National Mortgage Complaint Center Expands Its Free Mortgage Junk Fee Review For Homeowners Who Refinanced In Late 2009/2010 & Blasts HUD For New
Mon Jul 19, 3:00 am ET
The National Mortgage Complaint Center is dramatically increasing its investigation of national title insurance companies, and or national mortgage banks up-charging third party costs. At the same time the group is blasting the United States Department of Housing and Urban Development for their new Good Faith Estimate. According to the group," from credit reports, to junk title fees, the US title, mortgage industries have gone right back to their old ways, and we need to put an end to it. If a homeowner, especially a woman has financed, or refinanced their mortgage since August of 2009, and wants to know if they were taken advantage of, on junk mortgage fees, call us." The National Mortgage Complaint Center is also saying, "what and the Hell was HUD thinking with the new Good Faith Estimate format, introduced on January 1st 2010. Only the IRS could have come up with something more complicated, and or less transparent." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via their web site at Http://NationalMortgageComplaintCenter.Com
(PRWEB) July 19, 2010 -- The National Mortgage Complaint Center is saying, "Financial reform, or oversight is a myth in the mortgage industry, that is way over rated. You'd think after the US mortgage meltdown of 2007, banks & major US title insurance companies would have cleaned up their act. Wrong. We are right back to the way it was." The group says, "At no cost we will inspect the second page of a HUD-1 Settlement Statement to see how bad the consumer/homeowner was over charged-for free. The caveat is the finance, or refinance must have occurred after July of 2009." The group is also mocking the Department of Housing & Urban Developments new Good Faith Estimate. They say, "What was HUD thinking when they came up with the new Good Faith Estimate format. Morons! Where are the mortgage fees listed? Did the mortgage industry come up with this new format-courtesy of a campaign donation to Senator Dodd, or Congressman Barney Frank?" For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.com.
The Specifics Of The National Mortgage Complaint Center's Free National Junk Mortgage Fee Inspection Include:
* Was a homeowners credit report fee up-charged during a August 2009-June 2010 mortgage refinance, or home purchase?
* Was a homeowner overcharged by a national title insurance/mortgage banks courier fees, in a August 2009-June 2010 refinance, or home purchase?
* Was a homeowner over charged with up-charged notary fees by a national title insurance, mortgage bank's August 2009-June 2010 refinance, or home purchase?
* Was a homeowner victimized by up-charged Tax Certification-or-Flood Certification fees, in a home refinance, or purchase from August 2009-June 2010?
* Was a homeowner who refinanced their home after August of 2009 told, "California, and most US states have statutory requirements, that allow for a discounted title insurance premium-if the homeowner re-uses their existing title insurance companies?"
Special Note From The National Mortgage Complaint Center, "We also want to hear from former title insurance company employees about under the table kickbacks, and pay offs to mortgage brokers, real estate agents, banks, and State Insurance Commissioners. Its still a huge problem, and we intend to expose it."
The National Mortgage Complaint Center is offering this free mortgage document review for homeowners, who refinanced after July of 2009, as a way to level the playing field for all future US homeowners. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.com
The National Mortgage Complaint Center Offers Dramatic Help For Homeowners Cheated By Their Lender or Loan Servicer
The National Mortgage Complaint Center is one of the most quoted sources on predatory mortgage lending in the US. Because so many scam artists, and or phoney's have gotten into the foreclosure, loan modification, and or loan servicing issue business, the National Mortgage Complaint Center is now offering a comprehensive honest service to help homeowners, who have issues with their mortgage lender, or their loan servicing company. The group is saying, "there is a catch. The catch is we can only help homeowners, who have been making their monthly payments, or homeowners who have been mistreated by their loan servicing company/bank. We cannot help someone who has not made a mortgage payment for the last year-no one can." The National Mortgage Complaint Center's program is designed to assist honest homeowners, who need assistance with their mortgage mess. For more information please contact the National Mortgage Complaint Center anytime at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com
