Banks are now telling people that a problem in foreclosure, with robot signers they say, is being reviewed and fixed. Mainstream press plays along. But what is the real story?
Here are two real life corrupt banking anomalies to consider. I have several others that are stinking to high heaven with greed and corruption as well.
Two real world stinky deals... a recent short sale and a foreclosure, both in California, neither make any good business sense.
Foreclosure Fraud?
1) Ocwen turns down a 389,000 short sale in Fair Oaks California that would net the Fannie Mae investor 339,000 then sells the loan to another investor, who pays 245,000 for it and they foreclose on the seller. They then sell the house for 339,000 and put the profit in their pocket. Sellers, brokers, title company, short sale buyer, fannie mae, and tax payers all lose on this deal. The investor who bought the loan and Ocwen," who is paid no matter what" win.
Short sale fraud?
2) Bank of America loses a 4th buyer after stalling a short sale in Roseville California for over two years. The Bank of America process was for buyer and seller to send the contract plus all their documentation, which is pretty much the same information requested for a loan modification, to the Bank of America, who then waited 3 to 4 months each time a buyer tried to buy the house, while they are still servicing the Fannie Mae loan,"for which they are being paid fees by the owner of the Fannie mae loan" they then respond to the offer by asking too much and so the buyer buys another house. BofA had done did this 3 times on this Roseville house ... before they then tell the seller a new equator system will work better. The 4th buyer tries for 3 months to buy the house, BofA again asks for more money... this time the buyer said okay... success right? No, instead a week later, BofA tells the buyer they had no authority to enforce the offer, and the Fannie Mae investor wants another $5,000 ! So, this buyer leaves after 4 months of wasted effort and they buy another house. Seller, brokers, title company, Fannie Mae, and tax payers all lose. This house is still on the market, the price with each buyer is falling, as now a vacant ugly house is also a problem for the neighborhood. This home was well cared for during the first 7 months it was on the market, then the seller had to move.
Published by Mike Jaeger Live
