Health & Fitness
Your Friendly Neighborhood Banker, Forging Bank Mortgage Docs
What rules does your mortgage company play by?
Americans are taught to believe that “good, honest people” pay all their bills on time, communicate openly with their creditors and play by the rules. If you keep your head down and promise to prioritize paying bills above everything else including food and clothing, then you will be rewarded with a slowly climbing credit score. The higher your score, the more trusted you will be: whenever anyone considers lending you money, renting you property or even offering you a job, that score will be evaluated and your history will be scrutinized!
It seems to make a lot of sense—If you can be trusted with money, you must be trustworthy. …and it would make sense if everybody played by the same rules; BUT, sadly everybody doesn’t! In fact, the banks that most aggressively sell the idea of paying bills on time and maintaining a high FICO score do exactly the opposite and more! 60 minutes recently broadcast a report on how the financial institutions that service most loans in the US are blatantly, and as a matter of policy, defrauding the American people to illegally foreclose on their home. I know, I know, it sounds like one of those crazy conspiracy theories, but please reserve judgment until you’ve seen this clip.
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It's not really that the Banks aren't playing by the rules; more like, they play by different rules. You've heard the play-book: "We have a moral obligation to maximize profits for our shareholders." Those are THEIR rules, capitalist rules! So, what does that mean to us, the American homeowner? How forthright should we be with our mortgage company and how should we deal with our unsecured credit in crisis time? What rules do YOU play by?