It's bad enough that America's foreclosure mills, companies that authorize mass foreclosure actions on behalf of some of our dodgy banks, are victimizing our senior citizens, with the assistance of law firms which engage in mass-production foreclosure filings; now, we are seeing that the funding available due to companies suffering the effects of COVID-19, is financing their borderline illegal activities.
Fay Servicing LLC, which we have previously exposed on this blog, and its attorneys, received a multi-million dollar loan, notwithstanding years of bitter complaints from victims, allegations of breaches of consumer credit regulations, deceptive actions by staff, and borrowers who alleged that they were misled into conveying their residential interest through fraud. Apparently, COVID loan officers are not conducting enhanced due diligence upon borrowers, due to public pressure to fund all loans forthwith.
We call upon the Inspector General to open an investigation into SBA and PPP loans made to unsuitable borrowers who are openly breaking consumer protection laws, and to also check into any payments those foreclosure mills make to lawyers and law firms, for we do not know how extensive the COVID loan fraud is, and whether any of the law firms litigating the suspect claims is also improperly or illegally receiving pandemic funds, but they have received funding.
Question; were any of these loan proceeds used to bring improper, illegal or unethical foreclosure actions against senior citizens ?
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