HomeEq Cuts 924 Jobs in California Loan Modification Center
NORTH HIGHLANDS, CA – The employee parking lot at HomEq Servicing in North Highlands was emptying out Wednesday morning as 924 employees learned they would be losing their jobs in a new owner consolidation move.
HomEq Servicing is a loan modification company.
Rumors of the job cuts surfaced Tuesday. Employees told News10 if they talked to reporters, they had been warned they would lose their severance pay.
Wednesday, workers received official word of the layoffs. They were told they would be paid through Oct. 29 on the condition they return to work through Sept. 30 and then left.
Funding for Zero-down Home Loan Programs Restored by President Barack Obama
Before that I tell you the detail of the announcement. I would like to share with you the historical background of the Ninja Loans.
Ninja Loans (“no income, no job or assets” Loans)
These loans were the invention of the two big real estate organizations Freddie/Fannie. These were the organizations due to which we have faced the mortgage meltdown that cause the current economic crisis.
These can be known as an invention of Democrats.
Historical Events that supported financing for Low income people
Here I have mentioned all those events in an approximate sequence during which these loans were authorized:
- President Jimmy Carter has passed the Community Reinvestment Act (CRA) of 1977 taking effect from the pressure imposed by the groups like ACORN. At
Predatory Lending Practices: Refund Anticipation Loans
Refund anticipation loans are commonly offered by tax preparation services. With this type of loan, you can get your hands on your tax refund before it is processed with the government. Although this might seem convenient, there are several disadvantages to using a refund anticipation loan. Here are a few things to consider before agreeing to a refund anticipation loan.
Interest Rates
Perhaps the biggest problem that most people have with refund anticipation loans is the interest rates that are charged for them. Since you are only borrowing the money for a short period of time, it may not seem like the interest is that high.
Surprise! Banks help more homeowners than Obama
NEW YORK (CNNMoney.com) — Remember how everyone complained that banks weren’t doing enough to help troubled borrowers?
Well …
Banks have realized that foreclosing on home after home after home may not be in anyone’s best interest — least of all their own. So they’ve ramped up the number of loan modifications they’re handing out to their delinquent clients.
Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration’s signature Home Affordable Modification Program, known as HAMP.