Kenneth Rijock

Kenneth Rijock

Friday, January 15, 2016

LENDER ABUSE IS WORSE FOR COMMERCIAL BORROWERS



We have all heard the horror stories; lenders who sell their consumer mortgage loans immediately after funding them,  yet engage in all sorts of illegal acts. Forging documents, backdating assignments, bringing foreclosure actions when they no longer own and hold the underlying mortgage, and sundry other crimes and transgressions. Borrowers, frequently with no access to legal counsel, are victimized, foreclosed, and shown the door, often

When we get to the commercial loan sphere however, the misconduct is often multiplied by two additional factors: the disposition of any escrow funds , set aside to insure that the lender does not sustain a loss, and backdoor sweetheart deals with third parties, where favored purchasers often benefit from two purchase prices. the public one and the real one.

In this series, I am going to analyze one such commercial case, where a lender bank, whose perspective on ethical treatment of a borrower, and illicit benefits bestowed on the entity that ultimately purchases the foreclosed property, make an objective observer want to run directly to a law enforcement agency with the file; Be prepared to wonder who at the bank actually authorized its actions,  and whether they should be imprisoned for it. 

2 comments:

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