Amen - When is the first indictment? Oh, I forgot the banking industry has great lobbyist and government backing so they won’t be targeted - This my issue with the whole crack down. If it wasn’t for the national lenders making it so difficult for people to do loan modifications and short sales, you would not have companies that provided this type of service. I agree 100% that no one should pay any upfront fees for having someone help modify their loan or do a short sale. Why? First, the success ratio for loan mods is less than 12%, so your chances are slim to none of getting approved at all. Secondly, if a company is effective at negotiating short sales, they should have the confidence to get their fees at the close of the transaction.
We the taxpayers are funding these banks through the government bailout, and I am appalled at the lack of ethics, standards and accountability that our government and politicians are making the banks follow. I deal with hundreds of distressed home owners in the Portland real estate area on a monthly basis and I deal with the lenders daily. You would be shocked at the callous and deceptive practices that they follow. I support a full crackdown of fraudulent companies, but start at the top.
Thursday, September 24, 2009
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