National Community Reinvestment Coalition Files Discrimination Complaint Against Wall Street Securitizer and Subsidiary Mortgage Originator

09/17/07 at 06:38 PM

#106

Mike, I see now that I have been going about my fight in the wrong direction. I have been focusing all of my attention toward predatory lending and in all essence it seems to be more of a consumer affairs situation. I would like to know if you know of any legal counsel for washington state. I have been looking through Martindale like you said but I don't think I am looking at the right sort of attorney. thanks jodi

09/17/07 at 11:06 PM

#107

As a matter of fact, Jodi, I'm in the process of researching a firm out there. Drop me a line directly, if you like. I don't want to let the info loose here on the board so your servicer can potentially start gearing up in anticipation of anything.

Depending on what I find with this firm I may recommend them to you and several other victims out there on the left coast.

Mike
http://www.getdshirtz.com

jodi

09/18/07 at 09:07 AM

#108

Thats great... I would like to know your thoughts on something else. I have been doing alot of investigating. We live in what whats a mobile home community since the 1960's. Several years ago two construction companyies have been buying out the mobiles, moving them and building stick houses which usually takes about 3 months. I have noticed that several of the homes already lived in are up for sale. The construction companies use the same real estate agent and loan person. I know personally that we only paid $500.00 cash at closing. Is it just possible that all of these other homeowners are selling because of mortgage problems? Also, I spoke with the real estate agent a few months ago because he sits on the board of trustees in our community. I asked him how he was nominated when he doesn't live here and he said he owns about 20 houses. I don't know if anything has to do with anything else. The more I read about predatory lending, the more it makes me think that the majority of these people are being approved for their loans the same way we were, passed right through really, really fast. I just wanted to see what you think about that. Also, the homes that have been lived in since we have been in ours are listing for $260,000 - $280,000. At the time we purchased we paid $165,000. I somehow think that if we were foreclosed on, Saxon would stem to make a profit. Jodi

09/18/07 at 01:18 PM

#109

Quote:

Originally Posted by jodi
The construction companies use the same real estate agent and loan person. I know personally that we only paid $500.00 cash at closing.
What are the chances that the construction company is also originating these loans and then selling them on the secondary market? If they use the same REA and broker I'd say that there was a 50/50 shot of that..

I asked him how he was nominated when he doesn't live here and he said he owns about 20 houses. I don't know if anything has to do with anything else.
Check with local committee rules and see if "non-residents" are allowed to hold positions on the board. There may be nothing that you can do if it stipulates "property owner" as opposed to "resident" but you won't know until you ask. Just do it quietly. The last thing you need is a local fight on top of the one you already have.

I just wanted to see what you think about that. Also, the homes that have been lived in since we have been in ours are listing for $260,000 - $280,000. At the time we purchased we paid $165,000. I somehow think that if we were foreclosed on, Saxon would stem to make a profit. Jodi

Assuming that you don't owe any more than the $165 and you've been paying on that for X number of years then they absolutely stand to make a good chunk of change - based on those comps $95-$115k if you had taken out he loan YESTERDAY. So it's even more than that because your payments have been paying down principle over the years.

This is where it starts to get interesting because they're hitting you with whatever fees they can come up with in order to eat up more of your equity if/when it comes time to foreclose. If/when that time comes I'd be willing to bet that they say that you owe ballpark $185-190k on your loan just because of the fees. If they can get it higher they will. This not only eats up equity and makes the overall fees seem more "legitimate" but it also has the effect of raising the bid price to where few, if any, bidders will be interested thereby eliminating the competition for the property. Saxon has nothing to lose once the property goes to auction because worst case scenario for them, someone else purchases the property, your fees get covered out of that and you MIGHT have to be given any overage after the dust clears. Depends on what your note says, what state and federal law says, and how much they want to make you fight for them.

Two things to remember in Mortgage Servicing Fraud that many, many people either forget or never realize to begin with 1.) It's only illegal if you get caught. Meaning that unless you call them on the carpet for their actions they're going to skate free and clear with your property AND your equity 2.) It's not what you know it's what you can prove. 2a) See #1.

