It’s Happening Again
on October 6th, 2009 at 11:31 amCrooks who take advantage of desperate people and desperate people who do not take the time to read.
(propublica.org) “Real estate professionals and mortgage brokers are the driving force behind the boom. Indeed, some of the same brokers who stoked the housing boom are now making their living off homeowners stuck in the sort of toxic loans they peddled.
‘The mortgage brokerage business dried up, and so the same loans that they went out and originated, they’re coming in to try and modify,’ said Thomas McNamara, a former prosecutor appointed by the federal court to assess US Foreclosure Relief’s business.
Take the case of the Southern California-based 21st Century Legal Services, and its president, Andrea Ramirez.
In a lawsuit filed in federal court in California, former clients have accused Ramirez, then working as a mortgage broker, of fabricating documentation to support their application in 2006 for an adjustable-rate loan they couldn’t afford.
Susan McClanahan and her husband say that it was only after they signed their loan documents that they discovered the application misstated their income and assets. They also found that Ramirez had included in their application a letter from a James C. Henry, who claimed to have prepared the couple’s income tax returns for the past 11 years. (Henry told us he hadn’t written the letter and said his only contact with Ramirez came when he prepared her returns a few years ago.) (more…)
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