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Are Procedural Issues the Reason Behind Foreclosure Suspensions at GMAC and JP Morgan?

In the face of faltering loan modification numbers and a new monthly record set in August for Americans losing their homes to foreclosure, two of the largest lenders in the country in the country have suspended foreclosure proceedings due to questions about the validity of the associated foreclosure documents. JP Morgan Chase has suspended foreclosure proceedings on 50,000 foreclosures, due to documentation errors while GMAC Mortgage has suspended foreclosure activity in 23 states citing “procedural issues”.

The 23 states where GMAC (now owned by Ally Financial) voluntarily suspended foreclosures require a court order for foreclosure. Colorado has asked to be added to GMAC’s list while Jerry Brown, Attorney General for California and Democratic candidate for Governor, ordered GMAC to cease foreclosure proceedings in the state until a legal review of their procedures can be completed.

At issue in both situations are allegations that employees signed off on foreclosure-related documents without assessing the files. According to the Washington Post, one of GMAC’s employees hadn’t read the roughly 10,000 foreclosure documents he approved each month. That “productivity” works out to about one signed and approved foreclosure for each working minute of the day.

While both lenders have admitted that there have been some “procedural” errors, the possibility looms that there is a much more sinister reason for the rapid-fire signing of foreclosure documents; the Net Present Value (NPV) test. The NPV test is a series of calculations which lenders use on each troubled property to assess their highest return resulting from actions including foreclosure, loan modification, or short sale. The formula for these calculations has never been released to the general public but plays a dominant role in the determination of whether homeowners keep their homes, hire the services of a bankruptcy attorney, or are forced to leave due to foreclosure. In the case of GMAC and JP Morgan, it’s not a big stretch to presume the possibility that the applications being processed at one per minute did not require review because the NPV had already determined that foreclosure would provide their best outcome.

The biggest problem for homeowners trying to get approval for a loan modification is that they typically have no idea what the intentions of the lenders are. That situation is now changing due to the arrival of a product carrying the same information for homeowners as the NPV test provides to lenders. Known as the REST Report, the software generated assessment provides NPV information, a clear determination of HAMP eligibility, and loan modification options which can be determined prior to submission of the loan modification application.

While it may be too late for the unfortunate people who have unjustly lost their homes to foreclosure, the running a REST Report can give you the information you need to get a loan modification and avoid foreclosure. Even if you have been turned down for a loan modification or are working with a bankruptcy attorney, running a REST Report can strengthen your negotiating position with your lender.

Our CA bankruptcy attorneys and legal staff can negotiate with your creditors and mortgage lenders to stop harassing phone calls and help get your life back on track. If you need information on Loan Modifications, understanding Bankruptcy Lawyers, or would like to know more about the new Government HAMP Program for Principal Reductions and mortgage payment forgiveness.

Article Source:
http://EzineArticles.com/?expert=Daniela_Perez

Question by Go: How would one remove a unjust In School Suspension from their record, FL?
I recently received a In School Suspension (ISS) for entering my school without tucking in my tee-shirt. I would like to know if there is anything I can do to remove the ISS from my record. My school did not supply students with a rule book, nor do they have the rules available in ink when ask. I also never received any paper work to sign that would bind me to any rules. With all the rules in my school being implied, would there also be any legal infractions my school is committing by this.
By the way, the Principal gave the the suspension, so I would like it if no-one says speak to your principle..
I would also like to add in that I do run allot of events that bring in revenue for the school, and I take care of quite a few responsibilities that should never be given to a student.

Best answer:

Answer by Betsy
You (if you are 18) or your parents (if you are not) can appeal the suspension to the Superintendent of Schools and, if necessary, to the School Board if it is a public school. Public school suspensions may be appealed to the state department of education. If it is a private school, your parents can appeal to the board that runs that school.

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Rega’s website: www.rega.co.uk Listen to a 7″ inch single that was thoroughly battered before I cleaned it with a Disco Antistat! Click the URL below for stereo!!!! uk.youtube.com

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19 Responses to “Are Procedural Issues the Reason Behind Foreclosure Suspensions at GMAC and JP Morgan?”

  • MarkPMus:

    It’s not exactly vintage, although the model has only just been erased from Rega’s range, replaced by the RP 6, after 7 or 8 years of being current.

