Posted by Hugh Nations Signing Agents of Austin on 10/9/10 2:10am
Msg #356035

It struck me today...

...that some of the packets I have handled have had as many as five warnings to the borrowers about fraud; different formats, but same warning. Some even required a notarized fraud warning. And a couple had dual copies of the warning for each spouse -- four copies in all of the exact same document -- plus, of course, the others in the packet with a different format.

All of this from lenders who have been running fraudulent foreclosure mills that affected tens of thousands of homes.

It seems we long-suffering members of the public never learn. The bankers do, though: They have been taught repeatedly that they can get away with monumental frauds, and when one is discovered, they can always find another approach to fleece the public. **And nothing gets done.** This is not a political issue: It happened under Republicans, and it's happening under Democrats. The same players keep running the same cons over and over.

Occasionally, a bank gets prosecuted, and pays a fine that represents only a fraction of the proceeds it received from the fraud. They never admit wrong-doing, and NOBODY EVER GOES TO JAIL.

It's time that we make it plain to our representatives in Washington that we expect the attorney-general, the SEC, the FTC, HUD, FHA, VA and whatever other acronymic agencies in that alphabet soup in DC have responsibility to put some people in pinstripe suits in jail.

Maybe, when they come to work each day, each one should have to sign four or five warnings about not defrauding people, since that seems to be a helluva lot bigger problem than borrower fraud.

Reply by nobhill on 10/9/10 2:24am
Msg #356037

We nailed it at a loan signing one day. They know the tricks of the trade, how to keep borrowers in the dark just as lawyers do. The borrowers are reading greek in these docs most of the time. They ask for a "class" or dummies hand book to understand the banker's language in the docs. This is why bankers and lawyers think they can do whatever they want, because many don't understand their language and tricks of the trade. It's easy to see how bankers can rule the world this way.

It wasn't until recently I learned how the US monetary system works that has doomed us all. So, they slipped through the Federal Reserve Act in 1913 on Christmas Eve while many were on leave in Congress. This gave the private bankers the power to print U.S. money. They designed it so money they print out and give us is our "debt" meaning we can never win. It's a win-lose relationship. We pay for the debt with Federal Taxes! But the debt will always remain because money = debt. The Fed tax only aleviates the debt to some degree.

So the entire U.S. political system is geared towards apeasing the Federal Reserve Bank. They have the power over everything and our puppets on a string. They give them money for their pet projects by simply adding digits in the computer.

Money is based on nothing now and our system is destined to fail. It's only a matter of time. They've planned this failure for a long time, preparing for World government. They plan on financial collapse of the US. and our enslavement.

Okay, I think that's an eye full for any reader to handle. Sorry, but these bankers have got to be stopped! We could have had such a great country had it not been for their stealing it from us!

Reply by JanetK_CA on 10/9/10 3:56am
Msg #356039

When I get to those fraud warning pages, I've been known to comment that "someone once asked me if the lenders have to sign one of those, too..."

The bankers are apparently smart enough to pay folks on both sides of the aisle. I'd love to see a slew of those pin stripes turn into wide stripes, too!

Reply by Les_CO on 10/9/10 9:21am
Msg #356044

If those elected, and appointed officials you mentioned had to sign a loyalty oath, and an oath not to commit perjury, or take any gratuity of any kind on a daily basis, and said oaths were enforceable. They would all have to go home. JMO

Reply by Virginia/PA on 10/9/10 10:22am
Msg #356047

Did a signing recently for a State Police Officer who intentionally asked for an ARM because he intended to sell his house when his kid went to college. Everything went smooth until the "promised" cap on the ARM was 3%+ more than he was told.

The new HUD did it's job. It actually did reflect the higher cap at the bottom of page 3. That type of disclosure was never included in any documentation until the new HUD. The note used to have it written in Greek, of course, and still does.

The ARM wouldn't affect him for somewhere near six years - but I don't have a crystal ball and neither did he. So can anybody out there look into their crystal ball and tell me what's going to happen in six years?

Haven't had a balloon since the new law either, but the new HUD should do the trick with one of those also since never before did any document reflect what was owed at the end of the balloon period and most people didn't know what a balloon was anyway. Just thought it sounded good during the sales pitch.

Had a new HUD this week that did not correctly reflect the borrowers payment. The note and Escrow Account Disclosure statement were correct, but the HUD was not. It's a non-signature page, however, so could be replaced after the fact. In this case the loan officer said she caught the error before the docs went out and that portion of the page in the lender's pre-HUD was correct, but the title company is the one who messed up in doing the final HUD.

Speaking of politics, our outgoing Republican President announced only the good old US Treasury had enough funds to bail out the economy. The incoming Democratic President announced the funds were borrowered from China - the ones who put lead in kids' toys and melamine in food.

Have we already sold our souls to the devil?

Reply by Lavergne Manuel on 10/9/10 11:37am
Msg #356055

Recently I have had two HUD's that did not correctly reflect the borrowers payment and also the note and escrow account disclosure were correct and to keep the borrowers happy, Title agreed to let them line through the payment amount, initial it and put the correct amount and they would replace that page.

Reply by Virginia/PA on 10/9/10 11:46am
Msg #356056

I forgot to mention that the lender's copy of that page of the HUD was NOT correct because it was only preliminary. But the terms on the bottom were correct. Therefore that page could not have substituted for the incorrect page prepared by title.

Reply by MW/VA on 10/9/10 10:40am
Msg #356051

Hypocracy reigns! I've almost always found that the finger pointer is the one that's guilty.
Money is the greatest corrupting force on the planet. If you just think it's banks & Wall Street, you should see what I've experienced with everyday folks when it comes to inheritances, etc.
Even family members will often stab one another in the back for the money. It doesn't say good things about us as human beings.
You're an attorney, Hugh. I'm sure you've seen it all.