No Consumer Protection In Mortgage Industry
A federal lawsuit against Allied Home Mortgage Capital Corp. sheds light on the corrupt practices of mortgage brokers who are operating with almost no oversight. The U.S. Consumer Financial Protection Bureau, which was created in the wake of the 2008 financial crisis to monitor brokers, has yet to provide oversight in the industry because the Senate has not appointed a director. This has allowed companies like Allied to fool federal computers used for oversight purposes simply by changing brokerage branch addresses and placing branches in other names to avoid closure for bad practice. Meanwhile, the system has allowed thousands of new brokers to open businesses despite having criminal records. For more on this continue reading the following article from TheStreet .
Mortgage brokers, many of whom originated deceptive loans that helped trigger the 2008 financial crisis, are still supervised by a dysfunctional patchwork of state and federal regulators.
A federal lawsuit against a leading mortgage broker last week exposed a gaping regulatory hole that will persist as long as Senate Republicans block appointment of a chief for the new consumer agency.
The U.S. Consumer Financial Protection Bureau created by the Dodd-Frank legislation can't examine or supervise mortgage brokers until it gets a director confirmed by the Senate. Former Ohio Attorney General Richard Cordray was nominated in July, but a Senate vote has not yet been scheduled.
Senate Republicans headed by their leader, Mitch McConnell of Kentucky, and Richard Shelby of Alabama are playing Russian roulette with borrowers' homes and assets by threatening to block Cordray's nomination. If he were to be confirmed, the consumer agency would likely have the focus and independence to prevent a massive decade-long fraud like that allegedly conducted by Allied Home Mortgage Capital Corp.
"These crises can be averted," said William Black, an economics and law professor at the University of Missouri in Kansas City who was a senior thrift regulator in the 1980s. "But if you create regulatory black holes, mortgage brokers will just move to areas where regulation is weakest.
Defaulting On Payday Loans In Ks - News
But it can't oversee nonbank providers such as mortgage brokers and servicers, payday lenders and debt collectors. The federal suit last week alleged Houston-based Allied cost the FHA at least $834 million in insurance claims on defaulted home loans.
End predatory lending - Unfettered Letters
Gringo... LMAO
Okay, your No One comment gave me a really good chuckle... BUT...
Your mortgage is owned by a court. The original owner is either in bankruptcy or has defaulted on a debt, and Deutsche Bank is the court appointed Trustee of the assets under the original owners possession.
Legally, Deutsche Bank is the "temporary" owner/servicer.
Feel free to withhold payment if No One claims to be a person, but I suspect you'll get a letter from Deutsche Bank, with a Court signature on it.
Still laughing. I liked your thoughtful processing.
Where LIT? He should know this stuff too.
The real crime is the new law banning payday loans to military people.
This is only more needless meddling by government into the financial affairs of free Americans. Thousands of military who once lined up for 50% interest loans must now go without this almost free money. It's bad for business and it puts scores of these payday lender job creators in the unemployment line.
BTW: In my research of my mysterious credit reports I have discovered (I think) that my mortgage isn't actually owned by anyone. The nearest I can come for ownership of my mortgage is:
DEUTSCHE BANK NATIONAL TRUST, as Trustee for Asset-Backed Pass-Trough Certificates, Series 2004-FR1
Since it isn't actually owned by anyone (or any corp since they are now people) it isn't actually owned by anyone. This to me says my mortgage is owned by no one. My search for an attorney who specializes in mortgages starts tomorrow. If "no one" actually owns the mortgage, I fully intend to screw the crap out of "No one".
Hey, "conservatives"! If the big boys screwed things up so much I can get out of paying my mortgage, isn't that capitalism in action?
And all I wanted was for them to tell the truth...
It's not just the legal loan sharks. Yes, I committed some of the greatest economic sins that exist. I tried too save my small business by borrowing against my home. No bigger sin. I still ended up bankrupt in 2005.