Massive Foreclosure Scandal Follows 'Same Process' That Fed The - Spokane, North Idaho News & Weather KHQ.com

Massive Foreclosure Scandal Follows 'Same Process' That Fed The Housing Bubble

HUFFINGTONPOST.COM - The paperwork scandal that has prompted several banks to halt evictions and review their foreclosure procedures is reminiscent of the predatory lending scheme that inflated the housing bubble.

"It's the same process, falsifying documents to make them look acceptable to someone," said Tom Domonoske, a lawyer and consumer advocate in Virginia. "They're falsifying foreclosure documents so judges will look at them and say, 'Here's an affidavit. It's signed.'"

Domonoske represents Virginia and Donald Naill, who unwittingly found themselves in an exploding mortgage after refinancing in 2006. "I figured they had my taxes, my Social Security number, that they knew everything," Naill told HuffPost last year. She and her husband live on Ordinary Road in Mineral, Va.

The broker who put the Naills in their "stated income" adjustable loan, on which the interest rate and monthly payment jumped dramatically after two years, admitted in a sworn deposition last fall that the loan application was bogus. "It was a stated deal on this particular one, so -- and again, the Naills knew that we was doing a stated deal," the broker said. "So, and of course, we always -- I always, anyway, told my client that, 'If you're getting a stated deal, you know we're stating your income. So you all need to make sure that you're going to be able to abide by making your monthly payment.'

 

  • Most Popular StoriesMost Popular StoriesMore>>

  • UPDATE: Motorcycle passenger killed in Rathdrum crash identified

    UPDATE: Motorcycle passenger killed in Rathdrum crash identified

    Monday, June 18 2018 1:53 PM EDT2018-06-18 17:53:47 GMT

    RATHDRUM, Idaho - Members of the Kootenai County Sheriff's Office and the Northern Lakes Fire Department responded to a fatal crash in Rathdrum late Saturday morning. A citizen reported that a truck struck a motorcycle carrying two people in the intersection at W. Lancaster Rd. and N. Huetter Rd. 

    >>

    RATHDRUM, Idaho - Members of the Kootenai County Sheriff's Office and the Northern Lakes Fire Department responded to a fatal crash in Rathdrum late Saturday morning. A citizen reported that a truck struck a motorcycle carrying two people in the intersection at W. Lancaster Rd. and N. Huetter Rd. 

    >>
  • Tests confirm mystery animal shot in Montana was a wolf

    Tests confirm mystery animal shot in Montana was a wolf

    Monday, June 18 2018 12:37 PM EDT2018-06-18 16:37:05 GMT
    Image Courtesy KXLO via KFBBImage Courtesy KXLO via KFBB

    HELENA, Mont. - The mystery is over: Montana wildlife officials confirm that an unusual-looking animal shot in central Montana was actually a wolf.    Montana Fish, Wildlife and Parks officials initially weren't certain what the creature was when a rancher shot it near Denton in May. They noted the legs, front claws and canine teeth were shorter and its ears bigger than normally seen on wolves. 

    >>

    HELENA, Mont. - The mystery is over: Montana wildlife officials confirm that an unusual-looking animal shot in central Montana was actually a wolf.    Montana Fish, Wildlife and Parks officials initially weren't certain what the creature was when a rancher shot it near Denton in May. They noted the legs, front claws and canine teeth were shorter and its ears bigger than normally seen on wolves. 

    >>
  • Victim in domestic violence situation turned house fire speaks out

    Victim in domestic violence situation turned house fire speaks out

    Monday, June 18 2018 6:43 PM EDT2018-06-18 22:43:22 GMT

    SPOKANE, Wash. - It's been a tough 24 hours for the Winant Family.  Kelli Winant says she called police after a situation escalated with she and her boyfriend Saturday after he had been drinking.  "After he beat me pretty good yesterday, he burned our house down,” Kelli Winant Firefighters were at the home in a matter of minutes.

    >>

    SPOKANE, Wash. - It's been a tough 24 hours for the Winant Family.  Kelli Winant says she called police after a situation escalated with she and her boyfriend Saturday after he had been drinking.  "After he beat me pretty good yesterday, he burned our house down,” Kelli Winant Firefighters were at the home in a matter of minutes.

    >>
HD DOPPLER 6i
/