Wells Fargo Bank, National Association et al v. City of Richmond, California et al

Filing 49

Declaration of John Ertman in Support of 45 Reply to Opposition/Response, 46 Opposition/Response to Motion, 45 Motion for Preliminary Injunction, 46 Motion to Dismiss filed byDeutsche Bank National Trust Company, Deutsche Bank Trust Company Americas, Wells Fargo Bank, National Association. (Attachments: # 1 Exhibit A, # 2 Exhibit B, # 3 Exhibit C, # 4 Exhibit D, # 5 Exhibit E, # 6 Exhibit F, # 7 Exhibit G, # 8 Exhibit H, # 9 Exhibit I, # 10 Exhibit J, # 11 Exhibit K, # 12 Exhibit L, # 13 Exhibit M, # 14 Exhibit N, # 15 Exhibit O, # 16 Exhibit P, # 17 Exhibit Q, # 18 Exhibit R, # 19 Exhibit S, # 20 Exhibit T, # 21 Exhibit U, # 22 Exhibit V, # 23 Exhibit W, # 24 Exhibit X, # 25 Exhibit Y, # 26 Exhibit Z, # 27 Exhibit AA)(Related document(s) 45 , 46 ) (Tsai, Rocky) (Filed on 8/29/2013)

EXHIBIT M

From:
Sent:
To:
Subject:
Attachments:

Graham Williams [[e-mail]]
Tuesday, May 14, 2013 5:25PM
[e-mail] Lynch; Bill Lindsay
Findings to date
Richmond loan level analysis.xlsx

Patrick and Bill,
I am sending over a book that details our initial recommendations for foreclosure prevention in
Richmond, you should get it tomorrow. In the mean time attached are a list of richmond
mortgages which we feel should be the first to be purchased. They are 731 current, underwater,
PLS mortgages without second trust deeds. The book contains much more information but I
thought you would be interested to know that:

1. These 731 families currently have $260 million of mortgage debt, an average of $356,033 per
family. Their estimated average home value is $211,533. On average they are $144,500
underwater.
2. Despite making mortgage payments for several years, 172 of these families have a greater loan
balance today than when the mortgage was originally taken on six to eight years ago.
3. Average CARES principal reduction will be $149,789
4. 616 families will see their mortgage payment decreased by an average of $713
5. 115 families wou!d experience average monthly mortgage payment increases of $311 if they
opted into CARES, however, these families would receive average principal reductions of
$144,863. In

every case, these 115 families are burdened with a mortgage that
has either a balloon payment, an interest only feature, negative
amortization, an adjustable interest rate or some combination of
almost

these unattractive mortgage features .
•

Graham Williams
Partner & CEO
Mortgage Resolution Partners
415.423.0016