Pap

[Help_in_AZ]

Hello to this wonderful forum,

I posted my information the other day at this link. I think I should have posted it here.

http://www.loansafe.org/forum/stop-f...html#post40120

Anyway, I've been doing some research online and found a very interesting article about a former employee filing a lawsuit against World Savings/Wachovia. I highlighted in bold where my situation applies to the letter. Someday when I can afford to, I'm going to hire an attorney and go after these predators because they are ruining hard working Americans dream of owning homes.

Any help or advise would be gratefully appreciated. Thank heaven I found Moe's website.

Arnold in AZ

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Saturday, July 19, 2008
Ex-World Savings Loan Originator Sues Company For Retaliation For Reporting Alleged Improper Lending Practices

In Oakland, California, a story originally aired by KPIX-TV Channel 5 in May reports:

A former employee of Oakland's World Savings is suing the company (now owned by Wachovia) and its former principals, saying he was fired in retaliation for his reporting of improper practices and violations of state and federal laws [...] by World in selling loans in San Francisco and the Bay Area.
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In the complaint, [ex-loan consultant Paul] Bishop claims World "preyed upon" desperate borrowers who were "enticed into bad/predatory loans…without being told the complete truth about the loans" and that "borrowers were not told the full story about the terms, assumptions or risks of their loans".
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The complaint says Bishop began working for World in November of 2002 and in 2004 began to observe practices such as World brokers "helping outside brokers to circumvent underwriting guidelines" through classes where "it walked brokers through (World's) loan application and specifically told them to be sure borrowers qualify for loans, even indicating the necessity to overstate income, if need be, to get a borrower qualified."
***
The complaint further alleges that "World managers routinely overruled underwriting guidelines that would hae prevented loans from being approved" by using what the filing calls an "exception to policy" to get those loans approved. It says some decisions to deny loans were "overridden" by senior loan originating executives.

[HappyHome]

Arnold, I just read yr post and I Know how you feel., and I , too will proceed with the hiring of legal Counsel...but why should we WAIT I ask? to be able to afford it? Ya Know! It get me uppity I want to be represented Now or asap! b/c of these Predatory Sleezy Lendings we should have HELP NOW! I persoanlly am walking away from my Home and b/c VA. state has deff. laws I am also filing for ch. 7 BR.. so I ask to myself... >.Self.. this ain't fair ..I've cashe d in ALL my savings/401K retirement Lost income/ suffered illness.. where the out-source of help/counsel for us who can not afford it? and there is many,many in same exact shape ..no where to turn..financially frozen.. How do WE find Pro-Bono Atty's? any new news lately?
hope things get better for you, they will... they are already starting to for me. Hang in there! HappyHome