Now, assuming that Saxon purchases the property at auction for the inflated value of the loan and nothing more, then there goes all of your equity because there simply is no overage when a servicer purchases the property for loan value. Such being the case, by the servicer purchasing the property for what a borrower owes it effectually "deactivates" any profit return when the servicer puts the property back on the market at retail value. By that time, the only thing cutting into their profit is a declining market.

So if they purchase your property for $190k by the time they're done inflating the loan to hell with fees, you're out your property AND your equity when they purchase it. Assuming the market is still fairly good by then the servicer can afford to go for a "quick" sell at $220-250 and STILL potentially be making a profit on top of the fees that they loaded onto the loan before they foreclosed.

Wow...Sorry about that...Apparently it's going to be one of "those" days around here...

09/18/07 at 02:51 PM

#110

Wow, you just said everything i was thinking but when you say it, its sounds right. Its taken me months to get a paper trail in order to be able to call them to the carpet. I am still waiting for a response to the Respa letter I sent. Depending on the response will depend on my next move. Out of everything I have read I realized its important to have the response from them in writing so that I have given them a chance to rectify, or not, the situation. I think the most important thing I have learned from you so far is to be patient and thorough. Thanks for the advice. I hope to have some sort of legal counsel by the time I get a response from saxon so I will email you after work and see what you have come up with....Jodi

09/18/07 at 03:05 PM

#111

Jodi, don't hold your breath for a response to that RESPA letter because you'll probably be long past blue before it shows up - IF it shows up at all. Get your game in order ASAP and get moving. Every day that passes means another chance to tack fees on to you loan. "Time is money" has never been truer in any game. It's just that this game is measured in months and years as opposed to hours.

ScrewedbySaxon

09/27/07 at 01:02 PM

#112

Looks like my husband and I have plenty of company! We just endured hell with Saxon as well. We had trouble with getting pay owed from an employer and made us late. When we finally got paid, we were two months behind. We couldn't afford to make a double house payment, as we were behind on the car payments as well and had to give the credit union something as well. So we told them "We will make one full payment now, and in two weeks will make another full payment. The following week we can make another payment and we will be completely current then." They told us that once you are late, only the full amount due can be accepted. We told them we didn't have enough money to make all the payments, and the guy told us....get this "Well maybe you can take your family to a soup kitchen to eat so you can take your grocery money and put it towards your house payment."

They also refused to speak to me, about anything, because my name isn't on the loan.
We'd gotten a foreclosure letter, and I gathered all the info they wanted to possibly keep us from foreclosure, including a letter explaining the situation, and faxed it to them. I called to make sure they got it, and got the one nice person that is employed by them. This lady was a sweetheart and we talked about options, and then she called my husband to get his ok. The plan sucked, but got us caught up. We had to pay just over $1000 a month (our regular payment was $720) for 6 months to get current. We finally did that, and we're doing ok now. But our credit is damaged so badly that we can't refinance. We really want to go with another company, but we can't do it with our credit. We requested a payoff quote with the intention of trying to sell the house, and they sent us a letter saying that to cover thier fees, etc, that we would need to pay $60,000 to pay off the loan. Considering that we only borrowed $54,000 THREE YEARS AGO, that's stupid! I looked at our statement the other day and we are paying $16 on principal! $16 a month! All the rest is interest. That's freaking ridiculous!

Oh and i saw someone mentioned insurance. Yeah we had that problem too. I got a letter when we first were sold to them saying that we didn't have insurance listed. I called the insurance company and they faxed the info and I never heard anything again. Then not long ago, I got the notice again. This time the escrow was messed up as well (we have $97 a month that goes in escrow for insurance and property taxes). The insurance company called them, and promptly called me back. "They were very rude and said they won't discuss anything with us without written permission from your husband." So when my husband got home two days later (he's a truck driver) he wrote out permission and signed it and I faxed it to them. It took about two weeks to get it straightened out. The girl at the insurance agency said she deals with mortgage companies all the time and has never dealt with such rude people before! She said every person she spoke with was very rude.

