Q: last june 2008 i got a 203k morgage i fixed up the house as i had hired a loser contractor that damaged my house pluming and onily showed up about once a month i finish fixing the house in augest 2008 and there has bin 2 aprasers out to look at it but the 17,955 thay have for the repars that i dint use has never bin returned to the principal likr it was suposto i am on disabilty ad dont have money for a aterny how or who do i report the stolen money too thank yuo louis a miller jr

Submitted by louis miller from geneva ohio

A: I would think your state consumer office if Ohio has one, if not start at the state or local housing authority and ask them to point you in right direction. Most states have some agency that advocates on behalf of consumers.

Answered 11/09/09 13:00:16 by Kevin Hall and Tony Pugh

Q: All these settlements from Countrywide and Bof A. I'm wondering wheres my share. Countrywide rand me in circles delaying ub til Bof A inhearte3d my Mortgage. I,ve spent over $7,000 on negociations and now Bof A wants over $4,500 to start my nodification, they also added on the 18 months of missed payments Due to crooked Nodification Co. and C/Wide dragging their feet. I'm to the point thaqt I'm forced into a short sale of my House. After that I'm leaving the country to live elsewhere. wheres my Cut??????

Submitted by Phillip Moyer from Long Beach Ca

A: Not sure what I can say other than to publish your comments and let them stand for themselves.

Answered 11/09/09 12:58:52 by Kevin Hall and Tony Pugh

Q: Myself and my family are victims of preditory lending by Nationstar Mortgage. They stole our house out from under us! The did a illegal modification so that we would lose out on the house! There are hundreds of people on a Nationstar blog complaining of the same thing as myself and we have all contacted the Attorney General on Nationstar, nothing get's done to them!!! WHY NOT? If you go on Nationstar's site and go to the very bottom of the page and click on realestate for sale you will see they are one of the biggest problems of this foreclosure problem. They have thousands of homes for sale that they stole from innocent people!!!! They are rude, nasty, hangup on people, harass people, threaten people that have loans with them. Why can't someone help us???

Submitted by Kathy Farley from Sacramento, Ca

A: I wish I could say something comforting but the reality is these servicers don't have your interest in mind, and most of them answer to investors, not homeowners. You (borrowers more generally) are an afterthought. The Obama plan seeks to give some incentive for them to do the right thing, but my own personal experience working with borrowers has led me to conclude that attempts to "help" homeowners are window dressing designed to look like they are playing ball. Just watch the Treasury data later in the year and next year to see how many of these mods because successful, permanent solutions. I suspect it will be a small number.

Answered 11/09/09 12:58:14 by Kevin Hall and Tony Pugh

Q: We continue to hear about the devaluing of the US dollar. On May 1, 2007 it took $1.36 to buy one Euro and $1.996 to buy a British Pound and during that year it exceeded $2 on several occasions. The current cost of a Euro in US dollars is $1.48, about where the price was on 12/31/2007 at $1.47. And the cost of a British Pound in US dollars is $1.579 about 42 cents less than on 12/31/2007. Hasn't the dollar been much weaker in past times? And why is it such a concern today when it has been much weaker in the past?

Submitted by J. Lester from Fort Worth , Texas

A: Good question and yes it has been weaker. I think those who squawk the loudest about the weak dollar are those being hurt by it, Europe comes to mind. It makes their products less competitive. When the U.S. economy is down, it's natural that the currency should be down too. The biggest concern is that our unfunded liabilities and the heavy borrowing in dollars may force investors to eventually demand higher rates of return for U.S. treasuries, fearing that inflation will erode the value of dollar denominated assets or that simply the dollar will be worth less with respect to other major currencies. But you didnt hear much complaining about the strong dollar during last year's volatility when everyone everywhere engaged in a flight to safety and some treasuries actually had a negative rate of return, that is people were willing to lose money in hopes of not losing even more.

Answered 11/09/09 12:55:27 by Kevin Hall and Tony Pugh

Q: some economist claim that no one society(nation) under any form of economic arrangement can eliminate the problem of relative scarcity. thus each nation still faces trade offs and must make economic choice. Q, what are your critical argument in the light of this proclamation. Q2,clearly, explain how the fundamental economic are dressed in capitalistic economic system

Submitted by seremba john from uganda

A: I'm not sure this is the proper forum to answer that question, thought I appreciate it, especially coming from as far away as it does. To be sure, there will always be trade offs unless we find utopia, don't think it's been found yet. Not sure I really understand what you are asking, is it how do we eliminate relative scarcity or are you suggesting a fundamental flaw in capitalism? Feel free to follow up with details and I will publish for our readers, providing it is brief.

