Here is an open email discussion with MFI Miami and Steve Dilbert forwarded to me by a very concerned consumer advocate. Her name is Krista Railey and I came to know her when I started writing about Green Credit Solutions. She began sending me emails and we exchanged information about the various scams we know about.
She is now being attacked by these very same scum bags as I have many times in the past. I have received death threats and blackmail calls before. It is not fun, but it is necessary in order to bring these perps that operate in the darkness to the light.
Please help us stop these creeps from spreading damning disinformation and hurting more people out there!!!!
Here is the email calling MFI Miami out for their inaccuracies and lies!
fromKrista Railey <kraileyus2@aol.com>
to MFI Miami <mfimiami@gmail.com>
ccMoe Bedard <moe@loansafe.org>
dateSun, Nov 1, 2009 at 2:46 PM
subjectRe: MFI-Mod Squad Mod Fraud Contact Form
mailed-bybounce.secureserver.net
Dear Mr. Dilbert,
I just read your story on Green Credit’s closure, http://www.mfi-modsquad.com/gcs-shuts-its-doors and frankly, I am surprised you actually put that in writing. Not only did you cite the incorrect date of GCS’ closure (which actually occurred in August 2009 after the California Department of Real Estate issued a Desist and Refrain order and accompanying Accusation in June 2009), you revealed a 20% complaint to closed file ratio.
While the percentage of confirmed viable complaints is only 4.3% based on your data, the CA DRE is not done investigating and complaints are continuing to pour into the DRE and surface on various websites.
Nonetheless, you did not provide a source for your information or any documentation to support your claims. Needless to say, 700 complaints (or 20% of closed modifications) is an extremely high number which would raise the eyebrows of any reasonably intelligent person.
In regard to the discrepancy regarding Green Credit’s closure date, I can understand your confusion because GCS reopened under the new name, Guardian Credit, in August 2009 and continued to process and accept new modifications. However, it should be noted that the employees of Guardian Credit Solutions told borrowers that Green Credit Solutions was closed and that Guardian was a different company that had simply taken over Green Credit’s files. Oh, and I have it in writing from multiple sources including my own experience using live chat in case you want to dispute.
While you cited 3500 completed modifications, you did not provide the actual number of total modification applications that GCS accepted for processing. You also failed to indicate whether these applications were taken and completed prior to GCS surrendering their CA DRE license- which by the way, they did not “let it expire” as you state in your story, but moreover, canceled it to curtail DRE oversight. If you bothered doing fact checking once in a while instead of acting a shill for the modification industry, you would have noticed that GCS’ broker canceled his broker affiliation on 11/10/08 and not May of 2009 as you indicate in your story.
While the license is currently active, the status is NBA (no broker affiliation) as of November 2008 which means that the company was not legally licensed to complete loan modifications. And if the think simply pointing out that they had other licenses is sufficient, consider that affiliate licenses do not transfer to affiliate corporations and business must be conducted under the company name and dbas shown on the license.
Going back to whether GCS was legally licensed to process all 3500 loan modifications, the probability is “not very likely” considering the November 2008 broker cancelation date, DRE D & R order and Accusation, along with the fact that most modifications were completed in 2009.
In regard to you placing the blame on the borrowers in regard to complaints against GCS, I remind you that had GCS properly qualified the borrowers upfront, they would not have accepted applications from borrowers who did not qualify for a modification. Even so, upon discovering that the borrowers did not qualify for a modification, GCS should have canceled the request and refunded the borrower’s money in compliance with California laws thus avoiding complaint.
Furthermore, GCS was required to place borrower funds in a trust account subject to regular disclosure and borrower accounting. Borrower funds held in trust were not supposed to be co-mingled or disbursed until agreed upon services had been performed. Yet GCS regularly paid referral fees to broker affiliates shortly after fees were collected and before modification requests had been completed.
Now GCS/Guardian refuses to issue refunds in accordance with California laws and/or provide accounting of trust funds.
Some borrowers have even been told that GCS intends to file bankruptcy, and public records indicate that GCS defaulted on their prior lease. I suppose that next you will blame the borrowers for being dumb enough to fall for modification scams. You blaming the borrowers for GCS’ failure to provide accounting of trust funds or issue refunds is insensitive at best and borders on being moronic.
After speaking to many of GCS’ customers, I have forwarded many complaints to an investigator at the California Department of Real Estate whom I have been in communication with. Please note that the complaints appear to have merit and have revealed that Green Credit/Guardian Credit Services refuses to abide by CA DRE regulations regarding accounting of trust funds.
Yet for some reason, you seem comfortable diminishing the complaints and the actions of the company. Due to the serious nature of the complaints, I have recommended that the borrowers immediately seek legal assistance.
The next issue I have with your story is that you state I am unemployed. For the record, I am not “unemployed”. I am working as a mortgage industry consultant involving multiple attorneys and I am compensated for said expertise. Therefore, your comment is inaccurate and defamatory, and you need to remove your false statement immediately.
Also, I was not just a former “loan officer”. I am a licensed CA Real Estate Broker with 21 years mortgage and real estate industry experience including loan processing, underwriting, quality control, funding, shipping, and repurchase/loan salability issues as well as real estate transactions. Referring to me as an unemployed former loan officer is not only inaccurate, it is misleading, and diminishes my skill level and experience which goes far beyond that of a typical “loan officer”.
I clearly have more expertise and experience than Martin Andelman, whose assessment of GCS you state you relied on. Although Mr. Andelman professes to be an expert on the issue of modification companies, he has no industry experience and can’t even answer the simplest questions on basic compliance. In fact, Mr. Andelman clearly states that he is not an expert and is not qualified to make compliance assessments on modification firms.
