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Originally Posted by dashboy
Judge Roy,
could you please resubmit some of thosE areas OF REMEDY you mentioned in the previous thread?
dashboy~
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As I recall, I alluded to low-hanging fruit...
Included among the problems are:
Loans with unconscionable arbitration clauses;
Auto loans with inflated interest rates that the dealer secretly adds;
Home-repair loan schemes where the value of the work done is nowhere near what the loan is written for (equity stripping);
Various TILA and RESPA violations;
ARM miscalculations;
Loans designed to fail to allow a hidden buyer to acquire it at foreclosure;
Loans depicted as 2nd mortgages that are actually 1sts;
Un-recorded loan documentation;
Forged income documentation to qualify otherwise unqualified borrowers;
Misrepresented and miscalculated interest rates (especially on so-called "simple interest" loans
Escrow overcharges;
Packing credit-life insurance or other insurance products into loans;
Yield Spread Premiums (kickbacks) for brokers to raise interest rates above what many borrowers can qualify for;
AfB's - more kickbacks among title, insurer, broker and RE agents;
Hidden pre-payment penalties;
As I recall you pointed to those listed at the Coalition for Mortgage Reform site, some of which may be touched on in the above.
The Honorable Judge Roy Bean.
http://www.loansharks.blogspot.com
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