THEY ONCE WERE LENDERS – Understanding government's failure to stop bankers OR scammers from destroying homeowners.

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THEY ONCE WERE LENDERS – Understanding government’s failure to stop bankers OR scammers from destroying homeowners.

THEY ONCE WERE LENDERS – Understanding government’s failure to stop bankers OR scammers from destroying homeowners.

via Mandelman Matters-

Preface…

Sit down and relax… you’re going to need a comfortable chair.  But, I promise you… it’ll be worth it.

In the fall of 2008, news stories about “scammers” taking advantage of homeowners at risk of foreclosure started appearing frequently in the media.  I remember watching a prime-time national news magazine type program, I think it was 20/20, that was airing a story that featured a sleazy looking middle-age man in Denver, hurriedly walking from a small, strip mall store front to his car, his hand covering his face, as a reporter tried to ask him questions that he obviously did not plan to answer.

The story involved a company that had charged a handful of homeowners several thousand dollars up front to help them negotiate with their banks to get their mortgages modified.  The core issue being raised by the show’s host was that the homeowners had been victims of a scam because, as a couple of the homeowners interviewed were saying, their loans had not yet been modified.

I remember wondering, to begin with, how in the world such a story had become the subject of a national news magazine television program.  I mean, “Three homeowners get ripped off by small business in Denver,” is not usually the sort of event that makes national headlines.  The implication being made was that this case was emblematic of a more widespread problem, but nothing further was offered in the way of proof… no statistics, no additional facts… just statements about how homeowners should NEVER pay anyone up front to help them negotiate with their bank over a loan modification because they were “scammers.”


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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4 Responses to “THEY ONCE WERE LENDERS – Understanding government’s failure to stop bankers OR scammers from destroying homeowners.”

  1. marilyn lane says:

    article from THE STREET

    RealM Review Will Be On Proxy Ballot
    By Maria Woehr 03/24/11 – 11:07 AM EDT
    3 CommentsAdd CommentStock quotes in this article:BAC, C, JPM, WFC NEW YORK (TheStreet) — Citigroup(C_) and Bank of America(BAC_) will put the question of conducting an independent review their mortgage and foreclosure practices during upcoming annual meetings following a Securities and Exchange Commission ruling Wednesday.
    More on BAC
    Synovus Loss Beats ExpectationsJPMorgan Boosts Small Business LoansCiti Continues To Expand CitiFX ProMarket Activity
    JP Morgan Chase & Co| JPM UPCitigroup Inc.| C DOWNBank of America Corp| BAC DOWNThe New York City Pension Fund will put the request for an independent review on the proxy ballot at both banks’ shareholder meetings. The same request will also be on Wells Fargo’s (WFC_) proxy statements.
    Wells did not fight the request for the New York City Pension Fund to include the independent review request on their shareholder ballot, while Citigroup, Bank of America and JPMorgan Chase(JPM_) all sought rulings from the SEC to exclude the proposals.
    “An independent examination of bank foreclosure practices is needed to reassure shareholders and protect pensioners and taxpayers,” Comptroller Liu said in a statement. “The necessity for this becomes even clearer as the weeks and months tick by and more New Yorkers face losing their homes to foreclosure. Regrettably, the banks have failed us on this and even went so far as to try and kick us off the ballot, but the shareholders have prevailed.”
    –Written by Maria Woehr in New York.

  2. marilyn lane says:

    to Dinsfla
    I am always on the internet poking around and I would send it to you for you to look at but when I press in” contact the author” a box comes up that says allow, I say yes and I don’t know how to fill in the question boxes. Capiche?

  3. dinsfla says:

    Please use info@stopforeclosurefraud.com as some browsers might be an issue.

  4. enough already says:

    everyone needs to watch the INSIDE JOB everyone that is on the foreclsoure comittees and in congress were all in the investment firms. then you will understand why they do not fix anything in our favor

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