May
16

Wells Fargo gives $22,000 to Suicide Hotline… A gift the bank can use too.

 

It all started when I saw that this past February, Wells Fargo had donated $22,000 to establish a suicide prevention hotline in Idaho, apparently the state with the fourth highest suicide rate in the nation.  I find that statistic a little odd, but what do I know.  I’ve never even been to Idaho.

 

The United Way for Treasure Valley phrased it as follows on their website:

 

Wells Fargo stepped up Tuesday with a $22,000 gift to help establish an Idaho Suicide Prevention hotline.

“Wells Fargo is pleased to invest in this important community initiative to address a critical need in our state,” said Dana Reddington, Idaho Region president for the banking firm.

 

Wells Fargo “stepped up” with a $22,000 “gift.”  Is that how that should ideally be phrased?  I suppose it’s fine.  But, having spent the last few days writing and talking about Norm Rousseau, who took his own life this past Sunday after a protracted battle with… no, not cancer… much worse.  You know, we can in many cases cure certain kinds of cancer.

 

Norm’s protracted battle was with Wells Fargo, and no one has even come close to finding a cure for them.  So, on Sunday morning, just a few days ago, he lost the will to continue the fight after staying up all night trying in vain to fix the engine in a motorhome he was hoping to house his family in after being evicted on yesterday morning.

 

Look, I only spoke with Norm once for about an hour, so I shouldn’t really speak for him, but I just wanted to say that I’m pretty sure that he would have gladly traded his battle with Wells for… maybe not pancreatic, but let’s say prostate cancer… for sure.  I think so, anyway.

 

In fact, I’d probably make the same trade at this point were I given the choice.  I’m thinking that the cure rate for prostate cancer for a male in his 50s is much higher than the cure rate for a battle with Wells Fargo these days.  I don’t know… maybe I’m nuts… it’s not my core point here, so just forget it.

 

Anyway, I understand Wells Fargo wanting to give a gift that establishes a suicide hotline… it’s a gift the bank can use too.  And I do understand giving that sort of gift.

 

I’ve been married for 22 years, and although I hate to admit what I’m about to say, I’m hoping some of you guys have done it as well.  Maybe not the women, I really don’t know.

 

So, I was thinking about my birthday, it being only a few weeks away, and what I wanted to ask for in the way of a gift.

 

 

When my wife and I first got married, I always bought her birthday presents that were clearly hers alone… jewelry, clothes, I don’t know… a new tennis racquet, a mountain bike, golf clubs… those sorts of things.  Nothing that I had anything to do with as far as usage went.

 

But the longer we’ve been married, I’ve noticed that I’ve started drifting towards gifts that aren’t really just hers, but sort of ours… kind of.  I’m not entirely certain, but it’s possible that one year for her birthday I may have bought her our new breakfast nook table and chairs set.  That wasn’t cool, I thought to myself.

 

I shouldn’t be doing that sort of thing, right?  That’s not the way you stay happily married, or even breathing and walking upright, depending on your spouse’s comfort level with firearms.

 

It occurred to me that I might just be turning into my father, perish the thought… and that could not be considered anything short of terrifying.    Turn on the sirens people… crash positions… we’re going in hot and hard.

 

Truth be told, I couldn’t even remember what I had bought her last year for her birthday, and that was not giving me a very reassuring feeling.  Maybe since we need a new air conditioning unit for the house, maybe that’s what I should want for my birthday this year.

 

When I was really a young boy, maybe six or seven years old, I remember my father asking me if I wanted to go with him to Sears one evening after dinner.

 

 

I jumped at the opportunity of course, after all, a trip to Sears meant two things: A chance to sit on and pretend to drive several different riding lawnmowers… and a bag of hot cashews from the stand that sat in the middle of the store on the bottom level.  Good times.

 

So, we get to Sears, my father and me, and I head straight for the riding lawnmowers.  Remember that part of Forrest Gump when even though he’s already a zillionaire, he goes back home and the City Fathers give him “a fine job,” and he’s riding a lawnmower around this field cutting the grass?  Yeah, well I understood that part of the movie.  I completely agreed… Forrest looked like he did have a fine job there.

 

So, anyway… after a few minutes when my father had run out of patience with the lawnmower engine sounds I was making with my mouth, he said let’s go and we headed on into the store.  The smell of hot cashews used to hit you right as you walked in the door of the Sears where I grew up in Pittsburgh, Pennsylvania, and both my father and I were huge fans of the toasty warm aromatic nuts.

