Saxon Fails as mortgage servicer and SaxonWatch.com begins oversight

Earlier we wrote the article “F-rated Saxon Mortgage and calls from 800-594-8422 annoy homeowner” as seen here. Even after talking to Saxon Mortgage and parent company Morgan Stanley, Saxon Mortgage continues to call homeowners, even after the house payment was made. The company claims they are again offering a service. Specifically Saxon is giving the …

High-Rate High-Fee Loans HOEPA Section 32 Mortgage Abuse

Just when we thought subprime could not get uglier, one of the world’s largest banks has found a way to usurp U.S. government regulations. High-Rate, High-Fee Loans HOEPA/Section 32 Mortgages and how to get around the regulation seems to be the newest and latest marketing ploy. “As a current employee I am appauled to see …

Broad overhaul of regulators needed

One point is perfectly clear after the subprime debacle, which is the need for federal-level regualtors that will actually do something. Finger pointing is frustrating for consumers and mortgage holders. Recently we received a report of a mortage holder who was bounced from the OCC to the FTC, later to be told that the FTC …

Revolving Credit Takes Their Bite

Some consumers have reported increased credit card rates and reduced available credit after their mortgage company failed. They were not late on payments, they just have a loan with a distressed lender. Not all borrowers and loans served by American Home, New Century, and Novastar are risky exploding ARMs or in default. Credit reporting bureaus …