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Press Release by Advocates for Justice in Consumer
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POLITICAL CORRUPTION BREEDING GROUND FOR MORTGAGE FRAUD! CONSUMER’S LOSE MILLIONS!
View all releases by Advocates for Justice
This press release is about: mortgage, foreclosure, litton, government, predatory, servicer, fraudulent, consumer’s, state, political, foreclosures,
2006-01-23, Advocates for Justice - POLITICAL CORRUPTION BREEDING GROUND FOR MORTGAGE FRAUD! CONSUMER’S LOSE MILLIONS!
LITTON LOAN SERVICER, LP RANKS NUMBER WORST PREDATORY MORTGAGE SERVICER!
Baltimore, Maryland. Political scandals play out on capital hill while politicians bicker over what level of government should best protect consumers from mortgage fraud. Litton Loan Servicer, LP/U. S. Bank, NA, predatory mortgage servicers, banks, mortgage lenders, etc. are reeking havoc and victimizing the most vulnerable of homeowner’s i.e., African Americans disabled, elderly, single woman and others. These predatory lenders engage in all or any of the following predatory behaviors i.e., loan flipping, equity stripping, ending in wrongful foreclosures which may result in illegal deflated public auctions, property flipping, RICO, RESPA and other violations.
Horror stories from consumers in virtually every state involve Litton Loan Servicer, LP. Formally, a debt collection agency turned mortgage servicer is very aggressive in their attempt to take the number one spot in mortgage foreclosure. A new breed, mortgage servicers are no longer in the business of performing loans. LITTON AND OTHER SUB PRIME LENDERS HAVE NOW FOCUSED THEIR ENERGY IN THE REAL ESTATE BUSINESS AND TEAM UP WITH UNSCRUPULOUS INVESTORS WHO PURCHASE FORECLOSED PROPERTIES AT AUCTIONS FOR A LOW PRICE. Fraudulent outfits or rings do low ball repairs, turn around, and sell homes for twice the amount paid to unsuspecting consumers. This has gone far beyond capitalism. Mortgage fraud has turned the American dream of homeownership into a nightmare!
Litton Loan Servicer, LP executive offices are located in Houston, Texas and will take your home not in a New York minute, but a Houston, Texas second! With regard to Litton and its parent company C-Bass, Radian and MIGH, mortgage insurer, lawmakers fail to get involved or are look the other way. The lack of enforcement aid and abet Litton`s go ahead to commit mortgage fraud that range from not applying mortgage payments, forced placed insurance, failing to issue pay off notices and to filing wrongful foreclosures. Litton and it’s trustee, U S Bank, NA fail to discipline it`s sub trustee’s (attorney’s) who engage in fraudulent misconduct with regard to wrongful foreclosures actions involving low balling auction sales, property flipping, equity stripping circumventing state laws and court procedures, resulting in thievery, breaking and entering.
In one case, Litton Loan Servicer, LP/US Bank NA and Washington Mutual may have known reason homeowner in Baltimore City was not making mortgage payments was because of his death and not refusal to pay his mortgage company. Instead of appropriately notifying the probate court of the man’s death, Washington Mutual sold his loan to Litton. Inappropriately, Litton filed a foreclosure action in circuit court circumventing the law by taking possession without a court order, illegal breaking and entering the man’s home and took whole contents of household without the man’s family’s permission. More conduct that is reprehensible is attorney’s for Litton were involved with bidder/purchaser that defaulted on their loan finance obligations and all argued over the deceased man’s home for (6) six months. The defaulted purchasers may not be U. S. citizens involved in real estate property flipping scam. The deceased man’s family contacted Litton Loan Servicer, LP and its attorney’ trying to recoup his home from foreclosure. However, Litton has refused to speak with her and did nothing to return home back to family. The law firm has engaged in the same fraudulent behavior in another case regarding D. C. resident. Click on: www.emediawire.com/releases/2005/2/emw206198.htm.
Lawmaker’s and all else are missing the boat on this one! Predatory lending is a state and local issue and not solely a federal issue alone. Mortgage fraud protection laws are need at all levels of government. Since many states and local governments fail to protect its homeowner`s from mortgage fraud, the federal government is left with drafting federal legislation. All agree laws are needed, but consumer protection laws must be enforced after enacted, if not mortgage fraud will continue to flourish.
In the case of deceased man mentioned above, his rights would have better been protected if Baltimore City government had predatory lending laws in place. The State of Maryland should require mortgage lenders to define what a default is in all homeowner`s mortgage notes and lending contracts. As in the case of a FHA loans, homeowners must have at least (3) consecutive missed payments before any foreclosure action can be filed in court. All states should have a uniform minimum standard requirement, much like the FHA default standard before any foreclosure action can be filed.
Currently, in State of Maryland, a hearing is not mandatory and lender is not required by state courts to define a default. In turn, leaving the homeowner vulnerable to abusive power by mortgage companies. All states should require mandatory hearing after foreclosure action is filed in court. In the state of Maryland, the laws are more favorable toward the lender. If you cannot afford to hire an attorney to represent you, your case may not be heard and you probably will lose your home. In addition, states need to pass new laws to protect homeowners throughout the whole foreclosure process. As it stands now, mortgage lenders and it’s lawyers are using the legal system to engage in fraudulent behavior during the foreclosure sale process by violating redemption rights, illegal possession, illegal auction process, bidder/purchasers scams, etc.
Predatory lending is no different then any other consumer protection issue. Whereby if the local government or state government fails to protect consumer’s rights, then the next logical step for justice is to the federal government. This is what the founding fathers had in mine, which has always been the natural progression in this country. Checks and balances is what make this country great and reason the civil rights movement was brought about!
Source: PR Web™
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