 

So, we got us a small bag before heading off for the guaranteed-to-be-boring part of the excursion, at least as far as I was concerned.  The part when we’d have to actually shop for whatever it was he wanted to find… the reason we were there, you might say.

 

He explained that we had come to buy my Mom a birthday present, which was the next day.

 

“Let’s get her a board game, Dad,” was the first thing that came to my young mind.  Well, why not… it was something I understood and knew I could get some utility from… and heck, she’d probably have liked it quite a bit too, especially if there was spelling involved.  Mom loved to spell anything anytime, and she was darn good at it too.

 

But, Dad said no. He had something else in mind, as we headed on over to the dreaded, “Housewares” department.

 

 

Housewares was the section that had the most things I didn’t understand, and I braced myself and took a deep breath, just as I might have done were I about to be placed into solitary confinement while doing time on Alcatraz.

 

We got there and I did a 360 to take in my surroundings.  Sure enough, I was absolutely surrounded by “Housewares,” and an old man who could have played Santa Claus at Christmas if you spotted him a fake beard and some hair, waddled over to offer his assistance to my father while doing a quick comb through of his thinning hair, completely ignoring me, of course.

 

This was the 1960s, and I was still to be seen, but not heard in many circles.  Unlike today, when we let our 8 year olds pick out the family car.

 

I heard my father say something about a chair of some kind… but after that it was pretty much just a blur.  For a boy my age during The Wonder Years of the 1960s it was genetically impossible to stay attentive during conversations of such banality.

 

Soon they had focused in on a particular chair.  It was metal with yellow vinyl, sort of a highchair with steps that slid out from underneath, a feature my father was saying would be highly valued by Mom, who was only 5’3” and apparently couldn’t reach certain things without a step ladder.  I hadn’t known about her shortcomings before that day, as she was plenty tall to reach everything I needed her to reach.

 

So, it was probably only a few minutes later, although it seemed a good hour or two, and we were paying with Dad’s Sears charge card, and then heading back to our station wagon, a 1963 Plymouth, dressed in a sickly hospital green color that my father said he liked, although I didn’t see how that could be possible.

 

We pulled around and there was that aging rotund and balding salesman, waddling towards us and carrying a decent size box, inside which, I assumed, would be the chair even though the box didn’t seem large enough to hold the chair.  As he was loading the box into the wagon, the man told my father that there would be, “some assembly required,” to which my father replied, “Sure.”  Dad actually seemed happy to hear of it.

 

My Dad owned a small grey metal Craftsman toolbox that he kept in the front hall closet that was strictly off limits as far as I was concerned.  He’d pull it out any time those words were spoken, “some assembly required,” or whenever there was some sort of disaster in our hundred year-old home.

 

Dad faced each job with an air of confidence that said clearly that he was unquestionably capable of handling any job that was thrown his way and he would do so with whatever was in his small grey metal toolbox.  It was a toolbox akin to Mary Poppins’ carpetbag, if you remember the movie with Julie Andrews and Dick Van Dyke.  It was as if he was expecting to be able to reach in and pull out a belt sander and a table saw.

 

The problem invariably was that whatever he needed he didn’t have and whatever he thought he could do, he really couldn’t, at least not in the time he had thought that he could.  And if hung around too long or stood too close, he’d end up blaming me for whatever wasn’t in his toolbox, growing more frustrated by the minute until he got the job done, which sometimes required a two or three day affair.

 

After the first couple of hours, there was no talking to him, and when the project had finally been completed he’d sit in front of the fireplace or television and sip what I later learned was Jack Daniels, but what he used to call Dry Sherry.

 

 

My father was, after all, a Harvard man.  And you can tell a Harvard man… but you can’t tell him much.

 

So, being a child of above average intelligence, as soon as we walked in our front door, I shot upstairs to my room, claiming homework or a bath was calling, the sort of tasks that I knew would trump helping Dad assemble the chair, or anything else he had in mind… so he went to work in the basement assembling Mom’s birthday surprise.

 

Yes, my brilliant, PhD, Harvard, college professor father had just thrown down maybe $19 on a metal stepstool/chair in yellow vinyl from Sears.  And he was so proud the next evening when, finally assembled after maybe six or seven hours of hard work, he presented it to her after we had finished dinner.

 

Mom had made cupcakes, as she was prone to do, and she started to light a match in order to light the little candles, one in each cupcake, except for the one that was for my little sister, Karen, who wasn’t even 2 years old at the time, and to my way of thinking, clearly didn’t qualify as any sort of human member of our family.  Certainly not one who needed a cupcake.