Yet, for some reason, you seem to find his assessment of Green Credit more reliable than a mortgage industry expert and licensed CA mortgage broker who also disclosed to you that I had personally visited Green Credit offices and noted numerous violations.
I also provided you with evidence from the California Corporations Commissioners in support of my comment that your statement that you had verified Pacwest’s CA CFL license allowed GCS to do loan modifications was patently false. I still contend that your prior article on why you removed Green Credit from your 20 worst modification companies list was grossly inaccurate at best.
In regard to Moe Bedard, rather than address his valid comments, questions and concerns regarding GCS, you rise to new low by diverting the issue to Mr. Bedard’s past. Not only has Moe Bedard been very frank and open about his past, he has transformed his life and made great contributions to distressed homeowners.
Unlike you, who mislead borrowers by writing erroneous information.
Rather than counter Moe Bedard’s questions and concerns with intelligent, thought out debate, you resort to the only weapon at your disposal which is character assassination. Forgive me if I construe this as a sign of intellectual weakness.
The reality is that I spoke up on this issue because you, ML-Implode, and Martin Andelman published inaccurate and misleading information on Green Credit Solutions that bordered on fraud. Yes, I said fraud, and I mean it. All of you also failed to report the DRE Desist and Refrain order and Accusation filed against GCS in June 2009. All of you also failed to report the closing of Green Credit Solution’s offices and websites and subsequent reopening under another name.
While you may feel that borrowers who took stated income loans are deserving victims, I do not agree with your assessment. Nor do I lightly dismiss 700 complaints, and flagrant disregard for laws and regulations.
Now, if you don’t like what I have to say, don’t resort to making inaccurate statements regarding my employment status, or attempt to mislead the public as to my expertise and knowledge in the area.
Also, do not attempt to create a fictitious business affiliation between myself and other professionals that does not exist.
Nor should you resort to baseless insults. Address my valid statements and concerns in an intelligent manner and be prepared to back up your statements with verifiable facts and documentation. You may not like me or what I have to say, but I always back up my statements with facts and documentation.
Good day.
Krista Railey
On Oct 5, 2009, at 1:42 PM, MFI Miami wrote:
I understand full well what is going on over there. I have spoke to Larry Bracco at length about it. I am posting an article about it in the several weeks when I get back from vacation.
I have been getting complaints about the same thing and I’m forwarding them directly to Larry Bracco. If GCS shut their doors and reorganized under a different corporate name there isn’t anything anyone can do. GM did the same thing.
On Mon, Oct 5, 2009 at 4:28 PM, Krista Railey <kraileyus2@aol.com> wrote:
Oh, I must have been confused by your website which asks for complaints against mod companies. You do report mod fraud and consumer complaints, right?
I assumed that since you are a watch dog site and report on mod companies, you would want to contact the borrowers and assist them in getting refunds.
The email wasn’t intended to be catty. It was to advise you that GCS clients need information and help. You state on your website that you investigate fraud and report on companies that aren’t compliant. You even gave your seal of approval for GCS. GCS later closed after the CA DRE issued a D & R order and then reopened under a new name. Yet their new company refuses to provide refund or trust account information to GCS customers.
However, since you aren’t interested in either investigating facts or complaints. I will take your advice and contact Curt directly. Do you have his current email address?
Thank you for your time.
Krista Railey
On Oct 5, 2009, at 1:11 PM, MFI Miami wrote:
What does that have to do with me? Email Larry Bracco or Curt Melone. Wouldn’t your time be better spent contacting them then sending me catty emails?
On Mon, Oct 5, 2009 at 11:19 AM, <steve@mfi-modsquad.com> wrote:
a form has been submitted on October 5, 2009, via: http://www.mfi-modsquad.com/report-mod-fraud [IP 76.168.123.90]
Report Mod Fraud
Send Us Your Story
First NameKrista
Last NameRailey
Emailkraileyus2@aol.com
MessageI’ve got 3 fresh complaints from Green Credit clients. They all want refunds.
Q&Awhite
powered by cformsII
Steve Dibert
PresidentMFI-Mod Squad, LLC
www.mfi-modsquad.com
President, MFI-Miami,LLC
www.mfi-miami.com
Miami: 305.851.2460
Ft. Lauderdale: 954.607.2266
West Palm Beach: 561.317.9978
Tampa: 941.312.7622
MFI-Detroit
www.mfi-detroit.com
Oakland County: 248.841.8511
Northern MI: 231.622.7566
MFI-Boston
www.mfi-boston.com
857.776.3030
MFI-DC
www.mfi-dc.com
301.979.9577
En Espanol:
561.310.8760
skype: steve.dibert
=
–
Steve Dibert
PresidentMFI-Mod Squad, LLC
www.mfi-modsquad.com
President, MFI-Miami,LLC
www.mfi-miami.com
Miami: 305.851.2460
Ft. Lauderdale: 954.607.2266
West Palm Beach: 561.317.9978
Tampa: 941.312.7622
MFI-Detroit
www.mfi-detroit.com
Oakland County: 248.841.8511
Northern MI: 231.622.7566
MFI-Boston
www.mfi-boston.com
857.776.3030
MFI-DC
www.mfi-dc.com
301.979.9577
En Espanol:
561.310.8760
skype: steve.dibert
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{ 3 comments… read them below or add one }
Dear Author loanworkout.org !
Be not deceived in this respect.
Yujin1st, the emails referenced in the article were between myself and Steve Dilbert. Please elaborate as to what you find deceptive. I would be more than willing to answer any question you may have. I am sure Moe gave Steve Dilbert ample opportunity for response.
I, myself, have not received a response from Steve Dilbert to my last email to him. So again, I do not understand your comment.
steve never liked moe.