The National Mortgage Complaint Center is now offering a comprehensive service for honest US homeowners stuck in a mortgage mess with their bank, mortgage lender, or home loan servicing department. The group has been auditing mortgage documents for nearly a decade, and is the, or amongst the most quoted sources in the US on the topic of predatory mortgage lending. The National Mortgage Complaint Center is now offering services for homeowners who were cheated in the process of getting a home loan, who are now unable to refinance their home-facing foreclosure, and or are living through a nightmare with their loan servicing company because of misapplied mortgage payments. The National Mortgage Complaint Center is initiating this robust effort in the hope of performing a vital help service for US homeowners in the mortgage mess of their lives. The group says, "the most important reason for us creating this mortgage foreclosure, or loan servicing rescue service is simple-most current US companies offering these types of mortgage help, audit, or mortgage rescue services are scam artists, who want a thousand dollars, or thousands of dollars up front." The National Mortgage Complaint Center is saying, "we will do our best to help homeowners who are current, or close to current on their existing mortgage, most were cheated. We will also try to help homeowners living through loan servicing hell, with a mortgage company/bank that has misapplied mortgage payments-creating a possible foreclosure situation." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com
The National Mortgage Complaint Center says, "many to most of these so called mortgage rescue, mortgage help groups, or mortgage relief organizations are mortgage lead generation firms, they want thousands up front, and they popped up as soon as the US mortgage crisis began, as another way to rip homeowners off." The group is saying, "we have been around for a long time, and we can really help innocent victims of being cheated by their mortgage lender, or bank loan servicing department-provided they are not months, or years behind on their mortgage, and the consumer has been making their mortgage payment." For honest US homeowners in a mortgage mess, the National Mortgage Complaint Center can help. For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com
The National Mortgage Complaint Center has been featured on CNN, NPR, or in Newsweek Magazine, The New York Times, The Wall Street Journal, Good Housekeeping Magazine, Money Magazine, CBS Market Watch, CNN Money, the International Business Times, in the Los Angeles Times as "The Good Watchdog, and numerous other US, or international news sources.
The National Mortgage Complaint Center charges $475 for this service. Consumers in a mortgage mess can call the group for a free consultation. The group says,"we will be up front with consumers-if we cannot help them-we will tell them-no charge. The groups service is designed to establish possible wrong doing on the part of a mortgage lender, a bank, or mortgage loan servicing firm. If we discover wrong doing-we will contact the lender, or loan servicing company in the hopes of correcting the problem." The National Mortgage Complaint Center is not a law firm, and its mortgage audit & inspection service is not an attempt to practice law. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com
###
The National Mortgage Complaint Center Warns 80 Percent Of All USA Homewners Are Overpaying Their Property Taxes
- The National Mortgage Complaint Center is one of the most quoted sources in the United States on predatory mortgage lending issues, or mortgage issues in general. The group is saying, 'we fear over 80% of all US homeowners are paying too much on their property taxes. With the dramatic US residential real estate devaluations we have all seen in the last three years, most US homeowners could be paying 25% to 35%, or more on their property taxes, than they should be.' For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com
According to the National Mortgage Complaint Center,' if a homeowner feels like he/she/they are paying higher property taxes than are realistic in today's US real estate market, they need to contact their County, or in rare instances their City & County tax assessors office, and get the forms required to appeal their property taxes-at the same time they should check to see what the assessor says the home is worth, or check the tax statement.' The group says, 'hint, most of you are paying 25% to 35% more than you should be. In all likelihood you will be required to get an appraisal from an approved, or licensed appraisal firm, & the homeowner may have to appear before a hearing examiner, or county tax assessors board, to get your appeal approved.' But the group says, 'we think its worth the effort, because the savings could be in the hundreds, if not thousands of dollars, for an average US homeowner.' For more information please feel free to call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com
Note: Typically an appraisal from a licensed appraisal firm will cost between $350 to $450. The price varies in each state, or metro area.