 

Mom struck the match but it failed to light and that was all the chances Mom got on things like lighting matches.  Dad reached out and took them into his much more capable hands.  He struck the match… nothing.  Mom smiled and looked away, you could tell she couldn’t have been more pleased at that moment.

 

Next match was the pressure match and lucky for Dad it was a winner and the candles were soon aglow as we sang…

 

 

Happy birthday to you… Happy birthday to you… Happy birthday dear Barbara/Mommy… Happy birthday to you!

 

I grunted as Mom gave Karen her own cupcake, sans candle.  “She can’t eat that, she doesn’t even know what it is,” I said with the sort of superiority only a six year-old older brother can muster.

 

“She can lick it,” Mom said smiling at the useless drooling infant that had Zwieback toast crumbs all over her face and in her hair.

 

I looked at the thing they called my sister thinking, “Later, when no one is looking, I’ll drag you down the stairs head first, you little parasite,” or at least the six year-old version of that sentence.

 

Karen grabbed the cupcake, squished it a little, mashed it icing side down onto her highchair… and promptly threw it straight onto the floor.  Yeah, she was small and didn’t say much, but I knew she had done that just to torture me.

 

“Maaaaaam,” I yelled out as I jumped for the cupcake, hoping against hope that my mother would at that moment take leave of her senses and allow me to eat it off the floor.  No such luck.

 

“Hand it to me,” she said in that voice.  And I did… resistance I knew, was futile.

 

 

So, with the festivities now over, we went into the kitchen to examine the gift and there it was… that glorious yellow vinyl and metal, half highchair, half stepstool… sitting poised for action… right in front of the sink.

 

You see, as I was about to learn, Mom was always standing over that sink washing dishes, and so my father thought the ideal birthday gift would be a chair high enough so that she could sit while washing the dishes, the stepstool functionality being an unanticipated bonus.

 

Of course, my Mom, being a mom of the mid 1960s, was beyond gracious at all times.  It was as if she liked everything.  Like, someone could have served her a bowl of dirt, and she’d have said thank you.

 

“Oh, look at that,” she said.

 

Now, even at six years old I was sensing something in her voice that felt like danger had just entered the room.  I swear, the temperature fell by 12 degrees… all of a sudden you could see your breath in our kitchen.

 

Dad was oblivious, explaining every single one of the chair’s highly valued features and functions.  “And, I bought it at Sears,” he explained as part of his wrap-up.  “So, if anything goes wrong, we can return it and they’ll give us a new one.”

 

Dad absolutely adored that about Sears.  He even bought his sport jackets at Sears when they would go on sale, of course, and I grew up assuming it was for the same reason… Sears’ famous return anything anytime policy.

 

“Isn’t that something,” Mom was saying.  She had decided that moment was a good one to start sharpening a giant kitchen knife, but then apparently thought better of it and set it down gingerly.

 

“Well, thank you Julian,” she said in a voice that I would one day learn to call condescending.  “That was very considerate of you.”

 

And that was it… Mom’s birthday was over for another year.  I knew not to ask her how old she was.  I ‘d learned the hard way the year before that a young man doesn’t ask a lady that question.  So, I just gave her a kiss on her cheek, said Happy Birthday Mom, and ran up to my room to see if I could sneak in a few minutes of black & white T.V. before they yelled up… “Turn off the T.V. please,” after which I’d drift off to sleep dreaming of riding lawnmowers and the like.

 

Less than a week passed until one day after school, I heard the doorbell, and ran to see who rang it.  A large truck was parked right in front of our house, on the side it read, “Sears Appliances,” or something very close.

 

“Maaaaam,” I called out.  It’s a man in a truck from Sears.”

 

My Mother came out in her apron, admonishing me for yelling for her to come in front of an adult, and then in her adult voice sweet as pie said, “Oh, hello, yes please, come in,” to the man in the Sears uniform.

 

And two hours later our kitchen had a brand new dishwasher installed… a Kenmore.

 

 

I didn’t connect the dots at the time, but inexplicably Mom made cupcakes again that night, highly unusual as it wasn’t anyone’s birthday, and this time she let me have the bowl of icing to lick and scrape on top of it all.  She was unusually happy and I was in sugar-induced nirvana.

 

After desert, we all walked into the kitchen and Mom started explaining all of the features and functionality of the new Kenmore dishwasher.

