by
AXJ USA
Member since:
November 15, 2008
LOAN MODIFICATIONS IN THE USA? CAN I GET ONE? HOW? HELP ME NOW!
February 06, 2009 02:21 AM EST
(Updated: February 06, 2009 01:45 PM EST)
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| <th class="thLeft" width="150" height="26">Autor</th><th class="thRight">Mensaje</th> | Ver tema anterior :: Ver tema siguiente | | axj
Site Admin
Registrado: 23 Ene 2007
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|  Publicado: 05 Feb 2009 18:03 Asunto: ECONOMIC SHOWDOWN: OBAMA & BANKS VS THE PEOPLE OF USA |     | | <hr> | ECONOMIC SHOWDOWN: OBAMA & BANKS VS THE PEOPLE OF THE WORLD!
AXJ-USA
02-05-08
All rights reserved worldwide (c).
http://axj.puntoforo.com/viewtopic.php?t=1008
The American People have stood up and silently deposited their trust not in President OBAMA, not in the BANKS, but in the representatives of the international civil and political rights organization known as AXJ ( www.axjus.com ).
Why AXJ, because we have no preset hidden agenda.
No voters, nor lobbies, nor mainstream media, nor publicity companies, nor fortune 500 companies, nor unions, nor expensive suits, nor expensive tables, nor any other pressure groups controlling our actions for justice. AXJ truly represents the American People.
Mr. OBAMA has to be concerned with supporting and defending his own interests in Congress, not that of the American People.
The BANKS, especially the only ones left, are struggling to survive.
When would any American citizen ever have imagined Bank of America (BAC) would be at the point of filing Bankruptcy? Shares down at $4-USD. Lawsuits from their own employees:
| Cita: | Hagens Berman Files Class Action Against Bank of America on Behalf of 401(k) Plan Participants
Hagens Berman Sobol Shapiro LLP Logo. (PRNewsFoto/Hagens Berman Sobol Shapiro LLP)
SEATTLE, WA UNITED STATES
Suit claims Merrill Lynch acquisition resulted in massive losses to plan participants.
SEATTLE, Feb. 3 /PRNewswire/ -- Bank of America (NYSE: BAC) employees earlier this week filed a class-action lawsuit against their employer and other 401(k) Plan fiduciaries, claiming the banking giant misled them and other shareholders about the impact of its Dec. 5, 2008 acquisition of Merrill Lynch, a move that the suit claims caused BAC shares to plunge in value, causing the employees' retirement fund to lose hundreds of millions of dollars.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)
A lawsuit, filed in U.S. District Court in New York, claims the company violated the Employee Retirement Income Securities Act (ERISA) by failing to exercise the skill, care, prudence, and diligence required in administering employee retirement plans and assets.
The suit claims specifically that Bank of America (BoA) proxy statements, sent to all BoA shareholders including employees who participated in the company's retirement plan, significantly overvalued Merrill Lynch's assets and did not disclose many aspects of the teetering investment-bank's financial condition.
Reports indicate BoA CEO Ken Lewis repeatedly assured employees that all was well with the company -- even on the eve of the stunning announcements that would send BAC shares tumbling.
"The law is clear that the fiduciary's obligation to protect employees' retirement funds is the highest under the law," said Steve Berman, managing partner of Hagens Berman Sobol Shapiro. "It is clear to us that the defendants failed in that responsibility by a long, long way."
Late last month, Bank of America stock dropped 50 percent from $10.20 a share on Jan. 14, 2009 to $5.10 a share on Jan. 20, 2009. Since September 2008, company stock has seen a total drop of 80 percent causing hundreds of millions of dollars in losses to the company's 401(k) plan.
Amidst the collapse on Jan. 15, 2009, BoA issued a memo to employee plan participants claiming, "The core of our company, Bank of America, remains strong. We are one of the world's leading financial institutions with broad earnings diversity and a large growing deposit base."
In September 2008, Bank of America began talks with Merrill Lynch regarding an acquisition. Less than two days after talks began, BoA announced the acquisition and assured investors, including plan participants, that the company conducted due diligence in reviewing risks.
