QUICKEN LOANS INFO SHOWS IT ACTED AS MORTGAGE BROKER WHILE COUNTRYWIDE WAS THE ACTUAL "SELLER" OF THE LOANS

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CLEAR VIOLATIONS OF TILA, RESPA, AND UDCPA

Prospectus cwalt quicken loans originator

PSA CWALT

After years of pretending that it was “the bank” in loan transactions, the documents clearly show otherwise. Quicken was always a mortgage broker and it failed to register as such in each of the states in which it originated a loan. It lied to the borrower and lied to the other parties at closing when it represented itself as lender. The prospectus clearly shows that Quicken was simply one of many entities that feed Countrywide the loan information while Countrywide was not even mentioned in the disclosure statements, settlement statements, note or mortgage. Yet Countrywide is identified in documents obtained recently as the “Seller” of the loans into the securitization scheme.

BOA admits in recent letters to borrowers that it is only the servicer and not the owner of the loan and yet it intends to pursue collection and foreclosure on all loans it deems delinquent regardless of whether the loan was paid off by third parties.

Countrywide always maintained that the identity of the creditor was confidential information so it would not be required to disclose the securitization. Quicken and BOA denied there as any securitization of Quicken  originated. loans.

Tags: bankruptcy, BOA, borrower, countrywide, CWALT, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, Quicken Loans, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |