Re: Scott Veerkamp / Franklin Township Education Foundation
Loan Steering. The Center for Responsible Lending estimates that excessive interest rates cost families $2.9 billion each year. CRL states: "When a borrower loses a home to foreclosure, society pays the price in the drop in surrounding property values and LOST TAX REVENUES."
1. Here is the formula: Yield Spread Premium and excessive interest rates = loss of tax revenues from mortgage defaults. 2. Clearly, this is one of the reasons for the lack of funding in our school systems. 3. I find it Ironic that Scott Veerkamp has not paid his taxes and FTCSC wants to sue the state over a "funding formula." 4. In other words, Scott wants taxpayers to pay for the lawsuit going in---and Scott feels no responsibility to pay his own taxes going out. 5. On a scale of 1-10 Scott Veerkamp's level of integrity is at ZERO.
Please note: On November 5, 2010 Scott Veerkamp gave people the impression my complaints had "done nothing but strengthen his business." If his business is strong, why does Scott owe $7,632 in back taxes? In other words, Scott says his real estate business is STRONG going in---and Scott claims he can not afford to pay his taxes going out. Does this "Bait and Switch" tactic sound familiar?
Please take time to review the articles below...
Sheryl (Veerkamp) Owens SCAM:
ReplyDeleteSheryl (Veerkamp) Owens is Scott Veerkamp's sister. She worked for Scott at American Liberty Mortgage. Sheryl Owens helped Scott Veerkamp prey on the public with deceptive lending tactics. These tactics included the following: 1. Kickbacks on Predatory Loans (Yield Spread Premium.) 2. False Advertising 3. Loan Steering 4. Excessive Fees
Sheryl Owens and Scott Veerkamp used "Bait and Switch" tactics on consumers. Here is an example of what I am talking about...
Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."
The Center for Responsible Lending says YSP "steals equity from struggling families."
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.
NAR: Predatory Lending Information
http://www.zimbio.com/Exposing+Scams/articles/15VN_4Q6HLA/NAR+Predatory+Lending+Information
Center for Responsible Lending: Seven Signs of Predatory Lending
http://www.zimbio.com/Exposing+Scams/articles/AKevJQHWOKO/Center+Responsible+Lending+Seven+Signs+Predatory
Center For Responsible Lending: YSP document...
http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf
CRL and Equity Theft:
http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf
Jeff Merkley and Yield Spread Premium:
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F
Warning letter to Scott Veerkamp:
http://jmb27.posterous.com/warning-letter-to-scott-veerkamp-from-the-off
Scott refuses to drive (one block) to conduct an open house:
http://jmb27.posterous.com/scott-veerkamp-refuses-to-conduct-an-open-hou
Scott Veerkamp owes money:
http://jmb27.posterous.com/excessive-interest-rates