Answered 11/09/09 12:50:45 by Kevin Hall and Tony Pugh

Q: have you guys heard of bobby ginn /lubert addler ,the biggest fraudsters in FLORIDA HISTORY ,HAVE ALL THE EVIDENCE GET IN TOUCH CLASS ACTION ONGOIN

Submitted by charlesmckinlay from kissimmee florida /scotland as well

A: no I haven't but will publish your message

Answered 11/09/09 12:48:43 by Kevin Hall and Tony Pugh

Q: why is the economy down

Submitted by Kyle Locke from Slidell,La

A: Is there a punch line to this question?

Answered 11/09/09 12:48:21 by Kevin Hall and Tony Pugh

Q: Dean Baker, one of my favorite economists, wrote recently that China manages to keep its (low?) exchange rate of yuan to dollar by buying lots of U.S. debt, both public and private. Could you explain exactly how this works? (China spends its dollar earnings on dollar goods, including dollar paper; where does the yuan come in?) TIA for response! Alan McConnell, in Silver Spring MD

Submitted by Alan McConnell from Silver Spring, MD

A: I think in the simplest of terms, it does export in dollars or referenced in dollars equal to X amount of yuan. Since currency traders do not determine the value of the yuan, it trades within a very narrow band, it is essentially a fixed exchange rate. And since it is historically low in value versus the dollar, it makes U.S. exported goods more expensive in relation to local products. The reverse is also true, that what it sells abroad are cheaper that dollar denominated goods. The dollar has weakened of late, helping ease some of this problem but the yuan is still undervalued. China has its own domestic reasons for preferring a fixed exchange rate but it is a huge anomaly among developed and even developing nations. It is an irritant that will remain a thorn in bilateral relations.

Answered 11/09/09 12:48:09 by Kevin Hall and Tony Pugh

Q: The federal gov't. wants to step in & regulate the compensation for bank employees (i.e. private citizens) due to them needing taxpayer money for their bailout. On the other hand the federal government needs the taxpayers money to keep bailing them out due to over spending, bad budgeting, wastful spending, increased staff, etc. but the lawmakers seem to think it is okay to give themselves a pay increase. That contridicts their thinking right there but then take into account the skyrocketing unemployment rates & the fact that millions of people are losing benifits or didn't receive a pay raise and it boils down to just being GREEDY. Every one of the lawmakers better feel lucky the American people don't get to decide if the lawmakers deserve a raise, which we should since they work for us.

Submitted by Scott Whitehead from Neodesha, KS

A: Can't argue with that. You won't find a big defender of Congress in me. Where were they before the crisis and where are they now, busier trying to score points than helping those who really are in need

Answered 11/09/09 12:43:41 by Kevin Hall and Tony Pugh

Q: I would like to know where you received this information? My name is Rita Camaione from Latrobe, PA and I never asked this question. Please have your legal counsel contact me ASAP. Q: — Citibank had potential current losses of $140.3 billion , exceeding its $108 billion in reserves, and future losses of $161.2 billion . My question is this? How can CitiBank still pay their "top brokers" millions in bonuses? We should not give them another cent to bail them out of their own mess. We're idiots if we do. Submitted by Rita Camaione from Latrobe, PA

Submitted by Rita Camaione from Latrobe, PA

A: Not sure what information you are referring to, and we don't have legal counsel in this office.

Answered 11/09/09 12:40:53 by Kevin Hall and Tony Pugh

Q: My husband had a stroke 4 years ago. I sent EMC an application for Loan Modification. My money is running out I will be able to make one more payment.I sent all the documents to prove my husband's disability, and our hardship coming up with the payment every month. My family has helped but money has run out. I got a call from EMC today, after faxing application twice and mailing priority mail once. saying my loan modification was denied because We have an a FHA loan and their guidelines stipulate if your mortgage is current your loan cannot be modified, but if I was behind on my payments by one to two months away they could have approved it. In the meantime they looked at my insurance coverage for my home and wanted my deductible lowered to $1,000, for my flood, and increase my coverage by $48,400, and probably raise again next year which will raise my mortage payment since I pay insurance out of my Escrow. I have no idea where to turn, I thought by keeping my account current, it would better our chances for approval. Please help with where to go to next, write OBAMA? Sincerely, Elma Gillette, Ochlockonee Bay, FL

Submitted by Elma Gillette from Ochlockonee Bay, Fl

A: I would certainly write or call his Treasury Deparment team that is part of the Making Home Affordable effort. Sorry about your troubles, if it helps any you are certainly not alone as the messages to this website demonstrate clearly.

Answered 11/09/09 12:40:04 by Kevin Hall and Tony Pugh

Q: Why couldn't (or have)the government just extended the trouble mortgages to 40 years with a corresponding reduction in monthly payments with minimum impact on securities holders because most homes are sold within twelve years or so anyway?

