Freddie Mac concerned about American ...

Freddie Mac concerned about American Home Mortgage loans -

There are 32 comments on the Newsday story from Sep 12, 2007, titled Freddie Mac concerned about American Home Mortgage loans -. In it, Newsday reports that:

Freddie Mac, a government-backed mortgage buyer, has filed court papers claiming bankrupt Melville-based lender American Home Mortgage's handling of the loans it continues to service have exposed more than ...

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Belle

Riverhead, NY

#2 Sep 12, 2007
American Home Mortgage certainly
ruined many families. I don't know
how the founder can live with himself or how the "in your face" brokers can
sleep at night.
Lori

Quarryville, PA

#3 Sep 12, 2007
I feel very thankful that I switched from American Home Mortgage earlier this year. I just hope my new lender - Countrywide - doesn't follow them down this path.
Big Bob

New York, NY

#4 Sep 13, 2007
Lori wrote:
I feel very thankful that I switched from American Home Mortgage earlier this year. I just hope my new lender - Countrywide - doesn't follow them down this path.
I hope you're kidding. The only question is who goes first, Countywide or Washington Mutual. My guess is WAMU, followed shotrly by CW. Also, I really hope the Bankruptcy Judge gives the necessary info to Freddie Mac to pay the taxes and insurance premiums.
reality check

United States

#5 Sep 13, 2007
the article is inaccurate, AHM is still paying taxes for the homeowners that have been escrowed. try not to believe everything you see in the news, more often than not the author doesn't even know the subject matter he or she is writing about.
read the article

Lakewood, NJ

#6 Sep 13, 2007
the article is talking about what court documents said, not what AHM is doing.
reality check

United States

#7 Sep 13, 2007
inaccurate is not the best word i agree, but if you read the comments you would find that the perception of the company's actions is indeed inaccurate when compared to reality.
HumanBean

Brooklyn, NY

#8 Sep 13, 2007
oh please - who are you guys? Ahm execs, bet. You have done major damage to tens of thousands of people. But as long as you got yours, who cares, right?

Maybe you could find ways to pay society back for the pain you have caused instead of sitting around claiming you've been so terribly wronged by Newsday.
tucsonblonde

Tucson, AZ

#9 Sep 13, 2007
reality check wrote:
inaccurate is not the best word i agree, but if you read the comments you would find that the perception of the company's actions is indeed inaccurate when compared to reality.
As an AHM customer with escrowed tax payments, I would like to know on what information you base your claim of the articles inaccuracy. Are you stating that it is only these 4500 or so customers who are a special case of taxes not being paid because of the pissing match between Fredie Mac and AHM, and that the rest of us will be fine? If so, on what are you basing this claim? I would like to believe you, but I need something more to go on than " 'cause I said so".
dave

Bronx, NY

#11 Sep 13, 2007
HumanBean wrote:
oh please - who are you guys? Ahm execs, bet. You have done major damage to tens of thousands of people. But as long as you got yours, who cares, right?
Maybe you could find ways to pay society back for the pain you have caused instead of sitting around claiming you've been so terribly wronged by Newsday.
i laugh at the poor saps that continue to blame everyone but themselves for overextending their finances. maybe the brokers were "in your face" but that doesnt mean you need to succomb to their pressure.

please post your addresses so i can purchase your forclosed homes...
Commack

Secaucus, NJ

#12 Sep 13, 2007
Gonna lose 900mil,and Freddie Mac still gets to pat themselves on back for recouping 7mil.
HumanBean

Brooklyn, NY

#13 Sep 13, 2007
Dave, I worked there, I wasn't a borrower. Try to expand your ability to empathize with other humans. You'll be a better, happier person for it.
dave wrote:
<quoted text>
i laugh at the poor saps that continue to blame everyone but themselves for overextending their finances. maybe the brokers were "in your face" but that doesnt mean you need to succomb to their pressure.
please post your addresses so i can purchase your forclosed homes...
tucsonblonde

