The Consumer Warning Network released a stunning video that has a former EMC employee reciting an inside story that paints a picture of why so many people can't get their loan out of default and why some people lost homes even though they had the money to pay off their note. Investigative studies, insiders and victims -have claimed that mortgage servicing companies can make MORE money off of homeowners when they keep your loan in default.
"the media has failed to tell the full story" says Danny Schechter, producer and director of In Debt We Trust and the 'News Dissector" from mediachannel.org. See: Bringing the Wall Street Crisis to Main Street!
Professor Katherine Porter described many of the same disturbing findings in her recent study: "Misbehavoir and Mistakes..."
To watch her on CNN see: Are you facing an Unfair Foreclosure?
Professor Porter was also a guest on our weekly radio show SpotLight.
During that interview we discussed her findings that additionally indicated the mortgage servicing industry has zero regulations. In fact, the system currently in place for servicing companies is set up in such a way that it actually gives servicing companies an incentive not to communicate with the borrower and then make more money by collecting late fees and penalties -much like this insider's story.
Also read: What if we could stop some foreclosure nightmares? We could, but it would take an Act of Congress!