In November 2008, all shareholders, including employee Plan participants, received a detailed proxy statement urging shareholders to vote in favor of the acquisition. According to the lawsuit, the proxy contained material misstatements and omissions while significantly overvaluing Merrill Lynch's assets.
Leading up to the stock's largest collapse in January, stockholders and employees learned the company would receive a $20 billion investment in preferred stock from the federal government. Unfortunately, that same day the company announced fourth quarter losses of $1.79 billion and a shocking $15.31 billion fourth quarter net loss from Merrill Lynch, its recently acquired asset.
Under ERISA law, breaching fiduciaries have an obligation to restore to the plan any losses resulting from their breaches. The lawsuit claims this responsibility falls on the company, its CEO and Chairman, Kenneth Lewis, the company's corporate benefits committee and the company's directors.
The employee 401(k) plan consists of two components, the employee stock ownership plan (ESOP) and the profit-sharing portion. All employees at Bank of America and its subsidiaries are eligible for enrollment and participation.
As of December 31, 2007, the plan held about 75 million shares of BoA common stock, with a market value of $ 3 billion. According to BoA reports in early 2007, more than 200,000 employees participated in the plan.
The lawsuit seeks to represents all plan participants from Sept. 15, 2008 until present whose accounts included investments in company stock. You can join this suit and read the filed complaint at http://www.hbsslaw.com/bacerisa.
About Hagens Berman Sobol Shapiro
Hagens Berman Sobol Shapiro is based in Seattle with offices in Chicago, Boston, Los Angeles, Phoenix, San Francisco and New York. Since the firm's founding in 1993, it has developed a nationally recognized practice in class action and complex litigation. Among recent successes, HBSS has negotiated a pending $300 million settlement as lead counsel in the DRAM memory antitrust litigation; a $340 million recovery on behalf of Enron employees which is awaiting distribution; a $150 million settlement involving charges of illegally inflated charges for the drug Lupron, and served as co-counsel on the Visa/Mastercard litigation which resulted in a $3 billion settlement, the largest anti-trust settlement to date. HBSS also served as counsel in a $850 million settlement in the Washington Public Power Supply litigation and represented Washington and 12 other states in lawsuits against the tobacco industry that resulted in the largest settlement in the history of litigation. For a complete listing of HBSS cases, visit http://www.hbsslaw.com.
Steve Berman (206) 623-7292 Mark Firmani (206) 443-9357
Hagens Berman Sobol Shapiro Firmani + Associates Inc.
Steve@hbsslaw.com Mark@firmani.com |
Well believe it, it is happening...what Karl Marx said would happen over 100 years ago.
The American People are suddenly realizing that they can't trust a government employee to pay their mortgage.
The American People are suddenly realizing that their Bank is no longer there to help them because they just can't. They are out to make a buck and collect your mortgage payment, and if you can't make it this month, then it is better to foreclose on the property and sell it to a nice rich fellow that can.
So where is Joe the Plumber in all of this? Out on big assignments and making some big money for big business telling everyone how he asked Mr. OBAMA just the right questions. Huh?
But what about me and my small family run business?
So now down to basics, where does Mr. and Mrs Smith turn to? Now in their late 50s and 60s looking to retire and still owing 30 years on their mortgage, and just barely able to put food on the table?
Where do they turn?
Well we suggest they turn on their PC, connect to the internet and type in three letters: AXJ. www.axjus.com in the USA.
Why, what can that do for them? First of all inform them of their rights.
1.) Mr. OBAMA DOES NOT represent your interest. He represents the interest of 1 million public employees first.
2.) BANKS work for you, not you for your BANK.
3.) I am having an economic hardship and my decision has been made, first food on the table for my family and then when I have enough left over I will slowly pay my mortgage.
4.) Nothing is set in stone and any and all notes and mortgage documents can be modified.
5.) No, you don't need a high profile attorney or specialized "modification company" to do this.
6.) Where can I get free advice? Again, turn on your PC, connect to the internet and type in three letters: AXJ. www.axjus.com in the USA.
7.) But everything costs money? Yes, AXJ has to pay webmasters and servers, etc. and all we request is a $1- donation from you to be able to keep AXJ going around the world.
8.) So is AXJ recommending me not to pay my mortgage? NO, but will help you to modify it with your BANK.
9.) Can AXJ help me now in real time? YES, of course.
