Mortgage Fraud Video Update with Rachel Dollar – August 14, 2009

admin —  August 17, 2009 — 2 Comments

Links to items discussed on Mortgage Fraud Video Update:

3 Attorneys Charged For Loan Modification Fraud

Two Convicted in $40 Million Mortgage Fraud

Title Agent Indicted In Mortgage Fraud Scheme

Guilty Plea in DC Straw Buyer Scam

Former Mortgage Broker Pleads Guilty to $1.2 Million Mortgage Fraud Scheme

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2 responses to Mortgage Fraud Video Update with Rachel Dollar – August 14, 2009

  1. Your video is right on the mark.

    You may wish to build into future videos some of the facts and circumstances on how the Federal Reserve’s mandated changes in the Scope of Work Rule contribute to the decimation of the appraisal industry and conflict of interest in the valuation of real property.

    Following is an excerpt from a very good letter I received from my friend Andrea Silverthorne, a Realtor, we crafted a much longer version and mailed it to the OIG, Attorney General, and Director of the FBI.

    Robert Bostick
    April 2, 2009

    I am a long time South Florida Realtor who has discovered that the reason South Florida values have fallen so sharply, in just the last nine to twelve months, is due solely to the illegal actions of the Federal Reserve, who put pressure on the Appraisal Foundation Standards Board to add a new standard that specifically allowed this Lemming- like fall of values.
    Before I go further I would like to preface my findings with two facts:

    1. South Florida values, given they are residential improved property, have never fallen before. Repeat . . . never, not during the Great Depression, not during the post World War II recession, not during the period of eighteen percent interest rates, or in any other recession. When the real estate market dies, there are no buyers to take value down; when the real estate market returns, it returns at where it left off.

    2. The Sub Prime is a scapegoat for the bad judgment and illegal activity of Wall Street and the banks. What initiated the economic fiasco we now face, which is in my opinion careening beyond a fiasco toward economic holocaust, was, however, the halting of the subprime, yes, I repeat, halting subprime lending is what went wrong.

    The banks must sell their loans in order to get more capital to lend. They sell 100% of their mortgages that are underwritten with Fannie Mae standards to Fannie Mae, the bulk of the rest, which equates to about 98% of all loans, get sold directly to investment packagers, so they lost no money; Fannie Mae sold them to Wall Street to get more money to buy loans from the banks, so they lost no money; Wall Street packaged all of them, Fannie Mae and non Fannie Mae, and sold them to REITs, so Wall Street lost no money; REITs insured the packages with AIG for 150% of their value, so not only did no one lose any money, but someone made a bundle of money on the insurance overage payment, and the American public paid AIG, a foreign corporation, REPEAT, American tax payer money was used to pay a foreign corporation for their loses.

    That these upward value trends created an affordable housing issue is another problem!

    And the fact that someone who saved enough to buy a home and lost their 400 thousand dollar home to a 200 thousand dollar buyer is not a bitter sweet story:

    It is a horror story, because every home owner in the area of that 200 thousand dollar foreclosure lost 200 thousand dollars worth of equity too, the day that first home closed, and the communities lost the tax dollars, and any bank with an equity line on the property lost their collateral.


    This is highway robbery of American equity by the banks’ predatory lending and the Federal Reserves machination of Appraisal Standards, which were designed to be a neutral buffer between the American property owner and the lenders, and now can only be described as predatory, with not a vestige of consideration for American property rights.

    With Fraud in Their Hearts

    1. This portrait of the biggest equity grab in the history of the nation is almost finished. The new Home Valuation Code eliminates local appraisal and puts the liability of determining market values on Realtors, with “Opinion of Value” letters, which are to be based on “market conditions.” Mr. Giethner only has to get permission to use the tax payer’s dollar to finance 80% of the foreign national acquisition of American’s lost equity. An owner of a 400 thousand dollar house is not rich, and the Federal Reserve is no Robin Hood.

    2. On February 7, 2008, I read a story about the condition of the real estate market in the South Florida Business Journal. The story quoted Michael Cannon, a respected owner of a large appraisal firm and consulting company.. He said Wall Street did not understand real estate. I sent Michael Cannon an email complimenting him on the article, and then I asked him a question about what I had recently observed on appraisals; they were beginning to use foreclosures and short sales when computing values. This had never been allowed before.

