News Column

MFI-Miami Warns the White House Not to Provoke a Political Fight With Hispanic Homeowners

Apr 23 2013 12:00AM

Marketwire

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TRAVERSE CITY, MI and DETROIT, MI -- (Marketwired) -- 04/23/13 -- On April 23, 2013, Steve Dibert, President of internationally-renowned mortgage investigation firm MFI-Miami, announced that the Federal Housing Finance Agency's policy of "Dual Tracking," coupled with reneging on loan modification offers to Hispanic homeowners will provoke a political fight between the White House and the nation's second largest voting demographic. "Sheer numbers dictate severe Hispanic backlash once the collective voice begins crowdsourcing continual evidence of US Government's 160 year history of deliberate housing discrimination and confiscation of their private property," according to Steve Dibert. "These particular variables are equitable only to the dispossession forced upon the Native American culture."

MFI-Miami profiled two Hispanic homeowners with Fannie Mae mortgages that were promised loan modification only to have the lawyers for Fannie Mae renege on the offers:

Angel Garcia, a Mexican immigrant and farm worker, who not only agreed to two different loan modifications, but he did everything Fannie Mae's servicer, Bank of America, told him to do -- including making a year's worth of payments. Bank of America then returned his payments and instructed their attorneys, Trott & Trott to begin foreclosure proceedings.

"This is a process known as 'Dual Tracking.' A practice where Fannie Mae through their servicer lures homeowners into believing they are working in the homeowner's best interests with a loan modification when no such endeavor is being undertaken," said Steve Dibert. "Instead, the servicer teams up with a law firm who begins the endgame of property confiscation."

The other homeowner is Pablo Bocardo. Like Angel Garcia, it appears he was also a victim of "Dual Tracking" by Fannie Mae and his servicer, Credit Suisse.

Pablo Bocardo was offered a promise of a loan modification after his attorney, Jason Jenkinson beat Fannie Mae's attempt in federal court to dismiss Bocardo's claims. After numerous media inquiries into the case, Fannie Mae promised the Bocardo's a loan modification except the offer never came and now Fannie Mae's lawyers, Orlans Associates are again threatening the Bocardo's with eviction.

"I worked politics for nearly two decades, and for the life of me, I can't imagine what these people are thinking in Washington," said Steve Dibert, "It's just offensive to provoke a political fight with the second largest voting demographic group in the U.S., especially one with a history of having their rights trampled on."

Headquartered in Deerfield Beach, Florida and with an office in Milford, Michigan, MFI-Miami is an internationally recognized leader for investigating mortgage fraud, mortgage compliance, predatory lending and mortgage securitization.



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Source: Marketwire


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