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|| Is T-Mobile Screwing With You? |
Thomas Lipscomb on T~Mobile Scam:
T-MOBILE QUICK PAY SCAM UNDER WAY.... BEWARE!
When you call in to pay your bill the customer service rep will tell you your
"Quality Assurance Balance is $XXXX". These folks are scripted NOT to
give you the balance you owe, but a totally fictitious figure dreamed up by some
crooks at T-Mobile.
Your OUTSTANDING BALANCE is much lower.
"YOUR QUALITY ASSURANCE BALANCE" includes your next mo
payment so some Sales VP has figured out a totally deceptive scheme to
expedite payments so he can get himself a fat bonus.
The only problem is this is totally illegal.
Some folks need to get fired for Christmas. And T-Mobile owed recompense to
the customers who fell for this scam through corporate policy, not any fault
of their own.
And all those tax dollars we pay to regulate Telecoms do WHAT in cases like
Posted by david on Tuesday, November 27 @ 14:37:01 MST (469 reads)|
(comments? | Score: 0)
|| Will More Realtors Pull MLS Listings from Trulia and Zillow?|
Will More Realtors Pull MLS Listings from Trulia and Zillow?
Would that it was
The practice of
providing listing information to data aggregators like Trulia, Zillow, Move,
Inc., Yahoo, Blockshopper and the like is called "syndication." It
is an emerging issue in the real estate brokerage industry for several
aggregators' business model includes not only selling advertising to other
agents but also "capturing" buyers and selling the leads back to
the listing firm. So, your buyer client may choose to use the agent who
has paid to have his or her advertising automatically appear on the page
with the listing (and the aggregator's only qualification to appear is
that the check cleared) or the buyer may be "referred" (for a
fee to the data aggregator) back to the listing firm. There is a legal
question as to whether the data aggregators are engaging in the real
estate brokerage business without licenses when they charge a fee for the
brokers often have little or no control over where listings are
re-syndicated but they do get blamed by sellers for incorrect information
about the listing that may appear on a site that the listing broker did
not know had the listing information. Incorrect information corrected on
the main site may continue to be incorrect on other syndicated sites;
issues are a growing concern. A site that Move, Inc. (which is licensed to
use "Realtor.com") re-syndicates listings to will combine that
listing information along with other information about the seller gathered
over the Internet and issue a phony "press release" concerning
the listing and the seller. The seller does not know or give permission
for this "press release." Buyers have complained about interior
photos of their home accessible on the Internet months after they
completed the purchase. Some of those interior photos show children's
names, expensive collections and furnishings and other information that
those with evil intent would find useful;
permit uncontrolled and unedited "reviews" and comment on the
listing information. Some sellers do not find these features helpful in
selling their home.
have "scraped" listing information off sites and used that
information to defraud consumers (by placing a phony add for rent on other
sites) or real estate agents (through check deposit scams).
As a result, the
real estate brokerage industry is questioning the value, utility and dangers
It is good
practice for consumers to ask the real estate agent about the sites the broker
intends to use and then visit those sites periodically. In addition, if the
listing information will be placed on a site which re-syndicates (and most of
the more popular sites re-syndicate), the consumer should monitor the Internet
to determine where the listing information shows up, who is using it and how
it is being used so the consumer can determine whether their property is
receiving beneficial exposure for their property.
Eugene A. Marconi
Connecticut Association of Realtors® Inc.
111 Founders Plaza
East Hartford, CT 06108
Posted by david on Friday, May 04 @ 21:15:16 MST (1208 reads)|
(comments? | Score: 0)
|| U.S. Mortgage Crisis: Where Does The Homeowner Stand?|
State Recordation Fees/MERS and More Tax Evasion
Over the past several years, the real estate industry in the United States
has undergone a near collapse. House prices have been reduced so far by 25%
nationwide due to the bursting of real estate bubble. The only vibrant part of
the real estate market in the present economic recovery is the millions of
foreclosed homes being sold to bargain hunters.
Some smaller States, the Dakotas, Nebraska, Alaska, have managed to avoid a
big downturn in prices and hope to continue to do so. The big States most
affected by the real estate disaster though, California, Michigan, Nevada,
Florida, have lost more than one-half on home values in many major cities.