 

Dad listened, barely smiling occasionally, and then as I was sensing his patience was running thin he said right in the middle of Mom’s Kenmore demonstration that I was more than happy to watch, “Okay, are you finished?  I’ve got some work to do,” and with that he turned and walked towards the stairs.

 

Mom just kept going on about the Kenmore in a sort of sing-song voice, and as Dad started up the stairs, she was full on singing her words now and kind of dancing after him…

 

“And it’s from Sears… so if anything goes wrong… we can always return it,” Mom sang as if she were Judy Garland playing the role of a housewife in a movie.

 

I thought that I recognized the melody… “Home on the Range,” sort of.

 

Seconds later we could hear the door to Dad’s study close, I thought, perhaps a little harder than usual.  Mom walked back towards the kitchen humming, and without any advance notice, as she passed by me on her way to get started loading the new dishwasher, she set a second cupcake topped with icing right in front of me without saying a word.

 

And somehow I knew as I stared at the icing on my cupcake, there would be no percentage in asking questions.

 

It would be many years before I had any real appreciation for what had gone on that year… the year my Mom had two birthdays.  And the year my father had stared death in the face… and lived.

 

Yes, he was the Harvard man, the brilliant college professor… the breadwinner of our family… the owner of the tools… who never shirked his duty when “some assembly was required”… the one who always drove… and lit our matches when required… the patriarch.

 

But, make no mistake… that night Mom had let him live… let him off with a song about a Kenmore dishwasher from Sears… a song that sounded a lot like “Home on the Range.”  Now that I’m all grown up and married myself, I fully realize that a blow to the back of the head with a shovel would have been much less painful.

 

And I can’t quite remember when I noticed it again, but that yellow vinyl and metal chair/stepstool from Sears remained in our basement for the next twenty years… for all I know is still down there today.

 

Mom was never one to throw important things like that away.

 

I’m like that too.  So, I’m going to remember Wells Fargo’s $22,000 gift to establish a suicide hotline forever, and I hope that not only will you remember it too, but that you’ll also keep forwarding the story of Norm Rousseau to others for years to come, so they can remember what happened too.

 

Because although I only spoke to Norm for an hour or so… I know for sure that wherever you believe he is right now, he’ll smile through eternity if his battle and his death produced that kind of result.

 

Over the last two days, more people read Norm Rousseau’s story than anything I’ve ever written on Mandelman Matters.  And I wasn’t sure how I felt about that until I realized that maybe if his story spread and wasn’t forgotten, then maybe one day there wouldn’t be other stories like his for me to write.

 

And I can tell you that it sure would make his wife happy, give her some peace, even.  Nothing can change what happened.  But, yesterday she said that all she wants is for what happened to Norm never to happen to anyone else.

 

Here’s the link to NORM’S STORY.  Do more.  Do everything possible to stop this from ever happening again.  Stopping even one… matters a lot.

 

Do more.  Give a gift that keeps on giving.

 

Mandelman out.

 

 

Mar
02

The U.S. residential real estate market is in a full-blown crisis. And there’s no easy way to solve it

From the Worthy Intellectual Wharton Magazine:

Wharton Magazine

Equally troubling is the number of homeowners underwater, with mortgage loans that exceed the value of their property, which ticked up to 23.2 percent, meaning nearly 14 million U.S. homes have negative equity—a statistic unlikely to shore up home values. All of this has economists, politicians and the American people wondering how much longer the country will remain mired in the housing mess, and how we can pull ourselves out without sliding into the no-growth economy of 1990s Japan.

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Jan
07

Newsweek: Weak home sales aren’t big deal

There are two reasons the home-sales report isn’t a big deal. First, housing is a highly seasonal business, so the most relevant statistic isn’t the month-to-month trend but the year-to-year trend, which saw improvement. Also, we’re going to have to have this recovery without housing. In fact, we already are.







NewsweekBusinessReal EstateUnited StatesBusiness and Economy

Dec
15

Obama and Bankers Meet at White House

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So, there I was waiting all day to see what happened at The White House yesterday when President Obama was to have hosted an emergency and top priority meeting with the heads of our nation’s largest and most sophisticated, too-big-to-fail, financial institutions, which today are all “banks” in order to receive TARP funds.

