Saturday, February 26, 2011

Major Investigation. - First Action.....

Cummings Launches Major Investigation of Mortgage Servicer Abuses

This is a good thing by Rep. Cummings, and though we applaud the effort, he is a member of the Minority in the House. His investigation can easily gather evidence to demonstrate how the servicing industry is committing fraud and abuse, but we all know this already. We have the SIGTARP report, the COP report, and the GAO findings, which all clearly demonstrate what is going on.

The main question is what will Chairman Issa do with the results after the report is complete?  As Chairman of the Committee, the findings of the report could possibly never be acted upon. The Majority in the Committee sets the agenda. We already know Chairman Issa is a co-sponsor of H.R.430, which calls for the end of funding for HAMP and other programs.

Rep. Cummings is going to need support in large numbers. This situation is exactly why "This Egyptian Thing" was created; to target specific action to specific people at specific times in large numbers. In order to get the help required to fix this mess, we need to organize. "This Eygptian Thing" is designed to do that.

Again, we applaud Rep. Cummings, but unless it is acted upon nothing will change. Chairman Issa and every other committee member need to have their phone lines and emails jammed with our single message: Will the Congressperson be attending the hearing? Since the hearing is in Baltimore, our effort will start on the morning of March 6th. The reason is: it's doubtful that many members are planning to make the 45-minute drive from DC. They need to be aware that the public expects them to attend and care about this issue. With large numbers, DC staffers will see an organized effort - they will speak between themselves and will start to get the message.

Demonstrating large numbers will also give Rep Cummings the backing he needs to move this forward. We cannot pull this trigger until we know how many people will support the effort. The only way we will know our numbers is for people to click on the "follower" link on this site or follow it on twitter.  We can also track the number of people requesting information by email at: .

With "This Egyptian Thing" we don't just want to complain, but rather offer one simple solution.  It is not the silver bullet to all the problems, but it is change that can happen immediately. 

Thursday, February 24, 2011

Fannie to reward the Servicers - WOW!!!

Yesterday Fannie Mae announced its new STAR program:  Follow the link and come to your own conclusion, but I see the word "Incentive." These incentives are not mentioned until the fourth paragraph in the press release. I do not want to prejudge until we learn more and I already requested clarification from FHFA, but I would want to know the following answers; 
  • What are the servicers promising to do different?
  • Do the servicers plan on making the investment for trained people?
  •  Do they intend on using new technology?
  • Are these incentives tied to HAMP guidelines and directives? (to me this is the big question)
  • Are the incentives over and above HAMPs current incentive program of $4,000 - if so does this mean they will be paid even if there is not a successful modification?  (I do not have a problem with that if the following is changed).
  • Is Fannie going to check on the servicer work product or will all underwriting still be left to the servicer?  If not HAMP’s FATAL FLAW still exists.

If this is Fannie Mae's only solution to fix this mess, then we can expect more of the same, except the servicer will make more taxpayer money. If we had the numbers for "This Egyptian Thing" we could be all over this today. We would be targeting Fannie Mae's press office and the relevant committee members. I do not want to pull the trigger until we have greater numbers. 

If anyone has contacts with media outlets you should sent the link to the reporter and title it "Fannie Mae to Reward Servicers after Failing with Taxpayer Money".   

Wednesday, February 23, 2011

Crime shouldn't pay

I would encourage everyone to go to the following link and sign the petition. We may be a little late but I was just made aware of this yesterday, and more signatures may help. This is an action directed at the State AG's, which is good. This Eygptian Thing is directed at the Federal level but all efforts are needed. Their objectives are in line with ours and we should support this effort. I would hope they would support ours. Good luck...

Sunday, February 20, 2011

Important Developement Regarding Fines

It has been reported that Treasury and the Regulatory Agencies are finalizing a plan for fines against the servicers for failing dramatically in their efforts to modify and stop preventable foreclosures. It is about time and is good news. The question is how big the fines will be and how this program can be implemented.

The levy of fines works directly with our single message: to have a check on servicer underwriting and denial of HAMP modifications with a neutral third party. The fines can be based on declined loans that in fact did qualify for a HAMP modification. The "Escalation" process is one area where we think the neutral third party concept works. When a file is declined, it will be redone from the start by a neutral third party. If in fact that homeowner did qualify, the servicer would be fined. If the trial mod goes over 120 days, the file would move to neutral third party for underwriting - and the servicer would be fined. If after a long period on a trial with no permanent mod or a decline, an applicant can "Escalate." If they qualify, the servicer would be fined.

Our single message of a neutral third party would allow for a process of determining fines.

We must put a large group of people together quickly. Hearings in the Senate and house will start in March on this subject and we have to be ready with our single message. Will the (Target) be at the hearing today – or tomorrow? I am an angry homeowner who is losing my home. I have done everything asked of me. I do not trust the bank and want a neutral third party to review my file. We Need Change Now! 

