Archive for Predatory Servicing
You are browsing the archives of Predatory Servicing.
You are browsing the archives of Predatory Servicing.
Mortgage industry milking homeowners before foreclosure, critics say
“I have had people in the [servicing] industry tell me that their best customer is the one who is always 30 days late,” said Howard Glaser, a former official at the U.S. Department of Housing and Urban Development, and the president of the Washington, D.C.-based Glaser Group, a [...]
Popularity: 1% [?]
These days, it may look like the Wall Street trading floor is ground zero for the country’s economic crisis, but the root of the problem is still in your neighborhood.
The State Foreclosure Prevention Working Group, a coalition of officials and mortgage servicers in North Carolina, California, New York and other states, has just put out [...]
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Privileged Loan Safe Communication with ASC:
Loan Safe: Spoke with Dannette (id# O9T) and Bryce (id # KL1). Both parties at ASC have advised they didn’t receive the modification package yet. Both parties also advised that they don’t have capability to receive faxes themselves and/or their supervisors. Also note that both individuals advised that the [...]
Popularity: 3% [?]
The facts remain that without provisions mandating loan workouts and loan modifications, increased regulation on mortgage servicers, servicer accountability and without complete 100% control of these mortgages, themselves, this bailout plan WILL NOT work.
Well, at least for the people on Main Street losing their homes.
The proposed $700 bailout proposed by U.S. Treasury Secretary Henry Paulson, in [...]
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I had the privilege of receiving a new study done on Wells Fargo via email by Valparaiso University law professor and member of the Federal Reserve Board’s consumer advisory council, Alan M. White this past week. The study concentrated on a pool of Wells Fargo mortgages and gives us all a not too common look under the hood [...]
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Imagine you go to a Ford dealership, test drive a car, and then sign a contract to buy it. But as soon as the deal is done, they tell you you’re actually getting a Chevy, and the dealership across the street will be handling the details.
Or you go to a restaurant and order a steak, [...]
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Don’t these guys just rate cars and appliances? That’s what I thought until I saw the new survey titled simply, “Satisfaction with Mortgage Servicing Declines for a Second Consecutive Year.”
Looking down the list of small time and big time mortgage servicers, I see the familiar names and players. Some belong where they are on the [...]
Popularity: 7% [?]
This blog and my life has been dedicated to following what lenders, servicers and our government have done and are doing to assist the millions of Americans that are facing foreclosure as a result of being sold defective credit instruments. AKA subprime and ALT A mortgages.
In my hundreds of hours of research and work, only one agency [...]
Popularity: 9% [?]
Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.
Thus far, servicers have been playing by [...]
Popularity: 12% [?]
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!
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Popularity: 19% [?]
New York Senator and Chairman of the Senate Judiciary Subcommittee on Administrative Oversight and the Courts, Charles Schumer has decried ‘Death by A Thousand Fees’; suggests better deterrence, stiffer penalties, and more disclosure to end ‘Vulture Mentality’ of mortgage lenders and servicers.
Can everyone say, “predatory servicing?” Welcome to mortgage servicing 101.
Mortgage Servicing Chapter 1 - [...]
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The servicing business has been going through some changes lately in the form or mergers and acquisitions. Obscene profits can be made in the servicing arena. Especially in today’s market of delinquencies and defaults.
All this spells is extra fees and income for today’s servicers.
So, it is no surprise that Litton, an affiliate of Wall Street [...]
Popularity: 3% [?]
By Nye Lavalle - Bear Stearns shareholder and defendant in an “unlawful” foreclosure action
Gentlemen,
As a shareholder, and for the last time probably before you each finally go away into the sunset, I am attaching the reports I sent each of you almost ten years ago. Instead of listening to me, you sued my family and [...]
Popularity: 6% [?]
Yes, you heard it right. I compared the mortgage servicing industry to the mob. Loan sharks. Pay up or we’ll break your knees! Well, at least, “pay up or we’ll take your house!”
This is business right? You don’t pay, you lose your home. That’s fair right?
In the old days it was fair for banks to [...]
Popularity: 25% [?]
Late-fee profits
Some say one problem is that mortgage servicers make their money from late fees and other penalties charged to borrowers.
“There’s a built-in incentive for the servicing industry to really rip people off,” contends Richard Gaudreau, a Salem attorney who specializes in consumer bankruptcy law. “If they can throw your payment into a suspense account [...]
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By Moe Bedard
“Mr. Jones, you owe $12,327 to stop foreclosure on your home and bring your mortgage current.” The lender’s collections employee says to Mr. Homeowner Jones that is desperately trying to save his home of 27 years.
Mr. Jones does not question these fees. Hell, he’s the one that is late and in foreclosure. He’s the [...]
Popularity: 25% [?]
Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that;
Countrywide [...]
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