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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Stephen
If the politicians won't clean it up, I will.

1. No speculation; owner occupancy only

2. No brokers/realtors or other middlemen

3. AVM appraisals only

4. Maximum 15-year loans

5. No re-marketing of loans. Loans must remain with original lender.

6. Foreclosures required a one-year workout period to be granted by a court of law.

7. Lenders wanting to foreclose must have standing (Original Note)

8. No mortgage servicers - Lenders must service their own loans for no additional fees.

9. No campaign contributions will be allowed from the real estate industry, if there still is one after this mess.

10. No state control over property valuations

11. All loans must be transferable at no cost to allow flexibility.

12. Foreclosed properties must be resold within 90 days or become state property.

Feel free to add your own. These are mine.


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Ed
Stephen wrote:
If the politicians won't clean it up, I will.

1. No speculation; owner occupancy only

2. No brokers/realtors or other middlemen

3. AVM appraisals only

4. Maximum 15-year loans

5. No re-marketing of loans. Loans must remain with original lender.

6. Foreclosures required a one-year workout period to be granted by a court of law.

7. Lenders wanting to foreclose must have standing (Original Note)

8. No mortgage servicers - Lenders must service their own loans for no additional fees.

9. No campaign contributions will be allowed from the real estate industry, if there still is one after this mess.

10. No state control over property valuations

11. All loans must be transferable at no cost to allow flexibility.

12. Foreclosed properties must be resold within 90 days or become state property.

Feel free to add your own. These are mine.




None of them would matter because there would be no loans made. Like Judge Bean says He who has the gold makes the rules.
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The loans shouldn't be made if they are placing the system at risk. None of this needed to happen it was all about money for nothing.
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Stephen

If these things were done, bad loans wouldn't happen.

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I agree with your points Stephen within the framework of government sponsored lending and borrowing.

Personally I think even though your suggestions are accurate and a good idea I just think the bottom line is the lenders should not be allowed to lend our own money back to us and the taxpayers provide the capital for the monetary system.

As long as the people have access to money for nothing they will always find a way around regulations and rules which make sense at the time but in the long run actually create a monopoly and shelter for crooks.

The reason is they know how to game the system and make payoffs no matter how smart we are or no matter how honest our politicians and enforcement agents are, as long as there is profit in using other peoples money you will always have fraud.

You would not have to have rules and regulations if the lenders actually lent borrowers money and the reason is simple they would want to get it back if the lender had something to lose from foreclosures you can rest assured  it would be the last thing they would want to do.

In the end you cannot escape the fact that under fractional reserve lending the borrowers and taxpayers assets are at risk because the lender has none therefore they can lose none. They can go B.K. and they can alter there debt ratio to where they can no longer make loans they can even alter their debt ratio all of the incentive is to make as many loans as possible and take as much risk as possible especially with a securitization of loans and credit default swaps.

In order for this plan to work you would at least have to make mortgage backed securitization illegal. Then the bank would go out of business when they exceeded their debt ratio but even then they still would not stand to lose their own capital.

The problem is while everyone is talking about the dangers and benefits of socialism and nationalism the truth is to a large extent we have had it ever since the FED/IRS was formed in 1913.

No matter what under a government/private hybrid fractional reserve system there will always be a built in incentive to steal, and a built in incentive to crash the sytem and buy up property for cheap, alternately there will always be an incentive to pump money into the system and create inflation. We have tried regulation and we have tryed forecing government and regulatory agencies to do their job, it didn't work, won't work and could never work unless citizens worked constantly as watchdog groups and the lenders and governement actually allowed then to have teeth. No matter how we try to patch the system we have now in the end we will beome lazy forget the hard lessons learned and the whole cycle would start all over again. It's far better to set up a self regulating system with an incentive to serve the borrowers

I'll try to put this another way lets say the government only allows one company to sell you natural gas for your home and in resturn for the monopoly the gas company agrees to cap profits at 10-15% seems fair to consumer and gas company right?
What could go wrong you have x homes to sell and supply gas to at x dollars seems simple and no different suppliers to deal with and theoretically the transport should be cheaper becuase there is only one supply infrastructure.

The problem is they will find a way to drive up costs and create double accounting standards and increase demand.

People will always beg for affordable housing and a large volume of loans.  Because politicians want to get elected and banks get rich lending money as long as lenders and the government can get money from the taxpayers then they will always try to find a way to spend as much as possible to get the highest return and the most mount of politcal power.

That's why I advocate a return to free market capitalism with no government involvement in profits, banks have to come up with money of thier own or not make loans at all.



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