Comments on: Suspended Lender Reaches Settlement with FHA http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-38640 Anonymous Wed, 16 Dec 2009 00:15:00 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-38640 iluvrms,rnrnI agree with your latest comment except for the portion related to punishment.rnrnI am for termination of participation in the HECM program if it can be shown that the errors were attributable to the intentional actions or lack of actions of management or if it is the second offense of any significant amount or numbers at all. I am also for criminal prosecution of management if it was their intent to inappropriately take funds from any borrower. Rank and file should be held to the same standard to the extent they were involved in this fiasco.rnrnMy first comment was on the civil penalties agreed to by HUD. I thought they were much too light.rnrnIf the u201ctheftsu201d were not known to management, I believe they are deserving of a second chance. But they should be held to the highest standards with heightened HUD and FHA oversight and more frequent audits. It was my assumption by the lightness of the penalties that HUD had determined that the u201ctheftsu201d were not the intent of management and that no intentional criminal wrong doing could be determined. You know what they say about assuming anything: u201cIt makes a donkey out of you and a donkey out of me.u201drnrnBy the way, I donu2019t really care if the mortgagors were seniors or teenagers, theft is theft. I just find it interesting that so many respond about their specific concerns about seniors and not the general public. rn iluvrms,rnrnI agree with your latest comment except for the portion related to punishment.rnrnI am for termination of participation in the HECM program if it can be shown that the errors were attributable to the intentional actions or lack of actions of management or if it is the second offense of any significant amount or numbers at all. I am also for criminal prosecution of management if it was their intent to inappropriately take funds from any borrower. Rank and file should be held to the same standard to the extent they were involved in this fiasco.rnrnMy first comment was on the civil penalties agreed to by HUD. I thought they were much too light.rnrnIf the u201ctheftsu201d were not known to management, I believe they are deserving of a second chance. But they should be held to the highest standards with heightened HUD and FHA oversight and more frequent audits. It was my assumption by the lightness of the penalties that HUD had determined that the u201ctheftsu201d were not the intent of management and that no intentional criminal wrong doing could be determined. You know what they say about assuming anything: u201cIt makes a donkey out of you and a donkey out of me.u201drnrnBy the way, I donu2019t really care if the mortgagors were seniors or teenagers, theft is theft. I just find it interesting that so many respond about their specific concerns about seniors and not the general public. rn

]]> By: Anonymous http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-38641 Anonymous Tue, 15 Dec 2009 23:39:00 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-38641 James,rnrnHappy Holidays!! I am happy that your son is coming home. Thank him for all of us for his service to our country. Enjoy this time.rnrnAlso please see my reply to iluvrms. It applies to you as well. rn James,rnrnHappy Holidays!! I am happy that your son is coming home. Thank him for all of us for his service to our country. Enjoy this time.rnrnAlso please see my reply to iluvrms. It applies to you as well. rn

]]> By: Anonymous http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-38642 Anonymous Tue, 15 Dec 2009 22:46:00 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-38642 Critic,rnrnYou are correct in that I assumed because this company was mentioned in RMD that these were HECM's and seniors had been affected. While I apologize for my assumption, I have to wonder if a company that would overcharge ANY of their customers would make an exception because the client is a senior doing a HECM loan. I doubt that they would differentiate between the two. It's companies like ETM that are causing the Reverse program to look so bad and if after investigation have been found to be at fault, should be banned from the HECM program. A fine does not in any way replenish the trust and damage to the program as a whole for the rest of us. rn Critic,rnrnYou are correct in that I assumed because this company was mentioned in RMD that these were HECM’s and seniors had been affected. While I apologize for my assumption, I have to wonder if a company that would overcharge ANY of their customers would make an exception because the client is a senior doing a HECM loan. I doubt that they would differentiate between the two. It’s companies like ETM that are causing the Reverse program to look so bad and if after investigation have been found to be at fault, should be banned from the HECM program. A fine does not in any way replenish the trust and damage to the program as a whole for the rest of us. rn

]]> By: The_Critic http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-35146 The_Critic Tue, 15 Dec 2009 22:15:01 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-35146 iluvrms,<br><br>I agree with your latest comment except for the portion related to punishment.<br><br>I am for termination of participation in the HECM program if it can be shown that the errors were attributable to the intentional actions or lack of actions of management or if it is the second offense of any significant amount or numbers at all. I am also for criminal prosecution of management if it was their intent to inappropriately take funds from any borrower. Rank and file should be held to the same standard to the extent they were involved in this fiasco.<br><br>My first comment was on the civil penalties agreed to by HUD. I thought they were much too light.<br><br>If the “thefts” were not known to management, I believe they are deserving of a second chance. But they should be held to the highest standards with heightened HUD and FHA oversight and more frequent audits. It was my assumption by the lightness of the penalties that HUD had determined that the “thefts” were not the intent of management and that no intentional criminal wrong doing could be determined. You know what they say about assuming anything: “It makes a donkey out of you and a donkey out of me.”<br><br>By the way, I don’t really care if the mortgagors were seniors or teenagers, theft is theft. I just find it interesting that so many respond about their specific concerns about seniors and not the general public. iluvrms,

I agree with your latest comment except for the portion related to punishment.