Submitted by R Gambel from New Orleans, LA

A: Seems easy enough, and actually there was some talk about nationalizing mortgages, or buying them back from investment trusts and reworking the loans. But because so many of them are in the hands of complicated pools of mortgages, it becomes an issue of breaking contracts. Yes, I know we've nationalized banks and done those sorts of things, but it does look decidedly like a banana republic when contracts are just willy nilly abrogated. I agree with your assessment that there are easier solutions for the payment problem, and some lenders are doing that, the problem is holders of mortgage bonds have been promised certain income streams and this complicates everything.

Answered 11/09/09 12:38:43 by Kevin Hall and Tony Pugh

Q: I tried to fit into Obama's program of loan modification with my mortgage servicer, Chase. I live from a $2,200/month pension and have no help from other family members, like I used to have. After sending documentation to Chase many times, and sending letters to congressmen and senators, I received a letter from Chase stating they put me on a 3 month probationary payment schedule equal to 31% of my pension/month. They said after I made the 3rd payment they promised to give me a permanent loan modification. Today I called and spoke to yet another person, this lady was more tense than others previously, she told me if I don't change my income my only option is to have 3 months no payment and in February they will sell my condo. There was no way to convince her that if they sell my condo they will have less than half of the amount I owe them. I know this because other comparable units in my building sold for $150k in foreclosure. I owe them $300k and I promised to pay this if they lower my interest rate to 2% and extend the life of my loan to 40 years. She continued to insist that I do not qualify under Obama's Help for Homeowners, because the bank does not accept for me to pay 31% of income toward the loan. She will send me a contract, maybe, to sign for 3 months with no payment and then to sell my house. I don't intend to sign that contract. I am confused because I paid 3 months to prove I could afford to make that payment and now they change the story. What should I do? Please answer to me, maybe I am not the only one in that situation. I have health problems, sometimes I have huge pain, I cry all day and at night and no tenant will share the condo with me. As everyone knows their suggestion for me a 67 year old woman to find a job is like telling me I should win the lottery. Please answer to me.

Submitted by Felicia Mateffy from Long Beach, CA

A: I sent your message to a spokeswoman at JP Morgan Chase, not that I am convinced they will do anything about it. If you are not making any progress in a week or so, send me an email to khall@mcclatchydc.com with contact numbers and I will to ring you

Answered 11/09/09 12:36:20 by Kevin Hall and Tony Pugh

Q: Has an individual successfully sued a lender in CA or are the only actions being taken of a class action nature? My situation is similar to Geoff, OR on 10/09 but may be more complicated as I am self employed and severely impacted by economy and can show little income at this point. I had made a point I needed a quick resolution due to economic environment. A couple of low lights are that a lawyer did not represent my interests and tried to get me to pay $8,500 for a forbearance agreement that lender wouldn't put down in writing while not pressing lender on any legal issues that we're already circulating in 10/08 and I had recommended. I stopped foreclosure sale 3 times, latest after lender proceeded with auction and may have illegally tried to evict me and my tenant. They are now in process of rescinding the sale but have not updated me whatsoever. As Geoff did, I recommend keeping a detailed log and filing a complaint with the Comptroller of the Currency if the lender is abusing the process. Hopefully I can review in more detail with you.

Submitted by Luis from Los Angeles, CA

A: I dont know whether individuals have sued and won, I know that class actions are the way most cases have proceeded. yours is a familiar story sadly, especially the part that a lawyer tries to make a quick take off of you. I would try to get your information to the Treasury Department's Making Home Affordable Team and at least bring it to their attention. I would also reach out to the ombudsman or similar office at the FDIC and perhaps the House and Senate investigative committees, at minimum to ask why the investigative arms of Congress are spending more time scoring political points and not looking into what servicers are doing to real people who vote.

Answered 11/09/09 12:19:50 by Kevin Hall and Tony Pugh

Q: I have been pursuing a loan modification with EMC since May. I was told last week that my request was denied because 1) I didn't have enough income and 2)my situation was temporary. This is my situation: I have a stable income at a company I've worked at for almost 30 years, my mother in law lives with us and is disabled and my husband cares for her and receives income from the state for in house services. EMC has stopped sending me statements. When I called to ask what my options were, I was told I could consider a short sale. I have continued to pay the mortgage and have not been late. It seems like EMC has no interest in helping me, they would prefer to foreclose than modify my loan. Have you found this to be true for other homeowners?

Submitted by Lynda Matthews from San Francisco,CA

A: Out of curiousity, do you have equity built up in your home? Banks have been trying to move good customers with equity into foreclosure quickly so they can strip you of your asset for gain and guess what, it is legal. email me at my work email, khall@mcclatchydc.com with somewhere to reach you and I will give a call.

