Anti-Fraud Efforts in the Housing Market

By
Real Estate Broker/Owner with BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time Licensed State of Oregon

FRAUD??

You don't say!

And so what is our FEDERAL government doing about it? 

Why . . . they're having a meeting to discuss it all. 

How nice!

Here's the "hot off the" Press Release . . .

http://www.treas.gov/press/releases/tg291.htm

It's a quick read and a good laugh.

Here are some excerpts:

"Today's challenging economy presents an opportunity for con artists who prey upon financially distressed consumers.  The Federal Trade Commission and our state and federal partners will continue to bring law enforcement actions to stop this insidious fraud," FTC Chairman Leibowitz said.  "If you're worried about keeping your home, avoid any company that asks for a large fee in advance, guarantees that they'll stop a foreclosure or modify a loan, or tells you to stop paying your mortgage company and to pay them instead."

My Comment:  Hmmm . . . ya don't say?!?  The meltdown started about a year ago, and this is NOW just getting to be a topic in Washington?? 

"If you're worried about keeping your home . . ."  DUDE!!  So many people have already LOST their home!!  What are you freaking talking about??

How 'bout . . . telling your buddies at the bank to COOPERATE with short sales??

Didn't the good buddies get TARP??  Don't they get to write off all their (boo hoo) losses??  And . . . they  delay short sales  . . . and get the inventory property back at foreclosure.

Here's another little ditty from the Press Release:

"Illegal and predatory practices in the mortgage market are rampant in the wake of the recent financial crisis,"

Hmmmm . . . (Carla scratching her head) . . . in the WAKE of the recent financial crisis?

THE WAKE!

Wasn't the "illegal and predatory practices in the mortgage market . . ." one of the CAUSES!!  NOT just the wake . . . that was the . . . problem du jour.

And the comments made by some Attorney Generals . . . good laugh too!

"An unfortunate result of the country's current economic situation is the exponential increase in the number of disreputable companies and individuals eager to strip homeowners of their most valuable asset. I am pleased that our federal partners are working with the Attorneys General to help shut these operations down and keep millions of families in their homes." - Maryland Attorney General Douglas F. Gansler 

The 'disreputable companies and individuals . . ."  hmmm, like the good old BofA boys??  Oh, sorry.  You mean the loan modification people. Silly me!  Of course you do!  Cause the banks are working so hard to keep people in their homes . . . oh yeah.  I forgot!

Posted by

Buyer Focused ~ Buyer Results

 

Representing Buyers in the Portland Metro Real Estate Market | Clackamas Multnomah and Washington Counties | Since 1999

Carla Muss-Jacobs, REALTOR®, ABR, CEBA, ePro
Principal Broker/Owner

Direct: 503-810-7192 | BuyersAgentPortland.com | Carla@BuyersAgentPortland.com

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a funny read how hum another day in the office

Comments 2 New Comment

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Rainmaker
437,217
JL Boney, III
Columbia, SC Real Estate
Russell and Jeffcoat

I have found that anytime the minds in Washington start to have meetings in order to discuss and "resolve" an issue, that we all need to be afraid. Be very afraid!

September 17, 2009 03:46 PM
Rainmaker
1,249,329
Carla Muss-Jacobs, Principal Broker/Owner
Buyer Focused ~ Buyer Results
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time

Hi JL . . . yeah, I agree.  In this instance, it seems too little, too late.

September 17, 2009 07:14 PM
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Rainmaker
1,249,329

Carla Muss-Jacobs, Principal Broker/Owner

Buyer Focused ~ Buyer Results
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