Tucson, AZ

#14 Sep 13, 2007
dave wrote:
<quoted text>
i laugh at the poor saps that continue to blame everyone but themselves for overextending their finances. maybe the brokers were "in your face" but that doesnt mean you need to succomb to their pressure.
please post your addresses so i can purchase your forclosed homes...
Ummmm, making payments just fine, I did understand how the option ARM worked. But for a lot of people, and I am speaking from the receiving end of this, and am obviously correct due to the sheer number of people who are screwed now, honest, hard working people for the most part, they thought the brokers were the experts. You are sick you go to a doctor, you want to sue someone you go to a lawyer, you want to have a pool put in your back yard, you go to the pool builder, because they are the friggin experts, and guess what? When you want a home loan, you go to a broker. Every other profession is held accountable for the ethical decisions they make. But we should just let the poor innocent brokers off the hook for their part in this? Are you serious? You really mean that if you went to your doctor, and he gave you a medicine that has a bad reaction, and the doctor knew this drug had a huge potential problem for certain types of people (of which you happen to be one), but dispensed it anyway because the drug company was giving him monetary compensation to dispense that drug, that it is that your fault? If the pool builder uses crappy materials because he gets kickbacks for it, is it your fault? Evidently you would just have said, boy, that was my fault for not getting a degree in medicine, or for learning how to build a pool. By your analysis, you should have known better, just like the people who thought the broker had explained everything they needed to know about how their loan worked, but were very, very wrong. You are an arrogant tard for failing to take into account that the brokers were paid a premium to push (and push hard) these loans onto people who thought they were dealing with experts. And that, my slow witted friend, is fraud, by definition.
Former AHM Employee

Cambridge, MA

#15 Sep 13, 2007
AHM is my mortgage holder, and they still have not paid my real estate taxes even tho they were due end of July. If not paid shortly, I will have to pay them, and hope I get my money back from AHM (yeah, right) Just like our last pay checks, etc......
Bankrupt

United States

#16 Sep 13, 2007
10 trillion dollars govt owes. So many towns owe money. My Town Ten Million. So many people owe money. Where it going to come from? Wall streetcollapse, maybe.
Bankrupt

United States

#17 Sep 13, 2007
Anyway I'll be looking at the deals cash in hand.
Bill

Florham Park, NJ

#18 Sep 13, 2007
This mess is brought to you by you elected officials who take lobby money as a way of doing business. The legal mess this mortgage scam has created could only be concocted by the scum call polititians and their whore friends in the legal profession. Of course greedy citizens are the wheels they run on.
Cant believe it

New York, NY

#19 Sep 13, 2007
tucsonblonde, I see your point when you say people look to the mortgage brokers as the experts when getting financing for a home. However, did you know that (at least in NY) there is no educational requirement, no criminal background check, no test to take, etc., and anyone can call themself a mortgage broker?(A mortgage banker is a different story.) Even real estate agents have to at least go to school, take a test, and take continuing education credits. A lot of crooks and incompetents who could talk a good game got into the mortgage broker business. But the general public didn't know that. I agree with you that these mortgage brokers should share in some responsibility for helping people take out loans that they cannot afford.

That being said, tucsonblonde, the borrower who is buying the home is the one who signs on the dotted line stating that they are sure they can repay under the terms in the contract. In the end, we all have to look out for ourselves and do the math. Particularly when one has an ARM mortgage.

As per your post, I am glad you are not one of the ones in trouble.
reality check

United States

#20 Sep 14, 2007
bottom line: the taxes are being paid, the bankruptcy messed up a few days checks but the majority of that has since been cleared up. can't give any more info than that.
I broke the code

Port Washington, NY

#21 Sep 17, 2007
The entire sub-prime mortage industry looks like a prima facie example of the Greater Fool Theory. One big circle jerk.
Bite Me

AOL

#22 Sep 17, 2007
AHM sucks! always has..arrogance ran the company, luck with the real estate market boom lined management's pockets. Executives granted annual bonuses that exceeded annual salaries year after year; and these are operational executives at the corporate home office in Melville, not account execs. or loan officers.. Is there a term for "legal rape?"

Strauss and Hozie will join Enron's boys in prison once the current 7 investor initiated class action suits move forward. Justice Dept. will follow thereafter once informatiom is disclosed and substantiated. Just wait and see.

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