Page 8 - Loan Modification News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Rob: all right. jillian: mortgage mess, hundreds of people losing their homes all because of a computer glitch. rob: that sounds unbelievable tracee carrasco from sister network fox business to explain how this is even possible, tracee. tracee: this is outrageous but wells fargo admitted that was a clulation error that may have led to as many as 400 homeowners needlessly losing their homes to foreclosure, wells fargo revealed this in a regulatory filing that the mistake in a mortgage modification tool wrongly factored in lawyer's fees into the formula from the government to determine if the ho...

It which was a high coupon was packaged together into securities and sold around the world. is that not correct? >> that's true. they had all different types of acronyms. load docs, subprime. they just should have been called bad loans. that's what they were. >> and your indymac as i remember and i recall tried everything it could to recalibrate those loans, restructure those loans and renegotiate those loans to keep as many as possible from not going into foreclosure. >> that's true. not only for the loans we owned but loans we serviced for fannie mae and freddie mac. matter of fact, the one ...

Now extended isn't the same as a modification. >> extended means they were put on modifications. whether that's -- >> that's not a completed modification? >> no, but again, they were offered and they were put on a loan modification. >> but, in fact, in fact, according to a document that also i'll make part of the record, this is a one-page document from hamp, the home affordable modification program, that mr. chairman, i would ask that it be made part of the record. making home affordable summer results. that's the name of the document. in fact, let me just say one more, mr. chairman, in terms...

There were people that through loan modification were able to keep their homes but at the end of the day donald trump has chosen extraordinarily successful business people who might be extraordinarily successful in his cabinet but it's hard to make the argument they were doing those jobs for the american people. that's just not the case. it's one of the reasons thing are so contentious today. >> when people are saying give me a break. there is a divide what we now refer to as the bubble that the media can give in and people in wall street who get this lingo versus the people who ultimately ele...

Providing a loan modification. to the extent that the net present value was higher on foyer clo foreclosing, we unfortunately had to follow the hamp rules or we would have been severely penalized if we had not proceeded with foreclosures. >> these were not your rules. >> they were not our rules, senator. they were rules that were driven by the administration under hamp? >> which administration. >> the obama administration. >> oh, i see. okay. let me ask were you familiar. there's a wide agreement that the tax laws have become much too complicated. when stories of people getting their tax liabi...