There is one aspect of the home mortgage disaster that no State will be able to
avoid though. This involves the mismanagement and fraud relating to mortgage
loans that largely occurred after the loan closed and was recorded in the local
courthouse as a lien on the property along with the new deed of ownership. This
unlawful activity affects in some substantial way the validity of the great
majority of mortgages issued over the past 20-years throughout the country,
whether the loan payments are current or delinquent.
Wall Street investment banks, beginning in the late 1980s, initiated and bought
millions of home mortgage loans to be repackaged as Mortgage Backed Securities (MBS)
and sold to investors across the country and the world. In order to have their
investment offerings certified as safe by the investment ratings agencies, the
Wall Street banks used almost exclusively Fannie Mae/Freddie Mac qualified
mortgages on the assumption such loans have already undergone a serious scrutiny
under federal regulations. In reality though the two quasi-government agencies
did little to oversee the quality of the of the mortgage loans they were
certifying, buying and selling.
The MBS marketing effort worked. The ratings agencies, paid huge fees solely by
the investment banks, certified the Wall Street MBS offerings as mostly
prime-grade investments. Congress, Fannie Mae and the Security and Exchange
Commission greatly encouraged the MBS trade. Now, millions upon millions of
these same mortgage loans are delinquent, some for longer than two years.
Millions upon millions more American households still paying their mortgage have
a property that is worth far less now than the mortgage loan balance.
It has been discovered that most of the loans in the Wall Street MBS packages
and those held by Fannie Mae/Freddie Mac, in fact, did not meet federal
regulatory standards, not even close. Just about every player in the real estate
industry had a large hand in this fraud: mortgage lenders, banks, sellers,
buyers, brokers, appraisers, lawyers, middlemen, federal and state agencies,
Congress and last five Presidents. The result is a home foreclosure rate that is
unheard of already and looking likely to accelerate.
But the same Wall Street banks that bought off the ratings agencies and the
government in order to cheat their customers and got away with it could not stop
themselves from also committing massive tax evasion and the blatant violation of
state laws across the nation with almost all of their MBS offerings. This is the
fraud that might place the majority of US home ownership titles into serious
Posted by david on Monday, February 07 @ 04:59:34 MST (1742 reads)|
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|| Mortgage servicers must provide documentation that their foreclosure processes a|
Mortgage servicers must provide documentation that their foreclosure
processes are in compliance with foreclosure laws
Standard & Poor's Announces Servicers Must Prove Compliance - 12/10/2010
By: Joy Leopold
Ratings agency Standard & Poor’s says mortgage servicers must provide
documentation that their foreclosure processes are in compliance with
foreclosure laws, or risk receiving a revised outlook or rating from the
Many mortgage servicers have been under scrutiny recently because of reports of
“robo-signing.” Some of the largest servicers including Bank of America,
GMAC, and JP Morgan Chase suspended foreclosures across the country to perform
Bank of America recently announced it was resuming foreclosures in the 23
judicial states. After maintaining for months that no foreclosure suspension was
necessary because its internal processes were sound, Citigroup announced in late
November that it had found an estimated 14,000 affidavits that will need to be
The New York-based research firm said it will not take ranking actions based
solely on an announcement that a
servicer is reviewing its foreclosure processes, but expects all residential
servicers in its Select Servicer program to provide certain documentation to
prove their compliance with proper foreclosure affidavit rules and attestation
of their procedures.
By the end of first quarter of 2011, servicers must provide:
• Written verification from an independent source that the servicer’s
foreclosure affidavit preparation and attestation processes are sound and are
designed to be in compliance with individual state laws governing the relevant
• Written documentation, where applicable, of the servicer’s identification
of process, workflow, and/or organizational deficiencies in its existing
foreclosure affidavit preparation and attestation process. This documentation
should also provide data on the extent of deficient documents identified and
• Written verification, where applicable, of all relevant changes to internal
policy documents that describe procedural changes, process improvements,
workflow and organizational restructuring, etc., that are specifically relevant
to and designed to remediate and support ongoing statutory compliance with the
preparation of foreclosure affidavits and attestation.
Standard & Poor’s said in a statement to the press, “If we determine
that, in our view, a servicer’s processes are inconsistent with the
aforementioned requirements, we will monitor its efforts to remedy the issues
and revise our outlook and/or rankings on the servicer as we deem