09/27/07 at 11:06 PM

#113

Hi Mike, I wanted to tell you that I got a letter today from Saxon. It says "we have received a request for information regarding the above referenced loan. This letter is to inform you that the loan servicing history is being researched so that we can properly respond to your concerns. Please expect a full written response to your dispute in the coming weeks." Then it goes into their passion for superior customer service while cultivating a culture of trust, honesty, and integrity. "We will therefore do our best to resolve your concerns in a matter that is satisfactory to everyone involved." I would greatly appreciate hearing your thoughts on this. Also, I tried to email but it didn't go through. Something about Outlook express. I will be working on that tomorrow because I really have something important to talk to you about concerning attorneys. Once again thanks......Jodi

Julie

10/04/07 at 09:24 PM

#114

Oh boy...I wish I had seen all this stuff before I signed with them. Saxon has made my life a living hell. I was forced to sell my home because with the adjustable rate increasing every 6 months my payments went from 864.00 to 1894.00 in 4 years. Saxon absolutley refused to work out anything with me. To boot, my original loan amount was 136,000.00. My final payout was 159,000.00. I put 4 years of blood sweat and tears into my home and walked away without a single damn penny. I hope these people rot in hell.

sharon johnson

10/08/07 at 01:10 PM

#115

I have read alot of these blogs against Saxon Mortgage. Is there anyone out there who is having alot of the same issues as we are??

Suxon Sucks

10/09/07 at 09:12 PM

#116

Yea... Im glad to see all of this because I just thought they must hate us for being (ohh my) a whole month behind. I guess it's just them. They also will not accept my payments unless I make a double payment and are effectively trying to foce me to go 60 days and 90 days past due with their miraculous payment plan option... it's a ploy to really damage your credit, nothing less.

THEY SUCK AT LIFE.

Saxon is about as predatory as they get. Next time Im in Fort Worth, TX, I've got a bag filled with steaming poop with their name on it. As my grandfather always told me - nothing good comes from Texas... ugh.

If there is a class action suit being filed against them for any reason from misapropriation of payments, to false credit reporting, to denial of payments, to bad accents, to dressing badly... please let me know as I would be happy to join. They have screwed us so bad my ancestors felt it the next morning... they are pushing us so hard you would think they are trying to foreclose us... but it hardly makes sense considering my home is now worth about 50K less than what we owe (thanks to the wonderful real estate market). You would think they would gladly take my interest-loaded payments from me... morons. Screw them... foreclose me!! It would actually save me money!! Buy another house?? Um, heard of a straw-borrower?? I know I have!! Idiots..

Sharon Johnson

10/10/07 at 07:46 AM

#117

Suxon Sucks. We have filed a suit with the Attorney Generals office of fraudulant claim against Saxon Mortgage. Start there, then keep making payments and let them kick them back. I have appealed everything through the courts and the judges chambers told me to file a lawsuit with an attorney under fruadulant claims. Don't give up and keep making your regular payments. When you go into the forebearence agreement, they hit you with additional money that you should not be paying for. Good luck and keep me posted.

Paula

10/10/07 at 03:00 PM

#118

Wow! Im glad im not alone in all this. I would definitely like to be included in any sort of Class Action Suit.

In the greater Seattle area and hope something can be drummed up. I was sold one of those interest only ARMs and have jumped from a $1300+/-mortgage to $2002 in just 3 years. This past year has totally shot up! I also have a second mortgage that is doing the same thing that started with Saxon but sold to Wilshire. They suck too!

I hear you all about the not accepting payments. I went thru this just yesterday. I sent a Western Union payment in for $3000, called to let them know (since they wont apply it unless you tell them its sitting there). They said it would be refused because it wasnt the total amount due of $4200. I was past due on Sept, and figured i would send them 1/2 of October now so i wouldnt spend it on other bills that i have. I finally asked for a supervisor who tried to tell me the same thing about paying in full. I told her Ive made partials before and as long as i called to tell someone it would be applied. She asked if i would like to set up a payment plan for the balance owed spread over the next 3 months- i said no, i already told your other employee it would be paid by the 26th. Take the money now or never get it!

The whole thing is stupid and it should be against the law to sell the type of loan i was able to get. My mortgage broker should be put in jail too!!! Total rip off at closing- my fees more than doubled based on the good faith estimate!

Frustrated in Seattle!!!! paula

Monique

10/12/07 at 11:39 PM

#119

Please don't take this the wrong way...

Put when you saw your fees go up (broker fees - you had an opportunity to get up from the closing table and walk away....

