Archive for Predatory Lending
You are browsing the archives of Predatory Lending.
Is Your Bank About to Implode? The FDIC is Hinting, YES!
The lender carnage, death and destruction litter the home page of Aaron Krowne’s Mortgage Lender Implode-O-Meter like the beach at Normandy on D-Day. The infamous list has grown from September 2006 when Aaron started the website with approximately 10 failed lenders to a whopping 276 major U.S. failed lending operations today.
That comes out to about one failed [...]
Popularity: 13% [?]
Fannie Mae & Freddie Mac Failure: The Lies, the Cover Ups and the Making of a Disaster
Wall Street Journal October 4, 2004:
Fannie Mae isn’t an ordinary company and this isn’t a run-of-the-mill accounting scandal. The U.S. government had no financial stake in the failure of Enron or WorldCom. But because of Fannie’s implicit subsidy from the federal government, taxpayers are on the hook if its capital cushion is insufficient to absorb [...]
Popularity: 6% [?]
Breaking Down Overcharges by Brokers: N.C. Takes a Big Step
From the Center for Responsible Lending:
In all the ongoing analysis of the foreclosure crisis, one point should not get lost: mortgage brokers played a key role in making the abusive subprime loans that continue to wreck the U.S. economy.
Today North Carolina became the first state to ban systematic overcharging by brokers. Governor Mike Easley signed [...]
Popularity: 5% [?]
The Enronization of America & the Economic Cartel
Kenneth Lay, CEO of Enron is lead in handcuffs after Lay was found guilty on all six counts of conspiracy and fraud by a jury of eight women and four men. In a separate bench trial, Judge Lake ruled Lay was guilty of four counts of fraud and false statements. Will we see similar indictments [...]
Popularity: 6% [?]
CA Attorney General Urged to Seek Injunction Halting Foreclosure on Deceptive Countrywide Mortgages
The California Reinvestment Coalition and the Greenlining Institute today sent an urgent letter to California Attorney General Jerry Brown urging him to take immediate action against Countrywide Financial/Bank of America. The community groups are asking Brown to secure a foreclosure moratorium on mortgages that fit the profile of the deceptive loans and practices cited in [...]
Popularity: 51% [?]
Testimony Urging Passage of Foreclosure Moratorium Where Financial Institution Fraud Occurred
By Robert Gnaizda
No efforts by the banking industry, by the federal regulators or Secretary of the Treasury Paulson will protect the vast majority of those who live from paycheck-to paycheck from foreclosure. Hope Now’s failures are a classic example of the failure of voluntary action without the threat of effective action via either class action [...]
Popularity: 5% [?]
San Diego City Attorney Sues Countrywide for a “Pattern of Unlawful, Fraudulent or Unfair Predatory Real Estate Lending Practices”
SAN DIEGO — City Attorney Mike Aguirre filed a civil complaint Wednesday against Countrywide Financial Corp. in an attempt to stop foreclosures in San Diego.
Aguirre said the suit targets subprime loans where homeowners face balloon payments after two or three years of the loan. City officials say San Diego saw 22,000 notices of foreclosure last [...]
Popularity: 6% [?]
Predatory Lending Begets Predatory Lending - Only in America
Can’t afford your home or your loan? Heck, just put in on your charge card and forget about it.
Well, at least until your credit card bill comes due next month and now Guido wants his money. One more month with your head above the toxic water and a temporary plug in your foreclosure boat for a few more [...]
Popularity: 4% [?]
How we got into this mortgage mess
By Paul Kiesel
Over the last 15 years, there have been five “avoidable events” stemming from Wall Street’s or Congress’ actions (or inaction), that led directly to the mortgage crisis.
Popularity: 3% [?]
Popularity: 3% [?]
Paulson on US Housing Market Before the FDIC on Mortgage Lending
July 8, 2008
hp-1070
Remarks by Secretary Henry M. Paulson, Jr. on U.S. Housing Market before FDIC’s Forum on Mortgage Lending to Low and Moderate Income Households
Washington, DC–Good afternoon. Thank you Chairman Bair for convening this forum, and thanks to all of you for your interest in encouraging responsible lending to low and moderate income households.
Popularity: 3% [...]
Popularity: 3% [?]
Bring Down the Banks with these Foreclosure Defense Tactics
Get your gloves on and start training for the fight of your life because foreclosure defense is going to be no easy battle. Make no bones about it, you are definitely fighting against one of the toughest and most powerful opponents in the world.
