Sign Petition to Stop Servicer Abuse

Go to StopServicerScams.com to sign the petition.  One would think it would go without saying that servicer abuses such as delaying and misapplying payments, using false hopes of pending mods to lure more money from consumers, and applying compounding junk fees SHOULD BE STOPPED.  The banking industry lobby doesn’t think so.  What do you think?  Tell them.  The petition goes out in early January.  Thanks and Merry Christmas!

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One thought on “Sign Petition to Stop Servicer Abuse

  1. This is the comment I left when I signed the petition:

    The network of lending institutions created the recent destruction of the real estate market, luring homeowners on one end of lending transactions and investors on the other end. They did this knowing fully they would end up in control of a vast pool of properties in the event of collapse.

    In this scheme homeowners and investors were expected to accept significant losses while the institutions that created the loans suffered no pain. Once in control of properties through foreclosure, these institutions could essentially characterize the event in many ways from the accounting perspective. The homeowner is out the property, the investor is out their money, and the lending institutions have the property, essentially free and clear from their perspective.

    Since the network of lending institutions has nothing invested themselves (no skin in the game), selling properties at a loss on a foreclosure sale and distributing whatever money they see fit back to the investor, ensures they effectively make a gain while investors suffer losses.

    Preventing loan servicers from sucking more financial blood from duped homeowners is one step of many that must be taken to regain stability of the real estate market. Lending institutions will not change their game book so long as they do not suffer along with everyone else currently suffering the the real estate market today.

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