Comments on: Stricter Mortgage Lending Regulations Implemented http://www.totalbankruptcy.com/blog/stricter-mortgage-lending-regulations-implemented/ Bankruptcy and financial news Sun, 12 Feb 2012 16:04:44 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Debt Scotland http://www.totalbankruptcy.com/blog/stricter-mortgage-lending-regulations-implemented/#comment-127020 Debt Scotland Wed, 02 Mar 2011 10:36:18 +0000 http://www.totalbankruptcy.com/blog/?p=2378#comment-127020 The problem with debt is that it's completely stigmatised, not only on a personal level but on a corporate level as well! As a society it's something that we need to be able to discuss openly as it's present in every walk of life. The problem with debt is that it’s completely stigmatised, not only on a personal level but on a corporate level as well! As a society it’s something that we need to be able to discuss openly as it’s present in every walk of life.

]]> By: jmb27 http://www.totalbankruptcy.com/blog/stricter-mortgage-lending-regulations-implemented/#comment-15090 jmb27 Tue, 02 Feb 2010 22:45:23 +0000 http://www.totalbankruptcy.com/blog/?p=2378#comment-15090 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing. Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.) Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM." The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers. http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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