10.) What must I do?
That will come in our next post. Now start asking questions here and now.
Ultima edición por axj el 06 Feb 2009 08:18, editado 5 veces |
| | Volver arriba | |  | axj
Site Admin
Registrado: 23 Ene 2007
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| | Publicado: 05 Feb 2009 18:15 Asunto: Obama: Is Bank Nationalization Off the Table? | | | <hr> | Obama: Is Bank Nationalization Off the Table?
http://www.usnews.com/blogs/capital-commerce/2009/1/28/is-bank-nationalization-off-the-table.html?msg=1
January 28, 2009 08:39 AM ET | James Pethokoukis | Permanent Link | Print
Bond market guru David Goldman of the marvelous Inner Workings blog thinks so:
What convinced the Obama administration not to play Dr. Frankenstein with the banking system? The collapse of the British pound and the soaring cost of insuring against a British default must have gotten someone’s attention. The sharp backup in US Treasury term yields despite an equally sharp fall in US equity market, moreover, must have alerted some in Washington that the credit of the US Treasury was not impregnable. The worst thing about bank nationalization is NOT that the government will do a bad job of banking. Everyone does a bad job at banking. The worst thing is that it places untold trillions of dollars of new liabilities on the shoulders of a federal government that already is borrowing well over $1 trillion a year.
Me: You can also toss the rising cost of sovereign debt insurance into the mix as well. But I am not sure that the First Bad Bank of the United States option is any better. |
| | Volver arriba | | | axj
Site Admin
Registrado: 23 Ene 2007
Mensajes: 1392
Ubicación: Madrid, ESPAÑA
| | Publicado: 05 Feb 2009 19:43 Asunto: Need credit repair info? AXJ recommends this site: | | | <hr> | Need credit repair info? AXJ recommends this site:
http://www.credit-fixer.biz/
Well worth the $10- bucks...
Here's a good chart that explains the impact of your score:
720 - 850 - Excellent – The best financing terms and represents the best score range
700 - 719 - Very Good – qualifies to receive favorable financing
675 - 699 - Average – will qualify for most loans
620 - 674 - Sub-prime – May qualify but will pay higher interest
560 – 619 - Risky – Might have trouble getting a loan
500 - 559 – Very Risky – You need to work on improving your rating |
| | Volver arriba | | | axj
Site Admin
Registrado: 23 Ene 2007
Mensajes: 1392
Ubicación: Madrid, ESPAÑA
| | Publicado: 06 Feb 2009 07:38 Asunto: Loan Modifications in real time over the internet. Thank you | | | <hr> | Loan Modifications in real time over the internet? Thank you AXJ.
Thousands of people throughout the USA and around the world visit our websites everyday wondering what they can do to get out of this economic crisis, the worst since the Great Depression of 1929.
First, sit down with your family and establish a list of priorities.
Second, establish a monthly budget and try to meet it.
Third, contact all creditors and try to renegotiate the terms of your credit card debt, your car loans, and your mortgage.
Want more details, visit back on our net post and feel free to state your questions and concerns here. |
| | Volver arriba | | | axj
Site Admin
Registrado: 23 Ene 2007
Mensajes: 1392
Ubicación: Madrid, ESPAÑA
| | Publicado: 06 Feb 2009 08:14 Asunto: OK, our priorities are clear, now what is an average budget? | | | <hr> | OK, our priorities are clear, now what is an average budget?
1.) Food and clothing, not more than $500- per month.
2.) Utilities, including water, power and gas, around $200- per month.
3.) Car loan and transportation, no more than $300- per month.
4.) Credit card minimum payments, $100- per month.
5.) Average mortgage payment, $1,000- per month.
Anything beyond these amounts are not reasonable, something is going on in your home. You must tell your teenagers it is time to get a job and start helping with these expenses.
Now what?
Call your BANK and say ok guys, time to modify my loan. Here are my expense numbers and here is my income. What will you do to modify my loan? I am sure you don't want to pay for another foreclosure and the risk you run of not selling the house any time soon.
In certain States a Judge will have to get involved and your Lawyers will run up a nice bill. If the Judge decides the original loan didn't meet all RESPA ( http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm ) procedures you could be in big trouble. Want to take that chance? |
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