Exposing the Unscrupulous Practices of the Mortgage Broker

What a very sore subject at this point of our demise. Unfortunately for the Brokers they hung themselves with all the illegal activity that took place. Following the trend of hundreds of Lenders going under very abruptly the Brokers are now scrambling for jobs…any jobs.

Many consumers have been fooled, and led into destined failure because of Brokers covering up the facts, dummying up W2’s, Tax Returns, Employment etc. The real problem is that they fooled the Lenders too. The Wholesale divisions of Banks, were none the wiser, as to what was being submitted. Not all are innocent, but many became victims of their own efforts in getting Brokers to refer. It’s a vicious cycle with Banks, and Lending.

Our Market has now Collapsed, we had allowed the Brokers to build our Lending Industry into a House Of Cards, that has now fallen into a pile of rubble. Our home values are plummeting, and it’s not stopping.

I have been in Banking over 25 years, and I remember when we had people approved in the 80’s at 17%, and they were jumping for joy! Today…you will be very “lucky” if you even get a loan. I am now aware, as of today that Major Finance Companies are now doing all their Underwriting in another country. On the other side of the planet. I would love to see how that’s working. Unless they’re shipping experienced people with the loan packages to Sri Lanka, for example…You have a fat chance in… “you know where” of getting a loan…Any kind of loan. Unfortunately they’re not.

You as the consumer will be reviewed by a foreigner, in another Country, for a small loan, Mortgage, or other like product in the U.S. now. It makes perfect sense, doesn’t it?
This also means, that your very private information, that has been scattered all over by Brokers already, is now going to scattered all over in another country, and you have no way of monitoring any activity in that country, and how they may handle “your” personal, private information on all your private assets, Bank accounts, investments, and credit, etc.

I am a first hand witness to what is, and has been going on in Mortgage companies. In plain English, I am disgusted with the industry, and extremely angry with what is being done to hard working consumers who have been duped by countless Brokers. Now the Vultures have come out to pick at the carcasses that are left.

Now the Realtors, Brokers, Investors will swoop in and actually take those same houses away from these unsuspecting victims already. They will be successful too, because this entire situation has literally rendered people useless. Without a way out.