I am for termination of participation in the HECM program if it can be shown that the errors were attributable to the intentional actions or lack of actions of management or if it is the second offense of any significant amount or numbers at all. I am also for criminal prosecution of management if it was their intent to inappropriately take funds from any borrower. Rank and file should be held to the same standard to the extent they were involved in this fiasco.

My first comment was on the civil penalties agreed to by HUD. I thought they were much too light.

If the “thefts” were not known to management, I believe they are deserving of a second chance. But they should be held to the highest standards with heightened HUD and FHA oversight and more frequent audits. It was my assumption by the lightness of the penalties that HUD had determined that the “thefts” were not the intent of management and that no intentional criminal wrong doing could be determined. You know what they say about assuming anything: “It makes a donkey out of you and a donkey out of me.”

By the way, I don’t really care if the mortgagors were seniors or teenagers, theft is theft. I just find it interesting that so many respond about their specific concerns about seniors and not the general public.

]]> By: The_Critic http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-35145 The_Critic Tue, 15 Dec 2009 21:39:31 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-35145 James,<br><br>Happy Holidays!! I am happy that your son is coming home. Thank him for all of us for his service to our country. Enjoy this time.<br><br>Also please see my reply to iluvrms. It applies to you as well. James,

Happy Holidays!! I am happy that your son is coming home. Thank him for all of us for his service to our country. Enjoy this time.

Also please see my reply to iluvrms. It applies to you as well.

]]> By: iluvrms http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-35142 iluvrms Tue, 15 Dec 2009 20:46:09 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-35142 Critic,<br><br>You are correct in that I assumed because this company was mentioned in RMD that these were HECM's and seniors had been affected. While I apologize for my assumption, I have to wonder if a company that would overcharge ANY of their customers would make an exception because the client is a senior doing a HECM loan. I doubt that they would differentiate between the two. It's companies like ETM that are causing the Reverse program to look so bad and if after investigation have been found to be at fault, should be banned from the HECM program. A fine does not in any way replenish the trust and damage to the program as a whole for the rest of us. Critic,

You are correct in that I assumed because this company was mentioned in RMD that these were HECM's and seniors had been affected. While I apologize for my assumption, I have to wonder if a company that would overcharge ANY of their customers would make an exception because the client is a senior doing a HECM loan. I doubt that they would differentiate between the two. It's companies like ETM that are causing the Reverse program to look so bad and if after investigation have been found to be at fault, should be banned from the HECM program. A fine does not in any way replenish the trust and damage to the program as a whole for the rest of us.

]]> By: Anonymous http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-38643 Anonymous Tue, 15 Dec 2009 20:39:00 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-38643 Christmas Christmas

]]> By: Anonymous http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/comment-page-1/#comment-38644 Anonymous Tue, 15 Dec 2009 20:35:00 +0000 http://reversemortgagedaily.com/2009/12/14/suspended-lender-reaches-settlement-with-fha/#comment-38644 To assume is a terrible trait, Critic, I agree: I assumed since this was a story on RMD, this was a story about FHA HECMs. Perhaps you are right--it wasn.t. In any case, it's still theft; why should we as a society through our government tolerate such action? By the way, I was raised a Rossevelt Democrat by a Mother whose Family starved out of the Ozarks in 1932; by a Father who was a "HighClimber" for various Logging Companies during the Great Depresson when it was not unusual to kill a man a day in the woods because of "HIGHBALL" and unsafe working conditions. Today I am what I was in College (a very brief period): A GDI. Because there is too much Veteran in me, I did vote for Senator John McCain and (and crazy as it sounds) rooted for President Obama. As I've told you before, I'm tired of being the Policeman of the World; it's time to come home and take care of our own people. By the way, this is my last blog (for a while; can't keep an old, old dog down long). Mom and I are receiving an unexpected Christmas Gift this year early: Our Chinook Pilot Son is returning from Iraq on the 21st. To those of you who are inclined: Merry Chrismas. To assume is a terrible trait, Critic, I agree: I assumed since this was a story on RMD, this was a story about FHA HECMs. Perhaps you are right–it wasn.t. In any case, it’s still theft; why should we as a society through our government tolerate such action? By the way, I was raised a Rossevelt Democrat by a Mother whose Family starved out of the Ozarks in 1932; by a Father who was a “HighClimber” for various Logging Companies during the Great Depresson when it was not unusual to kill a man a day in the woods because of “HIGHBALL” and unsafe working conditions. Today I am what I was in College (a very brief period): A GDI. Because there is too much Veteran in me, I did vote for Senator John McCain and (and crazy as it sounds) rooted for President Obama. As I’ve told you before, I’m tired of being the Policeman of the World; it’s time to come home and take care of our own people. By the way, this is my last blog (for a while; can’t keep an old, old dog down long). Mom and I are receiving an unexpected Christmas Gift this year early: Our Chinook Pilot Son is returning from Iraq on the 21st. To those of you who are inclined: Merry Chrismas.

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