: Banks Sue Each Other over Predatory Loans
| Ads Title*: | Banks Sue Each Other over Predatory Loans |
| Ads Description*: | As the months pass and more and more homeowners have utilized Forensic Loan Audits to show that they are stuck in Predatory Loans, which they can never hope to repay, the crisis builds and builds for the banks. One such example of this crisis is a recent lawsuit where the Federal Home Loan Bank of Chicago sued BofA, Citigroup, Goldman Sachs, and Wells Fargo for the more than $3.3 billion in residential mortgage backed securities these banks sold them. In short, it seems the big boys lied when they sold predatory loans, claiming they were safe. It was described best in this recent article from Bloomberg on October 15, 2010: Federal Home Loan Bank of Chicago sued lenders including Bank of America Corp. claiming their failure to disclose relaxed subprime mortgage underwriting standards, led it to unknowingly buy risky mortgage-backed securities. A little bit later in the article, it states, "The defendants did not tell the bank the truth about the loans that comprised the mortgage pools," underlying the securities, the Federal Home Loan Bank alleged. While it believed it was acquiring "safe" securities, "in fact the bank purchased a toxic stew of doomed mortgage loans," according to the complaint. As we have all watched the new round of lies and fraud be revealed in the media, illegal foreclosures, fraudulent loans, homes auctioned despite loan mods "in review", it becomes clear that at long last the bank can no longer try to pretend that their hands are clean and they are the innocent victims in this financial meltdown they created. And though there may be comfort in that, the homeowner is still the innocent victim getting railroaded by the bank. Unless he chooses to fight back and take a stand against the bank and demand recourse for his predatory loan. Of course, he will have to have the proof that it is a predatory loan, and that is why he needs a forensic loan audit. The forensic loan audits that Tila Solutions conducts for homeowners have repeatedly shown exactly what this suit strikes at. People were put into loans without proper qualification. In many cases there was no underwriting, or very lax underwriting. The people who were approved for these loans never had a chance of being able to pay them back. This is just one of the many areas that the TILA and RESPA laws are there to prevent. In September there were more than 100,000 foreclosure filings across the US. For the year, more than half a million foreclosure filings have already occurred. It is now estimated by some that before this mess is finally resolved, there could be millions more in foreclosure. But, the question in most homeowner's minds is why do the banks feel the need to foreclose at all? The loan modification tool has been made available to lenders and homeowners. Why not use it? The answer is simple; unless the banks foreclose they cannot recoup their losses through insurance policies. In fact, it is why the Forensic Loan Reviews have saved so many people from foreclosure. A thoroughly done set of forensics on a loan, coupled with expert loan negotiations can bring a foreclosure to an end and finally result in a loan modification because the lenders are at risk of losing their insurance payoff once the forensics are in the file. Homeowners struggle constantly in trying to determine who to believe: The bank that has them in foreclosure while modifying their loan? Or the private sector company who has the ability to show all the lies from the very onset of that loan and get the bank to modify as a solution to everyone's problems. The answer is simple: The banks have been revealed to be fraudulent in most aspects of business, so it is safe to operate from the viewpoint that they will not modify your loan, and will complete the foreclosure. Protect yourself and get Tila Solutions to help you. It is probably time you contacted a Tila Solutions Consultant to get real help. Just remember this: The bank wants your money and your home. Take action and give yourself a fighting chance. Get a Forensic Loan Review and let the people at Tila Solutions to negotiate new terms for you with the bank. Tila Solutions can be contacted at 702 508 0335. You can find out more about Tila and Forensic Loan Reviews at http://www.tilasolutions.com Tags : forensic Loan Audits Tila Solutions, Loan Mod, Loan Modification, Forensic Loan Audit, Loan forensics, Foreclosure, stop foreclosure, predatory loans, Fraud, subprime loans, toxic loans, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, TILA, RESPA |
| Website: | http://www.tilasolutions.com |
| Name: | Caroline TAylor |
| Address: | |
| Phone Number / Email: | 702 508 0335 |
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