Category: Communities of Practice

No direct knowledge, but this is starting to come out as worthy of investigation.

From an experienced mortgage attorney specializing in helping those being foreclosed:

I have friend that has been on electronic intel side most of his career (Army, then contractor to one of the agencies) and he told me how many 3 ltr agency employees couldn't afford to live near D.C. during the false boom years, and most had to fall for those 3yr “option ARM's” just to swing the payment every month. (payments way below P&I, negative amortization)

They were all told by the complicit Realtors “don't worry, real estate always goes up, when the note resets you can refinance….”

You probably already know they were the highest profit “loans” to sell. All those guys with security  clearances can't afford to “strategically default” or even to question the purported “debt” after the ARM's reset since their clearance/ job would be at risk.

This friend said he knows a ton of them that are working insane hours just to keep up with the adjusted payments, otherwise risk their career.

It's despicable how they were set up to keep them in that bondage to keep them in line.

Phi Beta Iota:  Our understanding is that the security clearance process has improved dramatically in the past decade, and that short sales and foreclosures are not fatal if the 360 whole person otherwise passes muster.  Both the Office of Personnel Management (OPM) and the adjudicating authorities appear to have risen to the challenge and are NOT holding well-intentioned individuals responsible for being victimized by mortgage fraud.

See Also:

Eagle: M&T Bank Owns Maryland, Judge Mikey Norman & Twice-Censured Foreclosure Mill Attorney Thomas P. Dore?

Eagle: International Consortium of Investigative Journalists May Look at Corrupt Judges in Foreclosure Cases, Beginning in Maryland