For almost every person who entered into Purchase Money Mortgages, Refinancing Loans or Home Equity Lines of Credit from 2000 to 2008 the answer to that question is a resounding YES!
It is a fact that millions of homeowners, investors in residential real estate and investors in so called Asset Backed Securities have been defrauded by an intricate Ponzi Scheme orchestrated by the major Wall Street Investment Banks. News reports citing Bernard Madoff as the orchestrator of the biggest Ponzi scheme in history is crediting that apparently self confessed fraudster with a title he has not earned. The biggest Ponzi scheme in history is the Mortgage fraud. The Government and the media are well aware of this, but neither are informing American Citizens of the facts. All we hear about is the credit crisis, government bailouts and encouragement for people facing foreclosure to negotiate with their (fraudulent) lenders to replace their present (fraudulent) mortgage with a new modified (legal one).
Like Madoff's scheme the Mortgage Fraud's tentacles have destroyed the savings and in many cases the lives of people all over the world. The frauds heaped upon borrowers against their real estate would not have been possible without the deliberate participation of Wall Street Investment Banks, who have defrauded their own stockholders, investors in the misnamed Asset Backed Securities (ABS) they created, that are neither 'asset backed' nor 'secure' and the US Government and its present and future taxpaying citizens.
Please understand that when I refer to investors I am aware that huge sums were invested into into ABSs and Financial Sector Stocks by Municipalities, foreign investors (especially the Chinese), Pension, Mutual Funds and Hedge Funds which have suffered massive losses on Wall Street and may well suffer even more as the foreclosure tidal wave builds up over the next two years into a giant uncontrollable tsunami.
In addition to the Wall Street Banks, who were the principal movers in setting up this Ponzi scheme, the frauds trickled down to enthusiastic participants, including Mortgage Lenders, 'pretend lenders', mortgage loan servicers, property appraisers, mortgage brokers, Government Sponsored Entities (FANNIEMAE & FREDDIEMAC), Rating Agencies who provided bogus AAA Ratings to Wall Street Investors in respect of 'sight unseen' portfolios of debt largely composed of bad loans (what is now called Toxic Waste), which after profiting billions of dollars the same rating agencies now behaving as though they were innocent parties have downgraded nearly all of their AAA funds to junk or near junk, Insurance Companies who issued undisclosed default policies and instituted credit swaps, Title Companies and/or Attorneys (together with their participation and profits from Title Insurance), foreclosure advisory firms and law firms operating foreclosure mills who are responsible for thousands of frauds upon the very Courts in which they are appointed as Officers and others who failed to comply with various Federal and State Laws?
Thousands of Americans are being hit in a two pronged financial attack, having sustained losses on their Pensions and other invested savings when their funds were invested into worthless ABSs by 'fund managers' over which they had no personal control and who also own properties financed by ABSs that are now worth less than they 'owe' on their fraudulent mortgages. Even worse an ever increasing number of Americans are threatened with, or have already lost their homes or investment real estate to fraudulent foreclosures, rubber stamped by Courts, or sailing through non judicial procedures in some States because these hapless victims believe that they cannot do anything to stop it. Nothing could be further from the truth! This massacre ,we call it Financial Rape, can be stopped and it need not be unaffordable.
For further detailed educational information about the frauds, how they happened, what you can do, what forensic auditors can do and how to find and use the services of an appropriate attorney if required, the President of this Company has written a book available as a down loadable e-book. This revealing and informative publication is down loadable for the present reduced price of $69.97, including a three month free access to the associated Private Member's Database and a Social Network, from http://www.stopthebanksters.org
Whether you elect to follow procedures to obtain the removal of the loans from your properties, acquire quiet title or pursue the fraudsters for triple or punitive damages with or without an Attorney (known as acting Pro Se) the information revealed by a loan audit will be invaluable. Most Attorneys who are skilled in this field will refer their clients to a loan auditor or will obtain the information as part of their legal fees.
The fraudulent banks aided by their foreclosure mill Attorneys possess a level of arrogance rarely seen in other organizations, surpassing even the worst levels attributable to big Corporate America. In order to succeed against them, we believe it to be necessary to confront them with the detailed information and lines of inquiry that leave them in no doubt that their victims are 'on to them.' At the slightest sign of weakness they will try every trick in the book to further lead their victims into compromises that do more for the banks than they will ever do for their victims.
Most people have no idea that they are victims, usually blaming themselves for their disastrous financial position, because they don't have any understanding of the existence of these multiple frauds and lack the detailed knowledge necessary to obtain the evidence, appreciate the significance of the information obtained or how to invoke the involvement of Statutory Authorities. It is no accident that this is a complicated scheme. Like all Ponzi or other fraudulent schemes their perpetrators and willing participators do not intend their victims to have the remotest idea that they are being cheated and manipulated for obscene and illegal profits and make it as difficult as possible to unravel their deliberate frauds.
Many of our clients are astounded to discover that their original lender was often not a bank and was a stand in for the real lender who was not licensed to conduct mortgage business in their State or any other State. Even more surprising to them is that almost 300 of those original lenders are bankrupt, most of them not having been rescued by another bank taking them over. In millions of cases the Promissory Note and Mortgage remains in the name of those bankrupt companies who assigned those mortgages at huge profits immediately after they were signed or weeks before they even existed.
Our specialist investigators can help you as a victim of Deceptive Predatory Lending by examining your mortgage documents to find evidence of Statutory violations, confronting your Lender/Loan Servicer and others with that evidence, utilizing information obtained from working with other clients and public records, extracting information from the Lender or Loan Servicer and preparing a report that will empower you or your Attorney to place them under huge pressure to settle under threat of legal action, seek rescission of your loans and quite title, stop them from foreclosing and possibly pursue them for punitive damages if they have already completed a fraudulent foreclosure on a fraudulent mortgage.
Millions of Americans have been defrauded, are funding underwater high interest loans, thousands are losing or have already lost their homes or real estate investments and personal savings as the Lenders, their Foreclosure Specialist Advisory Firms and their Foreclosure Mill Attorneys continue to submit into court fraudulent documents in the knowledge that almost all their victims do not know that they can do something about it. All we ask of you is that you make a decision not to be a victim anymore!!