US Bank Is Bilking The American Taxpayer While They Slaughter Distressed Homeowners

I cannot tell if it’s just plain incompetence or if US Bank’s management is truly trying to walk the line of what could be considered fraud or abuse in mortgage servicing.  Regardless, US Bank’s days of “almost” following HUD’s guidelines are going to be exposed.  Currently, US Bank services many types of loans including specifically, FHA loans as well as THDA loans.  It’s my hope that our elected officials in both Washington D. C. and Tennessee will review the servicing of mortgage loans by US Bank.  I would expect to have the Federal Bureau of Investigation and Tennessee Bureau of Investigation begin an investigation of their practices.

If doctors can go to jail for medicare fraud, why can’t bankers be jailed for mortgage fraud?

If doctors can go to jail for medicare fraud, why can’t bankers be jailed for mortgage fraud?  It’s fairly often that you hear about someone being indicted and jailed because they outright committed fraud on the medicare system but I cannot find where any mortgage servicers have been either indicted or jailed for their actions.  Who should be investigating US Bank’s mortgage servicing?  That’s a question with many different answers.  US Bank is a subsidiary of US Bankcorp and is nationally chartered so that gives the feds the lead in investigating this mammoth bank which is the 4th largest bank in the country.

Federally chartered banks are regulated by the Office of the Comptroller of the Currency.  The OCC is the agency responsible for investigating and prosecuting acts of misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and independent contractors.  It’s time to file complaints with the OCC and the CFPB (Consumer Financial Protection Bureau) and expose how US Bank is bilking the US Taxpayer while under the disguise of helping distressed homeowners.

Having helped distressed homeowners for over seven years, I have seen many families benefit from mortgage servicers who do great work.  It’s sad to see homeowners who are stressed out because US Bank’s Mortgage Servicing Department is bilking the system.

It’s sad to see homeowners who are stressed out because US Bank’s Mortgage Servicing Department is bilking the system.

Why do I say bilking the system?  These loans are government insured so even if they aren’t collecting payments from the homeowner, they will be made whole regardless of how it is serviced including poorly or not at all.  I consider anything over 120 days after a homeowner asks their lender for assistance to be bilking the system.  And yes, I have a solution that would benefit homeowners and reduce the cost of insuring these government loans…if someone would just listen.

Currently, a HUD ticket is opened for FHA Case 483-3578397-703 which has been ongoing for over fifteen months.  Another file is on my desk being researched by regulators as well as US Bank as to why a short sale closed on 9/30/2014 but wasn’t closed until 3/3/2015 in US Bank’s system.  Meaning US Bank didn’t provide a 1099 to the Seller, which could result in a tax burden due to the expiration of the Mortgage Debt Relief Act which was extended but did expire 12/31/2014.

 

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