Scott Veerkamp Predatory Lending: This shows the financial impact Yield Spread Premium has on the homeowner.

Scott Veerkamp is the President of the Franklin Township School Board and a member of the National Association of Realtors. I have documentation of two loans initiated by Scott containing Yield Spread Premium...

Loan 1: Contains a $1,440 Yield Spread Premium on a $120,000 property.

Loan 2: Contains a $4,799 Yield Spread Premium on a $150,000 property.

(a) The following documentation is not an example of a loan initiated by Scott Veerkamp. I am merely providing this example to show the financial impact of YSP on the homeowner.

(b) On average, mortgage brokers receive 1% of the loan amount each time they raise the interest rate .25%. In other words, the lender pays the broker a "kickback" for increasing the interest rate on the loan.

(c) What is the difference in cost between a 6% rate and a 6.5% rate on a $200,000 loan over 30 years? Here is the answer according to bankrate mortgage calculator: -($23,414.40)

(d) On the mortgage above, the broker would receive a $4,000 kickback or (2% of the loan amount) for increasing the interest rate .5%. Therefore, a family would pay an extra -($23,414.40) over 30 years because they did not receive the interest rate they qualified for.

(e) I believe most families would prefer to invest the $23,414.40 in EDUCATION. Clearly, this makes more sense than "wasting it" with a predatory loan.

(f) Therefore, I am asking Scott Veerkamp to answer the following questions: 1. How does Predatory Lending "protect and promote the interest of the client"? 2. How does Yield Spread Premium "keep the interest of the client above all else"?

*You can find YSP on the settlement in your mortgage documents. It will be listed as POC or "paid outside of closing".

Franklin Township bus fees: Scott Veerkamp conflict of interest...

Scott Veerkamp is the President of the Franklin Township School Board.  In addition, Scott is a member of the CIESC Advisory Council.  Clearly, this is a huge "conflict of interest" for three specific reasons... 

1. CIESC is collecting fees on (school buses) already paid for with Franklin Township tax dollars.  In other words, parents are being DOUBLE TAXED for their children's transportation to school. 

2. As many people know, Scott Veerkamp OWES MONEY in back taxes. 

3. Given this information, why are the residents of Franklin Township being DOUBLE TAXED by a School Board President that refuses to pay his own taxes?

Important video to review:

http://www.fox59.com/videobeta/?watchId=74ac22d9-a496-474a-a630-0c8c5159e6e7

Scott Veerkamp:  Unpaid taxes..

http://hadenoughindy.blogspot.com/2010/11/elected-officials-who-didnt-pay-their.html

Conflict of interest:

http://www.ftcsc.k12.in.us/board/

Sign petition:

http://www.noschoolbustax.com/

ftcsc.k12: Scott Veerkamp should be ashamed...

Re: Scott Veerkamp (FTCSC) / Disconnected Board Member

Please review this letter to the editor from Bethany Nine-Lawson.
Bethany says Scott Veerkamp "should be ashamed."

http://www.indy.com/posts/advanced-placement-students-can-handle-mature-material

myftef.org: Scott Veerkamp Con Game

Re: Franklin Township Education Foundation

When I filed my initial complaint with REMAX of Indiana, Jonathan
Nicholas had the following designations: NAR, CRB, CRS, and GRI.
As I mentioned earlier, my initial complaint included documentation of
Loan Steering and Predatory Lending. Likewise, I informed Jonathan
that Scott Veerkamp removed my property from the MLS without my
permission.

Please review this important information:
1. Jonathan Nicholas refused to meet with me and discuss my experience
with the REMAX Central Sting Operation. 2. Scott Veerkamp made
approximately $26,000 on a $120,000 property with a "land contract
scam." 3. Scott refused to conduct an open house on this property.
4. Scott lived "one block down the street" from this property. 5.
Jonathan Nicholas presented Scott Veerkamp with a "Lifetime
Achievement Award" for misrepresenting the value of this property and
stealing my money. 6. Scott used the award to recognize himself with
another advertisement in Christian Phone Book. 7. Apparently, this is
supposed to be an example of how to "protect and promote the interest
of your client." 8. In reality, this felt like a "mafia hit" on
behalf of the REMAX organization. 9. This "mafia hit" included the
following components: A. Loan Steering B. Predatory Lending C.
Inflated property value D. Land contract with a "due on sale" clause.
E. $26,000 "heist" for Scott Veerkamp...
REMAX agent David Bickell was the President of the Metropolitan
Indianapolis Board of Realtors (local association) in 2008. Likewise,
REMAX agent Dick Gaylord was the President of the National Association
of Realtors in 2008. Clearly, there is a "pattern of deception"
emerging with REMAX, NAR, and Loan Steering.

Please take time to review this example of Scott Veerkamp's deception:
"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)

myftef.org: Scott Veerkamp Predatory Lending

Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about: 

Scott Veerkamp / Predatory Lending  (Franklin Township School Board Member.)

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.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

myftef.org: Scott Veerkamp Loan Steering

Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

 

Here is an example of what I am talking about: 
Scott Veerkamp / Predatory Lending  (Franklin Township School Board Member.)

 

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.

 

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

ISBA Code of Ethics

The Indiana School Boards Association has the following statement written in their Code of Ethics:  "A School Board member should meet his responsibilities to his community."

Is Scott Veerkamp meeting his responsibilities to his community when he "steers" people into high cost loans? 

School Board Censorship / Toni Morrison

http://iphone.indystar.com/posts/22137