Litton Loan Services/Goldman Sachs Lies to their Customers

Elk River, Minnesota 0 comments
Not resolved

"Just Read"!!!!!!!!!!!!!!

The New York Times/Deal Book, May 25th 2011.

I qualified for a HARP refi back in '09. Litton stated that there was no such program, later stated they weren't involved in such a program after sending a plethora of proof. I am so underwater now, that I have no choice but to short sell. My home value is a 1/3 of what I owe, thanks to all of the foreclosures and much smaller homes recently built in my development.

Now, this article comes out.......

I'm looking for an attorney to who has the "backbone" to file a class action against Goldman Sachs for the thousands of "Victims" of Litton's illegal actions. But, all I'm finding are the attorneys who work FOR these thiefs.

Review about: Litton Loan Services.


Overland Park, Kansas 3 comments
Not resolved

I have contacted every single Representative in Washington associated with the State of Kansas. They have been told that when I see a perp walk by the sick perverted bankster crooks on the "too big to fail" list -- who have been raping the American taxpayer -- Washington will get their tax payment from this 28 year on time tax paying family with a credit score of 870.

The Goldman Sachs ties to the Treasury and Federal Reserve -- add these sting operation scams to rip off the public -- and one has to wonder when we lost control. Congress is pathetic. They all need to pack up their worthless taxpater funded offices AND LEAVE!!!

No more sand in this Kansan's face!

Terry Geise

Review about: Fdic Bank Bailout Fraud.



Whistle-Blower: Banks Give Homeowners the Runaround

800-Numbers Lead to Runaround as Banks Refuse to Modify Mortgages


March 23, 2010


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A vice president for one of the nation's biggest banks claims customers looking for help in lowering their mortgage payments are often told to call an 800 number -- where he says representatives then give homeowners the runaround.

"World News" has an exclusive look at how banks avoid modifying mortgages.The bank executive spoke to ABC News on the condition that ABC News not show his face or name him, because he feared coming forward would cost him his job.

Of the 1.1 million homeowners who've signed up for the federal program aimed at avoiding foreclosures, only 168,000, or 15 percent, of homeowners have had their mortgages permanently modified.

"In our managers meeting, which can last eight or nine hours, we probably addressed mortgage modifications five minutes or less," the banker said.


WATCH: Barry Scott Shares His Story WATCH: Saving the Middle Class: Viewer Speaks OutWATCH: Obama Discusses TARP for Small Business LendingAmericans Frustrated by Banks

Jay and LeeAnn Givan are two of those frustrated Americans who reached out to ABC News about their banks. They say they've run out of time and money. Both lost their jobs in the recession, and they have been begging their bank since last September to modify or refinance their mortgage. Six months later, all the paperwork and phone calls have amounted to nothing.

"The bank's not interested in helping us," LeAnn said. "Just a couple of weeks ago, Jay was on the phone for two hours being transferred from department to another department until finally somebody told him, 'Look, we can't help you until you stop paying on your house.'"

The couple made its last mortgage payment last week.

"I have heard that," the banker said. "That will affect their credit card, their insurance, [have] a big effect on their credit history."

The banker described homeowners pleading to him for help, but he said his bank is not interested in modifying mortgages, even after taxpayers helped bail out the nation's biggest banks.

"It's just not happening," said the banker.

The banker said there is significant pressure on bank employees to get customers to take on more accounts than they need because of the late fees and penalty fees that will then come from those accounts.

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Member Comments (56)

@Alphachic! I had the same issues with Bank of America, they hold your checks and run them all through to maximize your penalty, they did it many times too me even after I went in and showed them proof. I got out of Bank of America and I too have more money in my account! Good Riddance!

