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The only way to PROVE the lies, abuse and harassment is to RECORD the phone calls
Posted: Mon Jun 11th, 2007 05:15 pm
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Debt collection and mortgage lending are federally regulated.
However, the regulators do NOTHING to enforce these laws and when a consumer sues, the defendants will of course LIE again. They don't mind comitting perjury because the courts don't care. I think that's called a "litigation privilige." That leaves recordings as the only way to prove the lies.
I reside in Arizona where recording after notification of ONE party (me) is legal.
Listen to the recorded extortion call of Focus Receivables Management collector James Hurd.
I sued Focus and Hurd, who no longer works there and I was unable to serve him. In its Answer to my complaint, Focus DENIED my allegations.
The #1 reason for the subprime mortgage crisis is LIES.
I've been looking for a mortgage for years and as I used to be a California mortgage broker, I'm familiar with adjustable rates, negative amortization, etc.
However, in almost every phone call to a mortgage lender I was lied to. Usually, the rate of the artificially low payments (negative amortization) was MISREPRESENTED as the interest rate.
And the regulators do NOTHING.
I filed several complaints about junk faxes with completely false mortgage terms with the California Department of Real Estate.
My 12/23/04 complaint about Dana Capital
The DRE did NOTHING. I sued Dana Capital twice and they ignored the summons.
Dana Capital continued to have its affiliates (licensed and unlicensed mortgage brokers) send out junk faxes advertising "1%" mortgages, resulting in the current subprime crisis.
I called on some of these faxes and on 8/26/05 I described the lies at the blog and added a scan of a junk fax with the false terms.
In most phone calls I was told that 1% was the INTEREST rate.
Dana Capital is now out of business and thousands of borrowers who never figured out the real terms of their mortgages until the payments went up are in default or struggling to make those much higher than expected payments.
I applied for a mortgage with Ameriquest.
Listen to loan agent Beatrice promise 3 times that she'd send me my credit report.
Notably, federal judge Neil Wake found nothing wrong with those lies. But at least I have the satisfaction of exposing Ameriquest and Beatrice for the lying scum they are.
We need two changes to the law:
We'd see a lot fewer seniors ripped off and borrowers in foreclosures. Allowing the recording of calls for the purpose of documenting misrepresentations and abuse and we need STATUTORY damages for each lie.
Statutory damages of $1,000 for EACH lie regarding any product or service sold over the phone.
We'd also see fewer sales and mortgage refinances.
The million dollar question:
Do legislators feel that it is more important to keep the economy going through sales and refinances based on LIES than to protect the American people from lies, fraud and harassment?
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