They were supposed to finance the American Dream and charge a reasonable interest rate. But, they got greedy and decided they wanted to make extra profits. Home loans were supposed to meet Fannie Mae or Freddie Mac guidelines; and, if they did, the loans would be guaranteed. But lenders submitted thousands of loans that did not meet the guidelines, but Fannie Mae and Freddie Mac approved them anyway!
That is because the people in charge there, who were supposed to protect us, received huge bonuses based on the number of loans they approved. So loans were approved with "no income verification" and bogus inflated appraisals", etc. When the press reported all this, the head of Fannie Mae quietly left office in 2008, and graciously accepted his final bonus check for Five Million Dollars!
He was supposed to safeguard the American public by enforcing guidelines and only approving safe loans, instead, he was simply trying to increase his bonus checks. He made millions by approving bad loans that totaled billions.
But, they weren't through yet, because the banks then bundled up these bad loans, approved and guaranteed by Fannie Mae, and sold them to corporations and trusts that were traded on the New York Stock Exchange and elsewhere. The assets of the corporations were listed as Fannie Mae guaranteed loans, secured by first mortgages on American real estate. What could be safer; but was it really? The answer is no. Banks were well paid, and their mortgage brokers, stock brokers, and others along the way, collected huge commissions. In return they assigned thousands of bad mortgages, many of which were already in default. This process is called securitizing. It forever modifies your home loan but the borrower (you) are never made aware of it. By pooling the loans together, they were able to inflate the value of the mortgages in order to make more profits. But it was a lie.
Lenders fraudulently concealed information about their failure to comply with proper underwriting guidelines. They never told you that your loans are being sold on the stock market at inflated prices. They are required to keep you informed of their actions, but, either through negligence or fraudulent concealment they failed to do so. In addition they intentionally misrepresented their business practices in order to induce homeowners to sign mortgages. The banks engaged in deceptive and unfair business practices and, thereby breached the terms of the loan. By failing to fully disclose their activities, banks violated the Home Ownership and Equity Protection Act of 1994. Their activities may constitute a civil conspiracy. In many instances they gave inaccurate credit reporting information in violation of the Fair Credit Reporting Act; Engaged in fraudulent misrepresentation of the terms of the mortgage; and, They breached the fiduciary duty they owed homeowners. This is only a partial list of the things banks did to the American Public - to you!
What are you going to do about it?
That is because the people in charge there, who were supposed to protect us, received huge bonuses based on the number of loans they approved. So loans were approved with "no income verification" and bogus inflated appraisals", etc. When the press reported all this, the head of Fannie Mae quietly left office in 2008, and graciously accepted his final bonus check for Five Million Dollars!
He was supposed to safeguard the American public by enforcing guidelines and only approving safe loans, instead, he was simply trying to increase his bonus checks. He made millions by approving bad loans that totaled billions.
But, they weren't through yet, because the banks then bundled up these bad loans, approved and guaranteed by Fannie Mae, and sold them to corporations and trusts that were traded on the New York Stock Exchange and elsewhere. The assets of the corporations were listed as Fannie Mae guaranteed loans, secured by first mortgages on American real estate. What could be safer; but was it really? The answer is no. Banks were well paid, and their mortgage brokers, stock brokers, and others along the way, collected huge commissions. In return they assigned thousands of bad mortgages, many of which were already in default. This process is called securitizing. It forever modifies your home loan but the borrower (you) are never made aware of it. By pooling the loans together, they were able to inflate the value of the mortgages in order to make more profits. But it was a lie.
Lenders fraudulently concealed information about their failure to comply with proper underwriting guidelines. They never told you that your loans are being sold on the stock market at inflated prices. They are required to keep you informed of their actions, but, either through negligence or fraudulent concealment they failed to do so. In addition they intentionally misrepresented their business practices in order to induce homeowners to sign mortgages. The banks engaged in deceptive and unfair business practices and, thereby breached the terms of the loan. By failing to fully disclose their activities, banks violated the Home Ownership and Equity Protection Act of 1994. Their activities may constitute a civil conspiracy. In many instances they gave inaccurate credit reporting information in violation of the Fair Credit Reporting Act; Engaged in fraudulent misrepresentation of the terms of the mortgage; and, They breached the fiduciary duty they owed homeowners. This is only a partial list of the things banks did to the American Public - to you!
What are you going to do about it?
HELPING TO PRESERVE THE AMERICAN DREAM
SINCE 2008
A Brixton International Subsidiary
A Brixton International Subsidiary