After last week’s disclosure by the Treasury that there are something like 698,000 “trial modifications” underway, but only 30,000 (and change) permanent modifications, I’m thinking some heads will roll.  I mean… that’s the kind of performance statistic you’d expect to come out of the handling of Hurricane Katrina.  As Desi would have said: Lucy, you got some ‘splaining to do.  Someone has to be fired, right?  Dubya has got to be laughing his ass off in Crawford, don’t you think?

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The tone for meeting was established the night before when “60 Minutes” aired an interview with Obama in which the president was quoted as saying: “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.”

Oooh… Snap.  Get ‘em Barack.  Word up… Barack’s in the house.

Robert Kelly, the chief executive of Bank of New York Mellon, Richard K. Davis, the chief executive of U.S. Bancorp, and James E. Rohr, the chief executive of PNC were all there.  They posed for a photo in front of The White House, and if you didn’t get a chance to see it, let me just say that it looks to me like at least two of the three passed away back in ‘03.

Now, this would not be the first time these bankers have had to come to Washington to be allegedly dressed down by one member of the administration or another.  This time, something is going to happen, I figured.  There’s no way Obama is just going to continue running in place this time out, because that would look too stupid, right?

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It was The New York Times coming in first place with the story.  The venerable news giant ran the headline:

“Obama Tells Bankers That Lending Can Spur Economy.”

Oh goodie… I thought… he decided to bring the bankers to D.C. for a freshman year Econ 101 class.  Maybe next he’ll cover the whole supply and demand thing.

The story opened with the following:

“President Obama pressured the heads of the nation’s biggest banks on Monday to take “extraordinary” steps to revive lending for small businesses and homeowners, drawing a firm commitment from one large bank to make more loans and vaguer assurances from others.

The others gave “vaguer assurances” than the one who gave the “firm commitment” to “make more loans”?  That’s what I get from The New York Times these days?  Wow… I’ve heard newspapers have been struggling lately, but I had no idea.

The Times also said that Obama sent a “clear message” that the industry had a responsibility to “help nurse the economy back to health and do more to create jobs in return for the bailout last year that kept Wall Street and the banking system afloat.”

Well, okay then.  That was certainly clear.  They have to “do more”.  I guess it’s time to head back to New York for cocktails at the Wasp & Jewless Club.

The Times also noted that the three largest banks didn’t make the meeting.  So, Goldman Sachs, Morgan Stanley and Citigroup were absent… something about getting stuck in the fog, which is pretty much like saying: “Tell Barry to come here, we’re busy handing out billions in holiday bonuses.”  Anyway… they didn’t miss much… I almost positive that the CEOs of those three financial powerhouses have already taken freshman economics.

After the meeting Obama Said:

“America’s banks received extraordinary assistance from American taxpayers to rebuild their industry.  Now that they’re back on their feet we expect an extraordinary commitment from them to help rebuild our economy.”


Oh, you know what… stop treating me like I’m a stupid child… the banks are NOT back on their feet in any way, shape, or form… period.  In fact, the banks have the same problems they did a year ago.  Now, does Obama truly not know this?  Or is he lying?  Hell, I don’t even actually care anymore.

Then the story ended with Rahm Emanuel saying something about how they needed to get the bankers to lend more because that would help the economy.

And then one of the bankers, referring to Obama’s “60 Minutes” appearance said that Obama didn’t call them names… blah, blah, blah…… blah, blah, blah……blah, blah, blah……blah, blah, blah……blah, blah, blah……blah, blah, blah……blah, blah, blah……blah, blah, blah……blah, blah, blah……blah, blah,blah……

Oh my God.  Back to bed.

Mandelman out.

Dec
12

CONGRESS: It’s Not About Right and Left Anymore… It’s About Right and Wrong.

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On Thursday afternoon, when Melissa Bean, a Democrat from Illinois, stood in the way of the Walt Street Reform and Consumer Protection Act, which was introduced on the floor of the House of Representatives just days before, frankly I was shocked.  I expected this sort of thing from any one of the Republicans, but from a Democrat? And a woman, no less?  Stunning, absolutely stunning.

Come to find out Friday afternoon that she and other “moderate democrats” (Read: “the banking lobby”) actually killed the proposed amendment that would have allowed judges to modify mortgages for homeowners in bankruptcy court.

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In the end, 50 Democrats that voted for it the last time it passed the House, this time voted against it.  From start to finished in something like 72 hours.  And without a peep from homeowners in this country, of which more than 5 million have already lost homes to foreclosure, and with maybe 14 million coming in the next three years, according to Goldman Sachs’ forecasts.

