Homeowners that have played by the rules and have worked hard to pay their taxes and support their families are experiencing profound and life-changing financial trouble. As a result, attorneys and lawyers at all levels of the legal community are being retained in record number to recover money damages resulting from mortgage fraud and other forms of financially based criminal and civil misconduct.
The consequences of fraud in the issuance of home mortgages and related securities as well as acts of predatory lending, can and often does involve financial corruption at the highest levels of banking and financial systems. The financial damages caused by these institutions have reached epic levels causing homeowners to seek legal help from local attorneys and consumer action groups.
Fraud in the selling of home mortgages and resulting financial products is being legally defined by plaintiffs attorneys as the intentional and unlawful conduct of financial and banking institutions and their agents, relating to the defrauding of homeowners and investors in the lending, packaging and insuring of home loans and mortgages as well as other related financial instruments.
Mortgage fraud encompasses many types of financial and lending activities and can include fraudulent appraisals, fraudulent loan documents and intentional avoidance of consumer and homeowner disclosure requirements.
A common form of fraud is bank and financial industry insider fraud. It involves the gaining of unlawful profits by industry professionals and often involves multiple and fraudulent loan transactions as well as the packaging, rating and insuring of these home loans and financial instruments. These mortgage, investment and lending interests often have inside information and can therefore exploit and violate lending rules and consumer protection laws that so often result in unlawful institutional financial gain.
Retaining Attorneys To Fight Fraud and Predatory Lending
Unfortunately, predatory lending often targets senior citizens, low income and sub- prime credit borrowers – in essence, the most financially vulnerable among us. Predatory lending has forced borrowers to pay unrealistically high loan and origination fees as well as hidden settlement service fees and charges. The fraud is often calculated to result in the homeowner being unable to repay the mortgage and thereby being forced into foreclosure and the return of the property to the bank.
In the meantime, kickbacks to investors, loan brokers, appraisers, and title agents have all contribute to the fraud which more often then not is resembling a sophisticated and well orchestrated criminal enterprise involving the highest levels of corporate oversight and management. Consumer attorneys and their law offices are rapidly becoming the resource of choice to combat these wrongs and to obtain if possible a financial settlement on behalf of these victims.
Congressional Financial Crisis Inquiry Commission – January 2011 Report
The January 2011 congressional report and findings on Wall Street Corruption involving among other accusations, fraudulent mortgage-backed securities and derivatives is suggesting that major corporate financial interests have been engaged in widespread criminal conduct, a criminal enterprise replete with financial crimes carried at the highest levels of corporate governance.
The congressional report states among other things, that the captains of finance and the public stewards of our financial system have intentionally ignored warnings and failed to question, understand, and manage the evolving risks to the public – a risk that has resulted in unprecedented levels of financial loss.
According to the congressionally appointed Financial Crisis Inquiry Commission and other sources, large financial and investment institutions have intentionally mislead investors and have been engaged in the selling of mortgage-backed securities and other financial instruments that likely violated federal and state securities laws in the process. As a result the Commission has referred a number of high-ranking financial and banking executives to state or federal law enforcement agencies for potential prosecution.
As a result of these findings and the rapid accumulation of incriminating evidence now in the public domain, plaintiff’s lawyers will now have the legal ammunition they need to aggressively represent their clients against these types of financial and investment institutions in a court of law.
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