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Criminal Conduct of Servicers ( from news) "The Federal Government should use sticks that it has available to put pressure on servicers to fully comply" with the legal commitments they had made to federal officials about helping borrowers avoid foreclosure, the coalition said. Several reports by government watchdogs, meanwhile, raised concerns that mortgage servicers were not up to the challenge presented by the staggering number of troubled borrowers, including many looking to modify their loans. The reports, from the Government Accountability Office and the Congressional Oversight Panel for the government bailout of the financial industry, warned that servicers employed staffers who gave borrowers inaccurate information, didn't hire enough staffers, failed to track complaints and lost important paperwork. "Servicers are generally understaffed for handling a large volume of consumer loan workouts. Staffing is not simply a matter of manpower, but also of sufficiently trained personnel and adequate technological support," said a March 2009 oversight panel report Housing advocates and government reports gave several reasons why servicers try to foreclose so quickly. In general, servicers make more money when they foreclose on a loan than when they find a better arrangement for the borrower. That's because the payments to the servicer decline when a loan is modified. But if instead the borrower is in default, the servicer adds fees on the account and can collect when the house is sold, even at foreclosure. In addition, servicers are under pressure to continue to transfer the money paid by the borrower to the investor in the loan. When a borrower isn't paying the loan, the servicer has to cover the difference. Moreover, servicers can expect to charge more if they receive higher ratings from credit rating agencies. And the faster a servicer forecloses when loans are in default, the higher the rating they stand to receive. So new businesses have emerged to accelerate the foreclosure process. Companies have launched electronic platforms that allow servicers to rapidly foreclose, quickly hiring lawyers to file necessary court documents in a process that is often divorced from the circumstances facing an individual borrower. (end) This is the result of a global system of trained goons, riding titles and degree's, in an effort to loot and gain, at the expense of anything and anyone, and we hail these types, in a society we fail to see, our educational system does not teach nor train humanitarian awareness, nor does it teach about what is national stability concerns, it only teaches 'profit by any means one can conjure"... and they award titles and degrees, based on how well they learn to strip, rip, rob and decimate the system. they contort the gained knowledge and turn it into a scheme machines, because they think, degree and title should award them privileged and wealth. In stead of using the knowledge to better mankind and make a civil system, that respect not just people, an individuals, but the national system of national stability. This means absolutely nothing to many, who ride title and degree, at the expense of a nations stability. = "goons"... We create monsters, and dress them in expensive suits, and a painted smile, and they continue to take down a nation. |