I want to stress this... DO NOT BE AFRAID TO GET UP AND WALK AWAY from the closing table if your gut says "it ain't right"

We can't cry over split milk at this time...but if I tell you a way to get out of the mess you are in...would you listen... (Let's see)

File a UCC on your strawman...and this will put you back in control of everything you possess at this time...including your home.

What is your strawman...

Look at your bills...all your bills are in ALL CAP LETTERS...your check book and driver license as well...

When your name appears as that...they are NOT referring to your flesh and blood person but a corporation...

The government created a corporation out of you...and Owns that fictious corporation until you control it...

How do you control it? You file a UCC against yourself...

This is what the people in UTAH called the Mormons have done...
They took back their sovereignty...

This is the only way to get back control but you don't have to go to the extreme...and live separately as they do...you can still operate in the system...but you must learn when to operate in your Strawman and when you are operating as a flesh and blood person.

ALL YOUR BILLS... they deal with your STRAWMAN...they are not dealing with you...

Attorneys only represent corporations...All your documents from an attorney will appear in ALL CAPS...the corporate YOU!... look in the Black Law book...
it will tell you this...and you will learn why - many lose their cases even when they have representation...

I encourage everyone to read the bill of rights and the constitution...
very few people have ever read those two important documents...

Ann Holden

10/13/07 at 01:52 AM

#120

Are you from the Dorean Group?

Your posts are beginning to bother me.

10/13/07 at 09:37 PM

#121

Paula, I want to talk to you. You sound mature enough to have a responsible conversation with. I am in B.L. WA. I am fighting Saxon tooth and nail. Its a waiting game right now. I have Written proof that they are charging excess fees. I suggest that you ask for a detailed pay history to see how your payments are being applied. I also urge you to not tell them anything at all. I think I am one step ahead of where your at right now. Its a waiting game for me right now. But I will be able to give you a heads up on the angle they take to trap you into thinking you are behind. Never agree to a payment plan if you dispute what you owe. Just learned that. They do not like to be disputed. I just rec. paperwork from them for a hardship. I don't and never did have a hardship, I just sent one split payment and excess fees sky rocketed into thousands. Jodi

sharon johnson

10/16/07 at 12:41 PM

#122

I just wanted to let all you know that my husband and I are fighting them now with an attorney. Just since yesterday, the forebearence agreement that my husband and I went into in December, my attorney started to question all of the fees. And in two days, we rec'd a check from Saxon's attorney for a refund of overpayment. ($410) Now Saxon won't return any of the phone calls from their own attorneys because Saxon is stating they paid for fees that their attorneys said that we paid. Get an attorney, mine is filing a suit with the district courts now to file a fruadulant claim against them. We are suing them and a motion of stay has been put on our house. They are trying to sell our house on November 2nd even though their own attorney told them that they needed to stop this claim. Good luck to all of you!

Aimee

10/22/07 at 06:38 AM

#123

Sharon,

Congratulations! I have been reading comments for a couple of months. Saxon Mortgage has been a nightmare for us also. I will tell more of our story later. We have a 3 inch binder full of documents from them. It would take me forever to tell our story from start to finish. I will have to warn all of you to not believe a word of what their customer service reps tell you because they are trained to lie to you until they take your last dime and steal your home.

Aimee

sharon

10/22/07 at 10:06 AM

#124

Aimee:
You can email me anytime dwjsej@yahoo.com. They have two weeks now before they are to sell our house. My attorney just filed a motion of stay with the district court to stop everything. Now we are filing a lawsuit against them. They have admitted to a clerical error, but they can't find the error. Don't let them have the upper hand, keep letting them know that you are not going to go away without a fight. They won't speak to us on the phone, they won't speak to their own attorneys (email me and I will tell you why) the only one that they are talking to right now is my attorney and they are wanting this to stay out of court.

