Profile picture for Tatum77

Was it true that mortgage companies hid the fact that they lost crucial mortgage info on people's h

  • April 09 2013 - Escondido
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Yes it is true... there have been millions of dollars in fines paid by the lenders.. but few borrowers really got appropriate compensation.  Banks mad record profits... lawyers got huge fees... public got hosed.
  • April 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Your question appears to be cut short.  IF you click on "post reply" you can provide the rest of the question so folks don't have to guess to respond.
  • April 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for 800lbs In The Room
Time to get real...... As much as we would like to point the finger at the "level of incompetence among lenders". The fact is, many people were greedy. Lenders were stumbling over each other to write loans and make as much money as fast as possible. They made many mistakes in the process. This greed was fed by the the greed of people who were refinancing to pay down credit cards that let them live in excess in order to run them back up, pay for vacations, boats, and cars. How many foreclosed homes were a result of a cash out refi?  Lets not forget the greedy RE Agents! Any Agent worth their salt knew the bubble would burst, yet they kept on selling and getting their commissions. Might i add, twice as much commission as a lender would make. We could go all the way to the hedge funds that bought the sub prime mortgages or the politicians that made it all possible by the peoples vote. But, i'll stop here.
Now that the damage is done and we all played a part in it some people want to cry foul. They want to look for a loophole that will allow them to pass their bad karma off to someone else. Well, it wont get you anything but more bad karma......
  • April 10 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The short answer is that nothing would surprise me with regards to the level of incompetence among lenders especially during the past 10 years.

Their has been so much fraud and flagrant misconduct that this absolutely could be factual.

The bigger question that begs for an answer:  What can most home owners do about it now?  If they discovered negligence within a certain about of time AND could prove unlawful conduct then they might have a leg to stand on in court otherwise they need to pick up the pieces and can now rest assured that Federal regulations now prohibit most of the past issues with lenders however this does not mean that all is perfect by now means - but there is definitely more legislation out there now to protect consumers.
  • April 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.