SHOCKER, not everyone in foreclosure “bought too much house” or “lied about their income on the loan application”. It turns out, that at times, Wells Fargo falsified records and changed borrowers loan applications or steered them into sub-prime profitable loans. “The order requires Wells Fargo to compensate borrowers affected by these practices.” To identify Wells [...]
ForeclosureHamlet.org aka Lisa Esptein’s Response to Nationwide Title Clearing Cease and Desist Letter
April 1, 2011 By Leave a Comment
The letter below shows EXACTLY how the banks and their lawyers try to twist the facts and scare homeowners as well as consumer advocates into accepting their lies. The blogs referenced in this response letter are credible and valuable in the foreclosure defense arena. Statements like: “A paralegal at the now defunct law firm of [...]
JPMorgan CHASE is in the foreclosure business, not the modification business
September 12, 2010 By 8 Comments
It’s simple, follow the money. Everyone understands the purpose of a compensation plan. Develop a plan that uses money to motivate a certain behavior. For the past several years we’ve been saying that the banks/servicers WANT to foreclose properties. It is the fastest way for them to generate fee income as well as convert [...]
Million Dollar Judgment Issued Against Mortgage Brokerage
August 12, 2010 By Leave a Comment
Every mortgage brokers has a simple choice: Falsify the borrowers records or not? Whether or not the borrower chooses to lie about their own income and/or buy more house then they can afford is a separate discussion. Sure, borrowers want to have as much house as possible and yes, many borrowers focused only on monthly [...]
Taylor Bean & Whittaker chairman Lee Farkas Charged with Securities Fraud
June 16, 2010 By Leave a Comment
If your mortgage was funded or serviced by Taylor, Bean & Whittaker then it needs to be audited. TBW was notoriously difficult to deal with in the final stages of its life and closing a short sale or loan mod was near impossible as no one seemed able to pull the trigger. Well now the [...]
REALTOR faces jail time for bad Short Sale
June 16, 2010 By 3 Comments
Over and over we counsel agents against “gaming” the system to make extra money. In Houston, we are aware of a “Short Sale Specialist” that works both sides of the transaction to make more money. BEWARE!! As an agent you have a fiduciary responsibility to your homeowner/seller. DO NOT try to “flip” the property to [...]
Goldman leading the pack in mortgage fraud
April 16, 2010 By 1 Comment
It’s on now! For those who thought claims of mortgage fraud committed at the highest levels in banking was simply a conspiracy theory, think again. Yesterday it was WAMU and now it even Goldman can’t escape the facts. – The Bank Slayer The government has accused Goldman Sachs & Co. of defrauding investors by failing [...]
