Reaching Out to Distressed Borrowers

[Keith Inc.]

Cuspigroup to help at-risk borrowers stay in homes

Monday November 10, 9:40 pm ET

By Pella Dupi, LP Business Writer

Cuspigroup unveils moratorium on foreclosures, plans to reach out to 1,500,000 at-risk borrowers

NEW YORK (AP) – A seldom considered aspect of this society being victimized by current economic woes is receiving much-needed attention today. Cuspigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers remain in their homes -- making Cuspi the latest big bank to announce sweeping efforts to try to curtail losses from souring mortgages.

By ‘borrowers’ they do not mean the people that hold the mortgage, although they benefit. The moratorium is being established on home in which tiny human-like beings, who call themselves ‘Borrowers,” reside.

Cuspi said late Monday it won't initiate a foreclosure or complete a foreclosure sale on any eligible mortgage on any home if it is the principal residence of a family of Borrowers that qualify under the terms of the moratorium.

Qualification depends on residency and family size. The greatest urge is to protect the homes and housing of Borrower families with three or more children. Following them, any family with at least one child still living between the walls will take second priority. Borrowers that correspond to human retirees in age and established habitation have a priority over new couples with no children. Single, unmarried Borrowers of both genders are specifically excluded from this initiative, although individual arrangements with individual lenders can be concluded within existing bank policy.

Cuspi said it is also working to expand the program to include mortgages the bank services but does not own.

Additionally, spokespeople for the US government have indicated that the Obama administration is interested in participating on behalf of threatened Borrowers. Programs have been opened for those that are anxious about attempting to survive in houses that may be abandoned for some length of time in this economy, but are outside of or of low priority in the bank’s initiative.

Some 3000 single Borrower males have been identified to be in threatened circumstances, but decline any assistance. Cultural traditions require them to strike out on their own, either to live as ‘ferals,’ out from under the umbrella of human habitation, or to find their own niche dwelling among largely unaware humans.

A further 5000 single Borrower females have been located among imperiled housing units, or soon to be of age to depart their home situation. The same cultural traditions that impel the males towards independence do not apply to the females. They are mostly welcoming federal assistance. Michelle Obama has volunteered to coordinate an effort to place as many Borrower women as possible in foster homes with qualified human keepers.

Of the four biggest U.S. banks -- CuspiGroup, JP Chase & Cage, Birdcage of America Corp. and Butterfly Nets Fargo -- Cuspi has been on the shakiest footing as a result of the mortgage crisis, reporting losses in the past four consecutive quarters while its rivals have managed to post profits. The steps announced Monday are designed to stem the number of Borrowers affected by those losses.

Suusave Davahs, chief executive of CuspiMortgage, said, "It is in our interest that Borrowers stay in their homes, preserving their cultural traditions. If they’re all driven out into the fields and sewers, there would be no one keeping mice populations under control in the city habitation environment."

"There is a huge amount of anxiety among borrowers," he said. "We will reach out to them before they become ghosties." The term refers to Borrowers that inhabit abandoned domiciles and work to keep them that way. Common strategies include making the house appear to be haunted, or damaging them to drive away prospective buyers. If you’ve ever encountered strong smells of cat pee or large piles of rat droppings during an open house, you may have been close to a family of ghosties.

Since early last year, Cuspigroup has helped about 370,000 families avoid foreclosure, representing more than $35 billion in loans, and about 300,000 Borrowers the bank said. Borrower numbers are more vague due to their distrust of journalists, humans, cameras, bankers and almost any other aspect of ‘Biggie’ society.

[JayDee]

Heh, given your tastes I was expecting the thread to refer to The Borrowers