Now playing on YouTube: Avoid foreclosure fraud
Freddie Mac is getting hip.
To reach out to homeowners in trouble, Freddie Mac has produced a two-minute video on how con artists can prey on delinquent borrowers.
Though it may not win any Oscars, the video shows how scammers can get copies of foreclosure notices at city hall or a county courthouse and then persuade borrowers to hand over their deeds in exchange for solving their financial problems. The con artists then use the deeds to secure new loans for themselves but let the new loan go into foreclosure, leaving the distressed homeowner out on the street.
Freddie Mac, one of the nation's largest investors in residential mortgages, took its message to the Web after conducting a survey that found one in four borrowers go to the Internet before their lender when they fall behind in their payments.
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Comments (1)
re: Foreclosure Fraud, FREDDIE MAC, Well Fargo, Corruption
Any representation to Wall Street Investors by FREDDIE MAC or by WELLS FARGO that its reported $$$ billion dollar losses are due to people defaulting on their mortgages should be weighed against the fact that (in states such as Louisiana), Freddie Mac and Wells Fargo needlessly pays DEBT COLLECTION firms outrageous legal fees for corporate lawyers to outmaneuver –and even persecute people who file court proceedings in opposition to fraudulent foreclosures. In Louisiana, Wells Fargo and FREDDIE MAC are 2 mortgage companies which benefit from fraudulent foreclosures and entrenched real estate and mortgage fraud racketeering schemes. Also, in lawsuits for "Unfair Debt Collection" damages, collectors get to make more $$ via litigation, along with co-conspirators who enjoy pieces of the foreclosure pie. But thanks to federal authorities such as U.S. Attorney Jim Letten and U.S. Attorney David Dugas, real estate racketeers in Louisiana have nothing to worry about. Verification of what I have written is posted on my www.lawgrace.org website.
http://www.lawgrace.org/2007/12/08/my-december-7-2007-comment-posted-to-the-times-picayune-blog-about-the-news-article-entitled-%e2%80%9cjudge-gets-debt-reprieve-badeaux-has-skipped-mortgage-payments%e2%80%9d-the-foreclosure-of-this-lo/
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*Also, posted on NEWSBLAZE.COM, see this article: "Mortgage Mess, Foreclosure Fraud and Impediments to Justice:"
Most critical to the Foreclosure Crisis is FORECLOSURE FRAUD, which enables MORTGAGE LENDERS to ILLEGALLY FLIP properties. In Louisiana, 2 particular mortgage companies which benefit from fraudulent foreclosures are Wells Fargo and FREDDIE MAC! It is HIGHLY COMMON for a DEBT COLLECTOR attorney to file a foreclosure: (i) in the name of a DEFUNCT mortgage company;(ii) in the name of a mortgage company which is NO LONGER holder of the security interest (the promissory note); or (iii) file a foreclosure and AFFIX a "ransom" amount (the collector's fee) far exceeding what the promissory note "Acceleration Clause" authorizes.
Despite a property owner's entitlement to Challenge CONTRARY-TO-LAW loss of his / her home, most property owners LACK consumer and legal knowledge; the Court System is REFRACTORY; and there are limited attorneys with acumen to pursue Consumer Law. Also, when borrowers sue for "Unfair Debt Collection Practices," damages, the collector gets to make more $$ through prolonged litigation, as co-conspirators enjoy the foreclosure pie.
Investors need to become more astute about how mortgage servicers' misdeeds hurts borrowers as well as siphons incalculable amounts of money from what Investors should reap. (See "Limiting Abuse and Opportunism By Mortgage Servicers," AND "Private Property Rights Deferred: Has Predatory Mortgage Servicing Destroyed The American Dream" by Rawle Andrews, Jr., Esq.,and Leroy Jones, Jr., J.D. Visit: http://www.msfraud.org/index.html.)
http://newsblaze.com/story/20071203130614tsop.nb/newsblaze/TOPSTORY/Top-Stories.
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**also see:
"ILLEGAL REAL ESTATE FLIPPING..."
http://www.lawgrace.org/2007/06/21/illegal-real-estate-flipping-unfair-enrichment-etc/
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Barbara Ann Jackson
Law & Grace, Inc.
www.lawgrace.org
LOUISIANA