This article really astounded me. "Several firms now participating in the Treasury's program to modify troubled mortgages have run into problems with federal or state regulators for their treatment of their customers over the years." This basically tells of the real estate people forcing new owners to purchase unnecessary insurances, failing to properly credit payments that came in on time, and charging for what were called "optional products" such as prescription discount plans and life insurance. There are several morgage companies listed in the article with specific cases against them. I do not own my own home but i have family who does and i will deffinately be telling them to double check what theyre paying for now. Its ashame how often people are being taken advantage of.
http://news.yahoo.com/s/mcclatchy/20091004/pl_mcclatchy/3324295
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This is the perfect example of why we need administrative agencies to regulate the practices of companies such as these mortgage firms. What worries me is that these same firms are now being asked for advice on how to fix the problems they helped to create. I wonder where is the administrative oversight now? My only guess is that since some of these firms have changed owners since the mortgage crisis hit, the government believes that the new owners have the ability to fix the mortgage problems.
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