Comments on: Florida’s courts are being overrun by home foreclosures http://loanworkout.org/2010/02/floridas-courts-are-being-overrun-by-home-foreclosures/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: jmb27 http://loanworkout.org/2010/02/floridas-courts-are-being-overrun-by-home-foreclosures/#comment-19728 jmb27 Thu, 18 Feb 2010 22:51:18 +0000 http://loanworkout.org/?p=8094#comment-19728 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing. Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.) Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM." The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers. http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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