I have been a loan officer for three years until april of 2007. There were soo many loop holes in the mortgage business it allowed regular bums on the street make an attempt to deal with peoples most private information without being pre-screened etc. I suffered both the loss of a good job and my I’m glad some one has taken initiative to get things done properly.

It is about time washington mutual is a rip off they do not care about anything but there company they need to be shut down and we should receive settlements from them.

The American dream is a night mare. Homelessness is cribless meaning you do not have a place to live. Strange people still live on the place called earth. Usurpers have wiggled their way into many wallets bank accounts and hearts. Trusting the blah blah of a lender thinking that now you could use this money to upgrade self and family flips into foreclosure now card board boxes mattress the concrete you sleep on. This should tell us more about what time it is. How the human being has lost through greed and sleight of hand morals and ethics that elevate the masses not destroy the people. Realestate and politics are sisters in grimy crime and just now 400 plus get exposed arrested or raided. Go back to the spiritual desease that causes this kind of greed not the symptom that tells us something is wrong now we must arrest it. I am happy for this exposure. I had no idea that somebody at least went to jail if not for an hour for crimes like these. They use to be called white collar crime, No difference crime is crime. In this society there is the white and black of everything. Is this why so many victims are African Americans meaning of African descent? Thank you for the news we must do our reseach for it will reward those who do to a great extent.

Yes you had mortgage brokers pushing through loans. Yes you had appraisers lying about the true value of the house. All fraud.

HOWEVER, you also had the prospective homeowner who knew they COULD NOT afford the mortgage payments. Some of these folks did not set up escrow accounts to pay taxes and insurance at the end of the year. By adding the expenses into their mortgage payments, they wouldn’t have qualified for the home. Guess what? In Texas, whether you established escrow or not, a good mortgage broker would have made sure you had enough income to cover the expenses at year end. But ultimately, in the long run, we are responsible for our own decisions.

I am a real estate agent that does not drive a Benz or live an extravagant lifestyle. If my clients income didn’t support a home purchase, I told them to work on increasing their income. Somebody would have given them a loan but I wasn’t going to be their agent. I lost at least 5 clients who I told this wasn’t the time for them to buy a house.

I do believe it is time for the homeowners to accept responsibility as well for the mess they got themselves in.

The government need to further dig in other areas
as well. Send them to jail, and take their wealth
then freeze any and all that is owned. How did this happen? What the crap is going on? These people should pay deeply for their wrong doings.
This real estate scam need to stop. The companies they work for should suffer. Tax payer should not
bail them out.

They should also look into Countrywide. They are one of the worst out there. This practice is wide spread. Even with educating “ourselves” there would still be language in those documents that most of us do not understand. There would still be loop holes in the process that would go undetected by most of us. There needs to be a watchdog process for this type of thing

It is about time and these people should spend the time dollar for dollar in jail that they scammed people out of. It is just a shame how GREED, GLUTONY AND SELFISHNESS takes people over and FOR WHAT? Just to get what they want and not care about others. PEOPLE WE NEED TO BECOME SELFLESS as Jesus did when He went to the cross!

Those arrested are the tip of the iceberg. Many companies, even large “respected” names, are in on predatory lending and fraud. The housing and finance industries created a bubble situation in housing/mortgages. Fraudulently inflated appraisals, toxic loans, violation of lending laws, etc, were all going on. A group that got in on this was the homebuilders. Several have been investigated and fined millions by HUD, but when a company pays a fine it’s a slap on the wrist as they admit no guilt and are not prosecuted even if they should’ve been. That way the govt gets back the money it spent to investigate, maybe more, but consumer victims usually get nothing. Beazer Homes is still under investigation by several federal agencies because of mortgage issues. Many builders use their own mortgage company and that seems to be the root of builder mortgage fraud.

The industry created this mess and has tried to paint itself as the victim, blaming homeowners even though the fraud could not have been carried out on this scale without industry involvement. The FBI reported two yrs ago that 80% of the fraud was done by the industry itself. Builders, real estate agents, and lenders, are all going to congress to get a bailout. Instead congress should be demanding some of these people are prosecuted and sent to prison.

I am glad someone is going to pay other than the homebuyer.

WOW !IT NEVER STOP SHORT OF AMAZING ,HOW THESE LOANS HAVE US FIGHTING FOR OR MEMORIES , TWELVE YEARS IN MY HOME IM TRYING SO HARD TO HOLD ON TO ,KEEP CREDIT GOOD , AND JUST SIGNING A PAPER HAS TAKEN A TOLL ON MY LIFE , ALL THE HARD WORK PUT INTO UR HOME FOR SOME BANK TO TAKE A WAY ,WELL IT SEEMED GOOD AT THE TIME, CAN NOT GET UNEMPLOMENT ,CAN NOT FIND A JOB ,WHAT IS WRONG WIT THIS WORLD THERE ARE SOME PEOPLE THAT GET PLEASURE FROM PEOPLES MISTAKES…AND HEART ACHE.