The National Mortgage Complaint Center is also saying, 'for the 100,000+ homeowners living in homes with confirmed toxic Chinese drywall in Florida, Mississippi, Louisiana, Alabama, Mississippi, Texas, Virginia, Georgia, North Carolina, or South Carolina, your actual home is probably worth zero. The land may be the only thing of value. You should all appeal your current property tax bills.' For more information contact the Chinese Drywall Complaint Center at 866-714-6466, or contact the group via their web site at Http://ChineseDrywallComplaintCenter.Com
The National Mortgage Complaint Center is saying, 'these are really tough times, the government is really great at taking your money, but they rarely say, we overcharged you, here's a refund. Please don't get over charged on your property taxes.' The National Mortgage Complaint Center has always been about consumer protection. Http://NationalMortgageComplaintCenter.Com
The National Mortgage Complaint Center is Warning All US Homeowners About Mortgages, Foreclosure Scams and the Future
Americas Watchdog's National Mortgage Complaint Center is warning all existing US homeowners about a seemingly endless amount of new mortgage scams, or schemes, designed to do little more than separate homeowners from their hard earned money. The group is saying, "while we do believe interest rates are going up, and homeowners with really good credit, and actual equity in their home should refinance, if they are paying more than 6% on their existing mortgage; don't fall for some telemarketing scam artist saying you have just qualified for a home loan, or a unsolicited mailer saying you are qualified for a new home loan." The National Mortgage Complaint Center is also saying, "for those of you in foreclosure, don't fall for one of theses scam foreclosure TV ads talking about President Obama, or saying they can help you with a bank. If you call these frauds, the first thing out of their mouth will be, send us $3000 to $5000, and we will try to get you some help." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com
(PRWEB) October 30, 2009 -- Americas Watchdog's National Mortgage Complaint Center is one of the most quoted sources in the US related to predatory mortgage lending. The group is warning all US homeowners about new mortgage scams that include everything from loan modifications, to loan foreclosures, and/or mortgage firms that are trying to refinance homeowners via telemarketing, or phony mailers that were not solicited by the consumer. The group is saying, "a TV commercial comes on with a picture of President Obama, and says we can help you. The part they forgot to say is, we may, or may not be able to help you, but before we talk, we need $3000 to $5000 from you up front. Don't do it." The National Mortgage Complaint Center is saying, "if you owe more than more than 20%, than your home is actually worth in today's actual real estate market, you are toast. You will not get refinanced, the best you can hope for is a forbearance agreement from your bank." The National Mortgage Complaint Center is all about protecting homeowners, or consumers from con job mortgage lenders, and or flim flam foreclosure/loan modification scams. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com
Question: Are These Loan Modification, Or Foreclosure TV Ads For Real?
Answer: The National Mortgage Complaint Center is saying, "we do not think these slick TV ads on loan modifications or foreclosures are anything but one more way to take a homeowners money, before they are forced out of their home." The group is saying, "if a homeowner in a foreclosure bind really wants help, call your state bar association, to find out what law firms are qualified to actually help people craft a forbearance agreement, or loan modification." The group is also saying, "we are very annoyed with one or two of these so called loan modification web sites as they appear to have duplicated our own web site. We actually have been written about in Money Magazine, Newsweek Magazine, The Wall Street Journal, CBS Market Watch, Good Housekeeping Magazine, and the New York Times. We see no proof one article has ever focused on one of these so called loan modification firms." For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Is Now A Good Time To Refinance?
Answer: Yes. According to the National Mortgage Complaint Center, "because of mindless federal bailouts we could see much higher interest rates in the near future. We are strongly recommending that any existing homeowner with a FICO score of 750 or better, and actual equity in their home, refinance right now, if they are paying more than 6% on their current mortgage." The group says, "within a year the Federal Reserve may be forced to dramatically raise interest rates out of fear of their ridiculous bailouts have cause inflation, or hyper inflation. If you are looking for honest mortgage lenders we recommend American Interbanc, The James B Nutter Company, or Bank of America." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Does The National Mortgage Complaint Center Services For Homeowners In Foreclosure, or needing a loan modification?
Answer: No. The National Mortgage Complaint Center does not offer foreclosure or loan modification services to consumers. However, the National Mortgage Complaint Center will offer inspection services to actual lawyers or law firms with actual predatory mortgage lending issues. Lawyers are always welcome to call the National Mortgage Complaint Center for analysis of possible predatory mortgage lending problems. For more information actual lawyers can call the National Mortgage Complaint Center anytime at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Does The National Mortgage Complaint Center Offer A Necessary Service For All Homeowners?