Send and email to with "We Need Change Now" in the subject line. I will reply with the full strategy.

Click "follower" to be up-dated.

Wednesday, February 16, 2011

Logic behind political effort of This Egyptian Thing

There have been many visitors to this page but very few takers. I know many have tried to contact their representatives for help only to be told their hands are tied. If I may, on the subject of targets for This Egyptian Thing: unless a member of the Senate or House are on a relevant committee, they have no say in a specific policy until it is brought to the floor for a vote. Contacting “your” Senator or Congressman will do little unless they are on that committee or a ranking member of the leadership team for their party. Contacting State governments will do little since HAMP is a Federal Policy. The only impact a State government can have is through the banking dept, and possibly Judicial, which could place some restriction on the foreclosure process like State Court Mediation. The States do not have the money to do anything, especially the hardest- hit states. Our efforts can filter down to the State level only after we get change from Congress/Treasury. The Governors at that time can be helpful. There is a time right before the National Governors Association meeting where our efforts can be placed, but that would only be to have them support our single message.

There are many things that need to be changed but we need to focus and request change in an area that can be changed. The government does not have authority over all banks and it is politically difficult to get the servicers to be forced to follow the guidelines. Our single message to take sole underwriting authority out of the servicers' hands, to perform a check on their work product with the use of a neutral third party, is selected because it can be done. The authority does exist in Congress - without overreaching - by mandating fines, which could cause the servicing industry to say "try it." Laws will have to be passed, which will be difficult in a Republican House. The GSE’s are taxpayer money, therefore Congress is responsible for their losses. Treasury “Escalation” is already part of HAMP and the servicers have already signed onto it. Court Mediation ordered by the courts is just that – a court order. These are obtainable goals and all possible with our single message, but we need numbers and a workable strategy, we have the latter. After two years, I know the landscape.

To do nothing will assure greater problems for everyone.

Send an email to with "We Need Change Now" in the subject line. I will reply with the full strategy.

Click "follower" to be up-dated.

Sunday, February 13, 2011

Lets get This Egyptian Thing Started

After two years of the Obama Administration's efforts to Stop Preventable Foreclosures, the Country is in worse shape now than it was in 2008 when the crisis started.  We all know the damage the government's failed efforts with HAMP has caused families, communities, cities, and the economy overall. 

We all know where the problem lies; the servicing industry and their unwillingness and inability to implement what is a good program. HAMP has failed - not because of the program design, but because of the servicing industry’s greed.

In our opinion, we have one option left to save millions of families from losing their homes, and stem the real estate values which continue to decline and will negatively impact every American homeowner and the economy for years to come.

The main problem with the servicer is they are improperly underwriting, ignoring HAMP guidelines, and losing documents - resulting in long delays and improper denials. We know there are other problems, but this effort, which will be referred to going forward as “This Egyptian Thing” or “TET,” will be an attempt to change what we can . “TETs” main objective will be to take the sole underwriting authority out of the hands of the servicer when possible.  Neutral Third Parties are needed to make sure every American is being given a fair hearing on a case by case basis. The servicing industry will change once they know they no longer have a monopoly on the underwriting process and that professional underwriters are checking their work product.

“This Egyptian Thing” when referencing this effort - has been chosen for a number of reasons; we just witnessed a large group of people organize quickly, offering a single message for change. Americans should stand up and take notice; we have just seen it in Egypt – one hundred thousand people, organized with social networking, had the power to bring a government down in 17 days. It is not our intent to bring down our government but to get them to listen and save our Country’s economy and the homes of millions of hard-working Americans.

Twitter seems to be the easiest way to send a message to many people at one time. We will instruct everyone to visit daily as a “follower” on for a daily message. Daily tweets will be given at first, informing people of what is going on. We will include some bits of information that may help people, directing them to important sources.

Our goal would be to have at least 500 people start by March 1st , though 1,000 would be better. Based on the millions of Americans currently in this fight, along with the tens of millions of American Homeowners who are directly affected by the foreclosure crisis, we should be able to gather enough support to have a positive impact.

This terrible situation has gone on too long.  Many American families have lost their homes or are in the process of doing so – in many cases this does not have to happen. The Obama Administration and Congress have not done all they can to save families and real estate values in our country.  We can no longer sit idly by and watch this happen to good people. This mess is hurts every homeowner in America and the media largely ignores the situation. Two years is long enough – we must take some kind of action now.  It is time to Rise Like The Egyptians.  I hope you agree and will join the effort – We Need Change Now!!!

If you would like to participate in this effort, please send an email to with "We Need Change Now" in the subject line, an email with further instructions will be sent.  

Steven Gillan  

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