Comments for Jesse Jackson In Chicago: Preparing the March On Wall Street at http://pacificfreepress.com , comment 0 to 3 out of 3 comments http://pacificfreepress.com Mon, 08 Sep 2008 01:59:57 +0100 FeedCreator 1.7.2 http://pacificfreepress.com/content/view/1979/81/#pc_1612 Insightful article! Keep up your GREAT work! Thought you might also find this interesting . . . I am a former senior loan officer for a regional mortgage bank. It made me sick to see how we took advantage of consumers for thousands of extra dollars. Sometimes these were smart people who simply didn’t know any better. So I developed this simple Mortgage Loan Comparison Worksheet. If borrowers just used this easy tool when shopping for a mortgage, predatory lending in this country could virtually be eradicated: http://www.januspresentations.com/MortgageLoanComparisonWorksheet.pdf Problem is, most borrowers only make a decision once every seven years, so how would they even know what to look for? As a loan officer my mission was not to educate, but to get a signature on the bottom line, at any cost. Based upon my experience, here are the Top 10 Mistakes Mortgage Borrowers Make: 1. Not knowing which mortgage fees the borrower can -- and cannot -- negotiate. 2. Choosing and trusting the first loan officer the borrower interviews. 3. Using an interest-only or "payment option" adjustable-rate loan primarily to qualify for a more expensive house than you could normally afford. 4. Thinking the interest rate is always the main thing. 5. Not comparing the final fees listed on the closing documents to the up-front estimates to avoid the lender "packing the loan" with added-on fees without the borrower's knowledge. 6. Not knowing if the mortgage has a pre-payment penalty - until it's too late. 7. Thinking that renting is always just throwing money away. 8. The borrower does not know if he or she is paying a back-end yield spread or Service Release Premium. 9. Paying for mortgage life insurance, credit insurance or other expensive lender add-ons to increase the amount of kickbacks the lender can receive from various vendors. 10. Paying hundreds of dollars to have a company set up a biweekly mortgage payment plan, something the borrower can generally do for herself or himself -- for free. From "Kickback: Confessions of a Mortgage Salesman," one of the best-selling books on mortgages on Amazon.com. - Ted Janusz Sun, 16 Dec 2007 16:00:40 +0100 http://pacificfreepress.com/content/view/1979/81/#pc_1609 subject: Foreclosure Fraud, Wall Street, FREDDIE MAC, Judicial Corruption, etc. Any representation to Wall Street Investors by FREDDIE MAC that FREDDIE’S reported $2 billion losses are due to people defaulting on their mortgages must be weighed against the fact that (in states such as Louisiana), Freddie Mac is paying DEBT COLLECTION firms needless, outrageous litigation costs for corporate lawyers to outmaneuver –and even persecute people when they oppose unlawful foreclosures. In Louisiana, long before Hurricane Katrina, the entrenched real estate and mortgage fraud racketeering scheme has been in operation. But thanks to federal authorities such as U.S. Attorney Jim Letten and U.S. Attorney David Dugas, real estate racketeers in Louisiana have nothing to worry about. Verification of what I have written is posted on my www.lawgrace.org website. http://www.lawgrace.org/2007/12/08/my-december-7-2007-comment-posted-to-the-times-picayune-blog-about-the-news-article-entitled-“judge-gets-debt-reprieve-badeaux-has-skipped-mortgage-payments”-the-foreclosure-of-this-lo/ =================================================================== *Also, posted on NEWSBLAZE.COM, see this article: "Mortgage Mess, Foreclosure Fraud and Impediments to Justice:" Most critical to the Foreclosure Crisis is FORECLOSURE FRAUD, which enables MORTGAGE LENDERS to ILLEGALLY FLIP properties. In Louisiana, 2 particular mortgage companies which benefit from fraudulent foreclosures are Wells Fargo and FREDDIE MAC! It is HIGHLY COMMON for a DEBT COLLECTOR attorney to file a foreclosure: (i) in the name of a DEFUNCT mortgage company;(ii) in the name of a mortgage company which is NO LONGER holder of the security interest (the promissory note); or (iii) file a foreclosure and AFFIX a "ransom" amount (the collector's fee) far exceeding what the promissory note "Acceleration Clause" authorizes. Despite a property owner's entitlement to Challenge CONTRARY-TO-LAW loss of his / her home, most property owners LACK consumer and legal knowledge; the Court System is REFRACTORY; and there are limited attorneys with acumen to pursue Consumer Law. Also, when borrowers sue for "Unfair Debt Collection Practices," damages, the collector gets to make more $$ through prolonged litigation, as co-conspirators enjoy the foreclosure pie. Investors need to become more astute about how mortgage servicers' misdeeds hurts borrowers as well as siphons incalculable amounts of money from what Investors should reap. (See "Limiting Abuse and Opportunism By Mortgage Servicers," AND "Private Property Rights Deferred: Has Predatory Mortgage Servicing Destroyed The American Dream" by Rawle Andrews, Jr., Esq.,and Leroy Jones, Jr., J.D. Visit: http://www.msfraud.org/index.html.) http://newsblaze.com/story/20071203130614tsop.nb/newsblaze/TOPSTORY/Top-Stories. ==================================================================== Barbara Ann Jackson Law & Grace, Inc. www.lawgrace.org LOUISIANA - Barbara Ann Jackson Wed, 12 Dec 2007 07:42:06 +0100 http://pacificfreepress.com/content/view/1979/81/#pc_1607 Nice piece Danny. It made my SmallTalk blog today. - Mike Klonsky Mon, 10 Dec 2007 13:19:37 +0100