BCUSF 7:49 PMThey don't want to negotiate. They do better if they can either right the debt off on their taxes or take over the property ( the new emminent domain) and either sell the same property for a higher price or sell back the land to the city. Banks and mortgage lured people in and then did a bait and switch on us. Also refuse all the add-ons that they try to sell you. Refuse the accident insurance. Refuse the low-cost life insurance. Refuse the free credit report. Refuse the free credit report. Refuse any new services from them.

linedance79 7:48 PMIt"s so true so many people re conplaining about the same thiing including me I applied for modification more than six months now all you get is the run around call 1800 number .numerious times you call to find out the stautus of the modification they are still woking on it or they would ask for things that you already submitted prior These banks should be shame they got the TAX payers money then we the the tax payers getting treat like this this is what the peolpe in Congress and the Senate should be paying attention to instead there is no oversight on these institutions and there are more protected and care for than the average Joe Bank of America and these big banks are doing injustice to the customers and they are getting away with it

erviston 7:41 PM

View All Comments (56)More Coverage

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There are fraudulent activities at Indymac Bank/One West.There is no effort to help homeowners.

Instead they are playing every trick in the book to deny home loan modifications. Apparently foreclosed homes are a more profitable business for this bank. They pretend that they are trying to modify and then making sure the application is denied. When you call One West Bank to follow up on a loan modification application this is what you get: "It could take a few weeks to process" "We will not call you" "Maybe foreclosure is the best thing for you" "I'm not sure why you were denied and we don't disclose that" "Are you sure you sent it” the list is endless.

This bank or as they refer to themselves "group of investors" are taking home buyers for a ride on these loan modification applications. They push the process long enough where foreclosure is what you are left with. Their loan denial letter states “we will help you sell your existing home” – are they realtors? A lot of our tax dollars went into putting banks back on their two feet.

So who is going to help home owners get back on theirs? They are using our tax dollares to foreclose on homes.

No effort to modify loans and help homeowners.Someone needs to do something!


Any company that gets in bed with AFC has to take a look at themselves.

Goldman Sachs and KAR Auctions IPO was completed two months ago. KAR Auctions is the parent company of Automotive Finance Corporation or "AFC".

This used car dealer flooring lender is supposedly trying to help small dealers with inventory financing.

What they help themselves to is the sweat equity built up by years of toil by family businesses.

AFC has sued THOUSANDS of car dealers. There partner, Dealer Services Corporation, just opened in 2005 and are waiting there turn to go "public". However, with a thousand lawsuits of their own, people are figuring these guys out.

How many start-up companies get Temporary Restraining Orders issued against them in their first six months?

How can a five year old company have "published" decisions and appeals to the California Supreme Court in less than sixty months.

StreetInsider has a comment that's eye opening.