Caroline

10/26/07 at 06:18 PM

#125

I just found this site today and from what I can tell everyone here is in the same hell I have been in for the past year and a half with Saxon Mortgage. First of all I want to read through all the posts which from what I can tell look like duplicates of my life with this mortgage company. I put my house up for sale last November when it all became too much for me, but the market is glutted and no one is buying. I've been working with a consumer credit counselor who tells me there is so much going on with this subprime, predatory lending fiasco that its hard to tell what is going to work and what isn't. He sent my mortgage documents to an attorney, who I "talked" with once via email but has not gotten back with me. Since I have found you folks I want to read carefully every post and get back with you. So far I have been threatened with foreclosure about every other week, but for some reason, the shoe has not dropped, even though I am only paying what I can afford, and not what my monthly amount currently is. I think I am about 2 months behind, although they are holding my partial payments for about a month and returning them. The counselor who is working with me told me that he is going to try to get them to do a deed in lieu of foreclosure when the shoe finally drops and that is if the attorney hasn't come up with something. Frankly, I had just as soon get out of this house. It has not been a "home" and just makes me miserable. I would rather live in a cardboard box and be happy than to live in a decent place and feel like hell! After I have read these post, I will come back and offer or ask for some advice...

Aimee

10/29/07 at 07:49 AM

#126

Caroline,

File a complaint with the Attorney General in your state TODAY! Do not wait. We all have to stand together. Don't let them take your house. If you have equity in your home that is what they are after by holding payments and sending them back to you so they can foreclose. I know what you mean about the cardboard box. We looked over our shoulders for two years with those crooks. They tricked us until the day before the sale pretending to work with us. It was too late for us to hire an attorney. You can ot trust the customer service reps.
Aimee

10/29/07 at 09:37 AM

#127

Aimee, please drop me a line when you have a chance.

Caroline

10/30/07 at 03:30 PM

#128

Thanks Aimee, I am getting my thoughts and info together now to file a complaint with the Attorney General. I filed a complaint before I bought the house with the broker who talked me into getting a mortgage for a house in the $120,000 range instead of the $60,000-$80,000 that I was initially looking at. He told me that I would qualify for the higher $ but kept farming my app out to so many mortgage companies, that my credit score skydived (it would drop every time it was pulled). Then, the realtor got aggrevated and told me that this was ruining her credibility, etc, and called another broker who got First Century to accept the application who turned around and sold it to Saxon. Since then, the first broker who worked for Met America, no longer has an office here and of course First Century filed bankruptcy...well I'll keep you all posted.

Gypsy M.

11/08/07 at 12:06 PM

#129

I am so worried, we were just "assigned" to Saxon. I looked up Saxon on web the very day we received our "notice" from NovaStar. Well, to shorten the tale, I received a recorded phone call last night, they didn't even have a live person on the line, just a recording! how rude!! Well I called the 800#, got a young lady on the line, after she learned all my and my husband's personal business, we got down to the phone call I received. Seems it was a "courtesy" call, reminding us our first payment to them was due on 11/1/07, well I said "aren't you nice, but did you notice our payment record with NovaStar" since 2006 was, we make payments, on time, on the 10/th-11/th, via the internet, without fail". Well yes, but this is how WE, Saxon, do business, was her basic tone of the conversation. Well, I says, "seems we have both gotten off on the wrong note", I will contact my state's atty. general, and my Congressman, and I'll have a little "courtesy" call to them. I mentioned all their bad press, etc. and she snickered, I told her to very careful of the snickering, as her job was probably not very secure either, given all the mess the industry is in. I guess I better start my vigilance right now, or we may be in for it?! Thanks to all of you for your comments, I wish you all well; Mike, a special thanks, will contact via web. M.
P.S. Am I in for it?? I am really very concerned, as I also told her we were going to refi ASAP, oh I blabbed didn't I? Yuk, I'm too old for this stuff, and disabled to boot!!!

Sallie Joe

11/08/07 at 12:48 PM

#130

Gypsy-

     Please don't complain to the attorney general and your congressperson. Right now, all that has happened to you is you got assigned to them, and they called you to gather and provide some information. Perhaps you didn't like the call, or the person on the other end. However, there's nothing illegal or untoward in this effort.

     So, why shouldn't you call your congressperson and AG? It's simple... There are people who have VERY REAL, and VERY BIG beefs with Saxon. All your call does is take time and real effort to respond. It also makes us all look a little weaker when people with no real issue call and complain about something that isn't an issue. It allows them to lump us all together.

     Also, because you contact them, they must investigate and respond. That means investigating and responding to you takes time from investigating, responding, and solving real problems!

     If they harm you like they have the others on this board, by all means, contact anyone and everyone to help you! However, let's let the folks who have been harmed get the attention from these folks...please!!