    Real estate cannot be the sacrificial fly in this scenario. Restoration of values and a real National Stabilization Program rather than a thinly veiled bail out for developers is our only hope.

    Thank you for reading my email.

    Andrea Silverthorne

  2. Joanne Vondracek August 16, 2009 at 7:45 pm

    PLEASE, PLEASE, PLEASE HELP ME! I HAVE TILL JULY 10TH TO SAVE MY HOME. The banks have taken advantage of me. What they did is just not right!
    I got 2 months behind on my mortgage payments with Option One Mortgaging Inc. I sent my third month payment in, but Option One sent it back to me and filed a NOTICE OF DEFAULT dated 4-15-08 in the amount of $9,725.

    I called Option One right away to find out how to make the payment and cure the default. I was told that my payment was now $14,100.00 and I would have to sign a forbearance agreement right away or my house would be sold. Not knowing any better and scared I agreed to sign it. By the time they gave me the forbearance agreement, which was 2 weeks later, the amount was now up to $30,884.60. Option One wanted me to send them $7000.00 overnight and make $5,971.15 payments for four months, which I did. They told me they would sell my home if I did not do what they wanted that day. I have records of the people I talk to at Option One.

    Before my last payment was due I was recommend to talk to the owner of Eagle Crest, Terry Whitington III in Walnut Creek CA, a real estate lender and loan modification company, so I was told. He assured me that he dealt with this kind of stuff all the time with a great success rate of 99%, and he was sure he could help me. He was very kind and understanding, really seemed to know what he was talking about and hated what the banks were doing to the consumers. I agreed to work with him. I paid him $2000.00 up front. He called and told me that he had talked to Option One; he said Option One told him to have me make my regular payments of $3048.56, which I did. I just recently found out that Eagle Crest or Terry Whitington III is not listed with the DRE. Option One would not except my payment. I called Terry Whitington III, but he would not answer any phone calls from me. When I finally got a hold of Terry Whitington III he told me that I was going to lose my home anyway, he knew that because he was some how connected with Option One at one time. I called Option One and was told that If I sent them $10,000.00 over night and agreed to pay $6,000.00 a month for one year they would stop the foreclosure proceeding. I could not do that so I filed bankruptcy to stop the sale of my home. As soon as the bankruptcy was dismissed Option One sold my home to Wells Fargo. The first I knew about this was when I got an eviction notice. I later found out from Wells Fargo that no one from Eagle Crest ever spoke to any one from Option One.

    I am still living in my home and desperately trying to keep it. I am trying to work with Wells Fargo but they are not being cooperative at all. I thought the banks and government were trying to keep people in their homes! Before this all started I was never late with my payments.

    . I love my home and don’t want to leave it. PLEASE HELP! Wells Fargo said that they would look at the numbers and if they looked good they would work with me. That was in April. I have not heard anything and no one from Wells Fargo will give any information on who has my file. I can afford my home! I think Wells Fargo is just stalling till we go to court on July 10th. It doesn’t make any since; they can’t sell my home for more than my loan, so why do they want it. Option One just wanted my home too. They set me up to fail, not to work with me. I don’t know why. But from looking on the Internet they do this all the time. I am a single mother with 3 children. I do not want to be one more homeless citizen. My credit is ruined and I have no place to go.

    I figured out that In 3 months I paid them $18,958.30. I would have been caught up at $15,285.20 if they had not tricked me into signing the forbearance agreement. How can they get away with this? If I was caught up then the sale of my home should be invalid because they never filed another notice of default. If there is anything you can do please help me. I can send you evidence of everything. I also had a mortgage Broker Sheallie Hatefield, Valley Financial in Roseville, CA get financing for 5 homes in one year. I am self employed.

    14755 VIA DE MAIA, MAGALIA, CA 95954
    (530) 873-1037

    P.O. BOX 631730
    IRVING, TX 75063-1730

    16520 BAKE PARKWAY, SUITE 280
    IRVINE, CA 92618

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