I know I was part of a scam. I bought my first rental property a couple of years ago and after I purchased it, I began to find out things that were done were fraudlent. I was so eager to be able to get a house to re-build my credit, that I must have had “sucker” written on my face! I even called the mortgage company and told them that I thought my deal was fraudulent after about 2-3 months after I got the house and they had this attitude like “prove it” I am now stuck with an interest rate that is going to balloon in 2 months and I don’t know what to do. I paid to much fpr the house and it’s not worth crap.

IAM GOING THROUGH THE SAME THING NOW. I FEEL THERE’S NO HELP OUT THERE FOR ME. MY HOME IS WHERE I RUN MY BUSINESS SO IM LOSING ALL AROUND. EVERY WHERE I HAVE TURNED HAS BEEN A CLOSED DOOR. I HAVE RECIEVED RUDE ATTITUDES FROM THE MORTGAGE COMPANY AND EVERY DAY I LOOK MY KIDS NOT KNOWING HOW WILL I RECOVER AND TAKE CARE OF THEM. I STRUGGLED SO LONG AND HARD TO BECOME THE FIRST IN MY FAMIY TO OWN A HOME ALL FOR NOTHING.IM DEVASTED AND IN SHOCK, I THINK THE FBI NEEDS TO INVESTIGATE THIS WAY, MODESTO,CA.

I’m sorry any of you are devastated, and too bad for the folks caught up in making a living off the need others.

If you credit has not been hit, and you know you can’t afford the mortgage, get out now before your credit takes a dive. Talk to your folks and get an apartment to recover and regroup.

All People should take the time to read all the print on agreements and contracts, as the criminal usually states what the plan is plain view.

I am going through a similar thing myself with LEND AMERICA.I han a ARM loan with Countrywide Home Loan and it was set to adjust November 2008.I call Lend America about a FHA refi-loan.I went thruogh hoops to get the fixed rate loan.My problem is that at closing my property taxes for 2007 were to be paid at closing by Lend America which didn,t happen.Lend America is bases out of NEW YORK and I live in Milwaukee.I recently recieved a l;etter from the city tax office about my unpaid taxes.Needless to say …this was a bad deal all aruond.I would not recommend this company to anyone.A nd to sum it all up ,my loan was sold to Wellsfargo Bank.There is moer to this story that I can tell you,like I started the refi in March and did not close until the last week in May.I,m happy to have a fixed rate loan but I will never do business with Lend America.

I don’t think I read what exactly they did. I assume that they charged more morgage than they were supposed to, which caused many people, mainly African Americans, lose their homes. And to think that this thing happened on March 1st, my b-day.

I was a mortgage broker for four years and I only put one couple into a loan that I did not think was the best, fixed rate, option. Why did I do it? The customer wanted the lower payment! I explained the way an ARM works, I explained that there is no guarantee that in two years their credit would have recovered, I explained that their value may not have increased enough to refinance out of the loan, etc. Yes, there are some terribly greedly loan officers out there but not all of the people “caught up” in this mortgage crisis were duped. Some of them made the decision to “take the risk” of an adjustable rate mortgage. I also refused to do “risky” loans for people over and over again but they would go to someone else and do the loan any way. In almost all of the cases, the customers would call me back within months to ask me to try to get them out of the bad loans they ended up with. By then the equity would be gone or their scores would have dropped. People, we need to learn to be patient. If someone you trust tells you that it is best to wait and work on your credit or save a little more money or find a lower priced house, then listen. Listen. Work. Wait.

For those many questions that were asked on these comments, is there any “Mortage Brokers/Lenders” out there that can shed some light on these questions or direct us, were to tune-into on line?

I can relate to all of these situations. Before ending up in a possible foreclosure I made an attempt to make up my pyment I was behind in and the mortgage company returned my check telling me I needed to send them all of the back payment which was almost impossible. They immediatelly started foreclosure proceedings, and I almost lost my home of 14 years. Right after I made my first new payment, they sold my loan to another company. What is wrong with this picture?
Do these companies ever pay for the injustice they are causing? I wonder how many more companies are causing people to lose their prized possessions. People are killing themselves because of these situations that these mortgage companies put them into. Where is the justice.
I have managed to keep my home, but how many more are out there trying to maintain that American dream we talk about.

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