Answer: Yes. The National Mortgage Complaint Center offers a mortgage document inspection for $75, for any consumer who is about to finance, or refinance their home. The mortgage document inspection includes, a narrative report that looks at possible junk mortgage fees, inflated interest rates, junk title insurance fees and/or other issues involving the mortgage lender overcharging the consumer. The group says, "any consumer or homeowner about to finance or refinance their home should utilize our very unique mortgage inspection to make certain they are not being over charged, or gouged by their mortgage broker, or bank." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
The group says, "every honest real estate agent should have the National Mortgage Complaint Center linked to their web site. Our mortgage inspection service will insure their client gets treated fairly by a mortgage lender."
The National Mortgage C
The National Mortgage Complaint Center is Warning All US Homeowners About Mortgages, Foreclosure Scams and the Future
Posted 30 October 2009 @ 03:26 am ET
Americas Watchdog's National Mortgage Complaint Center is warning all existing US homeowners about a seemingly endless amount of new mortgage scams, or schemes, designed to do little more than separate homeowners from their hard earned money. The group is saying, "while we do believe interest rates are going up, and homeowners with really good credit, and actual equity in their home should refinance, if they are paying more than 6% on their existing mortgage; don't fall for some telemarketing scam artist saying you have just qualified for a home loan, or a unsolicited mailer saying you are qualified for a new home loan." The National Mortgage Complaint Center is also saying, "for those of you in foreclosure, don't fall for one of theses scam foreclosure TV ads talking about President Obama, or saying they can help you with a bank. If you call these frauds, the first thing out of their mouth will be, send us $3000 to $5000, and we will try to get you some help." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com
(PRWEB) October 30, 2009 -- Americas Watchdog's National Mortgage Complaint Center is one of the most quoted sources in the US related to predatory mortgage lending. The group is warning all US homeowners about new mortgage scams that include everything from loan modifications, to loan foreclosures, and/or mortgage firms that are trying to refinance homeowners via telemarketing, or phony mailers that were not solicited by the consumer. The group is saying, "a TV commercial comes on with a picture of President Obama, and says we can help you. The part they forgot to say is, we may, or may not be able to help you, but before we talk, we need $3000 to $5000 from you up front. Don't do it." The National Mortgage Complaint Center is saying, "if you owe more than more than 20%, than your home is actually worth in today's actual real estate market, you are toast. You will not get refinanced, the best you can hope for is a forbearance agreement from your bank." The National Mortgage Complaint Center is all about protecting homeowners, or consumers from con job mortgage lenders, and or flim flam foreclosure/loan modification scams. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Are These Loan Modification, Or Foreclosure TV Ads For Real?
Answer: The National Mortgage Complaint Center is saying, "we do not think these slick TV ads on loan modifications or foreclosures are anything but one more way to take a homeowners money, before they are forced out of their home." The group is saying, "if a homeowner in a foreclosure bind really wants help, call your state bar association, to find out what law firms are qualified to actually help people craft a forbearance agreement, or loan modification." The group is also saying, "we are very annoyed with one or two of these so called loan modification web sites as they appear to have duplicated our own web site. We actually have been written about in Money Magazine, Newsweek Magazine, The Wall Street Journal, CBS Market Watch, Good Housekeeping Magazine, and the New York Times. We see no proof one article has ever focused on one of these so called loan modification firms." For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Is Now A Good Time To Refinance?
Answer: Yes. According to the National Mortgage Complaint Center, "because of mindless federal bailouts we could see much higher interest rates in the near future. We are strongly recommending that any existing homeowner with a FICO score of 750 or better, and actual equity in their home, refinance right now, if they are paying more than 6% on their current mortgage." The group says, "within a year the Federal Reserve may be forced to dramatically raise interest rates out of fear of their ridiculous bailouts have cause inflation, or hyper inflation. If you are looking for honest mortgage lenders we recommend American Interbanc, The James B Nutter Company, or Bank of America." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Does The National Mortgage Complaint Center Services For Homeowners In Foreclosure, or needing a loan modification?
Answer: No. The National Mortgage Complaint Center does not offer foreclosure or loan modification services to consumers. However, the National Mortgage Complaint Center will offer inspection services to actual lawyers or law firms with actual predatory mortgage lending issues. Lawyers are always welcome to call the National Mortgage Complaint Center for analysis of possible predatory mortgage lending problems. For more information actual lawyers can call the National Mortgage Complaint Center anytime at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
Question: Does The National Mortgage Complaint Center Offer A Necessary Service For All Homeowners?