But… I suppose it’s understandable… why would we possibly want judges to have a say?  After all, lately we’ve all learned how FABULOUSLY well the banks are doing at modifying loans this year under Obama’s HAMP CRAP.  Want the latest results from Treasury?  Well, you’re getting them whether you want them or not:

1. Remember SAXON Mortgage Services? You know, the servicer that finished in 1st PLACE back in late July on those “Report Cards” that were going to shame these lying pieces of garbage into complying with the government contracts they signed?  That Saxon… THE ONE THAT WAS WAY AHEAD OF WELLS FARGO AND BANK OF AMERICA?

Well, as of DECEMBER 10TH SAXON has issued 42 PERMANENT LOAN MODIFICATIONS out of 35,608 TRIAL MODS, FOR A WHOPPING .1%… THAT’S ONE TENTH OF ONE PERCENT.   Woofrigginghoo!

And you want to know the really funny part of that statistic… I don’t even believe that they’re telling the whole truth.  Would anyone like to bet against me saying that some of those 42 ended up with higher payments than before the modification, because if so… bring it.  I’ll even give you odds, how’s 10:1?  Anyone?  Anyone?  Come on, someone write in and put up a grand… I could use the extra Christmas cash.

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Oh, and would you like to know how much money our government has offered the friendly folks over at SAXON in the way of INCENTIVE CASH for taking the trouble to modify a few mortgages they lied people into… $886,400,000.00.  Yeah, you read that right… $886.4 MILLION.  And I’m not going to say anything even remotely funny about that.

So, there’s our 1st PLACE winner… ready for our next contestant?  Come on… this is fun, isn’t it?  How about good old IndyMac/One West Bank… that’s got to be worth a few grins and giggles… I don’t know about you, but I’m having a great frigging time doing this, aren’t you?

2.  IndyMac/One West Bank – Let’s see… Good old IndyMac has done 19,623 trial mods, but how many permanent mods?  I’m going to need a calculator here, hang on… carry the 7… times 3… minus 14… I’ve got it… ZERO PERCENT!  NONE.  NOT A GODDAMN ONE!  ZIPPO.  NIL.  SANS ANY.

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Now, I bet you’re wondering how much incentive cash they’re in line for, aren’t you?  Just on the edge of your seat over there?  Well, I hope you’re sitting down, because the number is $814,240,000!  That’s $814.2 MILLION DOLLARS.  You do understand that’s just shy of a BILLION DOLLARS, right?

Would you like to know how much a BILLION really is?  Well, try this for an example:

1 million seconds is 12 days.

1 billion seconds… is 32 YEARS!

Or how about this one…

A stack of $1 million is about two feet high.

A stack of $1 billion… is three times higher than the Washington Monument!

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In other words… a billion is a whole lot.  A whole frigging lot.

Yeah, why would we possibly need judges to help in this situation?  I certainly can’t think of a reason.  And you want to know something else… a lawyer asked me today why I do what I do.  I should have said… “Well shut the front door… I don’t know.  Just bored I guess.  I didn’t really want to see my daughter grow up, so I figured I’d write about something seven days a week, and since no one else was saying a damn word about this, I figured the competition level was perfect for a remedial writer like myself.”

Look, I’ve got to be brutally honest here.  I love having people read my articles and all, but not enough to be quiet about this.  What the hell are you people doing out there?  I’m thinking of going back to work and watching the country meltdown from a seat in the bleachers.  Maybe start writing about something else, because obviously I’m not accomplishing anything here.  Rents have dropped a lot in Hawaii, and I could do Hawaii full time.  I play a mean ukulele, not sure if I ever mentioned that?

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Democrats killed it in the House… dead in three days.  The best chance to stabilize the U.S. housing market without costing taxpayers a dime.  A chance to stop the tragedy that is the foreclosure crisis, a tragedy that is going to do nothing but grow in size and scope for years to come… a tragedy that’s tearing people’s lives apart… and the banks said no, so it’s no.

And we’re all just hunky-dory with that?  I can’t believe it.  Oh wait… I forgot… you’re busy.  Not too busy to call and email me a couple of hundred times a week, I’ve noticed.  People, this is not funny in the least.

And before I go on, let me get one thing out of the way: Melissa “The Banker” Bean, an obvious bought-and-paid-for sycophant, should be tossed out of office directly onto her ample buttocks come the midterm election.  Period.  We’re still experiencing the worst economic downturn since the Great Depression… a condition unquestionably caused by the unbridled greed and unchecked power of Wall Street’s bankers.  And she is clearly some banker’s betch, to use a word my 14 year old daughter and friends taught me.

