WASHINGTON -(Dow Jones)- The Federal Trade Commission is actively examining whether mortgage lenders and servicers have violated federal laws in their dealings with borrowers, according to a letter sent to a U.S. Senate lawmaker.”We are actively assessing whether lenders and servicers are making deceptive claims in violation of Section 5 of the FTC Act,” FTC Chairman
The FTC letter, which was released Thursday by Schumer’s office, is in response to a request made last month by the
3 Responses
I have been trying to help my daughter out. She lost one home in feb and is trying to hold on to another one now almost ready to foreclose. She had a notice of trustee sale for feb 11 filed on Jan 24 with the county recorders office. She has been trying to keep her home so she contacted EMC and they gave her a forbearnce plan for the last 3 months. They asked for $2500 and payments of $1312 for 3 months. They also had her sign a statment saying she had a ballon payment of almost $25k due at the end of the 3 months, They gave no real explanation for the $25k owed. Attorney fees late fees escow account fees of $4700.
My daugher was so desperate as she just lost her primary home to forclosure and was now also behind on her 2nd home. She has been in a state of depression and can hardly get out of bed. She was pregnant through all of this crisis and my granddaughter is now 3 months old. She is wanting to keep her home, but I am afraid we are getting a run around from EMC. What happened to the $6000 we paid? How can they charge $1200 for forced insurance that should cost $400? How can they charge more then the owed amount of property taxes etc. I have been reading everyones horror stories and I am afraid that maybe the house has already been sold, or that we will keep paying the $1316 per month just to be told they will not modify her loan, They will not allow you to talk to the same person twice. Seems like a big run around. We are not even sure who realy owns her loan. She has a 2nd with Litton. Litton is the company that forclosed on her home in Feb . I have looked up all the complaints on Litton. It seems we are realy in trouble to have had to loose 1 home to Litton and now also have them on the 2nd mortgage on this home too. Can you help? Who can we talk to? 760-751-1593
Posted on June 8th, 2008 at 10:59 pm
[...] Everyone from celebrities, to in denial billionaires, over paid\’c2\~CEO’s and now, the people’s voice and our\’c2\~representaives, the glorious and powerful\’c2\~US Senate. [...]
Posted on June 16th, 2008 at 10:18 am
WHERE THERE IS SMOKE THERE IS FIRE. HOW MANY OTHER SENATORS AND/OR CONGRESSMEN OR CONGRESSWOMEN WERE ON FANNIE MAE AND/OR COUNTRYWIDES DOLE?
The blame for this entire \’e2\’80\’9cMERS Mortgage Meltdown\’e2\’80\’9d can be laid upon the shoulders of all the greedy mortgage loan industry executives and the investment bankers who designed a scheme calculated to make themselves rich. Under the guise of \’e2\’80\’9chelping people\’e2\’80\’9d to realize the American dream of owning a home, these white collar fraudsters were really only concerned with creating feigned profits by quickly churning mortgage loans into securitized investments which they in turn sold to investors.
Based upon these feigned profits these executives and their crroked cronies were able to extract hundred of millions if not billions from salaries, bonuses and stock options. While investors from Minneapolis to Moscow got stuck holding the proverbial empty bag. Many of these investors were large U.S. national and foreign banks. Ironically these same banks would have never loan money to the borrowers who\’e2\’80\’99s notes they were now holding indirectly through their investments in these \’e2\’80\’9cmortgage backed securities\’e2\’80\’9d. It is now estimated that the losses incurred by these banks may well surpass five hundred billion dollars.
There can be no argument these losses were the result of fraud from top to bottom of the mortgage industry. From mortgage lenders such as Countrywide, Washington Mutual, Fieldstone and Option One to secondary mortgage market makers, such as Fannie Mae, Freddie Mac, Bear Stearns, Citicorp, Goldman Sachs, Lehman Brothers etc. On the street level Realtors, Mortgage Brokers and Appraisers just followed the lead of these Wall Street fraudsters like lemmings
This mortgage fraud created a false demand for housing in the U.S. This false demand caused an increase in home building. Now with the Mortgage Meltdown the U.S. has an over supply of new and existing homes. This over supply of homes has caused serious economic effects through every facet of the U.S. economy. Recovery will take years. The U.S. dollar has also suffered against other currencies. In April of 2002 a Euro could be purchased for $.85. Six years later in April of 2008 it takes $1.60 to purchase a Euro.
Rather than throwing themselves out of their executive office windows when their financial scandal was discovered and the billions in losses started to mount, these white collar crooks simply took early retirement or quietly resigned, taking with them the hundreds of millions they had EARNED for their part in the Largest financial scandal in U.S. history.
In addition to the fact that James Johnson the high powered D.C. insider had been spreading Fannie Mae money around D.C. for years like it was his own, we now have learned that Countrywide and Fannie Mae have the keys to the back door control of the U.S Capital by making V.I.P. accommodation loans to God knows how many U.S. Senators and Congressman. This may be the reason why neither the U.S. Senate or Congress has conducted any real investigations into what is now tagged the MERS Mortgage Meltdown. MERS being Mortgage Electronic Registration Systems Inc. a front corporation that was formed ten years ago by Fannie Mae, Countrywide, Bear Stearns, Lehman Brothers, Goldman Sachs, and other investment banks. MERS allowed them to launch this huge global financial fraud and do so with out complying with long established financial safeguards and laws of commerce.
The F.B.I. has recently shifted its manpower to investigating and prosecuting mortgage fraud. However the mortgage fraud they are investigating is the fraud perpetrated at the street level by mortgage brokers, Realtors and borrowers. This is akin to directing highly trained F.B.I. agents to investigating and prosecuting thousands of street corner drug dealers and users in place of investigating a drug cartel who manufactures and distributed drugs out of New York and Washington D.C. Once again the little crooks and criminals got to jail while the Wall Street and Beltway king pins get away with billions in loot unscathed. White collar crooks/business executives lining their pockets with ill-gotten gain by fleecing everyone. Yet not a single Wall Street Investment Banker, Banker, Mortgage Loan Titan, has been taken to task for the financial ruin their mortgage loan scheme has left behind. . Americans should be outraged by what has been allowed to occur in this country over the last ten years. Is there one U.S. Senator or Congressman who will call for hearings on this blatant financial fraud?
Questions of comments to: kev_o_shanter@yahoo.com
Posted on June 17th, 2008 at 12:16 pm
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