It has been stated in a variety of newspapers over the past few years that the fees added on to foreclosure are very profitable to the lender. There have been thousands upon thousands of complaints from homeowners where they have suffered for months waiting for loan mods. Often when they started their request to receive a loan mod they were not even in foreclosure. Yet by the time the lender finally got their loan modification completed, they were in foreclosure and had to pay off as a ... read more ->
Tag Archive: Loan forensics
By Caroline Taylor As the months pass and more and more homeowners have utilized Forensic Loan Audits to show that they are stuck in Predatory Loans, which they can never hope to repay, the crisis builds and builds for the banks. One such example of this crisis is a recent lawsuit where the Federal Home Loan Bank of Chicago sued BofA, Citigroup, Goldman Sachs, and Wells Fargo for the more than $3.3 billion in residential mortgage backed securities these banks sold them. In short, it seems the ... read more ->
By Melanie Atherton
Congress has been working on new legislation that is designed to overhaul current financial regulations. This legislation points fingers in key critical areas across the nation’s economy. Important for homeowners is Congress’s plans to form a new agency to crack down on deceptive mortgages and other financial products in the future. It also aims to better protect consumers, tighten the reins on financial institutions and stop rewarding executives for taking reckless risks to fatten their quarterly earnings and bonuses.
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