Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

CFPB gets $27.7 million judgment against foreclosure scammers

Notify me of new replies via email
Mortgage Professional America | 29 May 2015, 10:18 AM Agree 1
The CFPB and the state of Florida obtained a multimillion-dollar judgment against five companies accused of orchestrating a wide-ranging foreclosure relief scam
  • | | 29 May 2015, 12:24 PM Agree 1
    No jail time? Cost of doing business?
  • | | 29 May 2015, 01:20 PM Agree 1
    Thank you! When is anybody going to jail? Just like OJ Simpson, if you have enough money you avoid jail. What are we teaching future generations.
  • Chris | | 29 May 2015, 01:46 PM Agree 1
    A judgment against a defunct company(s) is worthless.
    This will only carry weight if they go after them personally
    and than again, if they have any assets to go after! Most of these scammers
    spent everything they took in, like the Ponzi scheme guys, leaving little
    or nothing left to attach or liquidate.
    Jail time would send a strong message vs an uncollectible judgment.
    They need to spend some quality time with their new cellmate "Bubba"
    reflecting on what they did to poor homeowners hoping for a miracle.
  • MR | | 29 May 2015, 01:52 PM Agree 1
    So, are the people that where the victims receiving any $ out of this?
  • TURN OFF THE TV | | 29 May 2015, 02:25 PM Agree 1
    From what I've read, criminal cases cost a fortune to take to court and can be hard to win. As a result most cases fall under civil litigation with damages awarded. if there is enough evidence that a prosecutor could win the case without too much effort then they would likely push it into a criminal case. Not saying they shouldn't be punished just saying that this is the reality in the US justice system.
  • Rich Birk | | 29 May 2015, 02:52 PM Agree 1
    Great job. I agree, it is questionable weather the homeowners will receive compensation. Hopefully thier licenses will be revoked and if they don't pay criminal charges will be pressed.
  • ET | | 30 May 2015, 06:43 AM Agree 1
    It all depends on "HOW MU8CH JUSTICE CAN YOU AFFORD"

    Shows terrible message for the younger generation OUR FUTURE LEADERS.

  • Dominick F. Sammarone | | 31 May 2015, 08:58 PM Agree 0
    WHAT A MESS!!! I have never seen such an explosion of scams tied to mortgages in all my life! Theres not enough hours in a day to report or discuss all this nonsense. Please tune into my radio show on New York's 93.5 FM "That's Where The Money Is" every Thursday at 11:00AM
Post a reply