Think I’m guessing about this?  Well, I’m not.  I looked up Ms. Bean… it was easy, like falling off a blog.  Melissa received at least $515,438 from banks and other financial institutions, including most notably JPMorgan Chase, Morgan Stanley and Bank of America.  That’s a half a million dollars plus from the people who don’t want anyone telling them what to do, or what they can’t do.

Of course, checking the Treasury report on servicer performance, I do see that Chase has done quite a bit better in the modification department than either Saxon or IndyMac.  Chase has permanently modified a whopping 3% of its trial modifications.  Of course, before you get too excited, Chase has only offered trial modifications to 32% of its eligible mortgages, so I guess we better say the jury’s still out.  I wouldn’t want to jump to any conclusions and give them a pat on the back for that 3% prematurely.

Anyone feel like betting against some of those 3% ending up with higher payments than before the modification in Chase’s three percent pool of permanent mods?  Come on… you guys are not fun.  Okay, forget the 10:1… I’ll go 100:1 on Chase’s mods.  Step right up… No limits… I’m covering all takers.

Are you frigging kidding me?

Guys… look.  I don’t mean to beat up on you… I know how hard this whole thing is… believe me, I do.  But this is not the same country I grew up loving if all this sits just fine with everyone.  We can’t just sit around wondering who’s likely to win on American Idol, as we wait for the moving truck.  Because if we do, that truck is coming… sure as I’m writing this… it’s coming.

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And what about all the lawyers I know are reading this?  You guys became lawyers for more than one reason, I’m sure.  Wasn’t any part of your motivation because you believed in the fairness that’s supposed to be inherent to our system of government… a “representative democracy”?  Could you really sit this one out?  Are you imagining that you’re immune from losing a house to foreclosure?  Because you’re not, you know.  No one is.

I’m 48 years old.  I’ve owned my own firm for better than twenty years now.  I’ve enjoyed a very successful career.  I’m fairly enterprising, and I’m wicked smart… and I could lose my house, so don’t kid yourself… you absolutely could lose yours too.

I’m learning a lot this year about politics in this country.  I’ve learned that we have more power than we think we do.

Did you see the latest news about Goldman Sachs and the $16.7 billion in bonuses they had been planning to give out this year?  Well, they’re still giving the bonuses, but not in cash… stock options instead.  Why do you suppose that is?  It’s because our representatives have been flooded with letters and calls all year long related to the egregious bonuses at Goldman, AIG and the numerous others.  And the political pressure in a midterm election is intense.  Congress doesn’t want to go home to campaign and find people standing around holding pitchforks and torches.

We can do the same thing for our cause, you know.  We really can.  My “A Hundred Thousand Homeowners” project is one such initiative, and there are others I’m working on, as well.

I’ve realized for some time that we live in a politically divided nation, but I was thinking that the divide was between Democrats and Republicans… the “left” and the “right”.  Apparently, I was wrong… today we’re actually divided between the Banker Party and the Common Sense Party…. Something like that anyway, it needs work.

Members of the Banker Party think banks are awesome in every way.  They never do anything the banks don’t like.  Members of the Common Sense Party understand that foreclosures must be stopped, and they think that causing the most severe economic recession since the Great Depression requires some level of new oversight to ensure the same thing doesn’t happen again five years from now.  And they’re willing to stand up and fight, before their country disappears before their own tearful eyes.

THIS ISN’T ABOUT RIGHT & LEFT.  IT’S ABOUT RIGHT & WRONG.

And in case you’re waiting for “it” to come back… “it’s” not coming back.  Or rather… it will be back, just like the technology IPO market will come back too.  But, it could easily be a decade before we see any sort of return to prosperity… and it could also be quite a bit longer than that.  Here’s one of the most telling statements I’ve seen in a while on this point.  It’s from the Congressional Oversight Panel’s December 2009 Report: “Taking Stock… What Has the TARP Achieved?”  They wrote:
“It is apparent that after 14 months, that significant underlying weaknesses in the financial system remains.”

We don’t have another 14 months to play around and let the banks destroy our way of life, which they most certainly will do.  Here’s another link to my favorite article on the topic.  It’s written by Simon Johnson, who in addition to have served as the Chief Economist for the International Monetary Fund (“IMF”), is now a professor at MIT.  Here’s his article about what’s happened in this country, which was published in The Atlantic last May.

