Scott Veerkamp - Scott Veerkamp Loan Steering Complaints

Posted on Wednesday, August 1st, 2012 at 3:42pm CDT by Jim B.

Company: Scott Veerkamp

Location: US

Category: Real Estate

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.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F


1 Comment

Jeff A., 2012-08-04, 03:16PM CDT

you are a clueless individual... ysp is a tool designed to HELP borrowers avoid upfront costs and defer them till later or avoid them all together if they plan on moving in a few years.

http://en.m.wikipedia.org/wiki/Yield_spread_premium

get educated and stop spreading misinformation.

Post a Comment