The banks!
Popularity: 17% [?]
Popularity: 17% [?]
Illinois attorney general advises homeowners to review Countrywide loans
I have been advising homeowners to do this for the past year online and I even started a company (Loan Safe Solutions) to assist attorneys and homeowners in reviewing their loan documents for legal violations.
Now, it appears that the Illinois attorney general feels that it is a great idea to have your current mortgage examined for federal, [...]
Popularity: 11% [?]
California Assembly Passes Foreclosure Reform Bill But More Needed to Protect Future Borrowers from Predatory Loan Practices
By Frank D. Russo
Legislation that would reform the foreclosure process in California for the benefit of homeowners trying to hold on to their homes passed the Assembly today on a 55 to 18 vote, just one vote above the two-thirds majority it required. Ten Republican Assemblymembers joined 45 of the 48 Democrats in voting for [...]
Popularity: 8% [?]
Mortgage ruling could shock U.S. banking industry
A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.
The case began like hundreds of others filed since the U.S. housing boom spawned a rise [...]
Popularity: 3% [?]
New York Tackles Reckless Subprime Lending…Will California Be Next?
Recent headlines have been gloomy: housing prices continue to sink, Wall Street executives knowingly pushed bad subprime investments, and mortgages keep failing in droves. As Congress debates how to put the economy back on track, the good news is that the states are moving ahead to prevent another subprime crisis in the future and strengthen [...]
Popularity: 3% [?]
The person asking the questions of the borrower is the first line of defense in a system designed to prevent fraud, period.
Submitted by LoanWorkout.org Reader Rick
You know as well as I do, the majority of people who are now underwater with their loans were all encouraged to go for it by the RE agent AND the Loan Officer. Why??? Because the RE agent and LO would get a commission for loaning out someone else’s money!
The person [...]
Popularity: 2% [?]
Your Loan Documents May be the Secret Key to Obtaining a Loan Modification
I have studied and written about the subject of loan modifications probably more than anyone in the world. My studies and writing have opened my eyes to how the loss mitigation process works and what a homeowner needs to do to get a loan modification with their lender or servicer.
What started out has just a blog to help [...]
Popularity: 7% [?]
The issuing power of money should be taken from the bankers and restored to Congress and the people to whom it belongs
Thomas Jefferson was the third President of the United States (1801–1809), the principal author of the Declaration of Independence :
BANK (NATIONAL) (THREAT TO LIBERTY)
If the American People ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will [...]
Popularity: 3% [?]
HALT Task Force Publishes Progress Report on Subprime Mortgage Crisis
NEW YORK, NY (05/11/2008; 1102)(readMedia)– Superintendent of Banks, Richard H. Neiman, today delivered a report to update Governor David A. Paterson on the progress made by the Governor’s Task Force to Halt Abusive Lending Transactions (HALT). The HALT Task Force is an interagency task force established in March 2007 to address the mortgage crisis and [...]
Popularity: 1% [?]
New Bill Will Let Homeowners Sue Wall Street Over Their Subprime Mortgages
Please watch the MSN Video here
Popularity: 1% [?]
Popularity: 1% [?]
Congress Calls for the FTC to Step in and Stop Predatory Advertising by Lenders
Watch the MSN video here
Popularity: 1% [?]
Popularity: 1% [?]
Safe Loan Modification Service
888-432-6634
M-F 8am-7pm PST
Open Saturdays 9am-3pm
Law Office of Gregory A. Paiva & Associates
-
Popular
Most Comments
- JacMac … you are not ignorant … you got caught up in the “shell game” that was being promoted by several lenders to mortgage brokers (354)
- Countrywide's Mozilo Hushes Homeowner With an Unaffordable Loan Modification (208)
- Deutsche Bank Foreclosures Tossed Out of Ohio Federal Court - "They Own Nothing!" (185)
- Talk to Litton to Modify Your Loan Today (164)
- Ex- Countrywide Employee Reveals a Secret Ingredient in Mr. Mozillo's Original Toxic Loan Recipe (158)
Search
Tags
Archives
-
Recent Comments
-
I can relate with this couple. I contacted WaMu in a proactive effort to get assistance during a hardship ...
disillusionedVeteran | 3Sep08 | More -
Did they change the terms of your loan to an arm? This is too risky
catan785 | 13Aug08 | More -
catan785 | 13Aug08 | More
-