MFI-Miami Blog

Deutsche Bank Bombshell! President Donald Trump Is Broke Again And Can’t Pay His Debts! It’s another Deutsche Bank bombshell about President Trump. The German bank announced Trump’s company, the Trump Organization can’t make their April debt payments. Thus, the company has asked Deutsche Bank for delayed loan payments. It seems as if Donald Trump is underwater. The what revenue he is generating from his properties is just barely covers the interest payments on his massive debts. It appears the Trump Organization has been surviving month to month and eek to week. This would indicate Trump’s finances aren’t as robust as he likes to brag. It also indicates his debts are far larger than the total value of his assets. This would give him a substantial negative net worth. Six of Donald Trump’s seven highest revenue-generating properties are currently shut down due to the COVID-19 crisis. Read more at MFI-Miami

Your Neighborhood Drug Dealer And Pimp Are Getting Free Money From The Trump Coronavirus Stimulus Package  Your  neighborhood drug dealer and pimp  are happier than a Green Beret with a chokehold on an Arab terrorist. Why? The hastily put together Trump Coronavirus Stimulus Package is giving them up to $3,000. That’s right. You’re not the only one getting free money from Trump. The guy down the street you tell your teenage daughter to stay away from is getting one too. Trust me, he’s going to use it to get her hooked on crack or heroin and profit from pimping her out. I know, I’ve seen it happen down here in South Florida.  Most drug dealers live in  FHA Section 8 housing  or have  low-cost CRA or FHA mortgages . This means they need to file tax returns every year to qualify for benefits. Thus, like most eligible Americans, they qualify for a stimulus check. $3,000 buys a lot of crack, meth, and opiates on the wholesale market especially h...

Australian-Owned Specialized Loan Servicing Defies Trump COVID-19 Foreclosure Moratorium. SLS Wants Your House!  It appears Australia is sending a big “FUCK YOU, AMERICA! WE’RE TAKING YOUR HOMES!” to American homeowners. Although, both countries seem to be in the middle of the COVID-19 pandemic. Australian-owned Specialized Loan Servicing apparently has no problem issuing demands to Americans like they are  Humungus and his roving band of mutants from  The Road Warrior . The non-bank lender is owned by Australia-based  Computershare  has a long history of jerking around homeowners. SLS is defying Trump’s 90-day foreclosure moratorium by proceeding with filing foreclosures across the United States. MFI-Miami has received nearly two dozen calls from homeowners with SLS mortgages from California to South Carolina saying they have been served in the past week. Read more at MFI-Miami

Four More American Banks To Follow BofA’s Lead By Offering Relief To Homeowners Affected By The Coronavirus Four more American banks are  offering to defer mortgage payments  for 90 days due to the coronavirus crisis. The four banks include JPMorgan Chase, Wells Fargo, Citibank, and US Bank. The four American banks follow Bank of America. However, Bank of America’s plan is to work homeowners on a month-to-month basis until the crisis is over. Homeowners with Fannie Mae, Freddie Mac, and FHA loans are already eligible.  JP Morgan Chase, US Bank, Wells Fargo, and Citibank will postpone foreclosures. They will also offer forbearance on mortgage payments for 90 days. In addition,  200+ state-chartered banks and credit unions in California  have also agreed to the mortgage relief.  The four banks made their announcement as 3 million new unemployment claims were filed in the week of March 14 – 21.  In addition, authorities in at least 20 state...

Federal Reserve Goes On A “Sex & The City” Style Shopping Spree For Mortgage Debt The Federal Reserve  pledged on Monday  to buy unlimited amounts of Treasuries and mortgage-backed bonds to stabilize the mortgage markets. The Fed hopes it will have the same effect as when it rescued the economy in 2008. The Federal Reserve set a budget last week of  $700 billion in bond purchases . However, it blew through half that amount in less than five days. The Fed launched three rounds of bond-buying more after the 2008 financial crisis. The Fed’s aim was to save the housing market and stimulate economic growth. The first phase helped to drive  mortgage rates  below 5%. The goal of the central bank isn’t to  push down mortgage rates.  Lower rates are the likely consequence of the Federal Reserve going on a mortgage-backed securities shopping spree.  Read more at MFI-Miami

Billionaire Real Estate Investor Says US Commercial Mortgage Market On The Brink Of Collapse Because Of COVID-19  Billionaire Tom Barrack says the  US commercial mortgage market is  on the brink of collapse  because of the coronavirus crisis. The CEO of Colony Capital said the economic ‘domino effect’ could dwarf the Great Depression. Barrack also said the impact on the US economy has caused high-performing mortgage loans to decrease in value. As a result, he urged Congress to provide $500 billion to allow for loans and repurchasing.  In a  Medium  post on Sunday, he said the impact on the US economy due to the coronavirus pandemic and the subsequent public health measures taken in response to it has caused high-performing mortgage loans to decrease in value. Barrack is a longtime friend of President Donald Trump. He warned loan defaults would escalate systematically. Read more at MFI-Miami

Mortgage Servicers Expect Annihilation Due To The Coronavirus And Are Lining Up For Trump Bailouts Mortgage servicers are already waiting in line for their corporate welfare checks from the Trump administration. The Mortgage Bankers Association said deferred and late mortgage payments because of the coronavirus could  trigger a financial nightmare for mortgage servicers. Fannie Mae and Freddie Mac have instructed servicers to suspend all foreclosure actions and evictions for at least 60 days.  HUD who handles FHA  mortgage loans  also soon followed suit. However,  not all mortgage loans  are included in the Trump Administration moratorium.  The MBA sent a  letter  to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell begging the government for a bailout.  MBA CEO Robert D. Broeksmit asked for the Federal Reserve and Treasury to develop a liquidity plan to support the mortgage servicing sector. ...