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America's Foreclosure Epidemic


Foreclosure Victims Turn Tables on Lenders


Just two months ago, Outreach Housing LLC officially unveiled its groundbreaking initiative - a loss-mitigation organization specializing in assisting victims of the self-enriching lending industry. As of February 8, nearly 500 case files referencing lender violations were filed on behalf of homeowners currently being threatened with foreclosure, thanks to the synchronized legal and mediations services of Outreach Housing. Today, 100 percent of these enrolled homeowners still own their homes.

Blair Wright, Director of Outreach Housing, agrees with statements made by Edward M. Gramlich, former Federal Reserve governor, when he warned nearly seven years ago that a fast-growing new breed of lenders was luring many people into risky mortgages they could not afford. "Why are the most risky loan products sold to the least sophisticated borrowers?" Mr. Gramlich asked in a speech he prepared last August for a Federal Reserve symposium. "The question answers itself - the least sophisticated borrowers are probably duped into taking these products."

According to Wright, borrowers who don't have the resources to qualify for these loans have been "taken" by overpriced lending terms that have now led to the loss of equity through the foreclosure process and have destroyed the homeowner's credit, wrecking the homeowner's chances of being able to purchase a future home. "Despite the mortgage lender's fiduciary responsibilities to our communities, they have recklessly promoted 'defective products' that were destined to fail. This is truly the 'Great American Rip-Off.' People not personally facing foreclosure should be concerned about this because these lender violations are directly contributing to the nation's miserable real- estate market and depleting values," he says.


The case files included 494 homeowners, who either were or are currently in-default on mortgages, and include those who had foreclosure sale dates scheduled. In analyzing the files, Outreach Housing has outlined lender violations in respect to federal lending acts and regulations. Cases include the exercising of a homeowner's right to cancel the mortgage transaction with additional claims for broker fraud, violations of the Truth-in-Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), and Deceptive and Unfair Trade Practices Act (DUTPA).

"Sophisticated lenders and their representatives have made false and misleading statements about the nature of these defective loan transactions and covered up the fraud by not abiding by the required TILA and RESPA regulations," Wright says. "Failure to meet the requirements regulations can extend right-of-rescission up to three years from the loan closing date."

Joining the litigation efforts of Outreach Housing are attorney H. Richard Bisbee, former Deputy General Counsel, Chief Administrative Counsel and Chief Banking Counsel for the Florida Department of Banking and Finance, and attorney William Reeves, former Director, General Counsel and Chief Trial Counsel for the Florida Department of Banking and Finance.

About Outreach Housing LLC

Outreach Housing is a grassroots organization that helps homeowners fend off aggressive mortgage lenders and defend themselves in the event of erroneous lender practices. Outreach Housing comprises several teams, including loss mitigation experts, mortgage analysts and legal support groups involving a network of 3000 attorneys, which together deliver a counter- offensive approach to homeowners facing foreclosure. Offering resources to address $1.2 billion in defensive relief, Outreach Housing provides lending- industry victims a defensive solution, which enables them to avoid foreclosure and keep their homes.

SOURCE Outreach Housing LLC

March 08, 2008







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