Scott Veerkamp Hides A Dirty Secret http://scott-veerkamp-hides-a-dirty-secret.posterous.com Yield Spread Premium: Kickbacks to Brokers... posterous.com Mon, 21 Nov 2011 14:57:00 -0800 Potential Class Action Lawsuit: Loan Steering / Yield Spread Premium http://scott-veerkamp-hides-a-dirty-secret.posterous.com/potential-class-action-lawsuit-loan-steering http://scott-veerkamp-hides-a-dirty-secret.posterous.com/potential-class-action-lawsuit-loan-steering

 

YSP Letter.pdf Download this file

I do not qualify for legal action because my loan was initiated in 2004.  However, it is estimated that 60% of all mortgages across the nation contain Yield Spread Premium  (YSP). 

Please take time to review the letter (above) from a law firm in Indiana.  According to the letter, loans initiated within the last 3 years may qualify for legal action... 

You can find Yield Spread Premium on the settlement statement in your mortgage documents.  It will be listed as P.O.C. or paid "outside of closing."  This shows the dollar amount of the kickback your broker received for inflating your interest rate. 

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http://files.posterous.com/user_profile_pics/939954/star.jpg http://posterous.com/users/4xlppInD98C5 Jim Bruggenschmidt jmb27 Jim Bruggenschmidt
Mon, 21 Nov 2011 14:52:00 -0800 Scott Veerkamp Loan Steering http://scott-veerkamp-hides-a-dirty-secret.posterous.com/scott-veerkamp-loan-steering http://scott-veerkamp-hides-a-dirty-secret.posterous.com/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.

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http://files.posterous.com/user_profile_pics/939954/star.jpg http://posterous.com/users/4xlppInD98C5 Jim Bruggenschmidt jmb27 Jim Bruggenschmidt