quarter jumped to a record 0.78 percent, surpassing the previous record of 0.65 percent of all mortgages in the second quarter.
The administration's effort is aimed at stemming a further tidal wave of foreclosures in coming years as 2 million subprime mortgages — loans provided to borrowers with spotty credit histories — reset from their introductory rates of around 7 percent to 8 percent to levels as high as 11 percent, adding hundreds of dollars to the typical monthly payment.
A recent surge in mortgage defaults, part of the worst housing slump in more than two decades, has piled up billions of dollars in losses for big banks, hedge funds and other investors while roiling financial markets worldwide. Some economists think the housing bust may become severe enough to push the country into recession.
Bush originally gave the wrong number for the hot line; the White House later corrected him.
The president mentioned other steps to prevent foreclosures. The FHA has greater flexibility to offer refinancing to homeowners with good credit histories. It is expected that this eventually will help 300,000 families, officials said.
The Federal Reserve is announcing stronger lending standards this month, while the Housing and Urban Development Department and federal banking regulators are acting to improve disclosure requirements, he said.
Fed Chairman Ben Bernanke said the streamlined procedures for supporting efforts to refinance mortgages and freeze rates were a "welcome step in helping Americans protect their homes and communities from the consequences of unnecessary foreclosures."
The highest-profile part of the plan would freeze introductory "teaser" rates on certain subprime mortgages, preventing rates from rising for five years.
This offer would apply only to people living in their homes and who have not missed any payments at the lower rate. It also only would apply to loans taken out between 2005 and this past July 30 and scheduled to rise to higher rates in 2008 and 2009.
The hope is that the five-year freeze will buy time for the housing sales and prices to start rising again. Such a rebound would enable homeowners to refinance their current adjustable rate mortgages into fixed-rate loans with more affordable monthly payments.
But even Treasury Secretary Henry Paulson, who led the negotiations with the mortgage industry, acknowledged the effort is "not a silver bullet."
"We face a difficult problem," he said.
The big sticking point in the negotiations was getting investors who had purchased the mortgages after they were bundled into securities to agree to accept lower interest payments. Critics have said even with a deal, there are likely to be lawsuits. But officials representing major players in the mortgage industry said they believed the plan would withstand any legal challenges and would help at-risk homeowners avoid defaulting on their mortgages.
But George Miller, executive director of the American Securitization Forum, which represents companies that package mortgages into mortgage-backed securities, told reporters he expected the industry would face suits from investors unhappy that the original terms of the mortgages have been modified.
The president also did not miss the chance to lash out at the Democratic-controlled Congress.
Bush blamed lawmakers for not sending him legislation that he said would show they "are serious about responding to the challenges in the housing market." One measure would give the FHA more flexibility; a second would change the tax laws temporarily to help people who have a portion of their mortgage forgiven by banks.
"The Congress has not sent me a single bill to help homeowners," Bush said.
© 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
[sponsor: Reduce Your Unsecure Debt with ASProgram.com]
Audio: What's your favorite carol or holiday song?
I always dug the lil drummer boy's parumpapapum for a classic. OTT Vince Guaraldi (the Peanuts jazz man) is the snizzle on top of my treezzle during the holidays.
Flo-
the Air Conditioners
Louisville Kentucky
We
came this close [] to seeing the Cohen Bros.' new one which my buddy
the Dirt Kahuna from the great Michigan band the Dirt Surfers says "
You won't find a better-made crime flick - it's violent as hell. The
film's bad guy is a piece of work, and was a masterstroke in the
casting department. This Cohen brothers film is grittier than "Fargo," but every bit as entertaining.
We reconsidered and rented a bunch of comedies, bought some Orvill R and headed home instead...
Waitress - surprizingly great/quirky small town pie flick
Superbad - the best teen movie EVER! fast paced dialog that kills
Girl Next Door - pretty damn good teen movie straight out of Howard Stern's twisted world
Colonel
Kenny Lee, the proprietor of RealityBB.com and Kentucky's finest
bluesman/guitarist posted this bit of bad craziness recently. I could
not let you miss it, enjoy.
Flo-
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Cops: More Smoke Toad Venom to Get High
www.physorg.com/news115971422.htmlQuote:
In October, a Kansas City man was charged with possessing a controlled substance after Clay County authorities determined he possessed a toad with the intent to use its venom to get high.
"Toad smoking," which is a substitute for "toad licking," is done by extracting venom from the Sonoran Desert toad of the Colorado River. The toad's venom - which is secreted when the toad gets angry or scared - contains a hallucinogen called bufotenine that can be dried and smoked to produce a buzz.
ASProgram.com says "our program is the only legal protection from unsecured debt that puts you in control of WHO you pay, HOW much you pay and WHEN you will pay your creditors."
