Robert Greenwald gets mortgage scammers to talk on camera

[yurbud]

Run time: 04:46 https://www.youtube.com/watch?v=KNBqP5j1FZQ   Posted on YouTube: February 28, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: March 02, 2009 By DU Member: yurbud Views on DU: 1940

 
from Greenwald email I got:

"We were trained to mislead borrowers," says a mortgage broker in Orange County, California. "There were people who were club promoters or even drug dealers that found out it was more profitable to run a mortgage shop than to do whatever they were doing."

Take a look at our video about the subprime mortgage lending racket.

On Tuesday, Congress will vote on whether or not to level the playing field between the banks that caused the collapse of the housing market and struggling homeowners. Representative John Conyers has introduced legislation in the House that authorizes judges to require banks to reevaluate overpriced mortgages of bankrupt homeowners.

Sign our petition to let Congress know that you support Conyers' bill, H.R. 1106. Then, call your Congressional Representative and ask him or her to vote for it.

http://action2.bravenewfilms.org/dia/track.jsp?v=2&c=wK1cBOfT6QU0ku7lFARPX1qZBjCjOCE8

[BluePatriot21]

1. not in the same situation

I'm not in the same situation. I have a good mortgage and have been able to pay it. I recently lost my job due to the economy as our company was doing awful and had to lay off people. Now I will be unable to make ends meet as I am seeing the awful job market in the NY/NJ area and unemployment is around $1400 a month. A job for $10 or less an hour will have to make do as out of 40 resumes sent out I have gotten no response in 4 weeks, and I foresee problems being able to pay the mortgage.

When I recently tried to remortgage with Citibank for a lower rate by 1.125% they said they were too busy to do a loan modification and referred me to 2 other banks that would charge me 3 to 5 thousand dollars more to remortgage my existing loan. I know that Citibank got 3 bailouts so far and I'm wondering why they wont work with me to get a lower rate at a smaller transaction fee vs the referral they gave me.

I also called them to tell them I was laid off and wanted to know what could be done to arrange for the future payments (maybe stop payments temporarily, lower payments etc) and they said I would have to be behind in mortgage payments by 3 months before I should call them with a request like this. I wanted to be a little proactive and not lose my home, but I'm feeling like they arent willing to work with me.

Someone here before recommended I ask them to produce the note, which at that point I did because I felt like I was getting the run around. They said I would get it in the mail, so I will see what it says from them if and when I get it. Thanks for that tip as well because I looked into it and for people that may suffer a foreclosure like in the video above, you shoudl definately fight it by asking them to produce the loan note. I watched several videos from lawyers on you tube and that will delay the foreclosure and force the banks to work with you.

Any ideas or input? Thank you very much.

[Donnachaidh]

4. Call your Congresscritter and ask THEM why Citi has had 3 bailouts

and Citi has stated they are *too busy* to deal with you. I'd certainly make a major deal out of this with my representative. That's obscene.

[notadmblnd]

7. I asked mine for a copy of the original mtg too

They said they would send it in the mail. So far, nothing. It's been 2 wks. I'm in the same spot you are. Losing 1/2 of my income in April. Talked to mtg company and they said I had to be behind to help. They couldn't give me a re fi with a lower rate because my house won't appraise for what is owed:shrug:

[ellenfl]

16. you should be able to get a copy of your mortgage (but

maybe not your note) from your county clerk's website. if your mortgage was not a 'mers'* mortgage, there may be assignments recorded where you can see who now holds the mortgage. mers is mortgage electronic registration services and acts as nominee mortgagee for the lender. if it IS a mers mortgage, you can find out from their website who holds your mortgage.

i will be happy to help with the research. it's all public records stuff. as a real estate paralegal, i do this all the time.

ellen fl

[Why Syzygy]

11. Keep calling and

ask to speak to a supervisor over and over until you get as high as you can go.
Someone else here posted a similar story. The bank kept telling them they had to be behind in payments. When they got behind, the bank then told them that there was some method that COULD have averted the pending foreclosure if steps had been taken. If I think of the DUer's name, I'll post it. They live in Florida.

Keep calling. There is something that can be done.

[BluePatriot21]

12. Thank you for input

Todays Snow day will be used wisely!

[truedelphi]

17. I am so disgusted by this BailOut stuff

Why are those that GET IT not in the loop?

Obama instead appoints Geithner, Rubin and Summers to be close to him. So today we stand with AIG and offer these bastards 30 Billion more.

Meanwhile Dennis Kucinich's words from Congressional hearings last fall ring in my ears - "My staff determined that out of the first tranch of 350 Billion dollars in Bailout Monies, a mere 457 American homeowners were helped."

Wish you could be Homeowner 458.

[Seldona]

2. Reminds me of the Enron traders caught on tape.

Scum.

[Historic NY]

3. nothing but thieves with pens & ink

[yurbud]

8. white collar criminals should be executed like child molesters their crimes have repercussions

beyond the immediate victim.

[Donnachaidh]

5. mortgage brokers need to be brought to justice. PERIOD.

I worked for an underwriting company that dealt with mortgage brokers years ago, and they were bad THEN. But they weren't allowed to go hog wild like they've done -- they had to wheel and deal to slip the occasional 'questionable' loan through.

Where's the justice for the folks bamboozled? Brokers should be going to jail.

[DUlover2909]

6. But I thought the market would regulate itself.

Isn't that what the puklicans always promised?

[Grinchie]

10. They still chant that slogan

Unfortunately, most of their base is in trouble with this crap, so the shit isn't sticking like it used to.

[ejpoeta]

13. they did. see how well that worked.

[Better Believe It]

9. The banks have sold most of their mortgages. Just ask your bank for information on who actually

owns your mortgage and who now services the mortage (collects your money to pay the investor(s) who bought your mortgage.

[pipi_k]

14. My mortgage has been sold

at least four times in the 13 years I've lived in this house. Wells Fargo was the last bank to hold the mortgage.

Last year we went and had it refinanced at a lower rate through a local credit union, and I'm so happy we did it.

[yurbud]

15. yeah, I just opened my first credit union account and I'm gradually moving all my business there