The local media will not cover my story on YSP because REMAX spends a lot of money advertising with major media outlets. For obvious reasons, REMAX wants to keep this information hidden from the public. In my personal opinion, this represents an example of "media censorship."
As you know, Scott Veerkamp was allowed to express his thoughts and feelings about Toni Morrison in the traditional media. He referred to her book (Song of Solomon) as "garbage." Freedom of speech allows Scott to express himself in this manner.
Unfortunately, I have not been allowed to express my thoughts about Scott Veerkamp in the traditional media. To date, I have been forced to communicate my information in the following manner: 1. Hard copy documentation 2. Email 3. Blogs 4. Twitter
You are probably wondering if I have contacted "investigative reporters" with this information. The answer is yes...
It is obvious their voice has been silenced by REMAX and "Big Corporate Money." The media knows I have mounds of documentation to support the information in my articles. Nonetheless, the traditional media refuses to cover this story.
This is my belief: If you can prove you are telling the truth, the public has a right to hear your voice.
In fact, this is the perfect example of Wall Street versus Main Street. In this case, "Big Corporate Money" has used its influence to keep this information out of the media. In other words, they want the people on Main Street to absorb the financial repercussions of this scam.
Here are the questions I have regarding the mortgage meltdown: A. What keeps us from bailing out the people that were ripped-off and lied to by Predatory Lenders? B. Why do we keep bailing out Wall Street firms that were preying on consumers?
Essentially, the government is rewarding Wall Street for preying on the public. The consumer gets burned in two different ways: 1. Predatory Lending: In the beginning, consumers were misrepresented with deceptive mortgages that were difficult to understand. As you know, these mortgages were loaded with Junk Fees, Yield Spread Premium, and Prepayment Penalties. 2. The bailouts: In the next step, the victims in this scenario were asked to bailout the companies that initiated the Predatory Lending.
Here is an example of what I am talking about: Wells Fargo is nationally recognized for their Predatory Lending tactics in the subprime market. They consistently used deception to steal equity from the public. Nonetheless, the government gave Wells Fargo $25 billion in bailout funds. The victims in this scenario received nothing from the government---yet they were asked to support the bailout.
In summary, it is obvious that "deception" has played a critical role in this financial crisis. Clearly, no one would agree to pay a higher interest rate if they understood the financial impact it was having on their loan...
http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf
http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-
http://www.cbsnews.com/stories/2009/02/09/eveningnews/main4788018.shtml
http://www.bnet.com/blog/financial-business/ex-wells-fargo-loan-officer-details-shady-
Scott Veerkamp (NAR): "You can trust our Realtors to always keep your interest first and foremost."
Loan 1: (Property value $150,000) A. $4,799 yield spread premium B. $500 processing fee C. $250 document preparation fee D. $50 courier fee E. $35 electronic filing fee F. $425 administration fee (lender fee)
Loan 2: (Property value $120,000) A. $1,440 yield spread premium B. $960 application fee C. $1,920 in "discount points" (paid to Scott Veerkamp) D. $409 administration fee (lender fee) E. $150 underwriting fee (lender fee)
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