Task Force May Widen Federal and State Investigation into Mortgage Irregularities

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

Elfie — Thu, 08 May 2008 11:00:00 GMT

It looks like the Real Estate Market is now in the hands of banks and lawyers, that's starting to look like realtors will not be needed anymore.

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

mike — Tue, 06 May 2008 11:00:00 GMT

In the next to the last paragraph, the author mentions that these lenders may have "defrauded Wall Street banks" by not fully disclosing practices to the banks. They also "defrauded" individual investors, purchasers of properties, who put money down in good faith that what they were buying was a worthy investment. These individuals were never told that the remainder of the loans (millions of them) were being given to people who never intended to even make 1 payment much less make good on the mortgage. Now, my "investments" are, in some cases in developments where short sales are bringing the values down by almost 50%. I want to know, if this investigation proves correct, what happens. The mortgage companies pay a fine? Short sales continue, and investors like myself lose our property to someone who gets it for about $0.50 on the dollar? Why are we, the initial purchasers of the properties the ones who get punished while the mortgage people just collect another commission by writing another loan?

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

nipigon — Mon, 05 May 2008 11:00:00 GMT

investigate the crooked STATES as they make the rules/guidelines

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

anonymous — Mon, 05 May 2008 11:00:00 GMT

This is just the tip of the iceberg, AHM exec's are now running Indymac's Mortgage division and are not fairing well originators are dropping like flies and a dyscrimination investigation looms over Indy's reputation. The Fed investigation is a farse just like corruption investigations, american's need mortgages and the Feds need jobs so why would they put all mortgage companies out of business, they will do just enough to quiet the storm. From what I have seen in my 15 plus years in the mortgage business and the types of loans that were made and the deception practices that have taken place if the Fed's wanted to do a thorough investigation, we would have to build more jails. Lets get Real People

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

Debra Jordan — Mon, 05 May 2008 11:00:00 GMT

I could SO totally enlighten the government on mortgage lenders, their M.O. and liklihood of NOT eporting mortgage misrepresentation.

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

tom morrissey — Mon, 05 May 2008 11:00:00 GMT

So, I paid $210,000 for a condo. There are now over 30 units for sale in the place. The only recent sales have been foreclosures and short sales for about $119,000. Let's see, that is $91,000 less than I paid. So, why won't the mortgage company just let me keep it for that amount or, what the heck, split the difference and lower my payment?

RE:Task Force May Widen Federal and State Investigation into Mortgage Irregularities

UW of the day — Mon, 05 May 2008 11:00:00 GMT

I sincerely hope they investigate the NUMBER ONE PROMOTER OF PAWNBROKER STYLE LENDING BASED ON CREDIT SCORE & LTV EXCLUSIVELY- this would be FNMAsay no more,,,,,,,,,,,,,,,,,,,,,,,,,,,,