Sallie J

Chris

11/09/07 at 02:40 PM

#131

Saxson is a great company. Half the problem with most of the people on here is that you have put yourselves in this position. Saxon Mortgage is a lender that targets clients with less-than-perfect credit.

Did you mention anything about your past credit in your posts? I didnt think so....

Keep complaining though...

Joe B

11/09/07 at 03:42 PM

#132

Chris-

     Before the deluge begins, I thought I might offer something that may or may not make sense to you; but I will try.

     I don't think anyone on this board would suggest that there aren't people out there who blame other people for their problems. That being said the mortgage world is no different. I propose three different scenarios for you to digest:

1. There are people who have fallen behind for myriad reasons that are trying to pin this problem on their servicer, because it is easier than facing the truth. I don't care if they took on too much house, were overreaching, and can't keep up. Maybe they fell behind because of a job loss, sickness, etc. However, none of these reasons are the fault of the servicer, and these people who are trying to blame the servicer for their problems are out of line.

     Now, I say you should discard the credibility of these folks as you would gum stuck to your shoe. It is not the servicers fault, never was, and it's entirely likely they are going to lose their home.

2. The second group of people are a little bit different. These people have fallen behind, (let's say for the same reasons mentioned above), and are turning to their lender to help them get back on track. They go to the lender, explain the situation, are trying to be responsible, and are trying to honor their obligation. Now... how the lender responds to this request for help is a whole other story. Does the lender reach out for an honest attempt to help these people through their problem and keep their home, or do they resort to some of the tactics on this board.

I will let you decide how many of these people are treated by their servicers. Sure, there are probably a few isolated folks that actually get help, but I suspect this board wouldn't exist if it were the rule, and not the exception.

3. The last group have done nothing wrong, but for some reason the servicer has decided to defraud them of their home. They have force placed insurance, placed payments into suspense accounts, "lost" payments in order to build up late fees, etc.

Now this group should have the full power of the law to bring down these tactics and these companies by whatever means necessary.

Now Chris, what does anyone's previous credit have to do with any of these scenarios? What responsibility does the servicer play in scenario 2 or 3? Do you really think that everyone on this board is a low credit score deadbeat trying to get out of their mortgage payments? If you don't think the servicers have made countless mistakes, you have overlooked a few recent press releases about Fairbanks, Ameriquest, and others! So, let the beatings begin!!

JB

Blazer

11/09/07 at 03:49 PM

#133

National Community Reinvestment Coalition Files Discrimination Complaint Against Wall Street Securitizer and Subsidiary Mortgage Originator

Morgan Stanley & Saxon Mortgage Face Fair Lending Complaints to HUD & SEC

WASHINGTON, Sept. 24 /PRNewswire-USNewswire/ -- The National Community Reinvestment Coalition (NCRC) has filed a civil rights complaint against Morgan Stanley, Morgan Stanley Mortgage Capital Holdings, LLC., Saxon Mortgage, Inc., Saxon Asset Securities Company and Saxon Capital, Inc., (collectively, "Morgan Stanley") to the United States Department of Housing & Urban Development and the United States Securities & Exchange Commission. This is the first challenge against a Wall Street securitizer that alleges redlining under the Federal Fair Housing Act.

NCRC alleges that that Morgan Stanley intentionally discriminated against minorities seeking mortgages in predominantly African American, Latino, Native American, Asian and Pacific Islander communities throughout the United States. This complaint holds Morgan Stanley accountable for fair lending and SEC violations that it has implemented since acquiring Saxon in December of 2006.

"Morgan Stanley & Saxon intentionally structured underwriting to deny homeownership to qualified African American, Latino, Pan-Pacific and Native American communities across the country" stated NCRC President & CEO John Taylor.

The complaint recognizes the important role that Wall Street plays in providing liquidity to the housing markets and how that role is often performed in a biased and unfair manner. Working families, minorities, and financially vulnerable consumers deserve, but do not consistently receive, equal treatment in the credit markets. Although today's action addresses the denial of credit to deserving, hard working families, other secondary market practices, such as the securitization of predatory loans, have played a direct role in the current foreclosure crisis. NCRC is actively looking at other legal, as well as programmatic ways to redress those actions.

