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Lawmakers to Fannie Mae: Why are you using lawyers 'accused of regularly engaging in fraud' in foreclosures?

Members of Congress called on Fannie Mae to stop working with "foreclosure mills" under investigation for document fraud.

"Why is Fannie Mae using lawyers that are accused of regularly engaging in fraud to kick people out of their homes?" Reps. Alan Grayson, Barney Frank and Corrine Brown wrote in a letter to Fannie Mae Chief Executive Michael J. Williams on Friday.

Four law firms are under investigation by the attorney general of Florida and "several of the busiest of these mills" work with Fannie Mae, they said. "Fannie Mae seems to specifically delegate its foreclosure avoidance obligations to lawyers who specialize in kicking people out of their homes."

A Fannie Mae spokeswoman declined to comment except to say the company will respond to the questions raised.

Here's the letter.

By Ariana Eunjung Cha  | September 24, 2010; 1:50 PM ET
Categories:  Congress, Housing  
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Next: Ally's GMAC unit withdraws foreclosure affidavits signed by second employee

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Posted by: shoestrade28 | September 24, 2010 10:01 PM | Report abuse

The current level of corruption throughout our financial sector is almost untenable.

Coupled with the ongoing revelations that banks, mortgage companies, and even Fannie Mae are handling foreclosures in a manner which is improper, possibly criminal in nature, are the broader problems related to the credit industry.

Our financial sector is destroying the economy by sucking excessive interest and fees out of consumer credit transactions, at a time in economic history when the interest rate price of money for these institutions is practically free.

We are a consumer driven economy, but the financial sector is undermining the consumers' ability to pull us out of this recession/depression, by gouging up to 30% on consumers transactions.

These financial institutions were bailed out with 750 Billion dollars of taxpayers money, some of the last significant liquidity available to the American economy.

Banks like Citibank collect interest at rates in excess of 20% from customers who have honored the terms of their credit card agreements and made timely payments for decades.

These banks represent that they are relying on risk/repayment formulas to calculate risk and retroactively accelerate interest rates on old balances, in violation of their credit contract with the customer.

The credit risk formulas which they represent they are relying upon are at best flawed, and in a worst case, criminally deceptive and fraudulent.

In other words are financial institutions are stealing consumers' money by charging unjustified interest rates which they represent are related to risk which in more cases than not, does not exist at a level commensurate to interest collections being made.

This is just plain old-fashioned stealing, dressed up in an elaborate ruse, to which the credit reporting companies are accessories.

And why doesn't DOJ prosecute.

Knowing that DOJ failed to prosecute BofA, Wells Fargo, or Wachovia, even when these banks were caught laundering Mexican drug cartel money, offers some partial explanation.

Apparently, if you're too big to fail, you're also too big to prosecute.

This makes our financial institutions only bolder.

After the outcry over multi-million dollar bonuses, following the 750 Billion dollar bailout of the financial industry, guidelines were put in place to suggest prudence with respect to executive compensation.

True to form,Citibank today skirted the guidelines increasing executives salaries by "paying the raises in company stock, not cash" apparently in deference to "previously issued guidelines that limited salaries to $500,000 for the top 25 executives at financial institutions still receiving large amounts of federal help."

The immorality of these continuing corrupt actions is revolting.

Ten to twenty million people are out of work, looking for work, few jobs are available, and certainly, even fewer jobs that pay wages that cover the cost of living.

And the banks we bailed out are robbing us.

Posted by: brng | September 24, 2010 11:12 PM | Report abuse

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Posted by: schoonmaker25 | September 25, 2010 4:37 AM | Report abuse

U.S. regulators refused to regulate or even investigate Wells Fargo’s lending practices. Wells Fargo teams up with its army of attorneys to defraud us.

Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture.

Here are the facts.

1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.

Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
– Wells Fargo’s own review appraisal valued our home at $475,000
– Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.
– Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
– Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.
– Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud
homeowners.

2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.

Posted by: Anonymous | September 29, 2010 12:19 PM | Report abuse

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