Answer: Yes. The National Mortgage Complaint Center offers a mortgage document inspection for $75, for any consumer who is about to finance, or refinance their home. The mortgage document inspection includes, a narrative report that looks at possible junk mortgage fees, inflated interest rates, junk title insurance fees and/or other issues involving the mortgage lender overcharging the consumer. The group says, "any consumer or homeowner about to finance or refinance their home should utilize our very unique mortgage inspection to make certain they are not being over charged, or gouged by their mortgage broker, or bank." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
The group says, "every honest real estate agent should have the National Mortgage Complaint Center linked to their web site. Our mortgage inspection service will insure their client gets treated fairly by a mortgage lender."
The National Mortgage Complaint Center Wants To Team Up With Actual Law Firms To Assist Homeowners With Loan Modifications and Foreclosures
According to the National Mortgage Complaint Center, "the Internet, TV and radio are filled with groups offering to do loan modifications or save a homeowner from foreclosure. There is one slight problem -- typically these are not actual law firms; more often than not, these groups are schemers trying to bilk a homeowner one last time, before they lose their home." The group says, "there will be record numbers of foreclosures in 2009 and 2010 and we want to create a list, to be posted on our web site, of actual law firms in each state that actually have the ability to assist a homeowners facing foreclosure." For more information law firms with a real estate, consumer or bankruptcy practice should call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
(PRWEB) June 22, 2009 -- The National Mortgage Center is one of the most quoted sources in the US on predatory mortgage lending and the group is initiating a campaign to list real law firms on its web site, in order to get real help for homeowners needing a loan modification, or foreclosure assistance, in each US State. The group is saying, "we are sick and tired of the phony TV ads, the misleading radio commercials, and the fraudulent web sites, offering loan modifications, and/or foreclosure relief from non attorneys. We want to put an end to this by listing real attorneys or law firms in each state that actually have the ability to assist consumers with loan modifications and/or foreclosures." For more information, lawyers or law firms that have a practice area in real estate, foreclosures, bankruptcy, or short sales should contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
From a credibility standpoint, the National Mortgage Complaint Center actually has been featured on CNN, NPR, or in Newsweek Magazine, Money Magazine, the Wall Street Journal, Good Housekeeping Magazine, CNN Money, The Los Angeles Times (As The Good Watchdog), CBS Market Watch, and numerous other publications. According to the group, "we expect the 2009 and 2010 foreclosure situation to get worse, and we need real attorneys or law firms to help these people." For more information law firms or attorneys can contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.
According to the National Mortgage Complaint Center, "we want to put the phonies out of business; we intend to list attorneys or law firms in each state that have the proper skill sets to help homeowners with mortgage or foreclosure issues, and we will do weekly press releases for years to make sure consumers in their state know where to go or how to get help. The group will allow no more than two law firms in each state to participate; this initiative is based on first come, first come, first serve, and its intent is to really get some help for homeowners in what could be the worst mess of their life. The cost for participation is $425 for a law firm, and the law firm must be based in the state it offers the foreclosure, loan modification, bankruptcy law, or short sale assistance. For more information law firms that specialize in real estate law, bankruptcy law, foreclosures, short sales, or consumer law should contact the National Mortgage Complaint Center at 866-714-6466, or contact the group at its web site at Http://NationalMortgageComplaintCenter.Com.
If a real estate professional or law firm knows of a colleague with these specialties, please share this press release with them.
Americas Watchdog Blasts
The US Congress For A
Mortgage Fee Kickback That
Affects Most US Homeowners
For over five years Americas
Watchdog's National Mortgage
Complaint Center have been
attacking a gigantic
mortgage kickback scheme
called a yield spread
premium. What is a yield
spread premium? "A yield
spread premium is a mortgage
kickback fee a bank,
mortgage banker or mortgage
broker gets for inflating a
borrowers interest rate.
Banks & mortgage bankers get
the very same kickback, they
just don't have to disclose
it-brokers do. Why is this
timely? Millions of
Americans are losing their
homes because of mortgage
products that were built
around the yield spread
premium. The National
Mortgage Complaint Center's
Web site is located at
Http://NationalMortgageComplaintCenter.Com.
