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There is a second "wave" to the home foreclosure crisis caused by the big banks/ mortgage lenders new schemes to make significant profits on foreclosed homes. I don't see this new pattern of corruption being effectively covered by the press ---- and Congress has ignored this new financial crisis.
One of the new schemes is for the banks to purchase houses they have foreclosed upon as alias bidders. Since Congress decided banks and other lenders cannot be held legally accountable for property they did not live in, they are free to lie to potential buyers about fair market value. As a result, the banks and their contract Realtors greatly inflate and falsify values, & hide all the repairs or other costs that would lower value to a prospective buyer.
In the case of a house long leased by our charity, NPI, J.P. Morgan Chase inflated the value some $50,000.00 because Chase believed our organization had a performance-related contract that would force us to buy no matter what the price. That was not the case, so Chase quickly sold this house to Fannie Mae, after acquiring it at foreclosure auction. The sale price to Fannie Mae was for the inflated price.
Now Fannie Mae is attempting to sell this house at a highly inflated value using false/ fabricated appraisal values, and by refusing to correctly list all the costly repairs needed on this real estate. I have advised Fannie Mae, and their contract Realtors, as to the actual fair market value of this property (see my attached Notice). Fannie Mae and their Realtors continue to totally disregard my information and requests for setting a fair market value. Fannie Mae wants to continue "puffing" the values, and engaging in deception about repair costs, in the hope a "sucker" will come along and pay their inflated asking price (current laws allow such corruption).
Our banking and mortgage lenders continue to be driven by ignorance, arrogance, greed, and corruption caused by the desire to maximize profits and personal income (to include massive bonuses). How do we recover financially, as a nation, when such attitudes prevail and are endorsed by our Congress?
David A. Nuttle (firstname.lastname@example.org)
Tahlequah, OK 74464 USA
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