10 Responses

  1. WE are a country of indentured slaves…the bonds from your birth certificate and social security guarantee, we will be accountable. As for China, how did we ever allow that mess of a country to dictate terms to us? Pity the fools…we don’t need them. Too much BS….to talk about. People are asleep at the wheel.

  2. james formanek, – your loan was NEVER PAID OFF BY YOU — It was put in default – even though you were never in default when took the last loan. FORGET AIG. NO one is getting is this. You go there – you will lose. This is the BIG problem. Off on wrong track. The last loan NEVER paid off prior transaction BY YOU – which it should have. Forget AIG – forget bad underwriting – piece of crock.

    We were SOOO duped. .

    That is the way it is .

  3. frankly speaking have a loan with them , falsified/mis stated my income, no supporting documents, again falsified in a HAMP loan so to speak, 40 yr note just plain tired of all the games would love to sue them but that takes money even though my loan has already been paid off because of the rust defaulted and AIG paid it off, but I am still paying on a dead mortgage… ah well welcome to the Uof s a the laws arent here to protect the little guy and gal and thats too bad.. James

  4. Well – last post not yet posted. But wanted to add — Neil — you stand for principle. We all thank you for that. NO one has been there like you. You can sleep at night. Thanks. You – I believe, want nothing more than the truth. Thank you. You a very big purpose in life.

  5. Summer — do you remember Enron? Loved the Broadway show. Fancy show about complex financial engineering. Enron CEO admitted that they made the financials SO complex — that no judge would ever be able to comprehend.them. Judges not trained in finance. Most can not even do math I know attorneys that cannot add 2 plus 2 (Neil excluded – he has an MBA besides an attorney). So — we are up against courts who really do not have a clue. And, I blame the government for this. How could they leave the people to hold the bag- knowing what happened? HOW????? And it just keeps going on and on – with no end in sight. Way too complex for courts – and banks, and entities like Enron – “bank” on that. No disclosure – “settlements” without disclosure – and for no benefit for victims.

    People — we are in a decline. And, it is not just about trade wars — our economy was already vulnerable — and already in decline in Europe. If the government does not step up to plate – either by Dems or Reps – on this issue – it will get worse. I see no light at end of tunnel as yet;. All in la-la land.

    One talking host today, and not a good day on Wall Street — said to anchor — “Do you want us to sacrifice our children, the future for the stock market? That was an excellent question that left the “stock market” anchor a little befuddled. We need to pursue with China – for our future. We will not survive as a “service” economy. What service? Debt collector services? Health care — you have to wait in line? Paying for the rest of the world? When will they get it? You can’t bleed America and expect to survive. None will survive not even the wealthy. All goes in cycles. And those cycles are rearing ugly head right now.

    Drugs, cartels, shootings, money laundering, stealing homes, wiping out any equity,huge deficits. We need resources. We need SOMEONE to listen. Can’t wipe us out – then expect to just “wing it.” Won’t work. We have no one to listen – except Neil. Stop paying the party behind the curtain. STOP.

    You know we just became a grubhub society — “I want it all, and I want it now.” It does not work that way. Nothing works that way. You will never get – “IT ALL.” Not realistic. And all always reverts back to the mean. Right now – that “mean” is not good.

    Thank you.

  6. The LAW is from Venus (looks excellent on paper)

    The Judges and Banks are from Mars (who fight the law)

    People are in between (who cares about casino chips?)

  7. Statutes

    FTC Act 15 U.S.C. §45
    FTC Act 15 U.S.C. 57a
    Dodd Frank Act 12 U.S.C. 5531
    Dodd Frank Act 12 U.S.C. 5536 Prohibited acts
    12 U.S.C. 1818(b) & (i)(2) Agency Enforcement Authority
    12 U.S.C. 5561 Definitions
    12 U.S.C. 5562 Investigations and administrative discovery
    12 U.S.C. 5564 Litigation authority
    12 U.S.C. 5565 Relief available

    Note: The Federal Trade Commission exercises UDAP authority against persons, partnerships, or corporations. The prudential regulators enforce UDAP against banks, savings and loan institutions or Federal credit unions.

    Fed UDAP Final Rule
    Final Rule: Regulation Z on Mortgage Practices (under HOEPA Unfairness authority)
    FTC Credit Practices Rule


    CFPB Compliance Bulletin 2017-01 – Phone Pay Fees (7/31/17)
    CFPB Compliance Bulletin 2016-03 – Detecting and Preventing Consumer Harm (11/28/16)
    CFPB Credit Add-on Product Guidance (7/18/12)
    FDIC Issues Revised Payment-Processor Guidance (1/31/12)
    OCC AL 2004-10 on Credit Card UDAP (9/14/04)
    OCC AL 2004-4 Secured Credit Card Practices (4/28/04)
    FDIC FIL 26-2004 Managing UDAP Risks and Best Practices (3/11/04)
    OCC AL 2003-3 Predatory and Abusive Lending in Brokered and Purchased Loans (2/21/03)
    FDIC FIL 57-2002 UDAP Enforcement Authority (5/30/02)
    OCC AL 2002-3 Guidance on UDAP (3/22/02)
    FTC Policy Statement on Deception (10/14/83)
    FTC Policy Statement on Unfairness (12/17/80)

    Exam Procedures

    CFPB – UDAAP Examination Procedures
    CFPB – Risk Assessment
    FRB UDAP Examination Procedures – Federal Trade Commission Act Section 5
    FDIC – Compliance Examinations – Evaluating Impact of Consumer Harm
    FDIC – Unfair and Deceptive Practices — Federal Trade Commission Act
    FDIC – Unfair and Deceptive Practices — Preservation of Claims and Defenses
    FDIC – Unfair and Deceptive Practices — FDCPA
    FDIC – Unfair and Deceptive Practices — Third Party Risk
    OCC – Other Consumer Protection Laws and Regulations – FDCPA and Credit Practices Rule
    OCC – OTS Manual – Unfair or Deceptive Acts or Practices, Federal Trade Commission Act, Section 5


    ABA Staff Analysis: Reg Z Final Rule on Mortgage Practices under HOEPA Unfairness Authority (2008)

    Agency Materials

    CFPB – Supervisory Highlights

    Other ABA Resources

    ABA’s Enforcement Action Database
    ABA Sales Practice and Incentive Compensation Risk Assessment Matrix
    UDAAP Risk Assessment Matrix

  8. 12 U.S. Code § 5536. Prohibited acts

    (a) In generalIt shall be unlawful for—
    (1) any covered person or service provider—
    (A) to offer or provide to a consumer any financial product or service not in conformity with Federal consumer financial law, or otherwise commit any act or omission in violation of a Federal consumer financial law; or
    (B) to engage in any unfair, deceptive, or abusive act or practice;
    (2) any covered person or service provider to fail or refuse, as required by Federal consumer financial law, or any rule or order issued by the Bureau thereunder—
    (A) to permit access to or copying of records;
    (B) to establish or maintain records; or
    (C) to make reports or provide information to the Bureau; or
    (3) any person to knowingly or recklessly provide substantial assistance to a covered person or service provider in violation of the provisions of section 5531 of this title, or any rule or order issued thereunder, and notwithstanding any provision of this title,[1] the provider of such substantial assistance shall be deemed to be in violation of that section to the same extent as the person to whom such assistance is provided.

  9. What a mess. By the time Mr. Cooper assesses fees – anything can be purchased from the Ginnie Trusts – or any other trust.

    No one knows the fees assessed to the INVESTOR.

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