The National Mortgage Settlement is a Scam.
Dear Offices of the States Attorney Generals,
The Below link will take you directly to a civil filing, the likes that have not ever been seen before. It is testimony by a past volunteer federal witness, previous employee of Wells Fargo, Countrywide, BAC and Bank of America, who was also a Mortgage Broker who is blowing the whistle on Steering Incentives and non disclosures on the Adjustable Rate Riders and how these loans were used to control the payouts to investors on the RIGGED Libor (First arrests HSBC). This is the MOTHER LOAD of CASE FILES.
I have just verified through NACA (The largest home save advocacy group in America) that loans that have in fact been modified are in fact being sold off to other lenders. Bank of America transferred a tun of these modified loans to Nationstar whom now are being foreclosued upon even through they are paying their modification in good standing. Because NACA does not have a contract with them, they can not defend the client. Meaning that any previous BofA client that was modified through NACA, are being transferred to Nationstar. From there it moves these loans to foreclosure without the client able to defend themselves.
When a loan is modified it does not change the obligations of the original loan. This means that while they themselves have to honor a loan modification, the new lender does not. This allows the new lender to foreclose on these loans the FDIC pays out 70%-80% of the value of the original note to the new lender the loan was transferred to. The homeowners are then forced out of their homes via Sheriff force violating their 4th Amendment Rights.
This is why the banks are encouraging other banks to join this “National Settlement” They know they are not really settling anything, they are just paying funds that have the US Attorney Generals setting up agencies to act as debt collectors on their behalf, so that they can “modify” these loans in a show of good faith. When the dust settles after a year or so, they will take all these homeowners and transfer them off once more to another agency that will immediately forelose. They only difference is, they bank got the home owners to admit to the debt through their modification. Most of these loans are securitized, which means they can not legally foreclose on your home. If you sign a modification, you admit to the debt. Then they can foreclose, or at least their buddy bank down the street can, once they transfer it. This is the latest SCAM the banks are trying to pull. Don’t let them.
Learn the truth.