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AIG chief's new job: Selling assurance
AIG Chairman and CEO Ed Liddy
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EXECUTIVE PROFILE
Who: AIG Chairman and CEO Edward Liddy.
Education: Liddy earned an undergraduate degree from Catholic University of America and an MBA from George Washington University.
What you may not know: Liddy began his career at Ford Motor Company.
About the author
Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy. Follow Kai on Twitter @kairyssdal.Pages
People seem to think they can make up their own rules when it comes to mortgages. It's weird. Everyone upset about they owe more than it's worth is ridiculous. If the property value went up dramatically, does that mean the mortgage company gets more money? People need to quit the pity card and realize if someone owed you $100k in installments and they miss a couple payments in a row, I bet they will take necessary actions to get the money back.
I hate morequity I twice try to talk to them ,I send all the paper work they need ,I never been late on a payment ,I am only requesting a modification of my homeloan but no they reject me twice ,they will not work with me ,I am just going to pack my stuff ans see what they do with the house ,I don't care I can rent anywhere for less a better
I twice requested a loan modification on our house that we owe 300K on. It is valued at 205K.I have 6.29 fixed rate. I was rejected twice for any type of modification. I then hired a third party and paid them ¥2995.They obtained a modification of a reduction in rate to 5 percent for 1 year, 6 percent for the next yearn and back to 6.29 for the remainder. This only recovers my ¥2995. Aparently Morequity would rather have me default. They are the ones that will lose by not working we me. They will get far less in a foreclosure sale.
I sit here listening to your interview then I turned on closing bell today to find out you did exactly what you stated you were going to stop. It highly disturbs me to see people getting paid many more times what I make in a year, and yet have no regards to anything or anyone other than your pocket. If it was up to me you would fail, it is bad enough we hand money to taxes and it gets wasted. Here you stand with your hand out saying we need help, and when it is given you spend it as reckless as you can without regret. I feel bad and at the same time if you were to fail you deserve to, because if it were up to me I would let you go down the river. You are a drain on the tax payers, and have proven on more then one occasion thats all you will be.
My mortgage company is also MorEquity. We have been under financial hardship now for about 1.5 years...our business failed due to the economy, and my husband is unable to secure full-time employment (he's currently working p/t for FedEx). Morequity was willing to work with us and "rework" the loan a few months back...we took everything out of our 401k, and now we now we owe a bit more each month. The hopes were that we would get caught up and my husband would find full-time employment and we could make the payments. Well, no full time work and we are now once again in foreclosure. MorEquity refuses to work with us and would rather kick us out of our home and leave it sit empty. Oh, did I mention that the company that did the financial transaction initially (Wilmington Financial) had a scam-artist of an appraiser come through and overrate our home by like $60K? So...not only can we not make our payments, but our house is overvalued. It looks like we're going to end up selling, and moving God only knows where. We will try to stay in the township since we have two high-schoolers who we'd like to see graduate from the school that they are going to. I'd like to know what the heck my tax money (and...yes...I DO work full time and make an okay salary) is doing for AIG...besides sending them on junket meetings? And as for employees of AIG...if any of you work for MorEquity, I'm going to start recording your threatening phone calls that you leave on my voicemail every day.
My Mortgage Company MorEquity is owned by AIG and foreclosed on my property have not sold it. I had NACA, an Attorney and lender willing to do a short pay or modification. I was in the mortgage for 17yrs. I am now in the health care industry. MorEquity granted me a loan modification in March that increase my payment, cost me money and had my next payment do in 2days and then the bottom fell out of the wholesale mortgage industry and could not may the payment. I had and still have an attorney working with me, I added my husband to the loan, I know have a very good base salary and part-time job. They still refuse to help, we have owned our home for 13yrs. The money AIG received did not help me and ED Liddy went to the well a second time for money. They will not give me another chance and financially I am much better off.
What % is $85,000,000,000 (Billion)loan
of a $1,000,000,000,000(Trillion)Asset. Is it 8.5%? With a collateral of
80%. Thats a deal!
Does that mean it's like an $8500 loan on a $100,000 home. With a $80,000 collateral. That smells like shark to me.
Somebody, defend AIG!!
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