Fred Thompson's Employer Comes Under Fire on the Hill

Apr 12, 2013 | Posted by: roboblogger | Full story: Roll Call

Collins, the top Republican on the Senate Appropriations panel overseeing mortgages, is concerned about the risk senior citizens face when they take equity out of their homes to pay for living expenses.

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“Obama Shames the USA”

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#1
Apr 12, 2013
 

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What about the doctor in Philadelphia that has killed a bunch of babies and a woman? What's up wit dat?
Wall Street Government

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Apr 13, 2013
 

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What's up "wit dat"?

Is you're on the wrong thread.

This one is about bankers and lenders, once again taking advantage of people and a teabagger making it sound legit.
Wall Street Government

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Apr 13, 2013
 

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HUD Secretary Shaun Donovan blamed that deficit squarely on issues with government-insured reverse mortgages, which HUD refers to as Home Equity Conversion Mortgages, or HECMs. That’s an acronym that Susan Collins, R-Maine, conceded she couldn’t really pronounce.

At a routine budget hearing April 11, Collins, the ranking member on the Appropriations Subcommittee on Transportation, Housing and Urban Development, highlighted her worries about risks from the mortgages, in which seniors take equity out of their homes to pay for living expenses.

Collins pointed to a particular worry about situations with couples where one member is the sole mortgage-holder and that person dies, leaving the widow or widower in the predicament of having to pay back the mortgage upon the death of the spouse.
Wall Street Government

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Apr 13, 2013
 

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Jeanette Ogle, a 92-year-old widow with a reverse mortgage on her house, got a huge birthday surprise last week: She did not lose her home at a scheduled foreclosure auction that had drawn scrutiny from federal and state agencies and consumer advocates.

Because of obscure federal rules that critics say have snared unwitting elderly homeowners across the country, Ogle’s home in Lake Havasu City, Ariz., had been set for foreclosure on Feb. 27, her birthday. But after interventions on her behalf by the federal Consumer Financial Protection Bureau, AARP and the Arizona attorney general’s office, the auction was canceled.

But one technicality tucked away in FHA’s regulations can snag owners whose spouse dies after taking out the reverse mortgage. If the surviving spouse’s name does not appear on the mortgage documents, the outstanding debt balance becomes due and payable. If the surviving spouse can’t afford to buy the house to make the payoff, the property may be put up for foreclosure sale.

Ogle’s situation illustrates the problem: She did nothing wrong. Ogle and her husband, John, who died in 2010, refinanced a reverse mortgage in 2007. Though Ogle believed that her name remained on the mortgage documents and that she was a co-borrower, a loan officer listed only John’s name. Ogle says she never agreed having her name removed, and she suspects fraud.

When her husband passed away, the loan balance became due and payable. Bank of America — the servicer of the mortgage on behalf of Fannie Mae, the big national loan investor — informed Ogle of the FHA rule. She complained to the Arizona attorney general’s office, which negotiated an agreement with Bank of America that it would not foreclose. When the servicing contract was subsequently transferred to Reverse Mortgage Solutions, however, that firm renewed the threat of foreclosure and set the date for the sale.

Reverse Mortgage Solutions refused to comment on the matter.
The Grim Reaper

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Apr 13, 2013
 

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This ain't no Garden of Eden. Reverse Obamacare.

“Moderately yours....”

Since: Aug 12

Buffalo, NY

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Apr 13, 2013
 

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Wall Street Government wrote:
Jeanette Ogle, a 92-year-old widow with a reverse mortgage on her house, got a huge birthday surprise last week: She did not lose her home at a scheduled foreclosure auction that had drawn scrutiny from federal and state agencies and consumer advocates.
Because of obscure federal rules that critics say have snared unwitting elderly homeowners across the country, Ogle’s home in Lake Havasu City, Ariz., had been set for foreclosure on Feb. 27, her birthday. But after interventions on her behalf by the federal Consumer Financial Protection Bureau, AARP and the Arizona attorney general’s office, the auction was canceled.
But one technicality tucked away in FHA’s regulations can snag owners whose spouse dies after taking out the reverse mortgage. If the surviving spouse’s name does not appear on the mortgage documents, the outstanding debt balance becomes due and payable. If the surviving spouse can’t afford to buy the house to make the payoff, the property may be put up for foreclosure sale.
Ogle’s situation illustrates the problem: She did nothing wrong. Ogle and her husband, John, who died in 2010, refinanced a reverse mortgage in 2007. Though Ogle believed that her name remained on the mortgage documents and that she was a co-borrower, a loan officer listed only John’s name. Ogle says she never agreed having her name removed, and she suspects fraud.
When her husband passed away, the loan balance became due and payable. Bank of America — the servicer of the mortgage on behalf of Fannie Mae, the big national loan investor — informed Ogle of the FHA rule. She complained to the Arizona attorney general’s office, which negotiated an agreement with Bank of America that it would not foreclose. When the servicing contract was subsequently transferred to Reverse Mortgage Solutions, however, that firm renewed the threat of foreclosure and set the date for the sale.
Reverse Mortgage Solutions refused to comment on the matter.
great post
Thompson shoud be ashamed of himself for hawking predators to seniors

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Apr 13, 2013
 

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Wall Street Government wrote:
What's up "wit dat"?
Is you're on the wrong thread.
This one is about bankers and lenders, once again taking advantage of people and a teabagger making it sound legit.
We are sorry about that Pookie, however since your MSM are running and hiding the story as deep as they can, somebody has to get the real news out..........like Obama only paid 18% in income taxes and Biden again paid 1.87% of his income to charity. A one percent clown and a cheap date.....the liberal hero's.

