This is one instance in which the industry practice of tricking borrowers into foreclosure becomes crystal clear. The case is also instructive on the terms of so-called “modifications.” The goal in all instances is to use every means at their disposal to trick the borrower into waiving rights and falling into the abyss of foreclosure without any appropriate disclosures.
these self-proclaimed “servicers” are not acting on behalf of any real creditor whose money was converted to a fraudulent scheme; instead they are creating a void by not revealing the creditor and then stepping into that void declaring themselves to be creditors or to be entitled to being treated like creditors.
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See 201701_cfpb_citifinancial-consent-order
“We are not in the modification business. we are in the foreclosure business.” So said the manager of the “loss mitigation” department of Bank of America in Massachusetts a few years back, already reported on this blog.
So it should come as no surprise that Citi granted “deferments” that accrued until the deferment period was over rather than tacking it on to the end of an obligation (that they had interest in anyway).
Citi SAID they would extend the “payback” period (term of the loan) but they didn’t, leaving the people who received deferments in the untenable position of suddenly coming up with a whopping sum of money that they thought was due at the end of their loan — not at the end of the deferment period. So the whole reason for offering the deferments was (1) to get the “borrowers” to waive their rights and (2) to be assured that the foreclosure would happen without defenses being raised.
As always we are talking about the new normal — where super banks don’t look for workouts that will improve their chances of getting paid on a loan. Instead they are looking for way to diminish the payback, depress market values and score big on foreclosures that put a presumptive cap on their illicit activities preceding the foreclosures.
The banks made their money long before the foreclosure and don’t care what actually happens to the property — except that they welcome the false “recovery” of “servicer advances” in which they paid investors from a dynamic dark pool consisting entirely of investor money.
In other words these self-proclaimed “servicers” are not acting on behalf of any real creditor whose money was converted to a fraudulent scheme; instead they are creating a void by not revealing the creditor and then stepping into that void declaring themselves to be creditors or to be entitled to being treated like creditors.
- For borrowers who received a Special Deferment (and therefore did not prepay any interest), the interest accruing during the Deferment period became due immediately upon a borrower’s next scheduled payment, rather than at the end of the borrower’s loan term.
- Respondent sent borrowers who applied for Deferments in certain states an authorization form informing them that “the repayment term of the loan will be extended.” Respondent sent all borrowers who it approved for a Deferment a confirmation letter with similar disclosures.
2017-CFPB-0004 Document 1 Filed 01/23/2017 Page 8 of 31
- In its communications to borrowers, Respondent disclosed that “interest will continue to accrue” during the Deferment period, but Respondent did not disclose the amount of interest that would accrue during the Deferment period, when that interest would be due, or how a borrower’s next payment would be applied in relation to that accrued interest. Respondent also failed to disclose that a Special Deferment would significantly reduce the amount of principal reduction borrowers would achieve once they resumed making loan payments, resulting in borrowers paying more interest over the life of the loan. [e.s.]
Filed under: foreclosure | Tagged: “servicer” under 12 C.F.R. § 1024.2(b), CFPB, CitiFinancial, CitiFinancial Company, CitiFinancial Credit Company, CitiFinancial Services, CitiFinancial Servicing, Citigroup Inc, Credit reporting, Deferment, Furnisher |
It should have been $29 Billion and the same for Chase, Wells Fargo, BofA Nationstar and OCWEN Loan Servicing.
The fines do nothing to help the home owners who have lost their homes, the largest investment of their lifetime.
The fraud committed by these criminal bankers and their employees who were paid giant bonuses to be co-conspirators by preparing fake documents and instructing home owners to stop making payments on their loans otherwise they could not qualify for modifications. They thought nothing of forging signatures, forging notaries, and presenting the false and fraudulent documents to the courts so that judges who were either asleep or partners with the bankers. could rule in favor of the bankers to commit the theft of homes, millions of them and BILLIONS upon BILLIONS of dollars that went in the pockets of these thieves, most of it placed off shore, which also cheated state and federal tax agencies of Billions of dollars due to TAX EVASION.
They also committed wire and mail fraud and SEC laws in
the fraud against investors who thought they were investing in so-called TRUSTS and money POOLS which never existed.
The fake assignments prepared and presented in their scheme of foreclosure fraud, by the lawyers for the banks and loan servicing agencies,to the courts with the forged notes and mortgages and assignments, with the assistance of the criminal partners, the so-called TRUSTEES and the escrow company hoods, and fake noitaries who were paid extra to allow the thieves to use their notary stamp.
All of the above parties need to have eyes in the back of their heads because they WILL eventually have some department of law enforcement following them and placing hand cuffs on them then placing them in the paddy wagons off to jail.
If they think all the homes they stole from innocent home owners, and the bonuses and huge checks they received fir their part in the biggest fraud and criminal enterprises ever to hit the world, they will find out that money will no longer save their butts from doing twenty oir more years behind bars.
Their time as free citizens will come to an abrupt end soon, as I am confident that our citizens have had it and THERE WILL BE A run on the banks and millions marching in the streets demanding legal action, more people and more havoc than what we have seen this past week.
As a former agent for the USA Government Criminal Investigation Division, I am amazed and disgusted that we have not seen the United States Senate and Congress, the SEC, the CFPB, and the State and Federal Departments of Justice, plus the U.S. Treasury Department (IRS), who don’t usually let even one thousand dollars get past them,
lay claims to the money these thieves have stolen and the homes they have taken illegally, sold for cash and ran with it to the off shore hideaway places.