(PRWEB) April 6, 2009 --
Americas Watchdog and its
National Mortgage Complaint
Center have been blasting
away at the worst mortgage
double standard in US
history, called a yield
spread premium for years--to
an unreceptive US Congress.
What is a yield spread
premium? A yield spread
premium is a kickback a
mortgage broker, bank or
mortgage banker gets for
inflating a homeowner's
interest rate/monthly
mortgage payment, over the
best rates available.
According to Americas
Watchdog's National Mortgage
Complaint Center, "the
reprehensible part about
this yield spread premium
double standard, is mortgage
brokers rarely if ever
explain, or tell the
homeowners about this fee,
that is typically in the
thousands of dollars, even
though they are required to
disclose it. Banks on the
other hand, have no such
disclosure requirement, even
though they get they exact
same kick back." The
National Mortgage Complaint
Center's web site is located
at Http://NationalMortgageComplaintCenter.Com.
* How many US homeowners
have been conned by the
yield spread premium kick
back scheme? The National
Mortgage Complaint Center
estimates its over 95%+ of
all existing US homeowners.
* How much is the typical
yield spread premium? The
National Mortgage Complaint
Center estimates its between
$2500 to $5000 per
homeowner, or about $100 to
$300 per month in higher
monthly mortgage payments,
per homeowner.
* Why is this wrong?
According to the National
Mortgage Complaint Center,
"any kind of kickback is
wrong. We are in the worst
mortgage mess in our nations
history, and the yield
spread premium kick back
scheme has a lot to do with
it. Most mortgage brokers
went crazy from 2002-2007
gouging homeowners with
poorly disclosed yield
spread premiums, & banks and
mortgage bankers did the
very same thing-they just
didn't have to disclose it."
* Why do mortgage brokers
have to disclose a yield
spread premium & bank and
mortgage bankers do not?
"The reason for the yield
spread premium kick back
scheme double standard is
really easy. Banks, mortgage
bankers and homebuilders
give a lot more money to the
US Congress than do mortgage
brokers. As a result we get
a poorly disclosed mortgage
fee double standard, that
has literally cost US
homeowners hundreds of
billions of dollars over the
years in higher mortgage
payments."
A prayer for relief from the
Obama Administration: The
National Mortgage Complaint
Center says, "African
Americans and working class
Americans have been
disproportionately affected
by this ridiculous yield
spread premium double
standard. We literally sat
in a McDonalds, in
Compton/Watts, California in
2006, and reviewed, now
under investigation
Countrywide Home Loan
documents, where the
homeowner was being offered
a no appraisal fee, no
credit check, $10,000 money
back loan." According to the
group, there was just one
slight problem, "Countrywide
had just refinanced the
borrower six months earlier
& the new loan came with a 4
point discount fee.
Countrywide had no
obligation to tell the
unsuspecting borrower they
were also making extra
undisclosed thousands of
dollars on the deal, because
they were a bank, & banks
and mortgage bankers do not
have to disclose the yield
spread premium mortgage kick
back scheme. Other banks and
mortgage bankers were also
doing this. Many of these
people have since lost their
homes."
According to Americas
Watchdog's National Mortgage
Complaint Center, the US
Congress has to stop taking
campaign donations, if the
member sits on a
Congressional, or Senate
Committee, that has
oversight responsibility
over the industries, or
groups, that as it turns out
are the Congress person's or
Senator's biggest campaign
donators. Congress and the
US Senate need to
immediately push through
reforms that require banks
and mortgage bankers to
disclose mortgage kickbacks
called yield spread
premiums--just like mortgage
brokers are required to do.
"The US economy is in a
shambles in part because of
banks, mortgage bankers,
homebuilders, and even
mortgage brokers deceiving
consumers with the yield
spread premium kick back
scheme. If homeowners had
actually seen what the bank,
mortgage banker, or broker
was actually making on the
deal, we don't think the
homeowner would have done
the loan."
Americas Watchdog's National
Mortgage Complaint Center is
all about consumer
protection and corporate
responsibility. Their web
site is located at
Http://NationalMortgageComplaintCenter.Com.
Americas Watchdog Wants To
Talk With Countrywide and
Washington Mutual Employees
About Loan Serving Practices
PRWeb




Resource Center