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Apr 13, 2013
 

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Buffalo Bull wrote:
<quoted text>
great post
Thompson shoud be ashamed of himself for hawking predators to seniors
Should Obama be ashamed of taking 787 billion out of Medicare to fund Obama Care, you know for the old people. Obama became the biggest predator in all time with that move.
conservative crapola

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Apr 13, 2013
 

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Senator Tom Coburn, a staunch conservative with impeccable “pro gun” credentials, has done us all a tremendous service: He has effectively demolished many of the arguments coming from the right against expanded background checks.

hahahahahahahahahaha

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conservative crapola wrote:
Senator Tom Coburn, a staunch conservative with impeccable “pro gun” credentials, has done us all a tremendous service: He has effectively demolished many of the arguments coming from the right against expanded background checks.
hahahahahahahahahaha
Having trouble posting on topic again I see. Are You Paying Attention Topix. Remember your rules.

“Moderately yours....”

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Apr 13, 2013
 

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Le Jimbo wrote:
<quoted text>Should Obama be ashamed of taking 787 billion out of Medicare to fund Obama Care, you know for the old people. Obama became the biggest predator in all time with that move.
We were talking about Thompson....what do you think of him?

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Apr 13, 2013
 

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Buffalo Bull wrote:
<quoted text>
We were talking about Thompson....what do you think of him?
Seems like a nice guy, but an also ran. His time is past. Any of these actors that shill for these low life mortgage or insurance companies are despicable.
conservative crapola

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Le Jimbo wrote:
<quoted text>
It just rattles you when an au contraire tactic is used against you, doesn't she, pookster?

hahahahahahahahahah

“BILLARY 2016 ”

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Apr 13, 2013
 

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Ninthman wrote:
What about the doctor in Philadelphia that has killed a bunch of babies and a woman? What's up wit dat?
As usual, your attention span is that of a 2 year old, you silly republitard.

The topic is 'reverse mortgages'.

Not abortion.
Not anal sex.
Not about vaginas.
Not about controlling women.
Not about the gays.
Not about sodomy.
Not about deporting immigrants.
Not about guns.

Reverse mortgages.
GO...and don't let anything shiny distract you, FOXbot!

“BILLARY 2016 ”

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Apr 13, 2013
 

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Le Jimbo wrote:
<quoted text>Should Obama be ashamed of taking 787 billion out of Medicare to fund Obama Care, you know for the old people. Obama became the biggest predator in all time with that move.
Why?
Old people aren't ashamed to suck the Gov. teet dry by accepting money they never earned but instead, are taking money I AM EARNING NOW like I owe them something. I owe them nothing.

Sorry but you'll find little sympathy for the old moochers sucking the system dry just so they can eat out every night and own two homes; one for winter; one for summer. What a joke.

“BILLARY 2016 ”

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Apr 13, 2013
 

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Reverse mortgages are perfect for people who hate their children and want to leave them nothing.

Probably why Le Jimbo and Ninthman hate reverse mortgages so much. lmao

“or Fox News”

Since: Jan 08

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#18
Apr 13, 2013
 
Le Jimbo wrote:
<quoted text>Having trouble posting on topic again I see. Are You Paying Attention Topix. Remember your rules.
Ahem!

Le Jimbo

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4 hrs ago

We are sorry about that Pookie, however since your MSM are running and hiding the story as deep as they can, somebody has to get the real news out..........like Obama only paid 18% in income taxes and Biden again paid 1.87% of his income to charity. A one percent clown and a cheap date.....the liberal hero's.

You were saying?
Wall Street Government

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#19
Apr 13, 2013
 

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Le Jimbo wrote:
<quoted text>We are sorry about that Pookie, however since your MSM are running and hiding the story as deep as they can, somebody has to get the real news out..........like Obama only paid 18% in income taxes and Biden again paid 1.87% of his income to charity. A one percent clown and a cheap date.....the liberal hero's.
"get the real news out.........."?

Of course Le Dimbulb, teabaggers are much more worried about Obama's taxes than granny getting ripped off.

What were we thinking?

STUPID teabagger.
Wall Street Government

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Apr 13, 2013
 

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Le Jimbo wrote:
<quoted text>Having trouble posting on topic again I see. Are You Paying Attention Topix. Remember your rules.
Poor Le Dimbulb.

Remember them rules.

STUPID teabagger.
Gary

Bellingham, WA

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#21
Apr 13, 2013
 

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Caveat emptor.

Sure, people are being hoodwinked by the likes
of old Fred Thompson, Robert Wagner, Pat Boone
and other over-the-hill media stars, but
that's part of the glory of capitalism, being able
to fast-talk old, vulnerable people out of their
life savings.

Besides, the older and more vulnerable the victim,
the sweeter the payoff.

Go fer it Fred, ya old goat!

(and he wanted to be president)

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