I wanted to know what ASP was all about so I simply called the number listed at their website www.asprogram.com 502-777-5252
and asked for Tom Bond the person listed as co-founder. Tom called me
back in a few hours. Here is the gist of my conversation with Tom:
Boomershout: I read Mr. Sandalewood's comment in DestroyDebt.com
that said, "It appears they (ASProgram) are using a UCC-1 filing with
the Secretary of State as the shield." Mr. Bond, is that what ASP is
doing?
Tom:
Yes - ASProgram uses a REAL UCC-1 lein filing as a sheild against
future seizure. The Program is not effective if legal or collection
activity has begun against a credit card. However, the Program may be
of help on OTHER cards. Knowledge that a lien exists will scare most
collectors against filing suit because the ASProgram lien must be
satisfied BEFORE another judgment.
Boomershout: Has long has ASP been providing this service?
Tom: ASProgram has been providing this program for 11 months, but the UCC-1 filings are being done by a company which has been doing this for 10 years.
Boomershout: Does it work?
Tom: ASProgram uses a unique and copyrighted method of transferring value from one person to another WITHOUT the use of money. Unlike any other program, ASProgram has a LEGAL basis for its actions. There are no back-dated Promissory Notes, nor any Notes issued without consideration.
Boomershout: Is it legal?
Tom: Yes - ASProgram is the ONLY program which has a basis in the law.
Boomershout: How quick can the shield be put in place?
Tom: The average completion time is 4 to 6 weeks.
Boomershout: Will the shield protect against foreclosure?
Tom: The ASProgram covers unsecured debt only. Houses have mortgages which are secured debt. Recent Federal Court cases may allow ASProgram to help YOU defeat FORCLOSURE against your HOME!
Boomershout: How long does the Shield have to remain in place?
Tom: Just as long as the client, the person who subscribes to the service, wants.
Boomershout: When I ask about other details of the service Tom ask me If I needed a shield? When I told him no he said that the rest of the information was proprietary and only given to purchasers of a Shield. So if you need a shield you'll just have to call 502-777-5252 for the details of ASProgram.com.
There are no Federal laws controlling the rate of interest NATIONAL BANKS can charge. Interest rates are only controlled by state laws. Any bank that claims that is a National Bank (See http://www.lectlaw.com/files/ban02.htm) is not subject to their states USERY laws when it comes to credit cards. That is why NB banks locate their credit card divisions in states with very liberal or non-existent usery laws. Without any laws to inhibit and control their business the sky is the llimit and they will and do charge whatever the traffic will bear. This is why credit card interest rates are so high and going higher every day and why the late fees and penalties are astronomical.
Whose fault is it? Mine and yours and everyone who wants more than they can afford and is willing to pay an interest rate that can make the goody cost more than its original store price. I grant you there are some responsible credit card users. The credit card companies call them "deadbeats" because they pay off their credit debt on time and pay no interest.
When you see home foreclosure numbers rising and mortgage companies claiming they are in trouble and the housing market going flat you are seeing the signs of insolvency. The American public is tipping toward insolvency: Wikipedia defines, Insolvency as a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities. When a person or entity can no longer meet its debt obligations when they come due, that is commonly referred to as 'cash-flow' insolvency. This is when the plastic comes out and we try to hold out until our situation gets better while it continues to get worse because we are permitting USURY to take over and ruin our lives.
Even though this overextended condition is something each of us did to ourselves, for whatever reason, it is still something that had we known better we might have avoided. Now debt counselors, debt consolidators, and other kinds of debt advisors, some good some bad, are sucking at our pain.
The real problem is that most of us know what to do, if we had a way to do it, pay off our debt. Most of us could manage our debt if the credit card companies were not constantly raising our rates and charging exorbitant late fees. What we need is a shield, a way to hold the unsecured creditors at bay while we get our finances back in order. I found one company that promises they can shield you against the onslaught of the unsecured creditors. I haven't tried them yet but their approach is certainly different. They are not proposing to protect you by setting up any sort of a corporation or llc or trust. They are not moving the ownership of your assets off shore. The company is called Asset Security Program or ASP. Their FAQ's were very interesting and they claim their program is legal. The website is www.asprogram.com/Splash2.html
Quick, Legal and Simple Solution? Contact our friends at ASProgram and ask about their Premier Program....Flo
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Maxed Out
BRIEF SYNOPSIS:
Maxed Out takes viewers on a journey deep inside the American style of debt, where things seem fine as long as the minimum monthly payment arrives on time. With coverage that spans from small American towns all the way to the White House, the film shows how the modern financial industry really works, explains the true definition of "preferred customer" and tells us why the poor are getting poorer while the rich keep getting richer. Hilarious, shocking and incisive, Maxed Out paints a picture of a national nightmare which is all too real for most of us."
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