November 20, 2006
White-Collar Mafia
U.S. Government studies report that up to 70% percent of home mortgage loans contain errors!
Accounting errors in home mortgage loans can ange from a few hundred dollars to tens of thousands of dollars!
These so-called “errors” are in many circumstances complex and fraudulent accounting schemes that banks and mortgage companies use
to “play with your money” to generate additional cash flow, income and profits!
Most banks and mortgage companies know that you won’t ask how they “calculated” the “payoff” or principal balance figure they quote you!
A well-known bank once charged a customer over $3000.00 per month for five months [over $15,000] of escrow payments when the annualtaxes were only $2,608.28 and monthly P & I payments were only around $790.00!
A well-known mortgage servicer owned by a major Wall Street investment bank refers to its customers as “smucks” in their policy manuals!
• Some banks and mortgage companies have foreclosed or are foreclosing on homes, notes and deeds of trusts they don’t even own or have a right to!
• Well-known banks and mortgage companies in Florida are lying and providing perjured testimony, false affidavits and frivolous pleadings in cases involving mortgage foreclosure to courts in Florida!
• You or your family members and friends may be unknowingly be contributing to these abuses by having investments in your own IRA’s, stocks,
mutual or pension funds that are holding mortgage backed securities that deal with subprime lending!
For the majority of Americans, their home is the largest single asset they will ever own. Home ownership is part of the American Dream. Yet today, many elderly, minority, disabled, disadvantaged and non-English speaking Americans are living the American Nightmare rather than the American Dream. Their dreams of home ownership and financial security are being stripped away by 21st Century loan sharks backed by a new white collar Mafia. Instead of using guns and knives to intimidate and to rob their victims, the new weapons of choice are phones, computers, computer programs the mail and unscrupulous lawyers. These extortionists, con-artists and predators inflict harsher pain, suffering and injury upon their victims than a local loan shark can.
Instead of breaking bones and knees, this new breed of crooks breaks dreams, lives, livelihoods and families. They illegally take away their victim’s homes, ruin their credit, destroy their families and damage their businesses. Often, the scars left by these criminals last years and even a lifetime that takes longer to heal than a broken bone.
Read more….
Accounting errors in home mortgage loans can ange from a few hundred dollars to tens of thousands of dollars!
These so-called “errors” are in many circumstances complex and fraudulent accounting schemes that banks and mortgage companies use
to “play with your money” to generate additional cash flow, income and profits!
Most banks and mortgage companies know that you won’t ask how they “calculated” the “payoff” or principal balance figure they quote you!
A well-known bank once charged a customer over $3000.00 per month for five months [over $15,000] of escrow payments when the annualtaxes were only $2,608.28 and monthly P & I payments were only around $790.00!
A well-known mortgage servicer owned by a major Wall Street investment bank refers to its customers as “smucks” in their policy manuals!
• Some banks and mortgage companies have foreclosed or are foreclosing on homes, notes and deeds of trusts they don’t even own or have a right to!
• Well-known banks and mortgage companies in Florida are lying and providing perjured testimony, false affidavits and frivolous pleadings in cases involving mortgage foreclosure to courts in Florida!
• You or your family members and friends may be unknowingly be contributing to these abuses by having investments in your own IRA’s, stocks,
mutual or pension funds that are holding mortgage backed securities that deal with subprime lending!
For the majority of Americans, their home is the largest single asset they will ever own. Home ownership is part of the American Dream. Yet today, many elderly, minority, disabled, disadvantaged and non-English speaking Americans are living the American Nightmare rather than the American Dream. Their dreams of home ownership and financial security are being stripped away by 21st Century loan sharks backed by a new white collar Mafia. Instead of using guns and knives to intimidate and to rob their victims, the new weapons of choice are phones, computers, computer programs the mail and unscrupulous lawyers. These extortionists, con-artists and predators inflict harsher pain, suffering and injury upon their victims than a local loan shark can.
Instead of breaking bones and knees, this new breed of crooks breaks dreams, lives, livelihoods and families. They illegally take away their victim’s homes, ruin their credit, destroy their families and damage their businesses. Often, the scars left by these criminals last years and even a lifetime that takes longer to heal than a broken bone.
Read more….
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