FORECLOSURE FRAUD! FREDDIE MAC WARNS BORROWERS WITH VIDEO ON YOUTUBE
December 27th, 2007 . by Mike KellyThis ”press-release” was issued by Freddie Mac and warns of foreclosure “Hero’s” who are just after your home.
McLean, VA – Can a custom made video posted to YouTube™ keep troubled borrowers from losing their homes to fraud artists? Freddie Mac aims to find out.
One of the nation’s largest investors in residential mortgages, Freddie Mac (NYSE: FRE) decided to produce an Internet video dramatizing a common foreclosure fraud scheme after a new survey found one-in-four delinquent borrowers go to the Internet before their bank or lender for information about avoiding foreclosure. Freddie Mac’s anti-fraud video can be found at http://www.youtube.com/AvoidFraud.
Freddie Mac’s two-minute YouTube video uses professional actors to demonstrate how con artists can:
Get copies of foreclosure notices at City Hall or a county courthouse;
Persuade distressed borrowers to give up the deeds in exchange for suspicious promises to solve their financial problems;
Use the deeds to secure new loans for themselves; and,
Let the new loans go into foreclosure, which means the homeowners looking for help can still end up losing their house.
“With fraud reports on the rise, we are using every communication channel out there to warn borrowers about these fraudsters and urge borrowers to call their lenders when they fall behind on their mortgage,” said Ingrid Beckles, vice president, Servicing and Asset Management, Freddie Mac. “By working with our servicers, Freddie Mac is now helping an average of 1,000 delinquent borrowers a week avoid foreclosure through forbearances, repayment plans or other workout options.”
Freddie Mac decided to produce the anti-fraud video for You Tube after a 2007 company-sponsored study that discovered that 25 percent of delinquent borrowers go to the Internet first for mortgage information, only slightly less than those who call their mortgage lender (28 percent) or bank (32 percent). GfK Roper Public Affairs & Media, a division of GfK Custom Research North America, conducted the survey of 2,400 borrowers.
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.
Freddie Mac’s ‘warning’ about fraud is misleading because Freddie Mac itself willfully participates in MORTGAGE and FORECLOSURE FRAUDS! Debt collector attorneys file foreclosures naming DEFUNCT mortgage companies, or naming mortgage companies which NO LONGER holds the promissory notes; or affixes “ransom” amounts (the collectors’ fees) far exceeding “Acceleration Clauses” which impedes paying the debt. If homeowners sue for “Unfair Debt Collection Practices,” or various damages, collectors make even more $$ through protracted litigation.
In States like Louisiana, because Wells Fargo and Freddie Mac greatly benefit from fraudulent foreclosures any representation about $$$ billion dollar losses due to people defaulting on mortgages should be weighed against needless payments of legal fees to law firms which outmaneuver -and even persecute people who file court proceedings in opposition to fraudulent foreclosures and repossessions. **See Proof at:
http://www.lawgrace.org/2008/01/05/united-states-chief-justice-robert%e2%80%99s-aim-to-raise-to-raise-federal-judges-pay-is-revolting-new-orleans-federal-judiciary-call-to-impeach-judge-g-thomas-porteous/
ACTUAL SITUATION: For a purported debt of $86,000.00, through use of a non-existent mortgage company, attorneys racked up more than a quarter of a million dollars in fees in litigations. Afterward, that property was sold to a 3rd party for $37,000.00. (The dollar amounts are rounded off.) Thus, Securities Investors got nothing, nothing practical was accomplished by evicting the homeowners, and property values declined in the neighborhood. Additionally, some collectors file in Bankruptcy Court falsified motions to “Lift Stay” pleadings for purposes of accomplishing SIMULATED AUCTIONS of real estate properties. Also, as an added measure to heighten chances of judicial favor, collector attorneys propagate that defaulted property owners are costing their clients a lot of money, while the true culprit is collectors’ fraud and racketeering. Exploiting distressed property owners for purposes of making money from their predicaments and then lying on them to the courts has to be the cruelest exploitation and maligning against people faced with becoming homeless!
Securities Investors need to become more knowledgeable, responsible and take action about collectors as well as mortgage servicers’ misdeeds which hurts borrowers as well as siphons incalculable amounts of money from what Investors profit. Also, see “Limiting Abuse and Opportunism By Mortgage Servicers,” AND “Private Property Rights Deferred: Has Predatory Mortgage Servicing Destroyed The American Dream” by Rawle Andrews, Jr., Esq.,and Leroy Jones, Jr., J.D. at the msfraud.org website. In the near future because of negligence, Investors will likely be subject to liabilities for the above-described misdeeds.
_____________________________________
Here’s a few more notes:
-Mortgage Mess, Foreclosure Fraud and Impediments to Justice
http://newsblaze.com/story/20071203130614tsop.nb/newsblaze/TOPSTORY/Top-Stories.
-ILLEGAL REAL ESTATE FLIPPING…
www.lawgrace.org/2007/06/21/illegal-real-estate-flipping-unfair-enrichment-etc/
-Comment on the Foreclosure of Judge Reginald Badeaux’s Home
www.lawgrace.org/2007/12/08/my-december-7-2007-comment-posted-to-the-times-picayune-blog-about-the-news-article-entitled-%e2%80%9cjudge-gets-debt-reprieve-badeaux-has-skipped-mortgage-payments%e2%80%9d-the-foreclosure-of-this-lo/
=====================================================================
Barbara Ann Jackson
Law & Grace, Inc.