Posts Tagged ‘violation’
When it comes to annoying lenders and mortgage servicers Saxon Mortgage Services Inc. takes the title as the most annoying, which reflects poorly on parent company Morgan Stanley. We are qualified to make that assessment for several reasons:
One point is perfectly clear after the subprime debacle, which is the need for federal-level regualtors that will actually do something. Finger pointing is frustrating for consumers and mortgage holders. Recently we received a report of a mortage holder who was bounced from the OCC to the FTC, later to be told that the FTC gathers complaints but does not take action on individual complaints.
As proof that one cannot do it alone – without help – we must write about one man’s focus and dedication after he was slighted by his mortgage company. Facing foreclosure in Connecticut this man takes the time to research the law and he keeps us up to date. I’m certain we are not the only ones on his mailing list. The home owner met with the chief state attorney’s office for the state of Connecticut, the Attorney Generals Office, the US Attorney’s Office, OCC, FTC and Senator Dodd’s Office, and the Attorney General’s Office for the State of Florida. Violations were found.
The FNI refused to name the entities under investigation but they are working with the Securities and Exchange Commission on a subprime inquiry. The Federal Bureau of Investigation has opened criminal inquiries into 14 companies as part of a wide-ranging investigation of the troubled mortgage industry, F.B.I. officials said Tuesday. The F.B.I. said it was looking into possible accounting fraud, insider trading or other violations in connection with loans made to borrowers with weak, or subprime, credit.