And here’s one from Rolling Stone from yesterday.  You should definitely read this one: President Obama’s Big Sell Out – Rolling Stone.

In Conclusion, don’t worry… I won’t quit if you won’t…

Pastor Martin Niemöller (1892–1984) wrote a very famous poem that, being Jewish, I’ve known since I was a little boy.  He wrote it in reference to the inactivity and apathy of German intellectuals following the Nazi rise to power and the purging of their chosen targets, group after group after group.

Niemöller was an anti-Communist and as a result, supported Hitler’s rise to power in the beginning, but he soon after became the leader of a group of German clergymen opposed to Hitler.  Hitler hated Niemöller and in 1937 had him arrested and sent to the Sachsenhausen and Dachau concentration camps. His widely known and frequently quoted poem is a popular model for describing the dangers of political apathy.

First they came for the communists, and I did not speak out—because I was not a communist;


Then they came for the trade unionists, and I did not speak out—because I was not a trade unionist;


Then they came for the Jews, and I did not speak out—because I was not a Jew;


Then they came for the Catholics, and I did not speak out—because I was a Protestant;

Then they came for me—and there was no one left to speak out for me.

Speaking out on subjects that matter.  That’s what Mandelman Matters is all about.  But click that last link and you find my T’was the Night Before Christmas – 2009, Political Year In Review.

Aug
04

Mortgage Hardship: Solutions to Avoid Foreclosure

Here’s a link to my similar article at EZinesArticles.com: http://ezinearticles.com/?Mortgage-Hardship—Solutions-to-Avoid-Foreclosure&id=2710389

If you are facing a hardship with making your mortgage payments, you’re not alone. The national foreclosure rate is now at one in every 555 households. If you live in the Ft. Myers/Cape Coral area, that statistic jumps to 1 in every 18 households now in foreclosure.

A mortgage hardship is very common with unemployment numbers rising daily and US homeowners losing the values in their homes on a monthly basis as well

When someone loses their income they go through all sorts of emotions when they cease to have the ability to pay their bills. Fear can easily be all-consuming when facing a mortgage hardship and foreclosure.

The first thing I tell my clients is to not be afraid. Fear can take a root in our lives and cripple us from taking action and acting wisely.

Don’t cave in to the fear tactics of your mortgage servicer or lender – or any other creditor for that matter. You’re still in control even though you may not feel like it.

There are precise steps you can take to protect yourself and your interests. There are legal rights that you possess and can use to help yourself in difficult times. The biggest challenge is that most American consumers and homeowners don’t know they have legal rights. You have foreclosure rights…when you’re facing a mortgage hardship, all hope is not lost.

We have helped families stay in their home for an extra 6 months, 8 months and over a year. We never provide a precise time frame or outcome. There are so many variables… if you have a company giving you a bunch of promises and charging a lot of money upfront for now finite service, be extremely wary and cautious.

Another very likely issue is that the financial institution attempting to collect and/or foreclose doesn’t even own your loan or have the legal right to collect. Over 80% of all foreclosures filed in Florida right now contain a “Lost Note” count alleging that they (the plaintiff) have lost the most important document as evidence of the debt they claim you owe – the Note

There are several affirmative defenses that a qualified and competent foreclosure attorney will know how to bring in your case.

A TILA mortgage rescission may be something that you can assert if there are material disclosure violations found in a forensic loan audit of your loan documents. Obtaining a true forensic loan audit is probably the best first step you as a homeowner in mortgage hardship can take.

A forensic loan auditor will truly break down the entire package of loan documents and examine them for state and federal loan violations along with a forensic examination for fraud and failure to disclose, appraisal fraud and loan application and underwriting fraud.

Be certain that you are truly dealing with a reputable and knowledgeable auditor. I find that a very select few of us really know what to look for and truly know the laws. So many people will tell you what you want to hear without preserving integrity and honesty.

There is a litany of scams out there so be careful. Take your time, ask questions, find a professional who will help and educate you. Knowledge is truly power. The more you know and understand your foreclosure rights, the better off you’ll be.

Quantified violations of the Truth in Lending Act (TILA) and other federal violations can be used a Claims in Defense by Recoupment in any foreclosure action brought against you. A forensic loan audit (done right) is highly valuable for you.

You’ll land on your feet. You’ll make it through this tough time. Be a sponge for information, read it with common sense in mind and find a person or two who can be your mentor or advisor through this time. You’ll make it… I promise.

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