Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Kanjorski plan for mortgage reform passes U.S. House

                                                                                                                                                                       

WASHINGTON — A mortgage reform bill has been approved by the full U.S. House of Representatives, with appraisal and mortgage servicing provisions authored by Rep. Paul Kanjorski, D-11, intact.

The bill — approved 300-114 — addresses Pocono home sale abuses aired during a 2004 hearing at East Stroudsburg University of Kanjorski's subcommittee on capital markets, insurance and government sponsored enterprises.

                                                                                               

"Since we encountered these problems in the Poconos about eight years ago, I have sought to develop new federal laws to protect homeowners," Kanjorski said. "This bill, strengthened by my legislation to ensure more accurate home value estimates and improve servicing, will suppress many existing predatory lending practices and make industry more responsive for its actions."

Inflated appraisals were used early this decade to sell Pocono homes for more than they were worth at the time on the local market. Many point to inflated appraisals nationwide as a key factor triggering the current financial meltdown.

The bill calls for tighter oversight of appraisal management companies that are often subsidiaries of lenders. Some lenders use the subsidiaries to hand-pick appraisers who can be pressured to produce higher appraisals, justifying higher loans.

"In the lead up to the housing market collapse, the industry was rife with appraisal abuse," said John Taylor, CEO of the National Community Reinvestment Coalition, a consumer group of more than 600 community organizations.

"Aiming for numbers that reflected a desire to make a loan, and not the true value of the property, inflated the housing bubble and caused untold damage to homeowners across the country."

Taylor said Kanjorski's amendments offer strong protection against such abuses.

Federal authority to monitor and assist state appraisal regulatory agencies would be strengthened under the bill. All borrowers with blemished credit records would be granted access to on-site appraisal inspections.

The bill also addresses issues involving companies that service mortgages. It codifies rules on escrowing for taxes, properly crediting payments and payoff statements.

The Senate is expected to consider the House bill later this year.

http://www.poconorecord.com/apps/pbcs.dll/article?AID=/20090509/NEWS/905090336

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Is that schizophrenic Kanjorski fool still in Congress? And he is still trying to meddle in and "fix" mortgages? This moron is personally responsible for the loss of many homes and he still has the gall to introduce any bills? He should hang his head in shame and slink off to the woods, never to be heard from again, IMHO.

Paul Kanjorski belongs with Bob Ney. Those two clowns did more to hurt homeowners than any two morons in Congress. They deserve to share a cell for stripping us all of the protections offered by our individual states. They let the dogs out on all Americans. They were warned and did it anyway.

He knows what has been happening for EIGHT years and yet co-sponsored a terrible bill in 2005? Who owns Kanjorski's soul anyway? More importantly, does this man's brain work at all? Has HE himself forgotten the horrible Ney-KANJORSKI bill of 2005? After that abomination was passed lenders and servicers went berserk with their scams. The rest is history; no, the rest is the present-we ALL are paying for it!

WHY does PA continue to re-elect this shameful human being? His kind of "help" we can all do without! The sound of his name makes my skin crawl with dread; I think he is completely untrustworthy! Anything attached to him is anathema.

Is this statement senility or a bald-faced lie? "Since we encountered these problems in the Poconos about eight years ago, I have sought to develop new federal laws to protect homeowners," Kanjorski said. 

Hmmm. Really?

I can't be the only person here who remembers this:

March 16, 2005
A new bill introduced in Congress by Reps. Robert Ney of Ohio and Paul Kanjorski of Pennsylvania would demolish many of the protections states and the federal government have carefully erected against predatory lenders and would expose millions of homebuyers to the loss of their savings and even their homes, consumer advocates said.

The bill would preempt state laws proven effective at curbing abusive lending and replace them with a weak federal standard. "The numerous loopholes in this bill show a lack of understanding of how predatory lending steals the home equity of thousands of American families every year," said Mark Pearce, president of the Center for Responsible Lending, a nonprofit, nonpartisan policy and research group.

Pearce said his organization regards the bill as an attempt by lenders to get around strong predatory lending laws.

Predatory lending robs homeowners of more than $9 billion a year, CRL estimates, and threatens the poorest of homeowners: the elderly, minorities, immigrants -- those least able to survive these scams with homes and savings intact.

More here:

http://www.consumeraffairs.com/news04/2005/predatory.html








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