"It's shocking that industry leaders like Morgan Stanley are struggling financially because they peddled problematic loans with exploding interest rates, pre-payment penalties and exorbitant fees to more financially vulnerable consumers, while failing to lend to more traditional borrowers," said Taylor.

The complaint states that Morgan Stanley's lending policies contain three discriminatory types of exclusion, often characterized as "redlining." The first type includes policies that restrict the availability of loans by requiring applicants to satisfy minimum property values. These policies, for example, prevent many borrowers whose homes are valued at less than $100,000 from obtaining a loan from Morgan Stanley, regardless of their credit worthiness. The second type of discrimination includes policies that deny loans to residents of Puerto Rico, Guam and the Virgin Islands, while the third type prohibits lending to Native American communities.

The complaint, which will be available at http://www.NCRC.org, illustrates the impact of these policies using demographic maps.

NCRC contends in the complaint that there is no legitimate business justification for any of Morgan Stanley's discriminatory lending policies. Under Morgan Stanley's minimum property value policies, applicants who meet traditional lending criteria, such as a strong FICO or other credit score, steady income, significant assets, and low loan-to-value ratios, are excluded from consideration for a mortgage loan based solely on the value of their home or the home they are purchasing. Likewise, under its other restrictive policies, Morgan Stanley automatically rejects applicants and loans on the secondary market based solely on the applicant's location without regard to traditional lending criteria.

"NCRC is asking HUD and the SEC to investigate our complaint and issue injunctive relief prohibiting Morgan Stanley and its divisions and affiliates from selling, buying, investing in, serving as a trustee, or otherwise participating in any pooling and servicing agreements involving mortgage loans underwritten from using the discriminatory lending policies identified in the complaint" stated David Berenbaum, Executive Vice President of NCRC.

Consumers who believe that they have been victimized by discriminatory lending practices may contact NCRC's civil rights staff either on-line at http://www.NCRC.org or by calling 800-475-NCRC.

NCRC is a national non-profit membership organization that promotes economic justice and equal access to credit, capital and financial services to traditionally underserved communities. It has nearly 600 dues-paying organization members across the country. For more information on NCRC, visit us on line at http://www.ncrc.org or call 202-628-8866.

SOURCE National Community Reinvestment Coalition

Check out this web site....This is just in Georgia

http://dbf.georgia.gov/vgn/images/portal/cit_1210/55/23/67818253LnCmpl05.pdf

d. george

11/11/07 at 02:12 PM

#134

I live in California and have a mortg. through Saxon, I had a two yr. adjustable mortgate which was up last year and have sinced been adjusted twice, the orig. amt. $1,943.00 and now they have me at 2,604.69 and I will be losing my job on 12-10-07- I called them twice, once to help with the adjustable and the second time was I know I will be unable to pay after my Dec. payment, the conversation seemed to be going ok regarding a short sale and the girl was giving me info regarding same until I told her I had a second mortgage and then she stated after putting me on hold she couldn't help me,meantime I don't know what to do, I have tried to sell the property fot the last year and a half with no buyers and have reduced the price, I don't know where to go from here and I will not have a job after 12-10-07. I am 67 years old and I have lost over 100,000 that was supposed help me with my retirement, I came to Calif. to make more money so I would be able to be able to have enough to live on and now I lost all of it and I will have to survive on l,075.00 per month total- does anyone know who I can turn to at this mortgage company- so I can get this straighten out- i am unable to afford this and I am going under- thank you and God Bless you for listening

Digger

11/11/07 at 05:22 PM

#135

Who collected these figures? Larry Litton?

Litton Loan Servicing - 8 complaints?
http://dbf.georgia.gov/vgn/images/portal/cit_1210/55/23/67818253LnCmpl05.pdf

glenda holmes

11/14/07 at 06:20 PM

#136

I am also very up set with Saxon their do not care if you are sick I surgery on my neck and my husband had a heart attack. And we just do not know what we are going to do. We are so behind in all are other bill's just trying to pay SAXON.WE are trying to take care of are two grandsons. It is getting cold and we cannot afford to buy them a coat and Christmas is coming up. You would think that their would have some kind of payment plan to give you a change to to get caught up or to let you put your payment at the end of your balance. I not like we are ever going to pay it off any way.SAXON SUCKS

