Such a mortgage was #0016371056, my house at 350 Cee Run. To make up for occasional payment irregularities, I sent occasional excess payments. Computers kept the accounts, printing out exception reports when cash flow ebbed, but generally keeping mum when cash flow rolled. I was happy with the generally positive growth in equity, but PHH was actually growing cross with the exception reports. They finally called in their substitute trustee down in Texas, Barrett, Burke, Daffin, Frappier, Turner and Engel to straighten things out. We have a rocket docket down here, which is a hard train to stop once it gets under way. I enlisted a federal Chapter 13 Trustee, and we stopped the train while the situation was examined. This was at least the second time that BBDFTE had encountered such an obstacle, the first time being on 12 February 2007, Texas Case 05-90374, representing McCalla Raymer, representing Countrywide, in the US Bankruptcy Court for the Southern District of Texas, Houston Division. At that time they were severely censured for a wide range of misconduct, including [Gasp!] lying to the court about an incorrect payment history. They were told to go and sin no more, and gained valuable experience they should have been able to share with PHH, their client in this remarkably similar case. For whatever reason, the sharing opportunity was missed. BBDFTE is once again stuck in an unenviable position by a client of ill repute, this time before the Western District Bankruptcy Court. Once again, we appear to be suffering through a lengthy ordeal costing the attorneys and their clients substantial time and expense, all to no point, while we await the intervention of a reasonable man. Or woman.
Mortgage banking has always been a lucrative industry. The steady solid growth of money lent at two or three percent, compounded to three or four percent, has enabled the REAL bankers to do the lucrative work of issuing initial public offerings, speculate in commodities, take arbitrage positions on the daily movement of the renminbi, hedge funds and take commissions going in and going out, and pull down returns that require crews of accountants to hide the gains from local tax authorities. But the mortgage people have always been treated like poor country cousins, and kept out of sight in the kitchen. The news is always so boring...did the Frankens send in their payment today? It's been three days now. How much do they owe now? $48,528.12? What is that thing worth anyway? $119,550? What if they don't pay up tomorrow? That's a Fannie Mae house right? What if Fannie Mae folds up Friday afternoon? Well, we won't know, that's the whole point. Who's in charge of this mess? Send in Jenkins, we need to find out a few things...and so it goes. The years pass. The Frankens keep sending in payments. Jenkins keeps scribbling account ledgers. Portfolio values keep fluctuating. Harnischfeger keeps worrying. Long periods of boredom, punctuated by bolts of stress.
Such a mortgage was #0016371056, my house at 350 Cee Run. To make up for occasional payment irregularities, I sent occasional excess payments. Computers kept the accounts, printing out exception reports when cash flow ebbed, but generally keeping mum when cash flow rolled. I was happy with the generally positive growth in equity, but PHH was actually growing cross with the exception reports. They finally called in their substitute trustee down in Texas, Barrett, Burke, Daffin, Frappier, Turner and Engel to straighten things out. We have a rocket docket down here, which is a hard train to stop once it gets under way. I enlisted a federal Chapter 13 Trustee, and we stopped the train while the situation was examined. This was at least the second time that BBDFTE had encountered such an obstacle, the first time being on 12 February 2007, Texas Case 05-90374, representing McCalla Raymer, representing Countrywide, in the US Bankruptcy Court for the Southern District of Texas, Houston Division. At that time they were severely censured for a wide range of misconduct, including [Gasp!] lying to the court about an incorrect payment history. They were told to go and sin no more, and gained valuable experience they should have been able to share with PHH, their client in this remarkably similar case. For whatever reason, the sharing opportunity was missed. BBDFTE is once again stuck in an unenviable position by a client of ill repute, this time before the Western District Bankruptcy Court. Once again, we appear to be suffering through a lengthy ordeal costing the attorneys and their clients substantial time and expense, all to no point, while we await the intervention of a reasonable man. Or woman.
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