Livinglies's Weblog

HOMEOWNER FIGHTS AND WINS WITH ACORN: watch

HOMEOWNER FIGHTS AND WINS ON PRODUCE THE NOTE: watch

BLACKMAIL: NO LATE PAYMENTS? NO PROBLEM. GET OUT!: watch

PRODUCE THE NOTE: WHEN THE BANK LOST OR DESTROYED THE EVIDENCE: watch

“EVERYONE SHOULD PUT THE ‘LENDER’ TO TASK”: watch

Servicers do everything they can to keep loans in default, make money on foreclosures too: watch

FED BAILOUT BUYING DEFAULTED LOANS? Why servicers try to force homeowners into foreclosures: watch

I WANT SOME TARP — THEY’RE GIVING MONEY AWAY FOR FREE: watch

CHILLING PARODY: watch

TAKE YOUR COUNTRY BACK: I WANT MY BAILOUT MONEY RAP: watch

“THE MOST IMPORTANT VIDEO ON THE INTERNET”:  watch

Former EMC Employee Publicly Discloses the Ugly Truth About the Mortgage Servicing Industry: See comments to this blog
By Denise Richardson on July 11, 2008 10:09 AM | Permalink | Comments (0) | TrackBacks (0)

The Consumer Warning Network released a stunning video that has a former EMC employee reciting an inside story that paints a picture of why so many people can’t get their loan out of default and why some people lost homes even though they had the money to pay off their note. Investigative studies, insiders and victims -have claimed that mortgage servicing companies can make MORE money off of homeowners when they keep your loan in default.

“the media has failed to tell the full story” says Danny Schechter, producer and director of In Debt We Trust and the ‘News Dissector” from mediachannel.org. See: Bringing the Wall Street Crisis to Main Street!

Professor Katherine Porter described many of the same disturbing findings in her recent study: “Misbehavoir and Mistakes…”

To watch her on CNN see: Are you facing an Unfair Foreclosure?

Professor Porter was also a guest on our weekly radio show SpotLight.

During that interview we discussed her findings that additionally indicated the mortgage servicing industry has zero regulations. In fact, the system currently in place for servicing companies is set up in such a way that it actually gives servicing companies an incentive not to communicate with the borrower and then make more money by collecting late fees and penalties -much like this insider’s story.

 

 

Filed under: bubble, CDO, CORRUPTION, Eviction, foreclosure, foreign relations, GTC | Honor, MODIFICATION, Mortgage, politics, securities fraud, Servicer | Tagged: bailout, borrower, credit crisis, disclosure, Federal reserve, foreclosure defense, foreclosure offense, fraud, Lender Liability, lost note, mortgage meltdown, predatory lending, rescission, securitization, trustee |