Chip Parker: Is the mortgage industry organized crime?

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Chip Parker: Is the mortgage industry organized crime?

Chip Parker: Is the mortgage industry organized crime?

Bankruptcy Law Network- by Chip Parker, Jacksonville Bankruptcy Attorney

Foreclosure defense attorneys are becoming increasingly frustrated by the dismal foreclosure statistics and are seeking help from our nation’s criminal prosecutors to investigate the possibility of bringing “foreclosure mills” and banks to justice under the Racketeer Influenced and Corrupt Organizations Act (RICO).

Usually, when we hear terms like “organized crime” and “RICO,” we think of Tony Soprano and John Gotti. However, when the mortgage industry conspires to defraud middle class America, it make the Sopranos look more like the Brady Bunch.

Every day, thousands of foreclosures are being illegally filed by foreclosure mills, with the full knowledge that their clients (the plaintiffs) do not have the legal standing to file the case. These banks and lawyers are not stupid. They know that 99%+ of all foreclosures in this country are never contested by the homeowner or real estate investor, but it still does not make it right.

[BANKRUPTCY LAW NETWORK]

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3 Responses to “Chip Parker: Is the mortgage industry organized crime?”

  1. project_wolverine says:

    I would like to comment on a paragraph in this artical.( In almost every single foreclosure case filed in Florida the plantiff aleges that it owns and holds the note but that the note was lost this is an absolute lie the plantiff who is almost never the originating lender, never accepted physical delivery of the note.) I found a LinkedIn profile for a Faye Turner she works for JPMorgan Chase her job is in the LOST NOTE PROJECT department and her job description is to research various systems to OBTAIN needed information such as PROPERTY NOTES, mortgages or deeds of trust necessary to prepare lost note affidavits!

  2. Rob Harrington says:

    Mill attorneys are debt collectors under FDCPA —> http://files.consumerfinance.gov/f/201112_CFPB_Birster-amicus-brief.pdf

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