Comments on: Foreclosure is Inevitable for Many Speculators

By: Marie

Marie — Sat, 22 Mar 2008 02:54:21 +0000

Well, I must put in a reply to Joe. Sorry Joe but I always have paid my bills but have a limited income. I owned my home free and clear and have never had a loan but figured some of my equity could be used to remodel and start a small business. I was made promises!! I have paid faithfully and because of this underwriter, now I do not qualify to refinance as I was told, yet they have 2.5 times the interest on the loan as what I borrowed!!! Started at a 9.15 interest by Yearly says 11.09. I was brought into a bookstore, crammed into small quarters with others in line waiting to close loans and rushed through the paperwork!! I was tarpped into this scam 2 years back through solicitation. The underwriter deleted a life estate clause and did not tell the lender. Now he has closed up shop and is being sued by his parent Company. Yet, I cannot find help even through, FBI, Attorney General nor no one.

By: JacMac

JacMac — Mon, 07 Jan 2008 22:03:24 +0000

Gary, this is from one of your own, convicted for fraud, now turned consumer advocate. He says it best:

“Consumers are sensationalized as villains by industry pundits and the media when, in reality, all mortgage fraud requires the orchestrated efforts and coaching of licensed real estate professionals. It takes a degree of savvy to navigate the complexities of a “self-imposed” industry culture that discourages transparency to protect income derived from contacts and a limited body of knowledge. Deceitful real estate agents and loan originators enlist the cooperation of title professionals and appraisers to exploit unsophisticated or otherwise vulnerable borrowers. The consumers targeted are often uninformed and desirous of homeownership or favorable refinance terms even though they lack a satisfactory employment, savings, or credit profile. As a group, consumers are decidedly guilty of lesser crimes than the trusted professionals who mastermind the blueprint of fraud and deceit.” ~Ed Rybczynski

POINT TO THE FRAUDULANT CONSUMER ALL YOU WANT. FRAUDULANT CONSUMERS DON’T FUND LOANS!!!! NOR DO THEY APPROVE THEM. NOR DO THEY SUBMIT THEM FOR APPROVAL. NOT W/O THE HELP OF THE MENDACIOUS MORTGAGE BROKER, THE LOW DOWN LYING LOAN OFFICER, THE AVARICE APPRAISOR and THE TOXIC TITLE OFFICER — THAT IS, ALL OF THE RECALCITRANT REAL ESTATE PROFESSIONALS!!!!
PROFESSIONALS

By: I believe that banking institutions are more dangerous to our liberties than standing armies- Thomas Jefferson | Loan Modification & Loan Workout News

Mon, 07 Jan 2008 19:06:56 +0000

[...] State District Judge Kathleen Mc Donald O’Malley dismissed 32 more foreclosures for lack of “documentation”. Read the ruling [...]

By: Foreclosure Warfare - "It is troubling that the plaintiff has filed this case before it had any interest in it" | Loan Modification & Loan Workout News

Sat, 15 Dec 2007 15:27:57 +0000

[...] 32 more foreclosures were dismissed on November 14th by Ohio Federal judget Kathleen O’Malley, citing the reasoning of the Boyko decision. Our investigations of this ruling uncovered the fact that the plaintiff was Household Realty Corporation, showing that this issue was not just a “Deutsche Bank problem”. [...]

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By: Denise

Denise — Sat, 24 Nov 2007 06:06:39 +0000

OMG thank you for finally saying the obvious!! This has been a huge white (no pun intended) elephant in the room for a long time!

By: Gary Flavien

Gary Flavien — Thu, 22 Nov 2007 23:41:22 +0000

hey i love your post. so far borrowers have in large part escaped scruntiny. banks have been pressured to provide credit to low- and moderate-income borrowers for decades (see community reinvestment act, among other requirements). obviously low- and moderate-income borrowers pose high credit risks. and now people accuse bank’s of being reckless for lending to these same people that it was foced to lend to. and the high cost loan discrimination debate…people fail to mention that HMDA reporting does not include CREDIT HISTORY…THE COMMON ARGUMENT GOES SOMETHING LIKE THIS…SUCH AND SUCH MINORITY BORROWER RECEIVED A LOAN WITH A MARGIN OF 3% WHILE A WHITE BORROWER IN ANOTHER TOWN WITH A SIMILAR INCOME RECEIVED A LOAN WITH A 1% MARGIN…BUT WHAT ABOUT THE CREDIT HISTORY OF THE MINORITY AND WHITE BORROWER!??? DID THE MINORITY BORROWER DECALARE BANKRUPTCY WITHIN THE LAST YEAR??? HMDA REPORTING DOES NOT INCLUDE CREDIT HISTORY…FOR THIS REASON SUCH COMPARISONS ARE FLAWED…I THOUGHT IT WAS APPROPRIATE TO POINT THIS OUT BECAUSE I’VE READ SEVERAL ARTICLES THAT HAVE TRIED THIS APPROACH TO CLAIM INSTANCES OF LOAN DISCRIMINATION…INCOME IS ONE FACTOR OF MANY CONSIDERED DURING UNDERWRITING

By: Gary Flavien

Gary Flavien — Thu, 22 Nov 2007 23:24:23 +0000

yea i love that. does it make you happy to know that the government rewards people’s imprudent and irresponsible financial decisions. ultimately we’ll finance their decisions, and no one cares about the moral hazard these bailout efforts create. it’s disgusting.

By: Gary Flavien

Gary Flavien — Thu, 22 Nov 2007 23:19:20 +0000

delay tactic. flood the basement and send in the keys. you’re only delaying the inevitable. you think deutsch bank won’t be able to produce documents demonstrating they are the owner? what a joke. only people in ohio could think that would actually work. and the others that piggyback off this guy boyko’s decicision. it shows how desparate they are to find a way to keep borrowers in their homes. homeownership is such a sacred theme in this country. what these people are doing amounts to changing the rules of the game when you are losing. childish. i will saw it also demonstrates the need for federal law governing all aspects of mortgage lending. it’s ridiculous for each state to have their own laws for everything mortgage lending and banking. and where are all the affordable housing advocates. i seen maxine waters of the house financial services committee advocating all these bailout attempts. has she considered what the effect of these attemps will be on real estate prices, and thus housing affordability. all these politicians chasing the next popular cause. schumer is a slut for the next popular cause to rally behind. what a joke. i’m moving to canada.

By: Gary Flavien

Gary Flavien — Thu, 22 Nov 2007 23:10:58 +0000

I agree with most of your comments. It is incumbent upon the borrower to understand the risks he is assuming when obtaining a loan. Borrowers should have understood the principal risk inherent in interest only loans, payment option loans, and adjustable rate loans (i.e., payment shock). they failed to consider the potential for payment shock due in part to their belief that they would sell before rate resets or otherwise avoid payment shock. government bailout efforts may temporarily prop up real estate prices, but the fundamentals that drive real estate prices will prevail over the long term. unfortunately for those praying for a fannie and freddie bailout…fannie and freddie have had to sell mortgages to shore up their capital positions and have been unable to provide the backstop liquidity the government and distressed homeowners were hoping for.