If Mr. TRUMP wants to make friends of the citizens and wants to
let the world know that he is not afraid of these BIG BAD WOLF BANKERS, WALL STREET HOODS and their criminal lawyers and co-conspirator employees, and turn the tables on these thieves, he needs only to team-up with Senator Elizabeth Warren, the Chairperson of the
Senate Sub Committee on Bank Fraud, and she will give him an ear full with all the details and description of the TRILLIONS of FRAUD committed against our citizens, lining the pockets of the Jamie Dimon,,
Bryan Moynahan, John Stompf and Citi’s CEO and President, and maybe she can join forces with Trump to break up these criminal bank enterprises and split them up among the 7 or 8 million smaller state
and federal community banks..
If Trump is looking for the funds to build the WALL, here it is,plus enough to go around the total United States.
We need an uprising like the world has never seen, and before our financial and legal system is so far gone that it can not be revived.
Mr. Trump could go down in history just by overturning this foreclosure scheme and having the courts overturn the wrongful foreclosures and theft of properties.
If readers follow Neil Garfield’s. LIVINGLISES Weblog, and read the
many articles that refer to the fraud that has been committed against home owners, and the damages, stress and , even the deaths of many who could no longer handle dealing with these thieves and their lawyers in their illegal schemes to wrongfully foreclose and steal their properties, that readers would get a real taste of what these bankers and their associates have done to our country and the illegal, criminal
methods they are using to continue.
Mr. Trump, if you receive a copy of this message, I will personally be available to guide you through the over-all scheme and will enlighten you as to the TRILLIONS that could be available form your wall.
I am not really in agreement with a wall, as I believe that if law enforcement had additional funds for enforcement of the laws being ignored and./or broken by foreigners, and if we had courts handling cases involving these criminals rather than spending time and great amounts of money for the benefit of these banker criminals and their
illegal court foreclosure actions, we would see a greater response
and we would be saving the lives of the innocent children who will ben left homeless and without parents that are shipped off to Mexico because they have not obtained legal papers to work or be citizens of a country where they have the chance of survival.
Yes, I agree there are many criminals who have infiltrated into our country who should be rounded up and sent back to their home land, but there are many good Mexican folks who deserve and can
qualify to be in our country.
In fact, I am certain there are thousands of their people who would gladly work on your wall if it were to keep out the criminal element and
those who are not legally qualified to cross the border.
Mr. Trump. you desperately need the citizens of our country to back you on many projects and problems you are facing, mostly problems concerning health and education, and the rights of all Americans
to enjoy the priveledges of our constitution regardless of race.
and religion.
You have had the opportunity to become very successful beginning
from a young age and you know the ups and downs that can side tract a person, and you required a second chance and you depended on
laws of our land to protect you from thieving bankers, but you were smart enough to maneuver them for your benefit, I am now 87 years
old, and have suffered two heart attacks and I am a cancer survivor,
and during earlier days, when I first started as a builder/developer, which was in the mid 1950’s, I built and developed hundreds of properties, a few thousand apartment units, commercial centers,
medical complexes, hotels and motels and you name it, I developed them, and I continued until two of my brothers and a sister who was my CPA, all three passed away within a year and a half, at which time I sold my business and semi retired until I then again went into the investigation business in the attempt to assist many home owners who requested my help to save their properties from these greedy, criminal bankers.
I know the suffering and the money home owners have spent in the
attempt to save their properties. They did not want or expect a FREE house, they only wished to be able to somehow save their homes when the economy went south and jobs were lost or business ventures went sour. About this time, the bankers and Wall Street Hoods stepped in with their scheme to take over the world and literally rob the homes of millions of our citizens.
They have either completely hood winked judges and the courts in general or have been so successful in their scheme with the fraudulent preparation of fake and/or forged documents and the presentation to courts, that finally the United States Supreme Court has finally GOT THE PICTURE, BUT TO MANY, IT IS TOO LATE.
We the people of the United States, need your help. If you are planning a successful future in the White House and intend to be there for two terms, the millions upon millions of home owners who have lost their homes, plus the millions who are presently still fighting these thieves to keep their homes, will be placing your name in the voting booths at the time you need them.
God Bless you and may God Bless America
William Bennett
,
“So said the manager of the “loss mitigation” department of Bank of America in Massachusetts a few years back, already reported on this blog.”
The above statement is very insensitive and inhumane, especially, when so many were denied modification with a false pretext of “missing documents.” In our case B of A even rejected a mortgage payment.
HOPE PRESIDENT TRUMP WOULD REALIZE THAT TO MAKE AMERICA GREAT AGAIN, AMERICAN PEOPLE NEED TO HAVE HOMES TO LIVE FIRST.
“We are not in the modification business. we are in the foreclosure business.” So said the manager of the “loss mitigation” department of Bank of America in Massachusetts a few years back, already reported on this blog.
And they ask us why there is is no faith in Government. Bush started with creating the ‘Hope for Homeowners’ program. I guess according to the lenders we need to remember when the Government creates a plan or enacts a law it’s merely a suggestive recommendation.
This happened to me with OneWest and then whoever took them over, I forget.
I was given a 90 deferment to apply for a modification. Once the mod was complete, we were told we could take it but we would gave to pay an extra amount of money every month to make up for taxes, insurance, and other payments during deferment period or pay it all up front. The modification was fine otherwise, just what we needed, and it was something we could afford except for the whole coming up with money before we could accept the offer. This was also the second time around for the mod as we held out for court after the first mod we successfully completed the trial period, but the bank didnt approve us without explanation.
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