Mortgage Abuse Law Office of Matthew A. Dunaway Attorneys Birmingham Alabama

Mortgage Abuse

Alabama Homeowners Face Wrongful Foreclosure and Mortgage Abuses Due to Mortgage Securitization
Posted by: Matthew Dunaway
March 04, 2008

Alabama homeowners are facing a barage of mortgage abuses dues to mortgage securitization and mortgage service providers. Over the last several years, individual mortgages have been "bundled" together and sold to investors; this phenomenon is commonly referred to as securitization. Another creation of the mortgage industry is the mortgage service provider. This is a company that sends monthly statements and collects the monthly mortgage payments. The mortgage service provider does not own the mortgage; they merely collect the payments. These two "evolutions" is the mortgage industry (securitization and mortgage-service-providers") have caused homeowners millions of dollars in erroneous fees and countless hours of grief. The New York Times has an excellent article shedding light on abusive mortgage companies.

Mortgage Lenders, Bankruptcy and the Future of the Mortgage Lending Industry
Posted by: Matthew Dunaway
August 12, 2007

Atlanta based mortgage lender HomeBanc Corp has filed Chapter 11 bankruptcy according to an article by The Internation News. This adds to a long list of mortgage lenders filing for bankruptcy protection due to the meltdown in the real estate and mortgage lending market over the last year.

Although many industry analysts claim the damage will be limited to the subprime mortgage market, reasonable people should see the problem extends beyond the subprime market. A "perfect storm" of overzealous lending practices by mortgage lenders and a willingness to incure additional debt by homeowners has lead to a potentially historic problem in the american real estate and lending market.