New Briefing Paper by Private Property Advocates Draws Link between Predatory Lending and Mortgage Servicing Abuse in America
D.C. Firm's Briefing Paper concludes that the curable scourge of Mortgage Servicing Fraud and Abuse is destroying the American Dream.
Washington, DC (PRWEB via PR Web
Direct) May 24, 2005 -- A new report titled, "Private Property Rights
Deferred: Has Predatory Mortgage Servicing Destroyed the American Dream" has
found that mortgage servicing fraud and abuse by unscrupulous mortgage companies
and their agents is stripping working families of home equity and, in certain
instances, foreclosure because of the failure to properly account for monthly
mortgage payments in favor of excessive fee income. A mortgage servicer
generally is a company involved in an outstanding loan transaction that has the
responsibility for collecting and recording the monthly payments from the
borrowers, pursuing all legal remedies against borrowers who fail to pay, and
for remitting the collections to the appropriate parties.
Written by
Rawle Andrews Jr., Esq., and Leroy Jones, Jr., JD in the DC Office of Andrews
& Bowe, PLLP, the paper explores the importance of existing protections for
private property owners under federal and state consumer protection laws, recent
developments in the Executive, Legislative and Judicial Branches of the Federal
Governement that directly impact the rights and incidents of homeownership in
this Technological Age of serial refinancing, and practical solutions for
combating the unlawful activities of unscrupulous mortgage companies and their
agents during the lengthy home loan administration process.
Examples
cited in the paper include: (a) the consequences of H.R. 1025 (the proposed
Mortgage Servicing Clarification Act); (b) the Seven (7) Deadly Signs Mortgage
Serving Fraud and Abuse; (c) the fallout of the U.S. Supreme Court’s decision
not to overturn the $6.0 million punitive damage award for homeowners in EMC
Mortgage Corp. v. Stark, No. 04-1056 (U.S. May 2, 2005) (order denying
certiorari for EMC Mortgage Corp.); and (d) the critical need to preserve home
loan and related documents to preserve private property rights and combat
mortgage servicing fraud.
The premise of the paper is that while
predatory lending has and continues to receive the most public scrutiny, the
failure to draw a solid line between predatory lending and mortgage servicing
abuse is preventing the elimination of both evils because "improper mortgage
servicing trumps the very best home loan every time, and the stakes get even
higher if a homeowner is saddled with a predatory, sub-prime loan."
About
Andrews & Bowe, PLLP
Andrews & Bowe, PLLP is a business law and
government relations firm with attorneys practicing in Washington, DC and
Chattanooga, TN, and governmental affairs personnel in Washington, DC. The Firm
provides litigation, regulatory and transactional advice and counsel to
businesses and individuals, and typically represents homeowners in private
property disputes.
Contact:
Rawle Andrews Jr., Esq.
Andrews &
Bowe, PLLP
Phone: 202-249-3975
Fax: 410-510-1034
Email: e-mail
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URL: www.lobbylawfirm.com
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Source: http://www.prweb.com/releases/2005/5/prweb243928.htm