CEO Hallett opens the vault for Mike Hockett

Joel Cowan on Dec 18, 2009

New IPO should serve James Hallett, Michael Hockett and John Fuller well. Jim Hallett became CEO of ADESA U.S. after leaving ADESA Canada in 1996 to replace ousted David Michael Hockett (a.k.a Mike Hockett or D. Michael Hockett). Hockett and two other executives were paid $44 million for leaving, which MP&L later sued to recover when Hockett violated his contract. Hockett agreed that he would not engage or be interested in (a) the vehicle redistribution business; (b) the vehicle auction business; or (c) the dealer floorplan financing business. Hockett had his hands in all three before he left ADESA and still does business in each one these. Mike Hockett was also part owner of CITA Inc. with John E. Fuller which was founded in 1987. CITA provided floorplan financing to dealers and was renamed Automotive Finance Corporation in December 1993, a month before being bought by ADESA. In January 1995 Minnesota Power & Light (MP&L), an electric utility company, bought 80 percent of ADESA's stock for $162 million. ADESA management, who held most of the remainder, would remain in charge. In August 1996, Minnesota Power and Light Co. instigated a management shakedown at ADESA resulting in the resignation of ADESA founder and CEO Michael Hockett. ADESA executive James Hallett was selected to replace Hockett. Michael Hockett took a stock buyout, along with two other officials of ADESA $44 million. In a separate case with the Securities and Exchange Commission, Judy Hockett, the wife of ADESA CEO Michael Hockett in 1997 agreed to pay $60,600 to settle SEC that she tipped off her brother before Minnesota Power & Light bought 80 percent of Adesa for $162 million. By trading on the information, the brother made $25,500 in illegal profits, the SEC said. (SECURITIES AND EXCHANGE COMMISSION V. JUDY HOCKETT, GAYLE RAISOR, AND KEVIN RAISOR, Civil Action No. IP97-870-C-D/F (S.D.In. May 29, 1997). In 2001, Michael D. Hockett, son of ADESA founder D. Michael Hockett, was sentenced for bribery in a federal court in Virginia. He served five months in jail, 150 days of home detention and was ordered to pay a $20,000 fine. The junior Michael Hockett was one of three men implicated in a bizarre plot to blackmail a Suffolk City, Va., councilor into dropping his opposition to a zoning issue. The scheme involved an attempt to get photos of the councilor with an exotic dancer who showed up at his insurance office. The plot unraveled when the councilor threw the woman out. In September 2009 BRIAN SCOTT HOCKETT, was convicted of bank fraudith bank fraud, following an investigation by the FBI. The allegations were that from January 2003 through May 2006, HOCKETT was the owner of Family Management Corp., which did business in the Indianapolis area as Fleetmax. Fleetmax was producing false Certifcates if Indiana Titles. In 2005 the Indiana Inspector General recommended Fleetmax lose their license with the BMV. Although Brian Scott Hockett stole $2.5 million, the federal judge only sentenced him to 18 months in custody. A large letter campaign consisting of over sixty "character references" swayed the judge. Coincedently, Mike Hockett Jr. also used about sixty letters when he was convicted of extortion. The last few years Mike Hockett has been selling his upstart car auctions, Auction Broadcasting Co., to his good buddy James Hallett, now CEO of ADESA. Sean Hallett, the son of CEO James Hallett, was having financial problems and on December 31, 2004, Sean Hallett defaulted on the $1.7 million he owed to dad's company. ADESA pursued legal action to collect. On March 4, 2005 the parties met in Toronto, Canada and participated in a mandatory mediation session in an effort to resolve the litigation. In May 2005 James Hallett was fired by ADESA with new CEO Dave Gartzke taking on Hallett's former duties as president of ADESA. Hallett became president of Columbus Fair Auto Auction, in Columbus, Ohio the same year. In the summer of 2005, ADESA and AFC sued Dealer Services Corporation ("DSC"), founded by ADESA veterans Mike Hockett and John Fuller. DSC filed a counterclaim against AFC Finance and ADESA Inc. (NYSE: KAR), claiming that AFC engaged in anticompetitive behavior. The counterclaim alleged that AFC engaged in unfair competition and interfered with DSC's business relationships by refusing to enter into a blanket intercompany creditor agreement with DSC, and knowingly filing frivolous, baseless claims against DSC in bad faith. DSC sought $25 million for punitive and other damages. The lawsuits were filed Hamilton Superior Court, Indiana. HALLET RETURNS TO ADESA in 2007 On February 1, 2007, James Hallett, was renamed president and CEO of ADESA after being terminated just two years ago by ADESA. The private equity firm that is purchasing ADESA is taking the company private (KAR symbol NYSE). Hallett apparently helped orchestrate a new ownership deal consisting of KELSO & Company, GS Capitol Partner (affiliate of Goldman Sachs), ValuACt Capitol and Parthenon Capitol. James Hallett quickly began buying auctions from former ADESA CEO Mike Hockett. Hallett said he always considered Mike Hockett, CEO of ABC Auctions, to be a visionary, much like himself. Now James Hallett is ready for KAR AUCTIONS to go public again. In an amended S-1, KAR Holdings (the HoldCo for Adesa) disclosed the details of its upcoming IPO. The company, with Goldman as lead underwriter (with upcoming Buy recommendations to follow the IPO courtesy of 10 co-managers to secure an even better price for Goldman to dump remaining shares), will sell 23 million shares between $15 and $17/share. MR. JOHN E. FULLER Not a lot of intelligence on Mr. John Fuller. Other than he was a Marine sergeant and got hurt on the job as a fireman, his industry knowledge appears to be riding the coattails of Mike Hockett. He is the president of Dealer Services Corporation and claims he was the founder. However, in October 2009 Mike Hockett claimed that HE was the founder. Mike Hockett was originally listed in 2005 as a DSC Director on many state filings, yet his name appears to have vanished in all current filings in 2009.

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