  • tracehazarrrrd:

    vintage rega p5 with blue ortofon cart…if i could I would buy that turntable right now lock-stock, i’m droolin’.

  • Jamiep84:

    Records from this era (post-1979) were nearly all digitally-sourced, unfortunately, due to the introduction of digital “cutting delays” in the mastering chain.
    A delay is used to pre-adjust the groove-spacing ahead of changes in audio amplitude, in order to squeeze the maximum amount of music onto the disc (and also to create the visible ‘shiny space’ between tracks).
    Previously, a tape deck with two playback heads was used to provide the delay.

  • MarkPMus:

    Rega is named after Roy Gandy, the founder of the company – ReGA! So now you know. Whether it’s pronounced Reega or Rayga though, is open to question.

  • socksumi:

    Many British audio firms combined the name of the owner and his wife. Spendor came from Spencer Hughes and his wife Dorothy. Harbeth was Dudley Harwood and his wife Elizabeth. Could it be the same for Rega?

  • OldMusicOnVinyl1:

    I own the EXACT SAME 7″ single. A UK pressing just like yours!

  • ludvan64:

    I did a tour of the website. Standard of production looks very good. On the site it says that their equipment is inexpensive (I suppose they mean compared to other high end stuff of equivalent standard). Could you tell me for an example what the record deck in the video cost, please.

  • ludvan64:

    OK sorry for the misunderstanding. I’ll do a Google. I’m glad that record decks are still being made, and surprisingly in the UK. British audio equipment is usually top the the range as there is no point in the UK trying to compete with the likes of Sony etc. So It’s probably quite expensive.

  • MarkPMus:

    Yes, I did a video about how I set up my equipment and do my demos.

  • MarkPMus:

    It is a Rega, and that is the correct spelling. They are a firm from Southend, Essex, United Kingdom. They are most certainly not the same firm as your your wife’s radiogram. The company’s name comes from the name of its founder, Roy Gandy. YouTube won’t allow website addresses in comments but I will put a link to Rega’s site in the description.

  • ludvan64:

    My wife comes from Riga, and she had a Riga (sorry that’s the proper way to spell the name) radiogram from the early 60’s. Your turntable looks modern. Do you know when it was made, because I heard sometime after the Soviets left, the factory closed. The sound is very good.

  • gmdeoliveira:

    nice job…i love the song…did you record the sound direct from the preamp to the computer??

  • MarkPMus:

    Yes indeed I would love a P9 – I think the power supply add on with the electronic speed change is the singularly most desirable upgrade to my set up. (It’s available now for P’s 3 and 5 as an add on extra, and standard on the 7 and 9.) Also, that RB1000 tonearm is said to blow the lower RB’s right out of the water!

  • Si1983h:

    great setup mate, Rega certainly don’t suck!
    I want a P9 myself but all in good time.

  • MarkPMus:

    It sounds a lot better in the flesh, Halfloaf! This was transferred at a low bitrate, before I knew how brutal YT’s compression was. IMHO the CD doesn’t do this track justice, and I have yet to track down the vinyl LP. Anyone who has an unwanted copy lurking in their coffers, chuck it on eBay please, and let me know it’s there!

  • Halfloaf:

    Brilliant! I got goosebumps for the first time in a LONG while listening to music! I would love to hear what it sounds like in the flesh! Thank you!

  • revokdaryl1:

    Very nice turntable! My dad used to have a Thorens TD 166 MK. V with a Sumiko Blue Point Cartridge. This was the best turntable I’ve had the privilege to use in my lifetime thus far. I purchased a cheap Akai Ap 003 recently just to get used to vinyl again, and also because I can’t afford a new Rega or Thorens right now, but hopefully soon. Thanks for posting. Very good song.

  • TheFRiNgEguitars:

    Interesting comments about the drummer’s cymbal slaps, and hits to the toms as an expression of the domestic violence the singer is hiding. BTW .. I auditioned the Rega table way back in the early 80’s when it was first introduced. So in a sense it is a classic turntable which was ahead of its time, and still looks very modern.

  • MarkPMus:

    I don’t mind different opinions, after all one man’s meat etc…it was the rude way that person expressed himself that annoyed me and made me block him..

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