Borrowers watched others lose their homes as the media, continued to spin the story and point fingers for the debacle at the borrowers! Judges, Legislators and Regulators also turned a blind eye to their countless complaints.
Now look where we are -and then take a moment to look a little deeper to see why. The mortgage servicing industry is not regulated. In fact, the industry has built in financial incentives, designed to bring them greater profits by not working with the consumer -and affording them higher profits by charging late fees -fabricated or not.
(Read Professor Katherine Porter's Report and listen to her stunning interview on SpotLight and CNN in earlier blog).
Consumer Warning Network;
Former financial giant Bear Stearns and its subsidiary loan servicer EMC have agreed to pay $28 million to settle Federal Trade Commission charges of unlawful loan servicing.
The FTC complaint charges Bear Stearns and EMC with unfair and deceptive loan servicing practices. The companies are accused of misrepresenting the amounts borrowers owed, charging unauthorized fees like late fees, property inspection fees, and loan modification fees.
They are also accused of engaging in unlawful and abusive collection practices. Hundreds of borrowers have shared their stories of how they say EMC mishandled their mortgages. Here are some of their complaints;.