Answered 11/09/09 12:16:58 by Kevin Hall and Tony Pugh

Q: I am puzzled by the "fact", repeated endlessly by professionals of reputation, that the mortgage backed securities were based on the actual fact that housing prices have never declined in the past 50 years; even Krugman repeats this. The truth is that it has happened twice since the late '80s, and it took years before they bounced back. http://www.ritholtz.com/blog/2009/07/update-case-shiller-100-year-chart/ As far as I can tell, there are two ways to rejigger, both bordering on, if not actually, fraudulent. Smooth out the curve or, in one housing index I saw, not correcting for inflation. Even Krugman? Am I missing something here?

Submitted by Chuck Palson from waltham, ma

A: My understanding is that they declined regionally but not nationwide in the 80's, tied both to the S&L crisis and the Fed induced recession. But even for the sake of argument that they fell back at some point, they certainly have not gone backwards in the modern era of finance with securitization and the so-called financial engineering. The feeling was that somehow this time was different, that inflation choked out and it was onwards and upwards and that recessions here forth would be shallow and short etc. I think that is what analysts are getting out when they make note of this difference. And by the miracle of "credit enhancement" pools of loans could be smushed together with enough accounting for potential failures that you just couldnt lose. And as the old joke goes, never say never.

Answered 11/09/09 12:15:23 by Kevin Hall and Tony Pugh

Q: After being directly involved in mortgage loan modifications for 2 years it is easy to see why these lenders are in such bad shape. The right hand has no idea what the left hand is doing. I just had a WAMU?CHASE client who's loan had been submitted for modification for months have his house sell at auction & be approved for a trial mod the very same day. Robert Robert

Submitted by Robert Pierson from Phoenix

A: Yeah, if I had recorded or filmed every conversation with a servicer and put together all the bizarre things they have said and done while I was on the line with a borrower, I am sure I could win an Emmy or some drama award. You've said it well, the right hand knows not what the left is doing. It's like Ground Hog Day to the 10th power.

Answered 10/09/09 13:40:16 by Kevin Hall and Tony Pugh

Q: I have a "very unique" experience I would like to share with you, involving BofA/Countrywide. Finally these lenders have/and are, being exposed for fraudulent, malicious foreclosure proceedings. Please contact me, my story will be very, very interesting to share with you. I have formatted my experience with CW and BofA, date for date, phone by phone call, and you won't believe what they attempted to do. It took me almost 5 months and hours of research, loss of 20lbs due to stress, to finally get justice from Bank of America. I was determined not to get screwed by them. After speaking to the CEO's office, and threatening to expose this illegal situation to the news media, did I raise an eyebrow by a corporate manager. In less than 5 minutes(remember I have pursuing this relentlessly since May 18th and 20lbs lighter), I finally got the attention I deserved. You folks hit it right on the money. The lender realized I was one of the fortunate ones that still had equity in my home. They did everything in their power to foreclose on me, (maybe they thought they could take my equity), and the story I have, should be made public. Please contact me if you want to view the information I have collected. These national lenders think they can walk all over people, but they didn't realize that I'm a bull, and they need to get the horns now. I won't pursue action until I have a written statement from the bank stating my situation has been resolved. This is my home, and that's #1 now. But watch out Bank of America, we aren't done yet. I look forward to your reply.

Submitted by Geoff from Salem,OR

A: contact me at khall@mcclatchydc.com and we can arrange to talk

Answered 10/09/09 13:38:28 by Kevin Hall and Tony Pugh

Q: What happened to government for the people? It seems more detatched from us every year, except at election time. I'm 70 now and it gets worse all the time. Thanks for your time..Ron

Submitted by Ron Blask from Lancaster, Wi.

A: Funny how come election time it's all about apple pie, the flag and the little guy...

Answered 10/09/09 13:37:26 by Kevin Hall and Tony Pugh

Q: American Servicing Company which holds our mortgage has used everyone of the practices you reported on to take our home. It took us a year and a half to find who owned our mortgage{ Wells Fargo) They say they modified our mortgage after my son-in-law lost his job but strong armed us into paying 4,200.00 to miss two months of payments. Their behavior has been criminal at best. Now we are trying to complete a short sale which they are playing the same games. Where is the government regulations on any of this? ps There was no interest rate reduction and they tacked 20,0000. on to our loan Escrow and homeowners insurance (3,000.) yrly premium that is still there even though we have our own policy.

Submitted by Lois Doughty from Swanzey NH

A: Sad to say your story is not uncommon. There has been a lot of bad faith on behalf of servicers, whose interests are allied with the investors and not the borrowers, and no one in our out of government is properly equipped to monitor let alone enforce what is going on in the marketplace.

Answered 10/09/09 13:36:17 by Kevin Hall and Tony Pugh