~beenawhile

11/14/07 at 08:51 PM

#137

Quote:

Originally Posted by d. george

I live in California and have a mortg. through Saxon, I had a two yr. adjustable mortgage which was up last year and have since been adjusted twice, the orig. amt. $1,943.00 and now they have me at 2,604.69 and I will be losing my job on 12-10-07- I called them twice, once to help with the adjustable and the second time was I know I will be unable to pay after my Dec. payment, the conversation seemed to be going ok regarding a short sale and the girl was giving me info regarding same until I told her I had a second mortgage and then she stated after putting me on hold she couldn't help me,meantime I don't know what to do, I have tried to sell the property fot the last year and a half with no buyers and have reduced the price, I don't know where to go from here and I will not have a job after 12-10-07. I am 67 years old and I have lost over 100,000 that was supposed help me with my retirement, I came to Calif. to make more money so I would be able to be able to have enough to live on and now I lost all of it and I will have to survive on l,075.00 per month total- does anyone know who I can turn to at this mortgage company- so I can get this straighten out- i am unable to afford this and I am going under- thank you and God Bless you for listening

Gosh, I'm so sorry your post has sat here for so many days without a response. I don't know what to tell you as far as saving your home.
Are you suffering from Mortgage Servicing Fraud?
If you are with Saxon, it's more than likely true.

Have you thought about contacting a Bankruptcy Attorney, and asking them questions about a Chapter 13?

I take it upon myself to suggest a few other things here.

1. You should write a QWR. Qualified Written Request, asking for an "Account History Pages"

2. You will need to get ALL of your documents together.
this includes.
Home Owners Insurance policies from past to present.
Payments made to Home Owners policy. past to present.
Flood Insurance policies past to present.
Payments made to Flood Insurance policies past to present.

all bank statements, showing that your check has been cashed by them, past to present.

All Checks written to Mortgage Co.past to present.
All receipts for property taxes Past to present.
All checks written for property taxes past to present.

all of your monthly Billing Statements from the Mortg. Co.

along with , anything, and everything else that ever had to do with the financials, involved with your home.

Time is of the essence, so I would call your Mortg. Co quickly, and ask them for a copy of your Account History Pages.

And send them the QWR as well.
It's possible you are a victim of this scam and you don't even realize it yet.
Gosh, I hope not, but very possible.
If you are a victim of this fraud, then you can try to pursue them for the fraud they have created.
Sad story, i'm sorry........ check back for others to offer some insight. They can probably help you more than I can.
Good Luck.

~beenawhile

11/14/07 at 08:57 PM

#138

By the way None of this is Legal Advice. Contact Attorney's for legal advice.

below is a QWR it is set forth by RESPA.
The Real Estate Settlement Procedures Act
R. E. S. P. A= RESPA

this is the letter you should write to your mortg. company, requesting the "Account History Pages"

Attention Customer Service:

Subject: [Your loan number]
[Names on loan documents]
[Property and/or mailing address]

This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA).

I am writing because:

Describe the issue or the question you have and/or what action you believe the lender should take.

Attach copies of any related written materials.

Describe any conversations with customer service regarding the issue and to whom you spoke.

Describe any previous steps you have taken or attempts to resolve the issue.

List a day time telephone number in case a customer service representative wishes to contact you.

I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must try to resolve the issue within 60 business days.

Sincerely,

[Your name]

REMEMBER: This letter SHOULD NOT be included with your mortgage payment, but should be sent separately to the customer service address.

You SHOULD continue to make the required mortgage and escrow payment until the request is resolved.

You may bring a private right of action under Section 6, if you suffer damages due to the lender's servicing of the loan. See the RESPA statute and regulations.

David Berry

11/21/07 at 04:49 PM

#139

Saxton mortgage was sent a payment Nov. 5th 2007 through Chase Bank online bill pay. Saxton held it until the 19th to process it. What is up with that. Luckily I kept checking to see if they had received it because the penalty fees come in on the 15th, so I paid another paymnent over the phone with my checking account. Once I did that the other payment went through. Smells like fraud for sure. A practice to charge penalty fees. Sad, Sad, Sad.

Aimee

11/25/07 at 08:47 AM