What do you think about Mortgage Predatory Lending Fraud?

Question

Please explain

Realtor appraiser, banking Department ,Hud,Builders are all worried now after so many of them defraud people out of their homes I am so happy they are getting the lose now see how it feels.

http://www.care2.com/c2c/group/PredatoryLending

Read this link


http://www.mortgagepress.com/article.asp?id=103340

http://www.businessweek.com/magazine/content/06_40/b4003063.htm?campaign_id=rss_topStories

http://www.msfraud.org/howtheysteal.html

http://www.post-gazette.com/pg/06282/728649-28.stm

http://www.predatorylendingsucks.com/

http://www.chicagotribune.com/news/specials/broadband/chi-mortgagefraud,0,1052574.htmlstory?coll=chi-site-nav

http://www.msfraud.org/index.html

http://www.prweb.com/prfiles/2005/05/23/243928/PrivatePropertyRightsArticle.pdf

http://www.butera-andrews.com/legislative-updates/directory/new-developments/EMC%20Press%20Release.pdf

http://www.topix.net/forum/us/T7SD7L4F9H534BHNV

http://www.mortgagenewsdaily.com/9302004_Predatory_Lending.asp

http://www.banking.state.ny.us/pr051018.htm

http://www.oag.state.ny.us/press/2002/oct/oct11a_02.html

http://www.click2houston.com/news/9584679/detail.html

http://economy-chat.com/aggy/tag/businessweek/

http://www.consumeraffairs.com/news04/2006/06/mortgage_geek.html

http://www.mortgagechronicle.com/home092906.asp

Answer 1

The sooner they are *in* prison and *out* of business, the better for everyone.

Unfortunately, this seems to be one of those economic niches that, no matter how many times you clean them out, more scumbags arise to fill it.

Still, I'd rather legalize drugs to make room for predatory lenders in our prisons, than vice versa.

Answer 2

This is happening alot in the last few years since there was a feed-frenzy in home buyiing. Prices were high and everyone went into a panic to try to get a home before the prices went any higher.

Predatory is just as listed in the dictionary, a preditor looking for bait or something to catch and eat (like a lion getting a deer). These Mortgage companies prey on those that can not get loans for a home from a band or a reputable loan company. These fly by nigh loan companies set up shop when they know people are acrambling to get a loan as maybe their credit is not good enough or their income is not high enough for the loan. They offer you the loan with very high interest rates, you buy the home, and then you find out your panyment (with the interst included) is so high you can not cover the payment each month. Or if you can you realize you are paying strictly interest and you can never get the principal paid down.
If the paperwork is not straight forward and clear before you sign it, then fraud is taking place. If fraud takes place they can be reported. If it was a bad deal for you and you signed it anyway then you took the risk and nothing can be done (except refinance to get out from under this loan).

Good Luck

Answer 3

I think I am going to start a betting pool on when the first guy walk in the some loan office and shoot the clown in the face.

I bet that will take place some time in February.

You screw over some guy who end up in a divorce after several months of finical hardship, so now the guy has lost him family, his wife want money for child support plus alimony, he has no house and most likely this will affect his work, not that he want want to work since he lost every thing and they take what is left.

Once this happens and it breaks in the news I am sure other with the same idea will get the green light and it will happen again several time.

If they do not start enforcing these laws soon I would not be surprised if this happens.

Answer 4

this is the two. You have been forced to place in writing issues that weren't real. You under no circumstances could have qualified for that very own loan with an intern's income. in case you notify the holder of the deepest loan, they'll prosecute the guy who took the unique very own loan application. you additionally are in charge for something which you crammed out. The preliminary potential which you approved. they gained't flow when you for it.

Answer 5

I think it is despicable. These people will generally prey upon immigrants, their own people, as a matter of fact, using the language and common background as a tool of deceit. They prey upon illegal immigrants the most; those who are afraid to speak up and who distrust English speaking people. They should all burn in hell for what they do to people.

Answer 6

People who commit predatory lending or mortgage fraud should go to prison. And I'd be happy to help them along!

Those who commit RESPA violations too.