"The discriminatory
equity stripping housing practices engaged in by the banks and their affiliates greatly damaged our communities," Leggett said in a statement.
It is important to note that a Home Equity Conversion Mortgage (HECM) is not about
equity stripping, taking money out of your house or losing your home.
This said,
equity stripping is not recommended because it is illegal.
"We are not aggressive and act like private
equity stripping the business from their assets, we believe in management for the long term."
"We are not aggressive and act like private
equity stripping the business from their assets, we believe in management for the long term.'' He said that many industrial experts had seen JLR as a 'dodgy investment' rather than another Tata acquisition.
But we can expect new and existing variations of mortgage fraud schemes to continue, such as air loans, builder bailouts, chunking or gunning, illegal property flips, the one-transaction flips, foreclosure rescue scams,
equity stripping, identity theft schemes, phantom second liens, churning, phantom leases, and pot houses, perpetrated by individuals with and without co-conspirators motivated by greed.
The bill prohibits brokers from financing certain insurance premiums,
equity stripping and loan flipping, and encouraging default.
Even though California has extensive foreclosure
equity stripping laws, the state has minimal laws against predatory lending.
1295 fails to prevent abusive prepayment penalties on subprime loans or
equity stripping for high-cost loan borrowers, said Eakes, who helped draft North Carolina's predatory lending law and, not surprisingly, is a supporter of H.R.
Among the other specific practices that the guidelines describe as abusive are
equity stripping, fee packing, loan flipping, refinancing of a special subsidized mortgage on terms adverse to the consumer, and encouraging borrowers to violate contracts, thereby defaulting on credit connected with the refinancing of that loan.
This includes loan flipping, (37)
equity stripping, (38) high
Appraisers are being indicted and convicted of participation in fraud transactions that range from bogus sales, to predatory lending,
equity stripping, and mortgage fraud.